KTFA (MilitiaMan & Don961)

  In KTFA 

MilitiaMan:  So if you reduce the dollar exchange rate, it takes more dollars to buy the Dinar! That my friends is the whole enchilada.. That is what they are reeling to do! imo Be happy… ~ MM

Don961:  Deputy Finance: The government cannot solve the economic crisis without harming the citizen

2020/10/03 18:09   Baghdad Today – Baghdad

A member of the Parliamentary Finance Committee, Ahmed Hama, confirmed, on Saturday (October 3, 2020), the lack of accurate data at the Ministry of Finance to know the amounts of money the government needs to meet the deficit in revenues.

Hama said in an interview with him (Baghdad Today), “The government until now has not been able to properly and properly resolve the economic crisis, without harming citizens or employees in the Iraqi state.”

He added that “the Ministry of Finance does not have accurate data on the amount the government needs to meet the current crisis. Rather, there are only media statements that the government needs approximately $ 6 billion per month to secure the necessary needs, including the salaries of employees and retirees.”

Earlier in the day, the Parliamentary Finance Committee warned that the government and the Ministry of Finance would resort to a method to secure the salaries of employees.

Committee reporter Ahmed Al-Saffar said in an interview with (Baghdad Today), “Resorting to savings, deducting part of salaries, or reducing the exchange rate of the dinar is not in the interest of the Iraqi government.”

He added, “Reducing the exchange rate of the Iraqi dinar against the dollar means reducing the salaries of employees indirectly because it will lead to inflation and thus high prices and make employees unable to purchase goods of the same value,” stressing that “it is not in the government’s interest to take any of these alternatives in light of Current conditions. ”

Al-Saffar pointed out, “the necessity for there to be a crisis cell representing specialists in the Finance Ministry to discuss possible means to secure salaries.”

Yesterday, an informed source in the Ministry of Finance stated that the employees ’salaries for the month of September will be paid at the end of next week.

The source said in an interview with (Baghdad Today), “The Ministry of Finance has worked on transferring the revenues of some departments in addition to borrowing from the Central Bank to provide funds for the disbursement of salaries.”

He added, “The current month of October indicates difficulty in distributing salaries, and the date of disbursement may be delayed until next November.”

The source explained that “the self-financing departments are surprised by the decision of the Ministry of Finance to stop paying their salaries and to include them with the central departments in the distribution mechanism, even though they have their own funding and are not among the central departments.”

Media and social media reported that the government is moving towards saving or reducing the dollar exchange rate, in order to secure employee salaries for the coming months, with the continued decline in oil prices.   LINK