Tishwash: op ed piece but I’m glad someone is asking
Who guarantees the protection of the Iraqi dinar?
After the collapse of oil prices in the past weeks, a fact about Iraq is confirmed, which may be overnight Overnight it was a non-oil country, despite maintaining high production and reserves, which ranked second in the world.
This difficult experience that Iraq is still floundering with pain from its repercussions is the outcome of successive Iraqi government policies The precedent that prevented the restoration of industrial production to normal, plus the factors of development and increase, which were filling the market Domestic sustains part of the economic wheel, as well as the possibility of obtaining a difficult currency from exports, especially In cement and minerals industries such as phosphates and sulfur.
Now there are major crises called the collapse of the Syrian and Lebanese currencies, and there are many similar reasons present in Iraq As in these two brotherly countries, with a great margin of corruption in Iraq unparalleled in a country else.
In this atmosphere in which the Iraqi and American sides meet in a dialogue whose keys are a decisive strategy, a must We are looking for national and international reasons and guarantees to prevent the collapse of the Iraqi currency, and this is not tolerated by the situation Iraqi, absolutely, that the economic and living collapses will be in a dramatic way, and that there are international forces that can move The paper of the collapse of living in Iraq, if it wants as long as the interior is deranged in terms of building with all its concepts and addresses until right Now
Iran is a basic supporter of governance in Syria and Lebanon. This is a fact that there is no dispute between the two over it, but there is The opposite is the fact that the local currencies of these two countries are collapsing in a way that never suggests potential for return The clock is completely backward.
Here, Iraq must think deeply, what does it need from Iran and what does it need from America? Iraq first, as we hear from the officials. link
Cutebwoy: Negotiations between Iraq and the IMF to borrow $ 5 billion
June 15, 2020
Iraq .. An internal loan of 15 trillion dinars to cover salaries
The Parliamentary Finance Committee announced today, Monday, that the Iraqi Minister of Finance began negotiations with the International Monetary Fund to borrow $ 5 billion.
“The issue of internal and external borrowing will be brought up in Parliament on certain conditions,” said committee member Hanin Qadoo, noting that “the committee will present a paper of economic reforms to the government that includes not relying on single rents,” according to what was reported in the “Iraqi” news agency.
He stressed, “The need for an internal loan amounting to 15 trillion dinars in order to cover salaries and operating expenses,” noting that “the Minister of Finance began negotiating with the International Monetary Fund to borrow $ 5 billion, and it is hoped that it will be allocated for the benefit of investment.”
Qaddo called on the government to control customs and border outlets, focus its program on the private sector, diversify financial resources to reach safety and not need to borrow.
The Parliamentary Finance Committee had confirmed earlier the government’s intention to submit a paper of radical reforms during the coming period, while referring to the details of the borrowing law.
“The Minister of Finance informed the Finance Committee that the government will present a paper of radical reforms that includes all economic and financial aspects,” said the committee’s rapporteur, Ahmed Al-Saffar.
He added that the Finance Committee discussed government borrowing for the purpose of financing the deficit and paying salaries.
He continued, “The text of the borrowing law indicates that the government is allowed to borrow abroad at $ 5 billion, and the internal 15 trillion dinars from Iraqi banks for two months,” noting that “the vote on the law was postponed after talking about deductions in salaries.”
The House of Representatives finished the second reading of the draft of the domestic and foreign borrowing law to finance the fiscal deficit for the year 2020, and the Cabinet agreed to re-prioritize spending items in line with the financial and economic reform adopted by the Iraqi government.