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Iraqi News Sunday AM 11-15-20

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Cabinet Secretariat: employee salaries are launched today

Sunday 15 November 2020   37  Baghdad: Morning  The General Secretariat of the Council of Ministers said yesterday, Saturday, that the Ministry of Finance will start the process of launching the salaries of employees, starting today, Sunday, indicating that the disbursement of the salary of two consecutive months is linked to the employee’s department.

The spokesman for the secretariat, Haider Majeed, told Al-Sabah: “Prime Minister Mustafa Al-Kazemi previously directed the finance and accounting departments in all ministries and state departments in the governorates to work on Fridays and Saturdays and to prepare the payroll lists for October and the second months,” pointing out that “the launch of salaries for the two months It doesn’t have to be a one-off payment for all employees. ”

He added that “the financial liquidity became available after the approval of the law on financing the fiscal deficit by the House of Representatives,” noting that “the departments that complete the lists as soon as possible, the salaries of the employees will be disbursed for two consecutive months.”   LINK

$ 160 billion total of Iraq’s debt

Sunday 15 November 2020   171  Baghdad: Hazem Muhammad Habib  The Parliamentary Finance Committee revealed that the country’s internal and external debts amount to more than $ 160 billion, indicating that the total debt rose after the fiscal deficit law was approved during the past months.

A member of the Finance Committee, Abd al-Hadi Mohan al-Saadawi, said in an exclusive interview with “Al-Sabah”: “The external debts owed by Iraq and established within (Paris Club, Kuwait’s debt and the Iraq-Iran war) amounted to more than 136 billion dollars,” indicating that “the total amount of debts increased after The increase in external borrowing after 2014 and until now, bringing the total debt to more than $ 160 billion, most of which is external debt, and includes a very high interest rate.

And Iraq paid last year, 2019, loans payable with interest amounting to about 14 trillion dinars, and Al-Saadawi warned that «the state’s continued external and internal borrowing will lead to the country’s declaration of complete bankruptcy.

A member of the Finance Committee pointed out that the parliament voted on the first borrowing law that the government presented to parliament on 5 billion dollars in external borrowing and 15 trillion dinars as internal borrowing, to pay the salaries of employees until the end of the year.

We need data from the Ministry of Finance that clarifies the mechanisms and outlets of spending », noting that« the borrowing and local revenues of the state are divided into two parts, which is that 80% of these funds are for the operational budget and 20% for the investment budget, where the 20% investment is divided into two parts; 50% for ministries’ projects, and the same for regional development projects.

Al-Saadawi explained that «the 2021 budget does not include a reduction in the salaries of state employees, and that the (white paper) presented by the government and voted on by Parliament; It does not include the procedures for reducing the salaries of employees, but only includes allocations for employees of special grades, ”indicating that“ (the white paper) has not been translated into a budget to be sent to Parliament to find out the doors of disbursement therein. ” To be discussed and presented to the House of Representatives for a vote ».   LINK

Parliamentary Finance reveals a staggering number of Iraqi debts

Time: 11/15/2020 17:31:45 Read: 1,313 times   {Economic: Al Furat News} The Finance Committee of the Iraqi Parliament revealed, today, Sunday, that the country’s internal and external debt amounts to more than $ 160 billion.

A member of the committee, Abdul Hadi Mohan, said in a press statement, “The external debts owed by Iraq and established within (Paris Club, Kuwait’s debts and the Iraq-Iran war) amounted to more than 136 billion dollars.”

He added, “The total volume of debt increased after the increase in external borrowing after 2014 and until now, to more than $ 160 billion, most of which are external debts, and include a very high interest rate.”

The Iraqi parliament voted a few days ago on the borrowing law sent by the government to provide a budget for government employees’ salaries for the next three months, and some other expenditures.   LINK

International Institute: The Chinese agreement will save Iraq from its suffocating crises and move the wheel of its economy

Pratha News Agency99 2020-11-15  On Sunday, an economic and strategic analyst at the International Shiller Institute, Hussein Al-Askari, confirmed that the Iraqi-Chinese agreement constitutes a key to getting out of the stifling crises that Iraq suffers from, noting that the agreement will provide a platform to move the wheel of the Iraqi economy.

Al-Askari said in a press statement that “Iraq suffers from a catastrophic deficit in the field of infrastructure, and there is a huge percentage of unemployment, especially among young people, which makes them a social time bomb, as well as the existence of a permanent deficit in the budget as a result of Iraq’s transformation into a fully dependent rentier economy Complete and dangerous in meeting all his livelihood needs from exporting oil.

He added, “On this basis, the Sino-Iraqi agreement is a key to finding a comprehensive solution to get out of the stifling crises that Iraq suffers from,” noting that “the agreement will build for Iraq and its people the economic platform on which the Iraqi economy will stand to move the wheel of industrial and agricultural production and chart its way towards the future.” “.

