Wednesday UPDATE for November 11, 2020
Yes, some bank staffers are “ON EXCHANGE LOCATION” waiting for us ….JUST IN CASE something breaks today. TIME WILL TELL
(And yes, TODAY is a holiday!)
Just announced on Iraqi TV: Borrowing 12 billion from foreign banks to pay current salaries and cover the remaining three months of this year. The official vote takes place at midnight (Iraq time)…..less than 30 minutes from now.
Tishwash: Postponement of the vote on the borrowing law to 12:00 midnight tonight
Parliamentary circles revealed that the Presidency of the Council of Representatives decided to postpone the vote on the draft law on financing the fiscal deficit until twelve o’clock at midnight tonight. ink
Annnie68: Maybe the odd voting time is to get it moving before the banks open?
Jannilew: I find it interesting that it’s postponed until midnight. Who sets meetings for midnight? That doesn’t sound like it’s on any normal Iraqi timetable. Who’s time table might it be? Hmmm.. Just thinking here…..
Briona: To me, the postponement until midnight means they are close, maybe minor details to clear up before the vote.
Yada: although from what I understand, not necessarily needed to do the RV, it does reveal the rate because now the GOI can borrow from the CBI the money they need to operate their government. So, approve the law, release the rate, we are notified, and we go to the bank. Also, the number of contracts Iraq signed with other countries are also waiting for the rate to ratify the deals
Red: Iraq is waiting on the green lite from the USA Treasurey
Desertjar5: Dinar is in the list https://www.fiscal.treasury.gov/reports-statements/treasury-reporting-rates-exchange/current.html
Tishwash: International companies undertake the implementation of the project to develop five entrances to Baghdad
The governor of Baghdad, Muhammad Jaber Al-Atta, confirmed, on Wednesday, that international companies will implement a project to develop five entrances to the capital.
He said Atta, according to an interview reported by the official agency, said that “there are eight entrances to the capital of Baghdad, the focus will be on five of them,” stressing that the province is with the Ministry of Construction and Housing documents record with international companies to develop doorways through modern designs. ”
He pointed out that” The Ministry of Planning issued a letter permitting contracting, but under certain conditions, if there were no funds; The company doing business bears the consequences and financing. ”
He emphasized that“ there are vigorous steps taken by the concerned authorities, starting from the Council of Ministers to the governorate of Baghdad, and the rest of the other departments to develop the entrances to the capital. ”
He stressed “the importance of investment, and for each entrance to have a private investor,” noting that “the entrances to Baghdad are areas of trade exchange and in other countries more like a free market, as the investor can develop the street and benefit from it as a financial return with commercial investments, instead of overburdening the state in projects.” Very expensive. link
Tishwash: An American institute expects a financial collapse of Iraq in 2021
The Carnegie Endowment for International Peace, based in the United States of America, stated that Iraq has been suffering from an internal financial crisis since last June, due to the collapse of global oil prices due to the outbreak of the Corona pandemic and the raging oil price war between Saudi Arabia and Russia .
The institute said in a report that “this financial crisis has repercussions in the short term as well as the long. In the short term, Baghdad finds it difficult to pay the salaries of public sector employees, which required the state to borrow money from the central bank during the summer .”
And with the decline in oil revenues, the report added, the monthly income of the state now covers only 50 percent of government expenditures.
In the longer term, Iraq faces a total financial collapse of the state, which is likely to happen during the next year, indicating that the country is finding it difficult to cover its monthly expenses .
It is noteworthy that the size of the public sector has expanded during the era of successive governments to the point that the total revenues achieved by the Iraqi state are no longer sufficient to pay the basic expenses, namely public sector salaries, contractual pensions, food aid, and the cost of social welfare programs, and the state now needs to spend more than Its revenues are in order to cover these basic expenses and remove the specter of want and deprivation from the majority of the Iraqi people .
In 2019, oil revenues averaged $ 6.5 million a month, to which were modest non-oil revenues added (which are mainly from customs duties, totaling much less than $ 1 billion per month). These government revenues covered operational expenses, leaving a small amount remaining. For capital spending .
Since the recovery of oil prices after the deterioration in March, the average Iraqi oil revenues amounted to just over $ 3 billion per month, and reached $ 3.52 billion last August link
Tishwash: Iraq is suing the giant American Electric Corporation
The Ministry of Commerce announced that lawsuits have been filed against companies, including the huge American electric company, General Electric.
In a statement issued by the spokesperson on November 10, the ministry stated that “the committee formed according to Ministerial Order 119 of January 2, 2017, and consisting of representatives of the commercial and financial control in the Ministry of Trade, the Companies Registrar Department, the Ministry of Interior, the National Security Agency and the The Iraqi Intelligence, which came based on the directive of the Prime Minister’s Office and the approval of the Prime Minister on the recommendations of the Ministry of Interior to audit companies operating in Iraq, examined more than 300 companies operating in Iraq, including 250 companies in a physical and field inventory, and 105 records were made with the companies’ registrar departments in the ministry. .
The official spokesman said, “The committee has arrested about 300 companies registered with the Companies Registration Department in Baghdad and the governorates, and their fixed addresses have not been found in the files of these companies,” indicating that “the committee has approached the departments concerned with violations, as the majority of companies were indicated according to Companies Law No. 21 of 1997 as amended, and this committee or the Companies Registrar Department has not received any legal summary for these companies.
He pointed out, “There are legal cases filed against American companies (General Electric), (Altunkaya) Turkish and (Max Mall), due to the failure to provide information to the Ministerial Committee,” explaining that the committee “continues its work to audit the rest of the companies registered in the Companies Registrar Department,” There are legal procedures and tracking of overtures that it makes with the concerned departments to inspect the headquarters of companies according to the addresses affixed to them in the Companies Registrar Department and the Ministry of Interior.
Earlier, a ministerial order was issued to form a government committee from the Ministry of Commerce, the Ministry of Interior, the National Security Agency and the Intelligence Service, in order to track down companies operating in Iraq and ensure that there are real business for them, and close the violation