Samson: Parliamentary Finance confirms that the budget file for 2020 will be finalized
09:10 – 12/05/2020
The Parliamentary Finance Committee confirmed, on Tuesday, that the budget for 2020 budget will be decided and sent by the government to parliament for the purpose of voting on it, pointing out that the month of July should witness the discussion of the 2021 budget.
“It is hoped that the Parliamentary Finance Committee will have a meeting with Finance Minister Ali Abdul Amir Allawi to discuss the Ministry’s plans regarding the budget and the mechanism to bypass the current conditions in light of the low oil prices.”
He added that “the Finance Committee will discuss with the Minister of Finance the plans of Prime Minister Mustafa Al-Kazemi regarding the 2020 budget and the outlines and priorities of the government regarding the budget.”
And that “legislation for the 2020 budget law needs to speed up the budget completion process because the government and the financial committee must start discussing the 2021 budget during the month of July, so it is expected that the 2020 budget will be sent in the next few days.” LINK
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Samson: Al-Abadi: We will face a problem with paying salaries next month, and printing currency is one of the options
12th May, 2020
The head of the victory coalition, Haider al-Abadi, confirmed on Tuesday that the government will face a problem in paying salaries during the next month, and while he indicated that Iraq is facing a real problem, he pointed out that printing the currency is one of the options of Mustafa Al-Kazemi’s government
“We are facing a real problem and we need approximately 4 billion dollars a month to cover the salaries and retirement expenses, and the salaries of the new recruits have not been covered,” Al-Abadi said in a televised interview followed by the “Economy News”, indicating that “Iraq’s revenue for the past month is less than $ 1.5 billion, which means There is a large deficit in the insurance of salaries, and there are other things, such as the ration card and the second operational matters
He added, “The previous government was unable to pay salaries in the first month of the crisis, and we may face a crisis during the next month.” He pointed out that “I am not against borrowing, but I am against political borrowing, meaning that I borrowed in order to pay a month to solve the crisis only and leave what is possible after that
He added that “Turkey and Iran are heading to float their currency now and floating the currency produces inflation and raises prices that harm the low-income as well as printing the currency one of the options of the current government with reducing spending”, noting that “reducing the value of the Iraqi dinar raises the price of imported goods and supports the local product and thus we encourage the local industry LINK
Suzie: WHY, in my opinion, would you consider printing currency with all the “talk” of reinstatement/revaluation, needing a new PM, opening the budget, etc., etc. What happened the NSCN’s they printed, waiting on Christmas?? I WOULD THINK, here again, in my opinion they would follow thru with the RI with being on the verge of bankruptcy so we hear, especially if they have a so-called new rate ready. Not making any sense to me, wasn’t more purchasing power and a PM for the people a couple of reasons for their deadly demonstrations????
YoungSC: Confusion at its finest imo. They are not printing new currency imo and if they did it will never be enough to pay all salaries. So Salaries in June get paid then what about July, August and so forth?? Lol imo certain things are meant to put us to confusion and as Frank stated in a bible verse Now faith is the substance of things hoped for, the evidence of things not seen
AnotherMailman: Suzie, in an earlier article this morning it was said that the 2020 budget would be sent to parliament in the next few days because they had to start working on the 2021 budget in July. Let’s see how this plays out in the next few days! Why send the budget to parliament with a program rate?
ChrisC: It is strange how increased purchasing power WAS on the original list of demands by the protesters and then it seemed to get dropped. There is a complex playbook being used and we only get to see every fifth page and therefore can’t make sense of what we are seeing. I still believe Trump is a guy that plays to win and that he is on our side. However, it does seem to be getting down to the point where we see if we have a diamond or just a piece of quartz. Imo
Zeeman: I believe either Iraq is afraid or do not want to revalue based on the stalling they are doing. Iraq is backed into a corner since they cannot borrow money from other countries due to their corruption. they are backed into a corner if they do not raise their currency they will not be able to borrow on the secondary market they will sink into the desert sand
Samson: “The economic crisis” at the table of Al-Kazemi and the World Bank
12th May, 2020
Today, Tuesday, Prime Minister Mustafa Al-Kazemi received the Special Representative of the World Bank Mission in Iraq Ramzi Numan
According to a statement issued by the media office of the Prime Minister, and reported to Shafaq News, the two sides discussed ways to coordinate work between the Iraqi government and international institutions to overcome the economic crisis, and work to launch economic reform efforts that would encourage investment and reconstruction, enhance the service reality, and provide job opportunities LINK
KickiKai: Coordinate a launch you say? I’m ready!
