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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq between the option of "external borrowing" or "compulsory saving"

    Rocky
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    Iraq between the option of "external borrowing" or "compulsory saving" Empty Iraq between the option of "external borrowing" or "compulsory saving"

    Post by Rocky Mon 20 Apr 2020, 2:17 am

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    [You must be registered and logged in to see this image.] Iraq between the option of "external borrowing" or "compulsory saving"




    The Iraqi Future / Adel Al-Lami

    The Office of the Deputy Prime Minister and Minister of Finance announced that Iraq will study the option of requesting external loans to cross the economic crisis, while voices within Parliament have come to resort again to the "compulsory saving" option for employee salaries to face the expected financial deficit.
    The Deputy Prime Minister and Minister of Finance Fuad Hussein chaired an expanded meeting in the presence of the governor of the Central Bank, the undersecretary of the Ministry of Finance, general managers of the Rafidain and Rashid and Iraqi banks for trade, the customs and tax authorities and the public debt department to discuss the economic and financial situation in order to secure the needs of the government.
    A statement of Hussein’s office said that the Iraqi future received a copy of it, that “the Deputy Prime Minister reviewed the recent OPEC agreement and the decision to reduce the global oil market shares and reduce approximately one million barrels per day of Iraq’s share and the implications of that decision, especially with the collapse of current oil prices and how to overcome these obstacles and cross the current stage ».
    According to the statement, the Governor of the Central Bank stressed "the need to maintain the continuity of the banking system and balances and to the need to analyze data to obtain information about those balances, whether it is self-financing or central."
    The meeting touched on options for entering the IMF program and requesting external loans as one of the options that the current government could make to cross the stage.
    Iraq faces an economic and financial crisis as a result of low oil prices, which reached less than 30 dollars.
    It depends mainly on the revenues of selling oil in its general budget, as it constitutes more than 95% of these revenues. For his part, member of the Parliamentary Finance Committee Jamal Kujer affirmed that one of the proposals to resolve the economic crisis in the country is to resort to the compulsory saving of employees.
    Cougar said, in a press statement, that "the general situation of Iraq and the region is going through a severe economic crisis, and the Iraqi state is different from three quarters of the world, considering that it faces complex crises, amounting to five crises together, which makes the economic situation very difficult", indicating that "The state does not have many alternative solutions, because maximizing resources is not an easy process in record time, which makes the state facing limited options, including resorting to bank reserves and borrowing from Iraqi banks."
    Cougar added that "the other option is to fight corruption and this is difficult, because it needs a strong government." He pointed out that "the third option is to issue some decisions, among them, for example, to abolish the customs exemption applied to some Iraqi ports, or to transfer the management of border ports." To destinations that you can control, as the counter-terrorism apparatus. ”
    He continued, "One of the methods discussed, but it did not become a decision, is to resort to compulsory savings, but the point of disagreement in this option is who will be covered by saving." Noting that "we in the Parliamentary Finance Committee are not with savings for all salary scales, but for limited groups according to the majority of members." We set a financial ceiling for those who are included in the savings, for example, for those whose salary amounts to two or two and a half and a half dinars per month, either from their salary of 500 or more or less and has many family obligations and rental fees, it is not possible to apply compulsory savings to them because he will either be neglected in his job or resort to To corruption. ” Cougar stressed that "until the moment, no final agreement was reached, and is still in the stage of discussions on how to find solutions to the problem we have entered into," adding that "there are solutions with the government but it needs a strong government."


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