Samson: Iraq and the World Bank sign a $ 200 million loan agreement to improve energy
7th July, 2019
Iraq and the World Bank on Sunday signed a loan agreement worth 200 million dollars to improve energy in the southern regions of Iraq
“The agreement comes as part of the joint work with the World Bank to support projects and provide services to citizens,“ said the Minister of Finance Fuad Hussein in an interview with “Alsumaria News” and read by “Economy News”, noting that “the agreement comes mainly to support electricity projects in the southern provinces
“The country has problems not in production, but in the transmission and distribution of electricity,” he said, adding that “this agreement comes in the area of solving part of the problem in the province of Basra and neighboring provinces
For its part, said World Bank Representative Yara Salem, “The project will serve the southern provinces, which suffer from the problem of distribution and transmission of electricity,” noting that “the provinces covered are Basra, Dhi Qar, Muthanna and Maysan
She explained that Iraq suffers from frequent interruptions in electricity and increases in the summer with high temperatures, which leads to the use of civil and domestic generators to meet the shortage of energy LINK
Suzie : If they’re one of, if not the most wealthy countries in the mid-east and about to re-value their currency, why do they need another loan for a paltry 200million?
1mattc1: They do not need the money but they do need a good credit rating. A small loan that is easy to repay will help to accomplish that. IMO
2Cents: Their wealth is in the ground, not in accounts…..This is like a wealthy farmer on paper but needs to take a loan to get a new tractor.
The RD/RV does not give Iraq increased purchasing power. It gives the IQD increased purchasing power. Oil is sold in USD, not IQD. USD is then exchanged for IQD by the Central Bank upon order of the Finance Minister in accordance with the budget law.
I have always said that the coffers will be appreciably empty when the RD occurs. This is why nobody should have expected the RD in the first week of July. Kurdistan was sent 420 Billion for payroll they are paying out in the first week of July.
Let’s see what happens this week, Holiday coming on the 14th. Auctions dropped slightly to 188 Mil today. No change in auction frequency.
If there was a change, that auction would have been closer to 1 Billion.
Banks/exchange companies are required to maintain an account balance with the CBI if making currency sales. Prior, they had to deposit daily into that account. Now, they are only required to deposit weekly as the CBI promised them they would change.
All IMO of course…..
Samson: Deputy: Iraq has a surplus of 1.5 million employees
7th July, 2019
“Iraq has an increase in the number of employees by 1.5 million employees, which cost the state 25 trillion dinars,” said the deputy of the Alliance of Suron, Riyad al-Masoudi, on Sunday, pointing out that the country needs 3 million workers if there is a tendency to work with the right productive investment.
“The United Nations estimates that Iraq needs 800,000 to 1.5 million employees, while the actual number is close to 3 million employees, and therefore there is an increase in the number required by 1.5 million employees,” Masoudi said in a statement . “The increase in the number of employees by the number mentioned budget budget 25 trillion dinars, or about $ 22 billion, and this figure can complete projects that generate Iraq $ 80 billion annually.
He explained that “chaos and lack of planning and compliance behind the pressure and expansion of the public sector, must resort to serious investment in airports that attract 20-30 workers, in addition to refineries, each of which accommodates 70 thousand employees, and railways can also attract 150,000 workers.”
Masoudi pointed out that “Iraq and in the case of the real investment system will need 3 million workers, but the disruption of the private sector and the absence of high productivity projects and the decline in the service sector contributed to the direction of the government sector, which is linked to oil without access to other resources, Country”. LINK
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Samson: The Interior Inspectorate returns more than 36 billion dinars and prevents waste of 35 million dollars
2019/7/7 12:49
The Interior Inspectorate announced on Sunday that it had returned more than 36 billion dinars and prevented the waste of 35 million dollars.
“The Office of the Inspector-General of the Ministry of Interior was able to return more than 36 billion dinars and prevented the waste of more than 35 million dollars during the period from 1/11/2018 to 20/6/2019,” the inspectors said in a statement received by Al-Furat News.
“During the period between 1 November 2018 and 20 June 2019, the Directorate of Audit and Financial Control in the Entities’ Departments managed to return {4,203,304,425} dinars and {15,877} dollars, and recommended the return of {32,086,234,691} dinars, The amount of {828,915,650} dinars and 35 million dollars.”
It is worth mentioning that these amounts, which the Interior Inspectorate was able to return and recommend returning or prevented from wasting, were realized during the short period mentioned from the assumption of Mr. Jamal Al-Assadi as Inspector General of the Ministry of Interior at the end of 2018. LINK
