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Samson:  Experts: Delay In Distributing Employees' Salaries Has Affected The Overall Economic Movement

26th October, 2020

Economic affairs specialists warned of the risks of continuing delays in the distribution of salaries of employees and retirees, and those covered by the social protection network, stressing that this matter cast a shadow over the overall economic movement in Iraq, and contributed significantly to a downturn that could lead to more economic losses, especially In the private sector.

The debate raged recently between the legislative and executive authorities regarding the mechanism for securing employees' salaries, as the government threw the ball into Parliament's goal, when it required it to pass a borrowing law in order to be able to distribute salaries, while the House of Representatives believes that the financial deficit results from the failure to find financing outlets for the budget other than revenues. Oil.

Catastrophic effects

The economist, Bassem Jamil Antoine, said during his interview with Al-Sabah newspaper that “the resulting delay in distributing the salaries of about 4.5 million employees, 2.5 million retirees, in addition to more than one million covered by the social protection network, will leave a“ catastrophic effect.  On the economic movement in Iraq, especially since these have become the main engine of the Iraqi market, and that monthly salaries are the factor on which the market movement is built entirely.

Antoine points out that “the private sector has become a major part of the salary movement, and that the continuity of its work and the continuation of its activity are closely linked with the distribution of those salaries among those who deserve it, as well as the rest of the sectors, which form an integrated link with what employees and retirees receive, which caused the occurrence of a serious recession in various sectors caused by the delay in distributing these receivables.

Financial benefits

The economic expert states, “The employees have financial dues payable to many other parties, such as loans, rents, or electricity wages and the rest of the services, which the employee is forced to pay at the beginning of each month, which has left major negative effects on this segment, due to the lack of Paying those dues due to delay in distributing salaries, and thus employees incurring cumulative financial burdens.

Antoine warns, that “the continuation of this situation will turn the state into a consumer, and leave serious social consequences, which could lead to a setback in education, health, and various fields,” noting that “the solutions to overcome this crisis lie in heading towards the White Paper decisions, represented in reducing Reliance on oil imports, reducing imports, activating the various local productive sectors, and working to end unemployment and eradicate poverty.

Spending shrinkage

The economic expert, Dr. Salama Sumaisem, did not deviate from the previous opinion, when she confirmed that there had been a rise in the prices of foodstuffs, matched by a contraction in the tunnels due to the delay in the distribution of salaries. In a statement to Al-Sabah newspaper, Sumaisem pointed out that “the wages and salaries of state employees and retirees constitute the basis for moving the forces of demand within society,” stressing that “this demand is not normal, but rather is directed to consumer goods, specifically food, and therefore the existence of this" Demand is sufficient to move the economy towards more efficiency, whether in the areas of production or import." And she points out that when the wheel of the economy begins to stop, the authorities initiate this demand, and not the other way around, as moving the demand saves the country from the state of recession and stagnation it reaches.  LINK

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Samson:  The International Monetary Expects Iraq’s Budget Deficit Of 22%

26th October, 2020

The International Monetary Fund expected, on Monday, that Iraq's budget deficit would reach 22% of GDP

"The economy may contract by up to 10%," the Fund said in a report seen by "Al-Ektissad News", expecting that "Iraq's budget deficit will reach 22% of GDP

The fund added that "the deficit is the worst in the Middle East and North Africa

And the World Bank expected in a previous report that "the Iraqi GDP per capita will drop to 4282 dollars, the lowest level since 2006   LINK

Samson: Financial Committee: The government needs 20 trillion dinars, not 40

26th October, 2020

The Parliamentary Finance Committee confirmed, on Monday, that the sums requested by the federal government in the draft law on financing the fiscal deficit are very large.

A member of the committee, Representative Jamal Cougar, said, "The federal government has requested approval to borrow 40 trillion dinars to finance the fiscal deficit, and this amount is very large." He added: "We in the Finance Committee see that the government needs an amount of 20 trillion dinars, not 40, because the expenditures need 7 trillion per month, and if we add these sums for four months, they will be 28 trillion dinars."

He added, "If we add 5 trillion to the licensing rounds, another half trillion for the government, and a trillion dinars allocations for the Kurdistan region, the amount will be 24 and a half trillion, to be 36 trillion." He said, "The government's imports for the remaining four months of this year will be 16 trillion dinars, so it needs approval to borrow 20 trillion dinars only, not 40".

He explained, "We told the government that we will review the law and discussed this issue in the Finance Committee, and we came to the conclusion that the sums in the draft law on financing the financial wage are very large, and we also decided to host the Minister of Finance to discuss this issue." He pointed out that "the Finance Committee believes that the government needs 20 trillion dinars only, not 40, and if the amount is more than 20 trillion, then these loans will burden the government." LINK

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Samson: Oil Minister: Thousands of jobs are waiting for the Iraqis to work on mega projects

26th October, 2020

Oil Minister Ihssan Abdul-Jabbar confirmed, today, Monday, that recent agreements and understandings with international companies could lead to an increase in work space and production and attract foreign investment in Iraq, which leads to the creation of thousands of job opportunities for Iraqis.

 Abdul-Jabbar said, in a press statement followed by (Baghdad Today), that “the recent understandings and agreements with sober international companies could lead to an increase in the area of ​​work and production and attract foreign investment in Iraq,” indicating that it is “one of the important signs of moving the Iraqi economy to a stage. New, by employing these investments in the advancement of national industries related to oil and energy according to the latest methods, systems, economic mechanisms and modern technologies.

He added, “These steps will lead to the revitalization of all related sectors, especially the free and associated gas investment projects, petrochemical industries, clean and alternative energy, as well as providing thousands of job opportunities for Iraqis.”

 Regarding the recent European round, the Minister of Oil pointed out that “the meetings that brought us together with international companies and investors, especially BP, aim to increase the working area in the Ramila field, diversify and increase the volume of investments and accelerate the associated gas investment projects, as is the case with Exxon Mobil and ENI companies, And Kazprom and others, which also want to increase the volume of cooperation and investment in other projects, as well as to communicate with important consultations with “Total of France” about investment in gas sector projects. 

He pointed out that “the ministry is working on building and strengthening strategic relationships with solid countries and companies that possess financial capacity and modern technology that contribute to building the national industry and enhance its economic and development capabilities.”   LINK