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Samson:  Member of the Parliamentary Economy: $ 30 billion frozen for corrupt and corrupt in all outlets

4/06/2020 23:55:39

A member of the Parliamentary Economic Committee, Hamid al-Musawi, revealed that there are 30 billion dollars frozen for corruption.

“It is not in our interest to throw the ball of the financial crisis into the government yard, and the absolute authorization of the government to borrow is incorrect and we are not with going to foreign loans and maximizing the financial deficit,” Al-Moussawi told Al-Furat News, revealing “the inconsistency of vision between the government and parliament on loans.”

He pointed out, “The necessity for the parliament to participate in the government of loans.” “As for domestic loans, we have received certain information from a senior government official on the governor of the Central Bank that these loans are not enough for 15 days as salaries for employees, given that they were drained before,” Moussawi added.

He continued, “We have 29 sections of non-oil revenues in the ministries that can achieve what is equivalent to oil revenues and more; but the financial management and the amount of corruption and the demands of the political forces on the ministries replaced going money to the pockets of corrupt and brokers instead of the state fund, especially in the Ministry of Trade.”

Al-Kalabi confirmed that he submitted all files related to corruption to the Integrity Commission and the Council of Ministers, and no action was taken against them. He pointed out that “Iraq does not need to import oil derivatives,” explaining, “The suspended unit of the Al-Dora refinery provides 20 thousand barrels of gasoline per day,” noting that “the will of the corrupt people in the Ministry of Oil prevents this because of {commissions”}.

In response to paying the salaries of employees in the Kurdistan region, al-Musawi stressed that “the state in all its joints does not know the number of employees in the Kurdistan region, and therefore can stop paying salaries in the absence of their database in addition to not receiving the agreed quantities of oil and port funds.”  He added, “Iraqi funds frozen for corrupt abroad up to 30 billion dollars; but we need a political decision and international cooperation and employ international companies with jurisdiction and cooperation to recover these smuggled funds,” revealing “750 thousand people who live outside Iraq receive salaries from the state.”

Moussawi concluded his speech by saying : “The government needs to work the civil service law and within the salary scale to regulate the salaries of employees in all institutions, while the salaries of employees requires the deduction of law”.  LINK

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Samson:  Monetary Fund: Countries that may need debt restructuring, not just debt freezing

4th June, 2020
Some of the world’s poorest countries and emerging market countries may need to restructure their debt in the future, the Executive Director of the International Monetary Fund said on Wednesday, adding that only freezing debt payments may not be enough.

Kristalina Georgieva added that some emerging economies that have adopted prudent and sustainable debt policies are passing through the Corona virus crisis better than others, but a small number of countries with high debt burdens are likely to need assistance in the future.

Georgieva said the International Monetary Fund (IMF) has disbursed about $ 260 billion of its one trillion dollar capacity at this stage, and has so far provided emergency funding to 63 of 189 countries that have requested assistance since early March.

Don961:  Dollars are running out of Hong Kong ATMs, amid financial buying and terror

– 4 Hours Ago

Perhaps the rich island of Hong Kong will become a “precious chess” piece in the ongoing Cold War conflict between Beijing and Washington, a prospect that threatens the island’s position as a global financial center, as well as the emigration of the rich and technical and financial expertise from the island.

Since the United States announced that it will abolish the preferential treatment it accords in Hong Kong tariffs, the buying fever of US dollars has risen to its fullest on the island. There are long lines in front of money changer shops to convert the local currency or “Hong Kong dollar” into US dollars, while these stores do not find enough amounts of American currency to meet the demands of customers, according to the local newspaper “Sing Tao” in Hong Kong.

Hong Kong residents fear that the new Chinese security law will tighten the Chinese government’s grip on the island and possibly end the island’s autonomy status over the Chinese mainland. They are concerns expressed by many western companies with headquarters in Hong Kong.

Last Friday, US President Donald Trump considered that Hong Kong was “no longer sufficiently autonomous to justify the special treatment” granted by Washington, announcing that he had instructed his administration to begin canceling trade exemptions granted to it.

In London, on Monday seven former foreign ministers called on British Prime Minister Boris Johnson to form an international alliance to confront Beijing over Hong Kong’s developments.

For his part, US Secretary of State Mike Pompeo told Congress that Beijing stripped Hong Kong of its autonomy.

According to a report in the local newspaper “Sung Tao” in Hong Kong, many exchange offices said during the weekend that the US dollars that have run out due to the high demand for the green paper, and there are not enough exchange machines on the island that give their customers the right to withdraw the dollar American.

The British bank HSBC, the island’s largest bank, has only 33 withdrawals that grant the right to withdraw in dollars.

Hong Kong monetary authorities have not yet released information about the amount of money that has fled the island since the unrest began last summer, but Western reports indicate that many wealthy people have transferred part of their money to banks in Singapore and western centers in London and Zurich, and may be These amounts have reached tens of billions since last June.

The island’s wealthy and many residents fear that Hong Kong dollars will be de-linked with the US dollar, and this will lead to the loss of part of their wealth due to the devaluation of the local currency or “Hong Kong dollar”.

The Hong Kong dollar has been pegged since 1983 to the US dollar, within a calculated oscillation margin between 7.75 and 7.85 against the US dollar.

Analysts say the end of preferential trade treatment for Hong Kong’s exports to the United States is the start of western companies fleeing the island’s commercial center. This will automatically mean the loss of jobs and purchasing power on the island, and the recession of restaurants, cafes and nightclubs that have been suffering for months from the Corona pandemic.

The island’s monetary authorities are seeking to reassure citizens about the exchange rate peg between the local currency and the US dollar, as they said at the end of the week that “linking the local currency to the dollar is one of the pillars of monetary policy and Hong Kong will not abandon it.”

While the monetary authorities said in another message addressed to the long rows crowded in front of exchange shops and companies, that the island’s central bank has sufficient dollar balances and that its balance in foreign currencies amounts to 440 billion dollars.

For its part, the Chinese government is working to threaten banks, businesses and businesses that do not support the new Chinese security measures on the island.

In this regard, the former Chinese official in Hong Kong, Leung Cheng Ying, wrote on his Facebook page, calling for the punishment of the British HSBC bank, because he did not support the new Chinese measures. “HSBC did not support the Chinese measures … and it can be replaced on the mainland in one night with alternative banks from China and foreign countries,” Ying said on Friday.

New Arab   LINK