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Finance Minister warns of serious economic repercussions

Proven
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Finance Minister warns of serious economic repercussions Empty Finance Minister warns of serious economic repercussions

Post by Proven on Sun 11 Oct 2020, 1:32 pm

Don't bite the hand that feeds you.....and your people.


Finance Minister warns of serious economic repercussions
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The Minister of Finance, Ali Abdul Amir Allawi, warned Saturday evening of serious repercussions that may affect the Iraqi economy if the US embassy actually withdraws from Iraq.

Allawi said in a televised statement that "the application of the decision to withdraw the US embassy from Iraq has serious repercussions on the Iraqi economy," indicating that 90% of the Iraqi reserve is deposited in the American Federal Bank, as there are other countries that will withdraw from Iraq, and the decision will affect the work of international financial institutions. With the support of Iraq ”.

The Iraqi Minister of Finance added that "the withdrawal of the US embassy from Iraq will affect the activities of the Iraqi financial institutions and scrutinize their work. It will also affect the credibility of foreign foreign investment and affect the work of American companies in Iraq and also the activities of other international companies."

Allawi warned that "America has a great influence on global financial institutions and that foreign investment will be greatly affected in the absence of American support for Iraq."

The Iraqi minister continued, saying: "The problem between the federal government and the Kurdistan region arose as a result of the export of crude oil by the regional government, and that oil imports and border crossings must be returned to the federal state, and that the decline in oil prices is the cause of the financial dispute between Baghdad and the region."

Allawi went on to say: "The Kurdistan region's oil imports are unclear, and that the Kurdistan Regional Government pays large wages for the production and export of oil to foreign companies participating with the region, and that the region has an external financial debt to oil companies."

The Iraqi Minister of Finance stated, “The federal budget for Iraq for the year 2021 may not allow new appointments to be made in light of the current financial peace, and that the budget will depend on rationalizing the electricity and oil sector and expanding taxes on income, and that financial allocations above salary must be at an acceptable rate and that 150% is an acceptable rate for allocations. Above salary. ”

Allawi pointed out that "the cash reserve in Iraq currently ranges between 53 and 55 billion dollars, and this reserve is sufficient to meet the expenses for about 6 months."


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Proven
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Finance Minister warns of serious economic repercussions Empty Re: Finance Minister warns of serious economic repercussions

Post by Proven on Sun 11 Oct 2020, 5:26 pm

Implement reforms or default.

Finance Minister: A problem in providing salaries for the coming months
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October 11, 2020
 
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And brother of Baghdad

Finance Minister Ali Abdul Amir Allawi ruled out the possibility of moving forward with Iraq's current economic policy on Saturday evening, pointing out that there is a problem in providing salaries for the coming months, while he criticized the random appointment mechanism in the recent period.

Allawi said, in a televised statement, that "the white paper for economic reform will be presented to the Council of Ministers next Tuesday," adding that "the paper includes a diagnosis of the origin of economic problems and treatments that will be difficult, but there is no alternative to them."





He added, "We have a problem in providing salaries for the remaining months of the year without voting on the borrowing law," noting that "we will address the increase in the interest rate on bank loans by reducing it."



The minister pointed out that "Iraq's revenues, according to the Ministry of Oil, in the coming months will not exceed 15 trillion dinars," indicating that "50 billion dollars are Iraq's debts (ruling expenditures)."



He said, "All borrowing sums are documented, and we are surprised at the issue of the (6 trillion) issue," stressing that "the cash reserve covers 6 months of external expenditures and its fall at a rate below 45 (days) predicts the danger."



Allawi said, "The white paper would address the distorted Iraqi economy," stressing the lack of "the ability to move forward with economic policy at the present time."



He added that "the World Bank acknowledged the difficult economic situation in Iraq," noting that "the country needs a trillion and 200 billion a month as salaries for retirees."
Regarding the appointments, Allawi said, "There is no room for appointment, and thousands have been employed in an ill-considered manner, as it is not possible to appoint in light of the current job scale and allocations."



And that some "ministries have their allocations up to 7 times the salary."
Regarding the region’s share, the Minister of Finance asserted that “this matter is governed by population ratios, and that the problem arose from the export of oil,” pointing out that “the decline in oil prices has fueled the disagreement of the region and Baghdad.”



He explained that "the region gives 25% of imports to the partners, and that the process of transporting oil is paid," stressing that "the region owes companies that market Kurrdish oil."


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Finance Minister warns of serious economic repercussions Empty Re: Finance Minister warns of serious economic repercussions

Post by Proven on Sun 11 Oct 2020, 5:40 pm

Parliamentary Finance and the Central Bank Governor discuss the "white paper" and foreign reserves


  •  Time: 10/11/2020 15:01:56
     
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{Baghdad: Al Furat News} The Parliamentary Finance Committee held a meeting with the Governor of the Central Bank of Iraq, Mustafa Ghaleb, at the committee's headquarters in Parliament.
Committee reporter Ahmed Al-Saffar told {Al-Furat News} that "the committee hosted today the governor of the Central Bank to discuss the bank's position and foreign currency cash reserves, in addition to the" white paper ", noting that" the Ministry of Finance presented the Financial Living Committee law for the remaining months. "
The Minister of Finance, Ali Allawi, announced during an interview with the Al-Furat satellite channel, that the ministry "will present the" white paper "for economic reform to the cabinet next Tuesday.  
He added that "the paper includes a diagnosis of the origin of economic problems and remedies that will be difficult, but there is no alternative to them," declaring that "the Central Bank's foreign currency reserves amount to 52 billion dollars and Iraq will be in danger if it falls to 20 billion dollars."
Ammar Al-Masoudi
 



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lesley.beter
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Finance Minister warns of serious economic repercussions Empty Re: Finance Minister warns of serious economic repercussions

Post by lesley.beter on Sun 11 Oct 2020, 6:51 pm

6 mos isn’t very long

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Finance Minister warns of serious economic repercussions Empty Re: Finance Minister warns of serious economic repercussions

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