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Parliamentary Finance

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Parliamentary Finance - Page 2 Empty The Ministerial Council of Economy holds an emergency session on the drop in global oil prices

Post by claud39 on Wed Mar 11, 2020 10:33 am

The Ministerial Council of Economy holds an emergency session on the drop in global oil prices


Wednesday, March 11, 2020



Parliamentary Finance - Page 2 Mof56665



Held  the Council Ministerial For the economy session Emergency On 11 March 2020 Headed the master  Deputy President The ministers For affairs Economic minister Finance  And with membership Gentlemen Ministers Planning And trade And agriculture And work And affairs Social And the Secretary Year For a board The ministers And conservative the bank Central And head Commission National To invest Agency And gentlemen Agents Ministries The oil And finance And planning And my counselor President The ministers For affairs Finance And economic And strategy.


as such Hosted theCouncil Each From Gentlemen Doctor Salem Chalabi Adviser President The ministers And mr Slave Generous Hussain President body Advisors And director Year a company marketing The oil And the doctor Perfection Optical member The Commission Supreme For repair Administrative And mr Manager Year Circle Debt Year in a Ministry Finance.

examine the Council Mechanisms The guarantor To reduce crisis drop Prices The oil in a Markets Globalism On  The situation Economic And social in a Iraq And take Measures The guarantor Protected the level The pension To the citizens And provide Possibilities Available To address For a virus sk It will continue the Council With a contract His sessions in a the days Coming to reach to me Solution opportunity To manage the crisis.






http://www.mof.gov.iq/pages/MOFBannerHeadlineDetail.aspx?BannerNewsID=800

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Parliamentary Finance - Page 2 Empty Iraq is considering launching a mechanism to reduce the negative effects of the global oil price drop

Post by claud39 on Wed Mar 11, 2020 3:40 pm

Iraq is considering launching a mechanism to reduce the negative effects of the global oil price drop


March 11, 2020



Parliamentary Finance - Page 2 1024



Direct: Iraq is considering launching a mechanism to reduce the negative effects of the fall in oil prices on world markets on its economy.


Today, Wednesday, the Ministerial Council for Economy in Iraq held an emergency session headed by the Deputy Prime Minister for Economic Affairs and the Minister of Finance and with membership of the Ministers of Planning, Trade, Agriculture, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the governor of the Central Bank and the head of the National Investment Commission, according to a press release.


The Council meeting witnessed a study of the mechanisms to reduce the crisis of low oil prices in global markets on the economic and social situation in Iraq.


It also discussed the adoption of measures to protect the standard of living of citizens and to provide the possibilities available to deal with Corona virus.


The Council affirmed that the Council will continue to hold its sessions in the coming days, with the aim of reaching appropriate solutions to manage the crisis.


It is worth noting that the council hosted Salem Al-Chalabi, Adviser to the Prime Minister, Abdul Karim Hussein, Chairman of the Advisors and Director General of the Oil Marketing Company, Kamal Al-Basri, member of the Higher Committee for Administrative Reform, and Director General of the Public Debt Department at the Ministry of Finance.

It is noteworthy that oil prices witnessed a collapse during the last period, due to the failure to reach a new agreement from the group of "OPEC +" countries, as well as the impact of the spread of the Corona virus on the extent of demand for aviation globally, which cast a shadow on the size of supply in the markets.


By 2:41 pm GMT, the price of Brent crude futures fell 2.2 percent at $ 36.39 a barrel, and the price of NYMEX crude for April delivery fell by 2.3 percent at $ 33.58 a barrel.


And OPEC, in its monthly report released today, reduced its forecast for the growth of global oil demand by 0.92 million barrels per day in 2020, to 0.06 million barrels per day, due to the spread of the new Corona virus .


