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Post by Ponee Tue Jun 16, 2020 9:15 pm

DELTA: JUST IN FROM IRAQI TV …..surprise regarding the currency sale auction that the bank valued Iraqi Central.

Pete2001:  what does the above mean though?

Joel1960:  I am a bit like PETE, I do not understand what you mean when you say that "the bank valued Iraqi Central."  I am wondering what you meant by that comment.  If you could shed some light on this that would be greatly appreciated.


Parliamentary finance is drafting proposals to save Iraq economically and financially

June 15, 2020  

Baghdad / Iraq News Network - Member of the Parliamentary Finance Committee, Jamal Kujer, confirmed on Monday that his committee presented a financial plan that includes ways to address the economic crisis, which the country is going through to the new government, while pointing out that a new plan is being prepared and will be presented to the government as well. 

"The Presidency of the Finance Committee held a meeting with the Ministers of Planning and Finance, during which the most important ways to overcome the financial crisis in which the country was passing were discussed," Cougar said in a press interview.

 He added, "The plan presented by the Finance to the government of former Prime Minister Adel Abdul-Mahdi was resubmitted to the new government," noting that "the Parliamentary Finance is in the process of formulating a number of points and solutions to be submitted to the government as well."And, “The government’s going to tackle the crisis without returning to the financial committee is dangerous and massive, given that it is governments that have caused corruption and waste of money, and then government reforms have enacted laws and need to amend, repeal, or new legislation, because the government is obliged to return to the legislature To complete her mission. 

” The country is beset by a financial crisis, against the backdrop of low oil prices, the invasion of the Corona virus, and the consequent decisions that exacerbated the crisis, from preventing travel, stopping flights, and closing some border points. 

The appearance of Muhammad Salih, the financial advisor to the Prime Minister, Mustafa Al-Kazemi, Monday (8 June 2020), revealed government measures to tackle the financial crisis, including the preparation of a new salary scale to be presented within three to four months, while he revealed a surprise regarding the currency sale auction that the bank valued Iraqi Central. 


Samson: Researcher: 300 billion dollars were lost on 6 thousand fake projects in Iraq since 2003

16th June, 2020
 Analyst and researcher on Iraqi affairs, Amir Al-Saadi, revealed that 300 billion dollars have been wasted on 6 thousand fake projects in Iraq since 2003.

Al-Saadi told Al-Ikhbaria that "the import activity for this year is estimated at 60 billion dollars. Its beneficiaries are politicians or regional countries that are trying to impede the presence of local production or economic development in Iraq."

He added that "300 billion dollars were wasted on 6 thousand idle or fake projects in Iraq since 2003".



Don961:  Reading in the paragraphs of the joint Iraqi-American dialogue

2020.06.14 - 14:16  In the name of Al-Awadi

The governments of Iraq and the states issued a joint statement on the launch of the strategic dialogue between the two parties on June 6, 2014, although the first session was videoconferencing (online) and in a record time, but the joint statement contained many important implications that can be pointed out as follows:  

1- The idea of a joint statement and on behalf of the governments of the two countries indicating common consensus and harmony between the two countries.

 2 - The statement considered that the original is the strategic framework agreement, and the current dialogue is based on it, and this means that there is no change in the framework agreement, and there is no room for a new, different agreement.

 3- The statement affirmed the parties ’commitment to three things: the strategic framework agreement, diplomatic notes, and correspondence with the United Nations.The framework agreement is well known. As for the diplomatic notes, the agreements signed by the Iraqi Minister of Foreign Affairs 2014 representing the government of Iraq, and the American ambassador representing the United States government, after ISIS entered Iraq, in which Iraq formally requested the support of the American forces and agreed to two conditions:  

 The first: It is the immunity of the American forces, and the second: It is to give a year to each party who wants to cancel the memo later. As for the correspondence, they are two documents, the first by Foreign Minister Hoshyar Zebari in the sixth month of 2014, and the other from the Iraqi Foreign Minister Ibrahim Jaafari on September 2014, requesting The international community supports militarily to help Iraq, and it contains an official announcement of Iraq’s request to support the United States militarily, according to the previous memoranda signed between officials of the two countries.  

