In Dinar Guru Updates, KTFA 

Golfkdicke: Just got a call from a friend in NYC who works for an armored truck company. He told me yesterday at 5am he had to go to the Federal Reserve and picked up 500M USC. They took it to Newark Airport and had loaded onto a plane headed for Iraq.

Osmosisparty time for EID?

GodsServant: Short term loan maybe

Samson:  Parliamentary Foreign Ministry intends to open the file to recover smuggled money abroad

15:23 – 05/27/2020

On Wednesday, a member of the Parliamentary Committee on Foreign Affairs of the Emirate of Al-Emara revealed the parliament’s intention to open the file for recovering smuggled money abroad, indicating that there are specialized committees within the cabinet seeking to recover the smuggled money.

And the emirate said in a statement to the “information” that “there are joint parliamentary movements with the committees formed within the cabinet to work to recover all the money smuggled outside the country.”

She added that “her committee is ready to show any assistance in order to recover this money,” noting that the coming months will witness a high-level movement on the file of smuggled funds. LINK


Don961:  The House of Representatives awaits the government’s choice to tackle the economic crisis

05/27/2020 09:04:11 PM Baghdad / extent

The Finance Committee in the House of Representatives says that the government is studying several options to provide and secure the salaries of employees, retirees, and social welfare for the months of June and July, including the reduction of salaries of higher grades and internal and external borrowing, adding that it is awaiting the arrival of these decisions to the House of Representatives for discussion and review after the Eid holiday.

Sherwan Mirza, a member of the Parliamentary Finance Committee, talks to (Al-Mada) that “the parliament is waiting for the government to take the necessary measures to address the economic problem to build its opinions and ideas,” stressing that “there are many proposals before the government to overcome the crisis of falling oil prices in global markets.” .

Iraq, which is the second largest producer of OPEC, faces an acute economic crisis as a result of the drop in oil prices, and an agreement to cut production by more than one million barrels per day, which begins to run this month, as well as the pandemic of the Corona epidemic.

And stresses that “Iraq will go through an economic crisis in the months of June and July after the decline in oil prices and decline,” noting that “the Parliamentary Finance Committee is awaiting the arrival of government decisions to address the economic crisis taking place in Parliament.” And the government emergency cell responsible for providing financial liquidity is moving towards internal borrowing to pay the salaries of state employees, retirees, and social welfare for the coming month of June due to the lack of oil and non-oil revenues that do not exceed (2) trillion dinars per month.

The Emergency Financial Reform Cell developed a plan to confront the economic crisis, which is to address the higher salaries and work to reduce them during the next two months, as well as the possibility of issuing a national bond (borrowing from citizens) with high interest and many concessions.

The MP from the Kurdistan National Union bloc pointed out that “it is not possible to reduce the salaries of employees without legal cover. As for the allocations, it can be reduced by a government decision without consulting any party.”

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, has confirmed in press statements that “urgent and structural reforms will be taken to confront the temporary economic crisis that will extend to the end of this year or to the first quarter of next year,” noting that “there are emergency measures that the government will work on It is very difficult to take, in addition to a long-term reform process in dealing with the movement of the private sector. ” The MP from the Sulaymaniyah Governorate continues his speech by saying that “among the proposals studied by the government are internal or external borrowing, changing the exchange rate of the Iraqi dinar, reducing the salaries of special grades, reducing allocations and selling bonds,” stressing that “Parliament expects the government to adopt one of these options.”

He believes that “the government will take its austerity decisions after the Eid holiday to face its economic crisis,” noting that “our problem in the months of June and July is to pay the salaries of state employees, retirees, and social welfare.”

The Minister of Planning, Khaled Battal Al-Najem, last week discussed with the World Bank mission ways to enhance national efforts to confront the Corona virus pandemic, and the current financial crisis in Iraq, due to low oil prices.

In turn, another member of the Parliamentary Finance Committee explains, saying, “The economic crisis is not a government crisis, but a people crisis because of the lack of oil revenues, which forced the state to study several options to overcome them, including internal and external borrowing and the strengthening of customs resources.”

Representative of the Parliamentary Committee, Ahmed Mazhar, adds in a statement to Al-Mada that his committee “refuses to prejudice the salaries of employees,” noting that “the government has several options to overcome this crisis, including reducing the salaries of higher grades from a general manager and above.”

And he confirms that “the idea of resorting to compulsory saving is not on the table at the present time,” noting that “the parliamentary finance is awaiting the government’s austerity decisions and sending it to parliament for review and discussion.”

The head of the Parliamentary Finance Committee, Haitham al-Jubouri, had alluded, in a televised speech, to the government’s inability to secure employee salaries during the coming months.

The MP shows the appearance that “the proposals for reducing the salaries of special grades will be fifty percent,” noting that “all of these proposals will be discussed in the parliamentary finance after the holiday.”   LINK