Nominations


https://www.mubasher.info/news/3606902/%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D8%AF%D8%B1%D8%B3-%D8%AA%D8%AF%D8%B4%D9%8A%D9%86-%D8%A2%D9%84%D9%8A%D8%A9-%D9%84%D8%AA%D9%82%D9%84%D9%8A%D9%84-%D8%A7%D9%84%D8%A2%D8%AB%D8%A7%D8%B1-%D8%A7%D9%84%D8%B3%D9%84%D8%A8%D9%8A%D8%A9-%D9%84%D8%A7%D9%86%D8%AE%D9%81%D8%A7%D8%B6-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A7-/
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Parliamentary Finance - Page 2 Empty Statement of the Economic and Investment Committee on low oil prices

Post by claud39 on Thu Mar 12, 2020 3:58 pm

[size=32]Statement of the Economic and Investment Committee on low oil prices[/size]







 03/12/2020

Parliamentary Finance - Page 2 %D9%84%D8%AC%D8%A7%D9%86-%D8%A7%D9%84%D9%85%D8%AC%D9%84%D8%B3-800x445


The Parliamentary Economy and Investment Committee is following with great concern the low price of selling crude oil in world markets and calling on the government to take the necessary precautions to face the global economic crisis that is looming and its negative impact on the Iraqi economy in light of the financial deficit and debts burdened with the state’s general budget.


The committee requests the government to take a set of procedures and decisions through which it can manage the financial crisis, as follows: -

1 - Stopping investment spending and reducing operational spending in all aspects of government activity immediately.


2- Agreement with the creditors to postpone the payment of Iraq's external and internal debts until the financial situation improves.


3- Obtaining state debts on mobile phone companies and telecommunications companies.


4- Stopping the payment of amounts to the investors of the electricity sector.


5- Working to enhance government imports and supply the treasury with the region's exports of crude oil and border entry points.


6- Reviewing the exchange rates from the Central Bank of Iraq to ensure prices that do not affect the citizen and at the same time secure the salaries of state employees.


7- Forming a supreme committee to impose the management of Iraqi treasury funds and to follow up the ministries, corporations and institutions that are reluctant to pay the money obligated to collect them in the public treasury.


8- Any other measures that the government deems necessary to preserve the hard currency and prevent its waste.



The Media Department,
Parliament
3/12/2020



http://ar.parliament.iq/2020/03/12/%d8%a8%d9%8a%d8%a7%d9%86-%d9%84%d8%ac%d9%86%d8%a9-%d8%a7%d9%84%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af-%d9%88%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d8%a8%d8%b4%d8%a3%d9%86-%d8%a7%d9%86/
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Parliamentary Finance - Page 2 Empty Parliamentary Finance suggests that the investment funds will not be spent in the 2020 budget after the collapse of oil

Post by claud39 on Fri Mar 13, 2020 9:11 am

Parliamentary Finance suggests that the investment funds will not be spent in the 2020 budget after the collapse of oil


13/03/2020



Parliamentary Finance - Page 2 9241



The Economy News - Baghdad

The Parliamentary Finance Committee suggested that it will stop spending money in the investment side of the draft federal budget law for 2020 after the collapse of world oil prices .

Member of the committee, Siham Al-Aqili, said, “The collapse of oil prices and their decrease to $ 30 may push the government and parliament to stop the disbursement of investment funds within the 2020 budget,” pointing out that “stopping the disbursement of funds will come as a result of compensation for the operational component related to employee salaries .”
 

She added that "the government is in control at the present time to secure the salaries of employees despite the collapse of oil prices," noting that "the decline in oil prices will not last long and the last financial damage will be compensated after its rise in the coming days ."





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Parliamentary Finance - Page 2 Empty Finance Committee: Talking about the size of the budget deficit is premature

Post by claud39 on Sun Mar 15, 2020 9:16 am

Finance Committee: Talking about the size of the budget deficit is premature


03/15/2020



Parliamentary Finance - Page 2 19444



Economy News _ Baghdad



On Sunday, the Parliamentary Finance Committee confirmed that talking about the size of the budget deficit is premature.

Committee member Ahmed Hama Rashid said in a press statement seen by Al-Iqtisad News, "Talking about the size of the budget deficit is premature and misplaced, given that the budget was not legislated, and we are also preparing for the budget of 2021," noting that " The current government is to conduct business and it is not entitled to prepare the budget according to Article 41 of the bylaw, and when forming the government we may reach the month of May of the current year. "

He added, "According to the Financial Management Law, in the middle of May, it is necessary to start preparing for the budget for the next year, and therefore talking about the budget deficit is something that has no place in the actual situation on the ground."

Rashid said, "The government has already started, since the first month of this year, to spend 12/1 of the budget for operating expenses and salaries, and this matter is not related to oil prices or budget deficits, given that we have no loss or profit, because what is spent is related to the numbers in a general budget." 2019 ".

Rashid stressed, "The salaries of employees are safe even if the oil prices drop to less than thirty dollars, and they cannot be affected, because they depend on the ratio of one to 12 of last year's budget."