On this basis, according to the joint statement, the strategic framework agreement / diplomatic notes / correspondence with the United Nations are all legal, binding on both parties, and are still in force and in force until new agreements are concluded at the end of the current dialogue, which means that the presence of US and international forces is still at the request of The government of Iraq is officially up to the next new agreement.

 4- In the following text: ((The United States of America reaffirmed its respect for the sovereignty of Iraq, the territorial integrity of Iraq, and the relevant decisions of the Iraqi legislative and executive authorities)).

A clear commitment from the American administration that it respects the Iraqi parliament’s (non-binding) decision constitutionally to the government to leave US forces from Iraq, or to schedule their withdrawal to the lowest possible number according to arrangements to come, knowing that the first Iraqi memo that requested the support of the United States militarily on 6/22/2014 required The American administration has stated that if any party requests to cancel the memo, the second party should be given a year to make the arrangements.

 5- Confirmation of sending American economic advisors to help the Iraqi government overcome the current crisis, noting that the text referred to Iraqi economic reforms in the sense that the US administration is waiting for the government to implement a clear reform program with the support of its advisers, which is part of the pillars of the dialogue and its results, and also the text indicated that One of the advisers' tasks is to help Iraq obtain international financial and economic support, as well as to assist in economic reform plans that can persuade international institutions to provide aid, loans, or otherwise.

 6- The text confirms Iraq’s commitment to open energy investments to American companies, but it is conditioned by the availability of a good working environment.  

7 - The text related to political aspects, in which America committed to support the Al-Kazemi government, politically and securely, and the elections were mentioned twice in the text, which confirms the continuation of this path.  

8- In the security partnership clause, America clearly committed to reducing the number of American forces in Iraq, and America originally began reducing its forces in agreement with Al-Abadi in 2018, but it stopped and even increased its forces due to the confusing equation that formed the October 2018 government and the behavior of some people at home And abroad, who contributed to wasting a year and a half of Iraq’s life with an unviable formula designed as a personal mood governed by external factors that have nothing to do with Iraq.

 9 - America committed not to establish fixed bases in Iraq, as stated in the Strategic Framework Agreement in the first place, but this does not prevent, according to the text, from having a temporary presence, and this is what most active political blocs accept.

 10- The text also indicates that security cooperation is determined exclusively by the security agreements between the two governments, meaning that no other Iraqi institution has entered into these security agreements, nor parliament, judiciary, blocs, or parties, and that the Iraqi government is committed to this original as all previous governments were bound by.

 11- In exchange for America’s obligations in the dialogue paper, the Iraqi government affirmed its commitment to protect international forces, including the American, in all places where it is on Iraqi soil. America’s commitment to withdraw most forces and not to establish permanent bases corresponds to an Iraqi commitment to full protection, and any defect from any party may Delays the implementation of these obligations.

 12- The text also indicated that the presence of international forces, including the US - a place and a number - will be agreed upon later within the phases of the dialogue.

 13. On the cultural level, the two governments discussed plans to return the important political archive to the Government of Iraq, and efforts to develop the capacities of Iraqi universities. The two parties also discussed plans to return artifacts, the Baath party archive to Iraq, return the political archive and the Baath archive to their sovereign or material value, yes returning the artifacts or cooperation with universities is a very important issue.  

14- What remains is that the international presence is greater than being American, and therefore there is a need for negotiations also regarding the presence of the rest of the international forces, and there are also advisers to other regional or international countries, and the presence of these also needs to be studied and decided about them.

