Puerto Rico rescue bill clears Congress days before debt cliff
By Mike DeBonis and Steven Mufson June 29 at 7:20 PM
Rescue legislation aimed at helping Puerto Rico address its mounting fiscal crisis cleared Congress Wednesday, two days before the U.S. territory is set to default on roughly $2 billion in debt payments.
The bill passed by the Senate on a 68-to-30 vote opens a path for an orderly restructuring of the island’s $72 billion in bond debt while creating a new federally appointed fiscal oversight board. It passed the House earlier this month, and President Obama has said he will sign it.
“Obviously, the bill isn’t perfect,” Senate Majority Leader Mitch McConnell (R-Ky.) said Wednesday, before arguing that it “offers Puerto Rico the best chance to return to financial stability and economic growth over the long term so we can help prevent another financial crisis like this in the future.”
The passage of the bill — the Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA — was in doubt earlier this week, and, had it failed Wednesday, the anticipated missed payments likely would have roiled credit markets and sparked creditor lawsuits.
The opposition did not fall neatly along party lines. Democrats raised a host of objections to the bill, including over the anti-democratic nature of the oversight board, the relatively arcane restructuring process and a provision that could lower the minimum wage for young workers. Some Republicans, meanwhile, found some provisions unfair to creditors and feared the rescue bill could set a precedent for fiscally troubled states to seek federal intervention.
Two key supporters of the legislation — Treasury Secretary Jack Lew and Puerto Rico Gov. Alejandro García Padilla — lobbied heavily to win over skeptics.
Lew met with Democratic members of the Senate Finance Committee Tuesday after having made dozens of phone calls to members of Congress over the past two weeks.
“For everyone who says you can’t do hard things it’s a reminder than you can do hard things,” Lew said in an interview — especially, he added, “when you’re faced with the alternative of 3.5 million Americans being plunged into chaos.”
“The real alternative was not a better bill,” he said. “The real alternative was no bill.”
After meeting with nine Democratic senators Tuesday, García Padilla said in a statement that, while “imperfect,” the House-drafted bill offered “an orderly debt restructuring process and a real opportunity of negotiation with creditors” and that “the crisis . . . will worsen if the Senate does not take immediate action.”
In an op-ed published on CNBC’s website, the governor added: “PROMESA has its downsides. It creates an oversight board that unnecessarily undercuts the democratic institution of the Commonwealth of Puerto Rico. But facing the upsides and downsides of the bill, it gives Puerto Rico no true choice at this point in time.”
As the clock winds down toward the July 1 deadline, there is considerable confusion about Puerto Rico’s cash position. Many creditors and analysts believe the territory has enough cash to at least make the $300 million or so in interest payments on Puerto Rico’s general obligation bonds, generally considered one of the safest bonds. But other analysts say that even if Puerto Rico could make interest payments, failure to make the principal payments coming due would still constitute a default and would leave the island’s coffers virtually empty.
Even if the island scraped together $300 million for interest payments now, there would be an additional $2 billion of interest payments due over the next fiscal year. In addition, Puerto Rico usually receives more cash toward the end of its fiscal year, so any recent influx of cash would not recur until next spring.
“Maybe they’re trying to show good faith,” said Susheel Kirpalani, a bankruptcy expert and partner at Quinn Emanuel Urquhart & Sullivan representing one category of bondholders. But, he added, “in restructuring, the first rule is cash is king. To pay interest would be 180 degrees opposite of Restructuring 101.”
Ted Hampton, vice president of Moody’s, said in the ratings agency’s most recent report on the territory: “We expect Puerto Rico will continue to default on a growing number of its security types as time goes on, in view of its strained liquidity.”
Kirpalani said that various creditor groups, including his, were ready to meet again with the commonwealth’s financial advisers to narrow differences. “We can’t assume the oversight board will be able to move from a standstill to a sprint,” he said.