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Parliamentary Finance - Page 2 Empty Specialists propose an emergency plan to face the financial crisis

Post by claud39 on Sun Mar 15, 2020 9:19 am

Specialists propose an emergency plan to face the financial crisis


15/03/2020



Parliamentary Finance - Page 2 19440



Economy News _ Baghdad



In light of the collapse of oil prices as a result of the outbreak of the Corona virus in several countries of the world that may cause a stifling financial crisis in the country, specialists in the economic and financial affairs proposed an emergency plan that can be adopted to confront the financial crisis expected to occur in the country due to the almost total dependence on oil revenues in the federal budget , Reassuring employees and retirees that their salaries are fully insured.

Member of the Finance Committee, MP Jamal Cougar, said in an interview with the official Al-Sabah newspaper, which was reviewed by Al-Iqtisad News, that "the continued collapse of oil prices may cause a stifling financial crisis in the country because the federal budget is approved and at a rate of 95 percent on oil revenues. This means losing Iraq about one billion and 250 million dollars annually when exporting the rate of 3 million and 800 thousand barrels per day. "

 
A member of the Finance Committee stressed that "the salaries of employees and retirees are fully insured because there is an emergency plan that the government can resort to in the event of a decrease in financial revenues."

He added that in the event of the continuation of the Corona crisis and the spread of the virus in all countries of the world, its effects may lead to oil export operations and this in turn will affect the rates of Iraqi oil exports, stressing "the need to develop plans to avoid crises that could be stared in the country as a result of the rentier economy and dependence on Oil only. "

 
Effective solutions

For his part, the former deputy and specialist in financial affairs, Rahim Darraji, affirmed that "the Iraqi state will be in trouble and will solve an economic catastrophe in the country in the absence of effective solutions to the expected financial crisis as a result of low oil prices."

In a statement to Al-Sabah, Al-Daraji said: “The federal government must prepare an emergency plan to face the crisis that includes pressure on unnecessary expenditures in the federal budget, reducing the salaries of the three presidencies and special grades, and reviewing licensing round contracts with oil companies that cost the state about $ 12 billion annually".

 
He added that "the current stage requires working to combat corruption through checking the number of employees, as there are aliens, according to a report prepared by one of the deputies, and this can provide huge funds for the state."

Darraji warned of "resorting to external borrowing to pay the budget deficit expected to be very large in light of the low oil prices and recent updates that have occurred in the budget as the inclusion of new job grades and others," noting that "Iraq pays annually about 12 billion dollars to some countries and external banks, As these debts have financial benefits that increase annually, which can burden the state financially.

Strategic plans

to that economist Abdul Hussein Al-Qazzaz called for "the necessity of preparing strategic plans to make the Iraqi economy turn from rentier to diversified economy."

Al-Qazzaz said, "Iraq has gone through many economic crises, but it is no longer a viable plan that can save it from the repercussions of these crises by activating the productive economic sectors and diversifying exports."

He added, "This comes through finding a clear economic vision that creates a major economic revolution in various fields, as did other countries such as Malaysia, Singapore and other countries."
In turn, the Parliament's Economic and Investment Committee called on the government to stop investment spending, reduce operating spending, delay payment of Iraq’s debt, and review exchange rates due to low oil prices.
 

The committee stated in a statement received by "Al-Iqtisad News", that it is following with great concern the low prices of oil sale, which requires the government to take the necessary precautions to face a global economic crisis looming on its impact will be strong in the Iraqi economy in light of the deficit and debts burdened with the state's general budget.

The committee asked the government to take a number of measures and decisions through which it can manage the financial crisis, the most important of which is to stop investment spending and reduce operating spending in all aspects of government activity immediately, and to agree with the creditor parties to postpone the payment of Iraq's external and internal debts until the financial situation improves, and collect the state debt on Mobile phone companies and telecommunications companies, as well as stopping the payment of amounts to investors in the electricity sector, and working to enhance government imports and supply the treasury with the value of the region's exports of crude oil and border outlets.



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Parliamentary Finance - Page 2 Empty Parliamentary finance calls for restructuring the state sectors and postponing the payment of foreign debts

Post by claud39 on Mon Mar 16, 2020 9:12 am

Parliamentary finance calls for restructuring the state sectors and postponing the payment of foreign debts


16/03/2020



Parliamentary Finance - Page 2 19458





Economy News _ Baghdad

On Monday, the Parliamentary Finance Committee called on the government to restructure and organize the state sectors in an optimal manner and to postpone the payment of foreign debts.

