PETRA: Much is afoot today with all the great articles from Samson and Don. THANK YOU!!!
So we see several articles today discussing the vote by Parliament for the Finance Deficit Law to which they agreed to pass and then pay the salaries. Post 42, 75, 79, 100, 113 all have to do with this law tomorrow.
So many articles focused on one object…passing the law and paying salaries. They key point is the sense of urgency now being presented that they must get this law passed. Why?
Well, first of all the citizens are irate and want their money. Ok, got that. But look what else is happening with all this focus on the Finance law….Post 49 speaks of Netherlands coming into Kurdistan. Post 52, SA signed agreements for 13 items including Ports, Boarders, Oil/Gas, Education/Industry, TRADE, and agriculture.
The CBI Governor of Iraq and the CB of SA governor was there yesterday as well. And reportedly, the Crown Prince is to be coming to Iraq today as well. Why? Something important I’m sure.
Post 60…South Korea getting in the game and now we know China is engaged. All at once….why? (wink)
Now, the CBI is opening a branch in the new Port of Abu Flus…wouldn’t that make a statement of being International?
So many great things are happening and now they are in a hurry. IMO, it is because there are performance clauses in the agreements that require an international rate. Again, IMO.
So, what is the timing of the vote. See Post 100…it’s first on the agenda, not second, or third…FIRST! So when will they pay salaries? One Post (75) says in the coming hours. Well, if you look then at post 113 it says after 2 days which would be Thur/Fri after banks are closed which “could” mean the first banking opportunity would be Sunday. Again, IMO.
But, things are moving quick as the citizens need payment and the CBI needs liquidity. Secondary markets…..here comes Iraq!!! All IMO! PETRA
Samson: Planning: More than 6,000 projects stopped, needing $ 100 billion
10th November, 2020
The Ministry of Planning warned, on Monday, that 6,250 projects face risks of stopping due to the current financial crisis, noting that the completion rates of these projects vary and need about $ 100 billion to complete them
Ministry spokesman Abdul Zahra Al-Hindawi said, “The financial crisis that is going through the world in general and Iraq in particular due to the Corona pandemic and the drop in oil prices threatens to stop about 6,250 projects in various sectors,” noting that “the sums we need to complete these projects amount to 125 trillion dinars, what Close to 100 billion dollars”. He added that, “in light of the financial crisis, the ministry will focus on completing projects with advanced completion rates (60% or more) because they need small sums, with priority given to service projects in the health, education, roads, sewage and water sectors. And whose stoppage causes a loss of security, services, job opportunities and service. The Citizen
Regarding the upcoming budget, Al-Hindawi explained that “funds have been allocated towards strategic projects, especially projects that have intertwined with more than one sector, such as the agriculture sector, which is related to industry, transportation, and wide employment of manpower in addition to projects in the industrial and tourism sector, as Iraq has many qualifications and can employ shrines and monuments. His legacy in this field opens a new door to financial revenues apart from oil
He added that “Iraq, which has been dependent on oil as a source of funding for its budget for decades, is not easy for it to move to another resource quickly, as the productive sectors need multiple stages of infrastructure, human resources and expertise to prepare them and prepare them as a financial resource that can finance the budget
Al-Hindawi emphasized that “the private sector is the common denominator in activating the economy, and the Ministry of Planning is going ahead with forming a council for the development of the private sector to be run by the private sector itself, to contribute to drawing economic policy and real participation in achieving development LINK
Samson: The Minister of Planning reveals that the Iraqi-Chinese agreement will enter into force within days
10th November, 2020
Minister of Planning Khaled Najm Al-Battal revealed, on Tuesday, that the Iraqi-Chinese agreement concluded by the previous government headed by Adel Abdul-Mahdi has entered into force during the next few days, while denying the existence of a similar agreement with Egypt
“During the past three days, there was a discussion with the Chinese ambassador in Iraq regarding the agreement signed with China,” Al-Battal said in an interview with the official Al-Iraqiya channel and followed by Al-Iktissad News
The Minister of Planning added, “The Chinese agreement includes two parts, the first is the accounting agreement and the second is the oil agreement
And on the existence of a similar agreement with Egypt, Al-Battal stressed, “There is no Egyptian agreement in this regard LINK
Samson: Iraq and Saudi Arabia reach an agreement of 13 items
10th November, 2020
The Iraqi Ministry of Foreign Affairs said that the Political, Security and Military Committee of the Iraqi-Saudi Coordination Council held its meeting on Monday and agreed on 13 items.
In a statement received by Shafaq News Agency, the Foreign Ministry stated that the Political, Security and Military Committee of the Iraqi-Saudi Coordination Council held its meeting, headed by Minister of Foreign Affairs Fuad Hussein on the Iraqi side and the Minister of Foreign Affairs of the Kingdom of Saudi Arabia Prince Faisal bin Farhan Al Saud on the Saudi side by visual communication and in the presence of members The Commission.