Puerto Rico’s fiscal crisis goes deeper than its unsustainable public debt: Its economy has been stagnant for years, and its population has been steadily fleeing to the U.S. mainland — eroding the territorial tax base and threatening the delivery of basic services. More than a third of territorial government revenues are now spent on debt service.
“There can be no economic growth in Puerto Rico until the debt is restructured, so the legislation is an absolutely essential first step,” said Eric LeCompte, executive director of Jubilee USA, a network of mainly religious advocacy groups focused on global debt relief. “But I think in terms of the real issues facing the island, we are just getting to the end of the beginning. This is not the beginning of the end.”
In the near term, LeCompte said, the appointments to the oversight board will have significant bearing on Puerto Rico’s path forward. Over the longer term, the island faces bigger questions about how it can reverse its economic decline and whether to revisit its status as a U.S. territory.
In Puerto Rico, there are still many concerns about the legislation, which was inspired in part by the federal control board Congress imposed on Washington, D.C., from 1995 to 2000. Sergio Marxuach, public policy director at the San Juan-based Center for a New Economy, says that in the District’s case the federal government later took over a sizable chunk of unfunded pension obligations, whereas Puerto Rico faces about $43 billion of unfunded pension liabilities once it gets past its $72 billion or so of other debts.
PROMESA also allows the oversight board to accelerate investment projects, and Marxuach fears that the board’s haste might make for wasteful choices, especially when it comes to new energy projects. “We don’t use the phrase ‘humanitarian crisis,’ ” he said. “It’s a fiscal and economic crisis with the potential to get there.”
Top Democratic leaders supported the bill — if grudgingly.
“If Democrats had written this bill, it would be very different than what we are voting on today,” Senate Minority Leader Harry M. Reid (D-Nev.) said Wednesday. “But I’m going to vote for passage of this bill because we must help Puerto Rico before July 1st. Otherwise we turn that island . . . over to the hedge funds, and they’ll sue them to death.”
But there were several vocal holdouts — including Sen. Robert Menendez (D-N.J.), who spent more than four hours on the Senate floor Tuesday railing against the bill, arguing that it would strip Puerto Ricans of their political rights and would not offer a sure-enough path to fiscal stability for the island.
Also vowing to oppose the bill was Democratic presidential candidate Bernie Sanders (Vt.), who said he would “do everything I can to defeat a horrific bill.” An added complication was a bipartisan group of senators representing coal-producing states who said they would oppose closing debate on the Puerto Rico bill unless they won assurances from McConnell that the Senate would act to shore up health and pension funds for mine workers.
Menendez, who called for amendments to the bill, played down the urgency of the situation. “There is no precedent to suggest that Puerto Rico would not be able to fund essential services while we worked to get the bill right over the next few days,” he said.
But other senators said they were convinced a default would be disastrous — including the possibility that creditors could rush to court and secure judgments, leaving the territory without cash to pay essential personnel such as teachers and emergency responders.
“We’re not going to let Puerto Rico go off the cliff here,” Sen. Marco Rubio (R-Fla.) said Monday. “It’s too important.”
https://www.washingtonpost.com/news/powerpost/wp/2016/06/29/senate-poised-to-act-on-puerto-rico-debt-days-before-debt-cliff/?wpisrc=al_alert-COMBO-politics%252Bnation
By Mike DeBonis and Steven Mufson June 29 at 7:20 PM
Rescue legislation aimed at helping Puerto Rico address its mounting fiscal crisis cleared Congress Wednesday, two days before the U.S. territory is set to default on roughly $2 billion in debt payments.
The bill passed by the Senate on a 68-to-30 vote opens a path for an orderly restructuring of the island’s $72 billion in bond debt while creating a new federally appointed fiscal oversight board. It passed the House earlier this month, and President Obama has said he will sign it.