"The government is required to restructure all its sectors and regulate them to control their expenditures, especially with the sharp decline in oil prices," said committee member Jamal Kouger.

Cougar called for "the necessity of estimating the price of oil in the 2020 budget according to current prices."





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Parliamentary Finance - Page 2 Empty The Ministerial Council of Economy allocates account 70777 to the Central Bank to receive donations to support efforts to counter the Corona virus

Post by claud39 on Tue Mar 17, 2020 1:56 pm

The Ministerial Council of Economy allocates account 70777 to the Central Bank to receive donations to support efforts to counter the Corona virus


Monday 16 March 2020



Parliamentary Finance - Page 2 Mof878889

 The Ministerial Council of Economy, which chaired its meeting today, Monday 16 March 2020, Fouad Hussein, Deputy Prime Minister for Economic Affairs and Minister of Finance and in the presence of the Ministers of Planning, Trade, Industry, Labor, Social Affairs and Agriculture, the Secretary-General of the Council of Ministers, the head of the National Investment Commission is an agency and advisers to the Prime Minister and my deputy, the ministries of Finance and Planning and an advisor Minister of Oil: Opening account number 7777 with the Central Bank of Iraq for the purpose of receiving donations and grants from all government institutions, the private sector and individuals from inside and outside Iraq 




 To support the efforts of the Iraqi government and the Ministry of Health and its directorates in particular to combat the renewed corona virus, it was agreed to form a committee from the Ministry of Finance, Health, and Planning and representatives of the High Commission for Coordination between the provinces and the Kurdistan Region to develop special mechanisms and supervise the exchange process.




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Parliamentary Finance - Page 2 Empty Its ability to $ 132 billion .. Parliamentary finance reveals a proposed study on foreign debt

Post by claud39 on Wed Mar 18, 2020 2:41 pm

Its ability to $ 132 billion .. Parliamentary finance reveals a proposed study on foreign debt 



21:27 03/1820


Parliamentary Finance - Page 2 114980


Baghdad today - Baghdad Member of the Parliamentary Finance Committee, Jamal Kujer, revealed on Wednesday 3/18/2020 a study of a proposal within the committee regarding foreign debts on the country in light of the low oil prices and the deficit that occurred in the draft of the country's general .federal budget law for the year 2020


Cougar said in an interview singled out (Baghdad today), that "the external debt incurred by Iraq is estimated at 123 billion dollars, including 48 billion dollars in compensation and debts ".from the remnants of Saddam Hussein's regime


He added that "Iraq will pay from the draft budget law for the year 2020, about 15 billion ".dollars, with its benefits as debt to foreign countries


He pointed out that "the government of former Prime Minister Haider al-Abadi was forced to resort to external debts due to the war that was going on in the country against terrorism and low oil prices," stressing that "the state is obliged to pay debts and accumulated compensation from the remnants of the previous regime that are not borne by successive ." governments Beyond 2003


He pointed out that "there is a proposal within the financial committee, regarding addressing the countries from which Iraq borrowed to postpone the payment of debts during this year at the very least, but this proposal remains subject to the extent of the response of those countries considering the current economic crisis is a global crisis everyone suffers from, as a ."result of low oil prices Globalism



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Parliamentary Finance - Page 2 Empty Parliamentary Finance reveals details of the deduction from employees salaries

Post by claud39 on Tue Mar 24, 2020 7:38 pm

Parliamentary Finance reveals details of the deduction from employees salaries


24/03/2020





Parliamentary Finance - Page 2 14257



The Economy News - Baghdad

The Parliamentary Finance Committee revealed, on Tuesday, the details of the recommendation to deduct from the employees salaries, while determining its duration.

"The deductions from the employees' salaries will be for a period of only two months," said the head of the committee, Haitham al-Jubouri, in a statement reported by the official news agency "Waa" and seen by "Al-Iqtisad News".

Al-Jubouri emphasized that "employees of the Ministry of Health and Security Services are excluded from deduction."



