KTFA (Don961 & Samson)

  In KTFA

Don961: WTO: Trade decline has been historic, but could have been worse

Economy  ,   06/20/2020 12:29   Baghdad – Iraq today:

The World Trade Organization said that global commodity trade recorded a record low in the first months of the year due to the Corona pandemic, but it did not decline to worse expectations.

Last April, the Geneva-based organization expected global trade in goods to decline between 13 and 32 percent this year, figures that the organization’s director-general described as “bad”, recovering between 21 and 24 percent in 2021.

The organization did not specify new figures on Tuesday, but said that the rapid response of governments means that pessimistic expectations for this year are excluded.

The organization said that the volume of commodity trade actually shrank three percent in the first quarter, and preliminary estimates indicate a decline of 18.5 percent in the second quarter on an annual basis.

“The declining trade that we are seeing is historically huge, in fact it would be the steepest since records began,” said the organization’s director general, Roberto Azevedo, “but there is a positive side here: that the situation would have been much worse.”   LINK

Samson:  In documents … Articles added to the borrowing law voted by Parliament

24th June, 2020

The committee’s proposal: adding a new article to this law from the date of their approval of the reasons behind the delay in sending the federal general budget. This law was passed.

The committee welcomes: adding a new article: the finance and accounting department finances the salaries and allocations of employees of all centrally funded agreement units in all children or Iraq from the new appointees who are appointed to the grades (coded in years (and 2018 And the degrees introduced in the General Budget Law MOA and those who started their work according to the provisions of Article (1 / First) of the Financial Management Law No. (1) for the year 2019 amended.

Committee’s proposal: adding a new article to the Cabinet to address the financial entitlements of external lecturers, doctors, health personnel and all contracts and daily procedure when preparing a draft general budget law for the year of dress (2020) The committee’s proposal: adding a new article requiring all state institutions and departments to adopt biometric fingerprints in their identifying identities affiliated to them for the purpose of centralizing data and information.

Adding a new article, the Cabinet provides a program for economic reform within a period not exceeding (10) days from the date of publication of this law, and it is only fun from our public awareness. This article is valid until the end of the fiscal year 2020 or until the Federal Budget is approved, whichever is next.

In the name of the republican people What was approved by the House of Representatives and approved by the President of the Republic based on the provisions of item (First) of Article (61) and Item (Third) of Article (73) of the Constitution Law The following: No. () of the year 2020 The Domestic and External Borrowing Law Financing the Financial Deficit for the year 2020

Article -1- Authorizes the Federal Minister of Finance to borrow locally and abroad through issuing treasury transfers, bonds and local loans as well as borrowing from international financial institutions foreign banks to finance public expenditures approved by the Council of Ministers.

Proposal to amend the committee: Do not empower the Federal Minister of Finance with the authority to borrow locally and abroad by issuing treasury transfers, bonds and local loans as well as borrowing from international financial institutions and foreign banks to finance public expenditures provided that the allocation of foreign loan amounts in the second item of this article is for investment projects and regions development Continuing, taking into account that the priority of funding for the governorates that are less funded in previous years. Second: The borrowing ceiling covered in this law does not exceed (5) billion dollars from external borrowing and (10) one trillion dinars in local borrowing.

The committee proposed: Adding a new article: Continuing to borrow from abroad to finance development projects after the approval by the Council of Ministers of loans and memoranda of understanding ratified in the general budget laws for previous years.  The committee’s proposal: adding a new article: All foreign loans, transfers, bonds and local loans are exempt from customs taxes according to the texts mentioned in the loan agreements.  LINK

Bear Cinnebar:   Well it sounds positive in that it gives a condition not exceeding ( 10 ) days … in regards to the economic reform?  and “it is only fun from our public awareness” … could this be a message to the Iraqi citizens being the public, maybe!  IMO….THANK YOU is for the Iraqi Parliament today!