“Obviously, the bill isn’t perfect,” Senate Majority Leader Mitch McConnell (R-Ky.) said Wednesday, before arguing that it “offers Puerto Rico the best chance to return to financial stability and economic growth over the long term so we can help prevent another financial crisis like this in the future.”
The passage of the bill — the Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA — was in doubt earlier this week, and, had it failed Wednesday, the anticipated missed payments likely would have roiled credit markets and sparked creditor lawsuits.
The opposition did not fall neatly along party lines. Democrats raised a host of objections to the bill, including over the anti-democratic nature of the oversight board, the relatively arcane restructuring process and a provision that could lower the minimum wage for young workers. Some Republicans, meanwhile, found some provisions unfair to creditors and feared the rescue bill could set a precedent for fiscally troubled states to seek federal intervention.
Two key supporters of the legislation — Treasury Secretary Jack Lew and Puerto Rico Gov. Alejandro García Padilla — lobbied heavily to win over skeptics.
Lew met with Democratic members of the Senate Finance Committee Tuesday after having made dozens of phone calls to members of Congress over the past two weeks.
“For everyone who says you can’t do hard things it’s a reminder than you can do hard things,” Lew said in an interview — especially, he added, “when you’re faced with the alternative of 3.5 million Americans being plunged into chaos.”
“The real alternative was not a better bill,” he said. “The real alternative was no bill.”
After meeting with nine Democratic senators Tuesday, García Padilla said in a statement that, while “imperfect,” the House-drafted bill offered “an orderly debt restructuring process and a real opportunity of negotiation with creditors” and that “the crisis . . . will worsen if the Senate does not take immediate action.”
In an op-ed published on CNBC’s website, the governor added: “PROMESA has its downsides. It creates an oversight board that unnecessarily undercuts the democratic institution of the Commonwealth of Puerto Rico. But facing the upsides and downsides of the bill, it gives Puerto Rico no true choice at this point in time.”
As the clock winds down toward the July 1 deadline, there is considerable confusion about Puerto Rico’s cash position. Many creditors and analysts believe the territory has enough cash to at least make the $300 million or so in interest payments on Puerto Rico’s general obligation bonds, generally considered one of the safest bonds. But other analysts say that even if Puerto Rico could make interest payments, failure to make the principal payments coming due would still constitute a default and would leave the island’s coffers virtually empty.
Even if the island scraped together $300 million for interest payments now, there would be an additional $2 billion of interest payments due over the next fiscal year. In addition, Puerto Rico usually receives more cash toward the end of its fiscal year, so any recent influx of cash would not recur until next spring.
“Maybe they’re trying to show good faith,” said Susheel Kirpalani, a bankruptcy expert and partner at Quinn Emanuel Urquhart & Sullivan representing one category of bondholders. But, he added, “in restructuring, the first rule is cash is king. To pay interest would be 180 degrees opposite of Restructuring 101.”
Ted Hampton, vice president of Moody’s, said in the ratings agency’s most recent report on the territory: “We expect Puerto Rico will continue to default on a growing number of its security types as time goes on, in view of its strained liquidity.”
Kirpalani said that various creditor groups, including his, were ready to meet again with the commonwealth’s financial advisers to narrow differences. “We can’t assume the oversight board will be able to move from a standstill to a sprint,” he said.
Puerto Rico’s fiscal crisis goes deeper than its unsustainable public debt: Its economy has been stagnant for years, and its population has been steadily fleeing to the U.S. mainland — eroding the territorial tax base and threatening the delivery of basic services. More than a third of territorial government revenues are now spent on debt service.
“There can be no economic growth in Puerto Rico until the debt is restructured, so the legislation is an absolutely essential first step,” said Eric LeCompte, executive director of Jubilee USA, a network of mainly religious advocacy groups focused on global debt relief. “But I think in terms of the real issues facing the island, we are just getting to the end of the beginning. This is not the beginning of the end.”