 15- The general text of the joint statement is preliminary, and did not refer to the date of the second dialogue session, but it will need timings, schedules and dates for implementation, perhaps the delegations will enter to define it in the future, and since there is a year requirement for each party, it can be said that the dialogue and negotiations have a full year up to 6/11 2021 to make final decisions in this regard.

 16 - Some expect that the new negotiations will start after the US elections in November and the knowledge of the new American administration, but some suggest that the original negotiations will be after the upcoming early Iraqi elections, and this is what the reference pointed out in its sermon on the topic of foreign presence and desired by political blocs a lot.    LINK

GodLover:  I just really thought the above paragraph (#5) was very interesting & quite telling imo. As per many articles coming from the talks in this meeting, economic advisors were present, to aid/advise Iraq in economic reform imo. It's also exciting to see in print that the US is actually waiting/expecting Iraq to comply imo. So of course the ball is in Iraq's court...& God willing they will act soon imo.

Per my previous post, I still see Kurdistan & Baghdad needing to be resolved prior to the 2020 budget imo. As well, something Frank had mentioned in a previous cc.....something WS as well stated needed to happen prior to the MR, is the census imo. Articles here lately have spoken about the census being done electronic, which once started, should be a pretty quick & easy task imo. 

As I had stated in my previous post as well....per articles, it sounds like the 2020 budget is still planned to be sent to parliament by end of this month imo. I still go back to articles months back that promised the citizens that the economic reforms will be included in the 2020 budget imo.

Dan:  Hey Iraq...Put your big boy pants on...Get er done son

Don961:  Foreign: Kuwait has expressed its economic support to Iraq

Political| 07:46 - 15/06/2020  Baghdad - Mawazine News, The

 Ministry of Foreign Affairs confirmed, on Monday, that Kuwait has shown great support in terms of economic and coordination.

 "The visit of the Kuwaiti Foreign Minister, Ahmed Nasser Al-Sabah, came with the aim of strengthening the relationship between the two countries, exchanging views and proposing ways and capabilities available to get out of the economic crisis in light of the Corona pandemic and low oil prices in a way that is in the interest of both countries," said ministry spokesman Ahmed al-Sahaf, according to the official agency. .

 He added, "Kuwait expressed its great support at the economic level and the level of coordination for the work of the Iraqi-Kuwaiti committee to be held soon, which would follow up on all the files and outstanding affairs between the two sides."

 Al-Sahaf pointed out that "Foreign Minister Fouad Hussein discussed with his Kuwaiti counterpart the necessary support between Iraq and Kuwait at the level of the Gulf Cooperation Council and the energy linking file, as well as Iraq’s presence in international forums and related to strengthening the role of Iraq and maintaining it as a source of strength in the region." End / 29 / h   LINK


Don961:  Iraq calls on Kuwait to activate the outcomes of the donors' conference

Monday 15 June 2020   Baghdad / Al-Sabah

The Presidents of the Republic Barham Salih, the Council of Ministers Mustafa Al-Kazemi and the House of Representatives Muhammad Al-Halbousi stressed separately during the reception of the Kuwaiti Foreign Minister Ahmed Nasser Al-Muhammad Al-Sabah the necessity of activating the outcomes of the International Donors Conference in Kuwait for the reconstruction of Iraq, while the Kuwaiti Minister, who He is visiting Iraq, his country's keenness to extend bridges of cooperation and its full support for the stability of Iraq and the preservation of its sovereignty.  

President Saleh said, according to a presidential statement received by "Al-Sabah": "Iraq is keen to establish strong relations with Kuwait based on the fraternal ties and historical ties that link the two brotherly peoples," noting that "the advanced stages that the two countries have made in cooperation and joint action call for optimism" ". 

Saleh stressed "the importance of economic openness between the two countries and activating the outcomes of the International Donors Conference in Kuwait for the reconstruction of Iraq."   LINK


Don961:  Member: Parliamentary Finance A plan will be presented to the government to address the economic crisis 

Economie 06/15 2020 15:55 172 Editor: Zs   
 Baghdad today - private 

Member of Parliamentary Finance Committee, Jamal Cougar, Monday (15 June 2020), revealed the numbers of a new plan by the committee to present it to the government in order to address the current financial crisis. 

