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Iraqi News and Highlights Tuesday AM 7-7-20

TLM 724 Administrator BondLady’s Corner

2 billion dollars a month, the cost of double salaries and space

Tuesday 07 July 2020  Baghdad / Shaima Rashid  The Parliamentary Finance Committee confirmed that the government faces great challenges if it wants to start its reform steps, as it started with double salaries, and it must start controlling border outlets and confine arms to the state, and these are important matters to attract investments, and it has shown that space and double salaries cost the state up to two billion dollars a month , Which forces her to secure $ 5.5 billion a month for salaries only.

Member of the Parliamentary Finance Committee Jamal Kujer told Al-Sabah: “Parliament has set 60 days for the government to present its reforms in which it needs the support of Parliament, and the only obstacle that can hinder its steps is the presence of people and parties who do not want the government to proceed with the reforms, so It must request the support of Parliament in its reform steps, which is the best opportunity to prove to the people and the authority that it came to the reforms. ”

He added, “The Prime Minister started with double salaries and aliens, and now he will proceed with the reform of the ports file, which has begun to take shape, and we hope that this file will be completed because it is essential, as the double salaries and aliens cost the state large sums, because five and a half billion dollars go to salaries only, and carefully Simple, the expulsion of aliens, and the unification of salaries with one salary, will reduce about 2 billion dollars per month, and the government will have to secure 3 and a half billion dollars in salaries. ”

He continued: “As for the border crossings and talking about it as another resource for the budget, this talk is not integrated, because in addition to its wasted resources, it drains the state in terms of security, and in terms of food security, as the percentage of cancers increased due to spoiled food, in addition to a high percentage Drug use, smuggling, etc. In other words, access is not only a resource issue.

Cougar pointed out that “all of these factors; in addition to counting weapons in the hands of the state, reducing bureaucracy, will bring investment, in addition to facilitating things, simplifying laws and administering applications for companies and factories, and providing a safe environment, all of which will serve the case of Al-Kazemi in reform, without which he will not be able Whoever did something will stand in His shop. ”   LINK

A new round of talks between the federal government and the region

Tuesday 07 July 2020  Baghdad / Al-Sabah  After the recent rounds aimed at resolving some outstanding issues between the two parties, the federal government and the Kurdistan region are preparing for new talks.

A member of the Parliamentary Security and Defense Committee, Kata Najaman al-Rikabi, told Al-Sabah: “One of the things that the delegation that came to Baghdad a week ago was, is the issue of the ports, proposing to hand over half of the ports imports to the central government, but the center preserved the matter, which led To not reach an agreement yet. ”

Al-Rikabi added that another delegation will come to Baghdad to resume the talks during the next few period, indicating that the regional government is ready to hand over the quantities of oil claimed by the federal government.

Al-Rikabi added that, regarding the outlets, the region wants to hand over only half of the revenues, noting that the delegation that will come may have more powers to negotiate.   LINK

Banker: The internal debts are settled annually

Tuesday 07 July 2020  Baghdad / Soha al-Sheikhly  Some countries need borrowing or internal and external borrowing for several reasons, to enhance their operational budgets every year, and these debts are settled annually, and in Iraq the internal debt is a withdrawal of cash from non-banking circles such as the protection and retirement network and managing the funds of minors through bonds with different deadlines It is proposed by the Ministry of Finance and the Central Bank to finance the temporary budget deficit.

Internal debt

The banking expert, Abd al-Rahman al-Sheikhly, affirmed the positives of the internal debt by saying that “it is better than the external debt, even if the ratios are high, but its returns will be inside, meaning that the profits will be from and to it.”

Sheikhly explained to “Al-Sabah” the reason for resorting to internal and external debt at this time by saying: It is “because of the financial hardship that the country is going through, in addition to previous debts that have not been paid, and that countries resort to external debt because it is long-term, but internal debts are settled annually.” So it is safer and less dangerous. ”

According to Al-Sheikhly, “In Iraq there are 3 large government banking institutions that have high cash liquidity represented by both the Rafidain Bank and the Rashid and the Iraqi Commercial Bank (TBI), along with 72 private banks, most of which are Islamic, meaning that they deal without interest, and that relying on borrowing from the latter is very difficult.” .

He explained that “the conditions that were passing through the country during the past recent years have negatively affected the liquidity of private banks, and therefore we need to deal in negotiable securities in the stock market, which achieves benefits to citizens after one, two or three years,” explaining that this type of borrowing is resorted to. To him, many countries are in financial crises, and this is a possible method, as Iraq adopted it in the eight-year war.

Chunky money

Sheikhly pointed out, “The necessity of dealing with the issue of chunky money among citizens, and the internal debt allows the movement of these money and will be included in the financial economic institution through financial channels and the economy will move, and this is also positive.”

He pointed out, “There is another benefit, which is that we will notify the citizen of the existence of a movement for these funds that can be used from them, because they will establish a state of trust, because if the citizen possesses bonds of internal debt, he can trade them at prices that will enter the stock market and be sold at a discount or interest rate, so if He had bonds and he needed money, he could sell half of it and turn it into cash, but the buyer must realize that it is suspended, meaning that it is guaranteed to pay with interest when the payment comes due, and the sale will be through the stock market.


And Sheikhly warned against getting money laundering operations in this way and using the internal debt to pass this money, or using the corrupt to the window to sell money to smuggle the money abroad through manipulated bills, but when we provide them with an opportunity for internal debt we must be keen to apply the criteria (from where You got this) and (I know Your customer). ”

“Of course we borrow from banking institutions and not from people, and these institutions will sell them bank bonds, but before selling them to the citizen, we must ascertain the source of the funds. Is it legitimate and is it his real money?”  LINK 

High and low prices

Tuesday 07 July 2020  A marine star

Markets may witness from time to time an increase in the prices of consumer goods and commodities, despite their availability and offering in a sustainable manner … amid shrinking demand for them in a similar way to what was on occasions several.