In the near term, LeCompte said, the appointments to the oversight board will have significant bearing on Puerto Rico’s path forward. Over the longer term, the island faces bigger questions about how it can reverse its economic decline and whether to revisit its status as a U.S. territory.
In Puerto Rico, there are still many concerns about the legislation, which was inspired in part by the federal control board Congress imposed on Washington, D.C., from 1995 to 2000. Sergio Marxuach, public policy director at the San Juan-based Center for a New Economy, says that in the District’s case the federal government later took over a sizable chunk of unfunded pension obligations, whereas Puerto Rico faces about $43 billion of unfunded pension liabilities once it gets past its $72 billion or so of other debts.
PROMESA also allows the oversight board to accelerate investment projects, and Marxuach fears that the board’s haste might make for wasteful choices, especially when it comes to new energy projects. “We don’t use the phrase ‘humanitarian crisis,’ ” he said. “It’s a fiscal and economic crisis with the potential to get there.”
Top Democratic leaders supported the bill — if grudgingly.
“If Democrats had written this bill, it would be very different than what we are voting on today,” Senate Minority Leader Harry M. Reid (D-Nev.) said Wednesday. “But I’m going to vote for passage of this bill because we must help Puerto Rico before July 1st. Otherwise we turn that island . . . over to the hedge funds, and they’ll sue them to death.”
But there were several vocal holdouts — including Sen. Robert Menendez (D-N.J.), who spent more than four hours on the Senate floor Tuesday railing against the bill, arguing that it would strip Puerto Ricans of their political rights and would not offer a sure-enough path to fiscal stability for the island.
Also vowing to oppose the bill was Democratic presidential candidate Bernie Sanders (Vt.), who said he would “do everything I can to defeat a horrific bill.” An added complication was a bipartisan group of senators representing coal-producing states who said they would oppose closing debate on the Puerto Rico bill unless they won assurances from McConnell that the Senate would act to shore up health and pension funds for mine workers.
Menendez, who called for amendments to the bill, played down the urgency of the situation. “There is no precedent to suggest that Puerto Rico would not be able to fund essential services while we worked to get the bill right over the next few days,” he said.
But other senators said they were convinced a default would be disastrous — including the possibility that creditors could rush to court and secure judgments, leaving the territory without cash to pay essential personnel such as teachers and emergency responders.
“We’re not going to let Puerto Rico go off the cliff here,” Sen. Marco Rubio (R-Fla.) said Monday. “It’s too important.”
https://www.washingtonpost.com/news/powerpost/wp/2016/06/29/senate-poised-to-act-on-puerto-rico-debt-days-before-debt-cliff/?wpisrc=al_alert-COMBO-politics%252Bnation
Today at 4:51 am by Rocky
» utube MM&C 10/17/24 MM&C News Reporting - Iraq Dinar Updates 10/16/2024
Today at 4:50 am by Rocky
» MM&C 10/16/24 Iraq Increases Reserves at IMF by 50%
Today at 4:49 am by Rocky
» MM&C 10/15/24 US Senate enters the line of pressure on the Central Bank of Iraq
Today at 4:48 am by Rocky
» utube MM&C 10/15/24 Attention to Valuation-Revaluation of Currency-IMF-WB-Viewpoints
Today at 4:46 am by Rocky
» Parliament holds intensive sessions next week and includes several laws, most notably personal statu
Today at 4:42 am by Rocky
» Politician: The Coordination Framework Initiative will include all representatives of Sunni alliance
Today at 4:40 am by Rocky
» Politician: US Ambassador continues to violate diplomatic norms
Today at 4:38 am by Rocky
» "Kurdistan Wealth" reveals the only obstacle to resuming the region's oil exports
Today at 4:36 am by Rocky
» Environment: Movement to transform Dora refinery into an environmentally friendly facility
Today at 4:34 am by Rocky
» Minister of Electricity: The government is keen to activate memoranda of understanding with Turkish
Today at 4:33 am by Rocky
» Bitcoin price nears $70,000 amid optimism over future of risky assets
Today at 4:31 am by Rocky
» Iraqi ports are under the spotlight... deliberate neglect or common interests?