Cougar said in an interview singled out (Baghdad today), "Parliamentary finance is working on preparing a new plan to address the current financial crisis that the country is going through focusing on five main axes." 

He added that "the first axis is the restructuring of the country's general federal budget bill for the year 2020 to send it to the House of Representatives and determine the deficiencies in it, and review it in a serious way to determine the doors of corruption in it and waste of public money and necessary and unnecessary paragraphs."  

And that "identifying the resources of the other country and diagnosing the defects in it regarding the non-return of those funds to the state treasury, while the third paragraph focuses on a serious review of the contracts from which the licensing rounds and armament contracts were concluded."

He explained that "the fourth axis is to identify the doors that need to be austerity, downsizing or internal borrowing," noting that "the fifth paragraph, which is the most important, focuses on dealing with the files of aliens and double-salaries and uncovering the files of corruption in the joints of state institutions." 

Before that, member of the Parliamentary Finance Committee, Ahmed Mazhar Al-Jubouri, said on Monday (15 June 2020) that securing the salaries of employees requires a high price per barrel to $ 60 or more. 

Al-Jubouri said in an interview with (Baghdad Today), that "the budget of last year 2019, approved the price of a barrel of oil 56 dollars per barrel, but adding more than 200 thousand employees through appointments will increase the volume of salaries, which makes the ceiling price of a barrel of oil rise to more than 60 Dollars to secure salaries from oil sales. " 

Al-Jubouri added, "The Corona crisis and the fluctuation of prices gave a signal of attention and warning to the Iraqi state, in terms of the necessity of providing alternatives to oil and relying on many resources that characterize the country through which salaries and expenses can be secured, without any crises, as is happening now."

However, he added, "But we must have an efficient and national advisory body to find solutions and support decisions and measures that contribute to building the economy of Iraq to be far from any future crises."  LINK

Don961:  Trillions of dinars stored in homes instead of banks

Sunday 14 June 2020  Baghdad / Bashir Khazaal 

 Most of the merchants, businessmen, industrialists and owners of various projects, do not prefer to deposit their money in banks, and instead store them in homes, because they are more secure than the volatility of administrative decisions 

Or some guardianship measures imposed on some banks that violate the laws and its harm is reflected on depositors to recover their money, which led to a decrease in the amount of money that is traded in the labor market due to the lack of sufficient cash liquidity that enables the state to conduct its business easily and smoothly, regardless of the low prices. 

 Oil and the repercussions of dependence on the rentier economy. 


The absence of legal guarantees in private and governmental banks to save depositors ’money and retrieve them without administrative complications, and the lack of a good percentage of material profits, which led to the depositors’ symptoms of securing their money in banks and preferring their homes to them or depositing them in external banks.


Amer Hussain Al-Sarai, a legal expert in commercial companies ’affairs, stated that all merchants and investors are looking for legal guarantees for their money, which amount to millions of dollars, indicating that there is no point in any guarantee of private funds deposited in private and government banks unless it is supported by an official law approved by the Iraqi judiciary in The separation between governmental or private financial institutions and those affected or beneficiaries, and therefore large funds go to external banks or are employed in foreign investments, and this matter led to the Iraqi banks losing huge amounts of money from trading in their coffers or in the labor market. 

The Serail added: The Iraqi government and private banks need administrative and technical modernization operations, expanding their external dealings according to international regulations, and getting rid of all the old primitive methods. The most important thing is to find a modern banking law that gives immunity to the funds of depositors of different categories and segments, and entices depositors with a good interest rate, and this matter will bring Very huge sums of money for Iraqi bank treasures that can move the job market and provide permanent financial liquidity.