Clare: I’M READY TOO! …..MORE IMPORTANTLY…TRUMP IS READY & IRAQ IS NOW READY! IM0
“to launch economic reform”
TRUMP CALLED YESTERDAY & LOOK WHO’S AT THE TABLE TODAY! THIS IS SO GREAT!
MilitiaMan: The World Bank and the IMF have been very vocal lately about immediate solutions and if there was a time to allow currencies into the SDR, the time is now as they put it. The last is based off their words last week real close. Iraq was the stage of some very important meetings and I suspect the members were asked if they were ready to facilitate Iraq into a social market economy. By the sounds of the way the USA and Iraq are mirroring each other financially and politically, shows we are in sync and the time has come to take Iraq in into the international world! Very powerful times we are in and witnessing! Here the the new PM again is hitting the ground running with the World Bank again.. Wow.. ~ MM
Don961: An upcoming meeting to discuss the current crisis and the economic reality … The parliamentary economy reveals: The fate of the Iraqi-Chinese agreement is unknown
May 12, 2020 12:04 AM Author: alzawraapaper
Baghdad / Al-Zawraa:
The Parliamentary Commission on Economy and Investment revealed its intention to discuss the file of the Iraqi-Chinese agreement after completing the formation of the entire government. While an economic source revealed proposals and scenarios to get out of the financial crisis, he indicated that an expanded meeting would be held under the chairmanship of Prime Minister Mustafa Al-Kazemi to advance the economic reality.
A member of the Parliamentary Commission on Economy and Investment, Nada Shaker Jawdat, said in a press statement: that Al-Kazemi’s government program did not address the Iraqi-Chinese agreement, as its fate is still unknown, especially in light of the severe economic crisis.
The former Prime Minister, Adel Abdul-Mahdi, signed, before the resignation of his government, an agreement between Iraq and China, while there were conflicting opinions about the benefit that would be returned to Iraq from it, and whether it would contribute to the reconstruction of the country as its supporters say, or whether it is mortgaging Iraqi oil for decades to come without providing anything important Iraq, as its critics say.
On the other hand, an economic source revealed, yesterday, Monday, proposals and scenarios to get out of the financial crisis, while he indicated that an expanded meeting would be held under the chairmanship of Prime Minister Mustafa Al-Kazemi to advance the economic reality.
The source said that «the new Prime Minister will be held during the next forty-eight hours an expanded meeting that includes members of the Economic Committee and a number of experts and advisors to study how to advance the reality of the Iraqi economy».
The official added that «there are several scenarios or proposals to deal with the financial crisis, including reducing spending on secondary projects, stopping the payment of international loans to Iraq through political and diplomatic moves by mutual consent with those countries, as well as imposing a compulsory savings system on those with a salary of more than a million One month dinars, and they are usually the highest officials in the country who make up more than 30 percent of the total salaries paid by the state, all of which are among other proposals that will be put forward.
He added, “The constant is not to prejudice the salaries of employees, retirees and the social welfare network in any way.” He pointed out that «the economic crisis is the most dangerous currently, and the government will try to announce a new austerity situation that includes different sectors of the state, to address the deficit that will exceed the threshold of fifty trillion Iraqi dinars amid declining hopes for improved oil prices in the current situation. LINK
Iobey777: Sounds good!! IMO.. working to make things better …fast!! I like the words..TO ADVANCE THE ECONOMIC REALITY!!