The two sides discussed issues on the committee’s agenda, in a way that enhances the development of joint cooperation between the two countries and in various fields.
The statement stated that the two sides agreed on the following:
Continuing cooperation and coordination in political, security and military issues.
– Work to develop a common vision of the most important issues of concern to the two countries in various fields.
Providing support for the opening of the Kingdom of Saudi Arabia’s Commercial Attaché in Baghdad.
Expediting the opening of the Arar border crossing, due to its importance in enhancing trade cooperation between the two countries.
Facilitating procedures for granting entry visas to businessmen in both countries.
Study the possibility of signing a memorandum of understanding to exempt holders of diplomatic, service and special passports from entry visas for both countries, except for the Hajj season.
Consultation and coordination regarding mutual support in international forums.
– Enhancing security and intelligence cooperation with regard to combating crime and smuggling.
– To speed up the signing of a memorandum of understanding for security between the ministries of interior in both countries.
– Cooperation in the military fields by holding joint exercises within the framework of a memorandum of understanding concluded between the two countries in the military field, opening military attachés in both countries and exchanging training courses and experiences in the field of studies and strategic planning.
Continued support for Iraq’s efforts in cooperation with the International Coalition to Combat ISIS terrorist organization.
– Work to develop a common vision towards the issues of the region (the Palestinian issue, Syria, Turkey, Libya, Yemen).
– Securing the protection of the trade route linking the two countries.
The Iraqi-Saudi Coordinating Council has been holding meetings since yesterday, Sunday, with the aim of strengthening relations between the two sides and entering Saudi companies to invest in Iraq. LINK
DeepWoodz: Imo. And BOOM there is Saudi!!!
Iobey777: Well, alrighty then!! Didn’t FRANK just tell us that when we saw Saudi Arabia come to Iraq, it would be Game Over?!! IMO, yes, yes he did!!
Legal expert: The Iraqi – Saudi agreements do not require the approval of Parliament
10th November, 2020
A legal expert said, on Tuesday, that the Iraqi-Saudi agreements that were signed a few days ago do not require them to be presented to the Iraqi parliament.
The legal expert, Tariq Harb, wrote in a statement that he published on a social media application and seen by Shafaq News Agency; “All the Saudi-Iraqi agreements that were agreed upon between the Saudi and Iraqi parties on (November 10, 2020) do not fall within the competence of Parliament and do not require its approval.”
Harb explained that these agreements “are nothing but commercial contracts in reality and are not of political or sovereign issues and are not considered agreements or treaties that need approval or approval by Parliament in accordance with the Treaty Contract Law No. 35 of 2015 and Article 61 of the Constitution on them which specified what must be approved by Parliament.” .
The Saudi delegation arrived in Baghdad on Sunday morning (November 8, 2020) to hold a meeting of the Iraqi-Saudi committee. The delegation includes officials from the ministries of energy, electricity, oil, industry, environment and a number of important Saudi companies.
On November 8, 2020, Oil Minister Ihsan Abdul-Jabbar affirmed the government’s keenness to strengthen bilateral relations with Saudi Arabia in all fields, including economic and investment, in a way that serves common interests. On October 31, 2020, the State of Law Coalition called on the official authorities to “halt the project of granting Saudi Arabia lands for investment in the Badia of Iraq (Karbala, Najaf, and Muthanna),” considering this matter “has serious repercussions on the security and sovereignty of the country, as well as that it is It contributes to damaging Iraq’s strategic reserve of underground water.”
On November 2, 2020, a Saudi Foreign Ministry official accused those he described as “Iran’s agents in Iraq” of refusing Saudi investments in order to continue Iran’s interests. LINK
Don961: The Iraqi Economists Network announces its fourth digital symposium in cooperation with the World Bank to present and discuss the report of the Economic Monitor for New Iraq, focusing on the implications of the Corona pandemic and the low oil prices on the situation of poor families in Iraq
The Iraqi Economists Network is pleased to invite you to attend our fourth webinar in cooperation with the World Bank. A representative of the World Bank will be presenting the new edition of Iraq Economic Monitor, This report is entitled:
“ Protecting Vulnerable Iraqis in the Time of a Pandemic, The Case for Urgent Stimulus and Economic Reforms ” and special focus on “ Impacts of COVID-19 and weak oil prices on household poverty in Iraq . ”
After the presentation the floor will be open for question & discussion
The session will be held in English with instant translation to Arabic
Moderator: Dr Barik Schuber
Date: 11 th of November 2020
Time: 20:00 Baghdad Time, 17:00 GMT
Direct access Zoom Link https://us02web.zoom.us/j/84541467650?pwd=bHQ1K05JVzlxUUF5U0VrK3JwdldHZz09
Meeting ID: 845 4146 7650
The Iraqi Economists Network has the honor to invite you to attend our fourth digital symposium, where a representative of the World Bank will present the new version of the report of the Economic Monitor for Iraq under the title “Protecting vulnerable groups in Iraq in the time of the Corona pandemic: calling for urgent action and economic reforms” with a focus on the repercussions of the Corona pandemic and oil prices Poor status of poor families in Iraq.