Many consumers believe the motives of this phenomenon are due to the decrease in the commodity supply due to the delay in its delivery to the citizens directly (not far from what happens due to “Corona” for months and still) and also because of the delay in the distribution of the ration items) in the whole country, which allowed the opportunity to increase the prices of many materials


A number of consumables witnessed an increase without any justification mentioned, and when we asked many vendors about the motives for raising the price of meat, for example, they mentioned that the reason is due to (the smuggling of sheep and cattle to the outside) and that there are many popular markets known to see high prices

Materials .

The absence of tax control and evading customs is one of the reasons for the different prices of the goods themselves, and through our question to the merchants it is clear from their answers that some of them are obliged to pay the tax and customs duties at the border outlets and the integrity of their position, which makes the price of the goods themselves less price when who might enter them bypassing the tax and customs .

In fact, most sellers and merchants, without fear of conscience, do not take into account cases of people with income

The limited ..

From the conclusion of this survey, we realize that the local markets are plagued by confusion and the loss of controls and price bases set by state agencies, which reflects negatively on citizens with limited incomes, and that the continuation of this situation will inevitably lead to (depletion of cash liquidity in the street). Iraqi).

And if we know that the current low oil prices led to the deterioration of the abnormal monetary reality, in which we call on the government to confirm its serious interest in putting an end to (the price crisis that is not restricted by the foundations and official controls), and as required by it to activate the structure (the central price system) in its role is Actor since the fall of the regime in the year 2003.

The capital of banks exceeded 15 trillion dinars

Tuesday 07 July 2020 Baghdad / Al-Sabah  The Iraqi Private Banking Association revealed the size of the Iraqi banking sector, as the capital of banks operating inside the country reached more than 15 trillion dinars.

The executive director of the Association, Ali Tariq, said that the capital of Iraqi banks amounted to more than 15.3 trillion dinars in 2019, divided into 3.3 trillion dinars, the capital of government banks, while the capital of private banks amounted to 12 trillion dinars, “noting that” deposits in the banking system amounted to 82.1 One trillion dinars, of which 71.38 trillion dinars in government banks, while in private banks amounted to 10.72 trillion dinars.

Tariq stressed that “the Association of Banks provides all financial information and researchers with the financial information of the banking sector that explains its size and impact in Iraq during the year 2019, noting that the data prepared by the central bank indicates an increase in the capital of the banking sector to more than 15 trillion dinars.”

He noted that the banking sector has witnessed a great development during the past years, and was able to increase the volume of lending and deposits in banks, which will positively affect the Iraqi economy, especially after the central bank reduced interest on small and medium enterprises.

Tariq pointed out that “cash credit amounted to 42 trillion dinars divided into 34.2 trillion dinars provided by government banks and 7.8 trillion dinars provided by private banks, while pledge credit amounted to 25.2 trillion dinars divided into 17.2 trillion dinars from government banks and 8 trillion dinars from Private banks.

He stated that “bad debts amounted to 4.1 trillion dinars, divided into 2.37 trillion dinars in government banks and 1.77 trillion dinars in private banks,” explaining that “this default is due to the lack of commitment of borrowers to pay borrowing money, revealing that” the profits of banks during the past year It amounted to 1090 billion dinars, divided into 956 billion dinars for government banks and 134 billion dinars for private banks. LINK

The United Nations: We are ready to help Erbil and Baghdad reach a radical, long-term agreement on their differences

Political| 02:37 – 07/07/2020  Baghdad – Mawazine News  The United Nations announced, on Tuesday, its willingness to assist Erbil and Baghdad to reach a fundamental long-term agreement on their outstanding differences.

A statement of the Kurdistan government, which received / Mawazine News / a copy of it, said, “The President of the Kurdistan Regional Government is pleased with Barzani, today, the Special Representative of the Secretary-General of the United Nations in Iraq, Jenin Henness Blachhardt.”

The statement added, “The meeting took place during which they discussed the latest developments in Iraq and the ongoing efforts to solve the outstanding problems between the Kurdistan Regional Government and the federal government.”

For its part, the Special Representative of the Secretary-General of the United Nations expressed its readiness to “assist the territorial government and the federal government in order to reach a comprehensive and radical long-term agreement that satisfies both parties and is in the interest of all Iraqis.”

In turn, the President of the Kurdistan Regional Government indicated that “negotiations with the Federal Government are continuing in order to resolve all outstanding issues through an agreement based on the constitution.”

He stressed “the necessity to activate the joint security coordination mechanism between the Peshmerga forces and the Iraqi army in the Kurdish areas outside the administration of the territorial government.”

Mesopotamia announces the payment of salaries of employees of the Ministry of Interior through the Master Card

Banks  The Economy News – Baghdad  Rafidain Bank announced, Tuesday, the release of salaries of employees of some directorates of the Ministry of Interior through the Master Card.

The media office of the bank said in a statement seen by “Al-Iqtisad News”, that “for the first time, the salaries of employees of the directorates of the (Federal Police – Public Traffic – Rescue – Civil Defense) for the month of June were electronically distributed through the Master Card and those whose salaries were settled on our bank.”

He added, “The salaries of the employees of the Ministry of Interior have also been launched at the headquarters,” noting that “associates can receive their salaries from anywhere they are.”

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