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Parliamentary Finance - Page 2 Empty A statement issued by the Office of the Deputy Prime Minister for Economic Affairs and the Minister of Finance

Post by claud39 on Sat Apr 04, 2020 8:33 am

A statement issued by the Office of the Deputy Prime Minister for Economic Affairs and the Minister of Finance


Thursday, April 2, 2020





Parliamentary Finance - Page 2 Logo%20f




[size=16]The Ministry of Finance has taken under the direct supervision by Mr. Fuad Hussein , Deputy Prime Minister and Minister of Finance and a set of measures that will contribute to the provision of financial and logistical requirements necessary to stand up , and as far as possible, to the spread of virus and corona combat in Iraq.[/size]


In agreement with the Central Bank of Iraq, the Rafidain and Al-Rashid banks were instructed to open a current account in the Iraqi dinar (deposit and withdrawal) for combating Corona virus for all directorates and departments of the Ministry of Health.

The formation of the computational unit for granting aid was also approved by the Central Bank and both the Rafidain and Rashid banks and the commercial bank and under the supervision of the Ministry of Finance, billions of dinars and millions of dollars were collected for this account in a short record time, and sums were added to it from governmental and private commercial banks and the private sector In support of the efforts of the Ministry of Health departments.

By order of the Ministry of Finance, a disbursement committee has been formed under the supervision of the Diwaniyah Command Committee (55) to combat the spread of Corona virus and these funds that have arrived, covering the work of the Ministry of Health in the field of fighting the virus during the next stage. In another area, pharmaceutical contracts were funded in the amount of 46 billion and 817 million Iraqi dinars until the fifteenth of March in addition to the amount of 332 million dinars as operating expenses for all health departments in Baghdad and the provinces.

In the same efforts, accounts were opened for health directorates in Baghdad and all governorates, and these directorates were funded by the Ministry of Finance, in addition to that the share of the Kimidia pharmaceutical companies was funded..

The constant contacts made by the Deputy Prime Minister and Minister of Finance with the diplomatic corps had a great role in obtaining funds and equipment for the benefit of the campaign. The Minister of Health and the Council of Ministers were informed of this and these grants are used directly by the committee supervising the control of Corona virus.

The Deputy Prime Minister and the Minister of Finance also sent a letter to the Ministry of Health, Chairman of the Diwaniyah Commission 55, to allocate one of the properties of the Ministry of Finance to the State Real Estate Department as an alternative site at the Ministry of Health’s disposal for its use of quarantine..

It is worth noting that the Minister of Health presented in many meetings, whether in the cabinet or in the Supreme Committee, his thanks and appreciation to the Minister of Finance for his efforts in supporting activities to combat HIV.

In turn, the Ministry of Finance highly appreciates the position of the Central Bank of Iraq, the Iraqi Bank for Trade, the Rafidain and Rashid banks, and all private banks and companies from the private sector and citizens at home and abroad who participated and contributed to this solidarity campaign, and expresses many thanks to the workers in accomplishing this national work.

[Thanks are due to the countries that have contributed and continue to contribute to this campaign, whether by sending medical equipment for disease control and prevention or through their financial contributions. .

Official spokesman for the Office of the Deputy Prime Minister for Economic Affairs and the Minister of Finance.

Thursday 4/22/2020



http://www.mof.gov.iq/Pages/MOFBannerHeadlineDetail.aspx?BannerNewsID=807

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Parliamentary Finance - Page 2 Empty In an indirect response to Al-Zarfi .. Finance: the employees' salaries are fully insured

Post by claud39 Yesterday at 7:12 pm

In an indirect response to Al-Zarfi .. Finance: the employees' salaries are fully insured  


 06/04/2020



Parliamentary Finance - Page 2 %D8%B1%D9%88%D8%A7%D8%AA%D8%A8-%D8%A7%D9%85%D9%88%D8%A7%D9%841-696x435




The information / Baghdad ..

The Ministry of Finance confirmed, on Monday, its insurance for the salaries of all employees and retirees for the next month of May, noting that there are other expenses that can be pressured to provide sufficient financial liquidity.

The Ministry's media director, Taha al-Hashemi, said in a statement to "Information", that "there is concern by employees and retirees about their salaries and this is unjustified."

Al-Hashemi added, “The Ministry of Finance fully replaces the salaries of employees and retirees during the month of May and the months that follow,” noting that “employees’ salaries are safe even if oil prices fall below thirty dollars. ”

Earlier, Prime Minister-designate Adnan Al-Zarfi had warned that the government might not be able to secure all salaries, indicating that Iraq was currently in a disaster.

 Ended / 25h
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