After the presentation, there will be room for discussion and questions by the attendees.
Presentation and dialogue will be held in English with simultaneous translation into Arabic.
Moderating the session: Dr. Bareq Shubr
Date: November 11 20 20
Time: 8:00 pm Baghdad time, 5:00 GMT
On the Zoom platform , the direct entry link to the symposium :
Samson: Parliament Discusses A Treaty To Accelerate Cooperation Between The Governments Of Iraq And South Korea
10th November, 2020
The House of Representatives prepares at the end of next week to ratify the treaty to accelerate cooperation between the governments of Iraq and South Korea, after the relevant committees participate.
“The Presidency of Parliament postponed voting on this agreement during last Saturday’s session, in order to involve other committees with the Relations Committee, which is the Economy and Investment Committee,” said Malhan Al-Muktar, a member of the Foreign Relations Committee.
In addition, a government source said: “Iraq is in the process of ratifying an agreement between Iraq and South Korea, which provides for the export of more than 250 thousand barrels per day to South Korean oil companies, even if force majeure occurs in the global oil market,” indicating that “the agreement South Korean companies give priority to buying Iraqi oil, whatever the circumstances. ”He stressed that“ the agreement provides for the sale of a barrel of oil at the international price.”
Samson: Al-Kazemi’s spokesman sets a conditional date for the payment of salaries
10th November, 2020
Ahmed Mulla Talal, spokesman for the Prime Minister, expressed his hope on Tuesday that the borrowing law will be passed so that salaries can be paid after two days.
“We hope to pass the borrowing law in a session on Wednesday, so that the government will start releasing the salaries of employees next Thursday,” Talal said in a press conference followed by Shafaq News, noting that “the law on financing the fiscal deficit will secure salaries for the coming months.”
Talal denied “canceling the agreement with China,” noting that “the current government promotes the successful steps of previous governments.”
“The current government has specific criteria for openness with countries, the most important of which is the interest of the Iraqi people,” said the prime minister’s spokesman. LINK
Samson: The Iraqi Parliament announces the disbursement of salaries in the coming hours
10th November, 2020
A member of the financial committee, Ahmed Mazhar Al-Jubouri, announced on Tuesday that the salaries of last October will be spent in the coming hours, indicating that the salaries of the current month are at the end.
Al-Jubouri said in a statement today, that it was agreed during our meeting yesterday with the Prime Minister and some officials to pass the borrowing law in the amount agreed upon within the committee and passed by Parliament. He added that the government must present its plans to maximize the resources of the next year and not rely on a single resource that is rapidly affected by any international developments , stressing that the delay in salaries is an incorrect negative case, and we will never accept the delay again.
And the political blocs, especially the Shiite ones, have increased pressure on the federal government with the aim of not relying on borrowing to provide salaries, which has turned into a dilemma that is difficult to solve in light of the continued decline in oil prices in global markets, and the impact of the Corona pandemic. The government headed by Mustafa Al-Kazemi hopes that the Iraqi Council of Representatives will accelerate the passage of the fiscal deficit bill that would allow it to borrow in order to disburse salaries during the current year.
Until now, the employees have not received their salaries, despite the passage of many days from the specified date in a scene that the Iraqis are not accustomed to in the regions of Iraq after 2003, with the exception of the Kurdistan region. Last week, Minister of Finance, Ali Abdul-Amir Allawi, announced that the salaries of employees will be paid directly in the event that Parliament approves the borrowing law, and set a two-week deadline for the payment of salaries last October in the event that this law is not passed.
The Cabinet Secretariat sent a draft law on financing the fiscal deficit to the House of Representatives, relating to internal and external borrowing. The draft fiscal deficit bill stipulates that the federal government borrows a huge amount of 41 trillion dinars, and this is what raised the reservations of the Finance Committee in the Iraqi Parliament.
Iraq is considered one of the countries with a rentier economy, as the country relies on oil sales revenues to finance up to 95 percent of state expenditures. Iraq resorted to borrowing months ago to secure the salaries of state employees, following the decline in oil prices due to the Corona pandemic that paralyzed world economies. LINK