Nasser Kazem Al-Shammari, a construction and contracting businessman, spoke about his experience with banks inside Iraq and others abroad, saying:Over a period of more than 20 years ago, I dealt with private and governmental banks inside Iraq and in other countries and found a vast and significant difference in the mechanism of work and methods of dealing with customers, in Iraqi banks there is no legal guarantee that protects the merchant's and investor's money from any abuse or disruption due to some problems that Sub-banks, whether private or governmental, are exposed to them, and their problems are reflected on the customer, 

and he may not be able to dispose of his money for months until the bank’s problem is solved with legal authorities or central banks, and this matter will not work with traders and businessmen who need permanent cash liquidity to conduct business, pay wages and import Or buying raw materials from home and abroad, and such administrative transactions by Iraqi banks have made most of the local merchants and investors save their money either in homes or in external banks that have strict laws in keeping depositors ’money and with a good interest rate.

Interest rate

Al-Shammari added: Most government banks do not deal in current account deposits in dollars, which forces the trader to the dollar is converted into dinars in order to deposit its money in the subsidiary banks of the Rashid and Rafidain Banks, and despite depositing large amounts in the current account, no financial interest rate is given even if that money remains in the bank for months or years, but there is only a simple interest the savings fund that is deposited It contains amounts that are mostly for people with limited income, and they are not entitled to dispose of them until one year after the date of their deposit in the bank.


 Financial advisor Walid Idi Abdel Nabi wrote in a study titled (Banking Deposit Insurance Companies and their role in protecting the banking system and deposits): For the urgent need to establish a company that takes on the task of guaranteeing deposits throughout the Iraqi banking system, the Central Bank of Iraq has prepared a draft system for establishing a deposit guarantee company for various purposes 

Most notably the protection of the banking system, preserving the rights of depositors, and increasing banking awareness by increasing the interaction of the public and companies with the banking system and approved by the Iraqi Council of Ministers and subject to the provisions of this system all Iraqi banks. 

He added: The primary role of the bank deposit guarantee systems is the confidence of the depositors in the banking system and its ability to protect their deposits, and it is the solid foundation in the presence of a strong and advanced banking system and is able to keep pace with the continuous changes in the banking industry to be able to achieve its economic and social goals effectively and efficiently.

Financial system

For its part, the central bank stressed that deposit guarantee companies were found to support efforts in achieving the stability of the financial and banking system, and he explained in a study published on his website that the functions or tasks of deposit guarantee institutions are summarized in three axes represented by solving the problems of financial failure to which banks are exposed, which provides confidence in Founders and depositors, 

Achieving the stability of the financial and banking system, working to protect the rights of depositors, and continued, given the urgent need to establish a deposit guarantee company that takes on the task of ensuring deposits in all of the Iraqi banking system, the central bank prepared a draft system to establish a deposit guarantee company for various purposes, most notably: protecting the banking system, and maintaining The rights of depositors, and increase banking awareness by increasing the public and corporate dealings with the banking system.

 On January 31, 2018, the Central Bank announced the signing of the Memorandum of Association for the Bank Deposit Guarantee Company with the founding body that included foreign and private banks.

A statement by the bank stated at the time that this company is expected to have a major role in protecting the banking sector, especially the public’s deposits (individuals and companies), which enhances confidence in the banking sector inside Iraq and among bank correspondents outside Iraq, which contributes to attracting more deposits and reusing them in credit And investment is a service to the Iraqi economy.

Non-guarantee solutions

 The establishment of the Iraqi Deposit Guarantee Company as a mixed joint stock company, approved by the Registration Department of companies affiliated with the Ministry of Trade in accordance with the provisions of Article 19 of the Companies Law No. 21 of 1997 amended, represents an important step according to a specialist in banking affairs who emphasized that the deposit guarantee represents the most important step on the path to activating financial activity And that this company is working to reinstate confidence between the banking system and the public holding more than 80 percent of the currency is chunky at home instead of the job market, which lacks the funding to move the economy.

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