Al-Askari stressed the possibility of building the Faw port through the Chinese agreement, laying railways and roads to and from it, and building power stations, housing, hospitals, schools, water and sanitation projects in more than one place on the Iraqi map at the same time.

He pointed out that “Chinese companies have become global today by completing projects at record times at a relatively low cost and with high efficiency, so that they are competing with European companies, for example, in projects built in Europe itself.    http://burathanews.com/arabic/economic/380550

Prime Minister Mustafa Al-Kazemi receives the representative of the Secretary-General of the United Nations in Iraq

The Prime Minister, Mr. Mustafa Al-Kazemi, received today, Sunday, the Special Representative of the Secretary-General of the United Nations in Iraq, Mrs. Jeanine Blashardt.

During the meeting, they discussed ways to hold early elections in Iraq next June, and to ensure international monitoring of them, to ensure transparent, fair and fair elections that meet the aspirations of the Iraqi people.

The issue of the displaced and the governmental and international efforts made to resolve this file was also discussed in a manner that guarantees the speedy return of all displaced persons, ends their suffering and preserves their dignity.

The Media Office of the Prime Minister  15-November-2020   https://pmo.iq/press2020/15-11-202001.htm

An expert reveals a “paradox” in Kurdistan’s oil. Source: Baghdad pays production costs twice

Pratha News Agency112 2020-11-15  The oil expert, Hamza Al-Jawahiri, confirmed that the oil exported by Kurdistan is taken from Kirkuk oil, pointing out that the central government pays twice the cost of production.

“The oil exported from the region is originally taken from the Kirkuk fields, and the government pays the full production costs until the development,” Al-Jawahiri said, in an explanation about the Kurdistan Region representatives ’objection to the delivery of 480,000 barrels per day, exported through the Turkish Cihan pipeline.

The expert added, “As for what is produced from the region, it is sold to the Kar Company for the production of derivatives, and a few of it are smuggled into neighboring countries because it is very heavy, and it is quantities that do not exceed 50 thousand barrels per day, which are the quantities that the regional government pays the cost of production for it.”

He added, “Thus, we see that the quantity of oil exported through the pipeline to the Turkish port of Ceyhan is 480,000 barrels, which is from the fields of the North Oil Company. The state pays its production costs … Is it reasonable for the state to pay the production costs twice ?!?!?!”

Al-Jawahiri was surprised, saying, “This solution ignores all these facts that I have mentioned repeatedly through my articles and TV interventions, and they have become clear to everyone.”

http://burathanews.com/arabic/economic/380556

Representative economy: $ 128 billion owed by the Kurdistan region

Money  and business   Economy News – Baghdad  A member of the Parliamentary Economic Committee, Hamid Al-Mousawi, said that the Kurds are delaying the implementation of the economic agreement between Baghdad and Erbil, explaining that $ 128 billion is owed by the Kurdistan region.

Moussawi added that the Kurdistan government acts outside the framework of the constitution, and all the region’s revenues go to the region without Baghdad’s control, explaining that there is popular pressure preventing the Kurds from giving money in exchange for not handing over any barrel of oil to the region.

He noted that the Kurds are delaying the implementation of the economic agreement between Erbil and Baghdad, noting that the $ 128 billion owed by the Kurdistan region is refusing to hand it over to Baghdad.

He stressed that the region granted 90,000 people from the Kurds of Iran, Syria and Turkey a ration card.

Number of observations 125 Date added 11/15/2020   https://economy-news.net/content.php?id=22698

The Cabinet Secretary meets a delegation from “Siemens”

Energy  Economy News – Baghdad  The Secretary-General of the Council of Ministers, Hamid Al-Ghazi, discussed, on Sunday, with a delegation from the “Siemens” company, steps to improve the electrical network in Iraq.

Al-Ghazi’s office said in a statement received by Al-Sumaria News, “The Secretary-General of the Council of Ministers, Hamid Naeem Al-Ghazi, discussed with the delegation of the German company Siemens, steps to improve and develop the electrical network, through the projects implemented by the company in a number of provinces, and the permanence of the contracts signed with the Iraqi government, In addition to the stages of completion for the construction of the gas station in Wasit Governorate, with a production capacity of (1300) MW, and the need to complete it before the coming summer season.

Al-Ghazzi stressed the need for the company to focus on developing a technical study for the transmission and distribution of electric energy, as it is the main problem for the electricity sector in Iraq, in addition to equipping the Ministry of Electricity with smart meters, according to modern technical specifications, and distributing the company’s effort to establish stations, according to the population census in The western, southern and northern regions, in order to cover the actual needs of Iraq and move towards self-sufficiency.

The company representatives confirmed, according to the statement, Siemens’s determination to “work seriously and intensify efforts, in order to implement the contracts, according to the timelines specified in the terms of the contract, to terminate the electricity file in Iraq, and to proceed with the preparation of the technical study on the modernization and development of the electrical network, with regard to the transfer And electrical power distribution. ”

Number of observations 131 Date of addendum 11/15/2020  https://economy-news.net/content.php?id=22703

Economist: two roads for Iraq to bridge the 2021 budget deficit

Pratha News Agency95 2020-11-15  Today, Sunday, the economic expert, Mazhar Muhammad Salih, identified two ways for the country to fill the actual deficit in next year’s budget, while noting that borrowing this time will be from individuals.

Saleh said in a press statement that “the large financial surplus of individuals is important in internal investment, and reducing the deficit in the next budget.”

He added, “If the budget for next year is based on an actual and not hypothetical deficit, then it is financed from the oil price differentials when the oil market improves in the interest of exporters, then the deficit is only financed by borrowing.”

He pointed out that “there may be a greater role for external borrowing this time, and internal borrowing this time will be directly from individuals or the public, through making fundamental improvements to the secondary market that handles buying and selling.”

He pointed out that “the Iraq Stock Exchange will have a fundamental role in expressing the secondary market and promoting dealing with debt financial instruments, among the public directly as individuals and institutions.”

He explained, “There is a large financial surplus among the public, concentrated in the form of hoarding disconnected from the income cycle,” indicating that “the national economy desperately needs it in moving real material and human resources, through investment and its financing from Iraq’s internal financial energies.”

Last Tuesday, the Prime Minister, Mustafa Al-Kazemi, called on the Finance Ministry and other ministries to expedite the presentation of the 2021 budget “because of its importance in running the country’s affairs.”

The General Secretariat of the Council of Ministers indicated that Al-Kazemi directed the Ministry of Finance to include the budget in the cabinet agenda.

The Parliamentary Finance Committee expected “many obstacles” in the draft federal budget bill for 2021.

A member of the Parliamentary Finance Committee, Abd al-Hadi Mohan al-Saadawi, revealed the size of the external and internal debts owed by Iraq, especially after the recent approval of the recent borrowing law, and he said in a press statement, that “the external debts owed by Iraq and established within (Paris Club, Kuwait’s debts and the Iraqi-Iranian war) reached More than 136 billion dollars. ”

And he indicated, “The total volume of debt increased after the increase in external borrowing after 2014 and until now, bringing the total debt to more than 160 billion dollars, most of which are external debts, and include a very high interest rate.” To declare the country completely bankrupt. ”   http://burathanews.com/arabic/economic/380564

Mazhar Muhammad Salih: A large financial surplus accumulated by individuals … the national economy is badly needed

Sunday 15, November 2020 09:03 | Economical Views: 419  Baghdad / NINA / The economic expert, Mazhar Muhammad Salih, confirmed: “The large financial surplus of individuals is important in internal investment and reducing the deficit in the next budget.”

He said in a statement to the Iraqi National News Agency ( NINA ): “If next year’s budget is built on an actual deficit and not hypothetically financed from oil price differences when the oil market improves for the benefit of exporters, then the deficit is only financed by borrowing.”

Muhammad Saleh added: “There may be a greater role for external borrowing this time, and perhaps internal borrowing this time will be directly from individuals or the public through making substantial improvements to the secondary market that handles buying and selling.

Here, the Iraq Stock Exchange will have a fundamental role in expressing the secondary market and promoting dealing with financial debt instruments among the public directly, as individuals and institutions. ”

He continued:“ There is a large financial surplus among the public concentrated in the form of hoarding disconnected from the income cycle, and the national economy is badly needed to move Real material and human resources through investment and financing it from the internal financial energies of Iraq. ”

The Prime Minister Mustafa Al-Kazemi asked the Ministry of Finance to quickly send the budget for next year to the Council in order to discuss, approve, and send it to Parliament.” https://ninanews.com/Website/News/Details?key=869566

Erbil Stock Exchange announces its opening near to investors

Market  Economy News – Erbil:  The director of the Erbil Stock Exchange, Sherwan Mustafa, announced that the Erbil Stock Exchange will open in the coming days after removing obstacles, calling for the inclusion of large investment companies on the stock exchange.

Mustafa said, that all circumstances have been removed before the opening of the Erbil Stock Exchange, as during the coming days the stock exchange will open to investors, adding that consulting companies will be present to provide advice to new investors.

Mustafa called for the large investment companies to be listed on the stock exchange because they get great privileges represented by tax exemptions, explaining that there are a number of companies that create excuses for not being listed on the stock exchange.   Number of observations 178 Date of addendum 11/15/2020   https://economy-news.net/content.php?id=22695

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