Today at 4:30 am by Rocky
» Minister of Water Resources discusses with Turkish Ambassador activating the provisions of the frame
Today at 4:27 am by Rocky
» Customs concludes an agreement with the Land Transport Company to guarantee the payment of customs d
Today at 4:26 am by Rocky
» Trade: These are the reasons for postponing the (48) session of the Baghdad International Fair / Exp
Today at 4:24 am by Rocky
» Al-Sudani to the delegation of the Russian Lukoil: The importance of developing the oil industries t
Today at 4:22 am by Rocky
» Revealing the features of a political movement to decide the position of the Speaker of Parliament -
Today at 4:21 am by Rocky
» Iraqi oil prices continue to decline for the fifth consecutive day
Today at 4:19 am by Rocky
» Kidnappings, assassinations and opinion arrests decline in Iraq under Al-Sudani government - Urgent
Today at 4:18 am by Rocky
» Due to the situation in the region... the 48th session of the Baghdad International Fair has been po
Today at 4:14 am by Rocky
» Chinese engineers survive tribal fire in southern Iraq
Today at 4:12 am by Rocky
» Al-Sudani calls for working in a team spirit, away from electoral competition... A package of servic
Today at 4:10 am by Rocky
» The government intends to proceed with a new licensing round for Iraqi gas.. What will it add?
Today at 4:09 am by Rocky
» Lukoil briefs Sudani on its work in West Qurna and Oreido fields
Today at 4:06 am by Rocky
» Did the special voting machines for the Kurdistan Parliament elections record a technical failure?
Today at 4:02 am by Rocky
» The Commission reveals to Sumaria the reasons for the special vote for the Kurdistan Parliament elec
Today at 4:01 am by Rocky
» Holidays in Iraq... 34 trillion dinars in losses!
Today at 3:58 am by Rocky
» Aides CUT OFF Interview as Kamala Harris BOMBS on Fox News
Yesterday at 6:59 am by Rocky
» Trump's women's voters town hall oct 16-24
Yesterday at 6:59 am by Rocky
» Trade Bank of Iraq announces the imminent opening of Al-Saydiyah and Al-Samawah branches
Yesterday at 6:53 am by Rocky
» Finance launches third issue of government bonds “Enjaz” for public subscription
Yesterday at 6:52 am by Rocky
» Washington: We support Iraq’s economic reform agenda, updating the budget and enhancing transparency
Yesterday at 6:49 am by Rocky
» Muqtada al-Sadr: German Foreign Minister must retract her statements supporting the killing of civil
Yesterday at 6:44 am by Rocky
» About $270 million in sales from the Central Bank of Iraq at today's auction
Yesterday at 6:42 am by Rocky
» Oil Ministry: Iraq is one of the worst violators of gas flaring rules
Yesterday at 6:41 am by Rocky
» Al-Sudani chairs a meeting to follow up on efforts to develop the work of the government banking sec
Yesterday at 6:39 am by Rocky
» Al-Sudani stresses the importance of banking reform in enhancing citizen confidence and cooperation
Yesterday at 6:36 am by Rocky
» BRICS currency.. Government advisor: A global monetary and financial system is about to be born
Yesterday at 5:56 am by Bama Diva
» Iraq imports 17% of Jordanian food industry products
Yesterday at 5:08 am by Rocky
» MP: 3 Iraqi messages at the International Conference of Speakers of Parliaments in Geneva
Yesterday at 5:05 am by Rocky
» The Minister of Oil dismisses the Director General of the North Oil Company from his position
Yesterday at 5:03 am by Rocky
» Nechirvan Barzani calls on Baghdad not to be afraid of arming the Peshmerga: They are defending Iraq
Yesterday at 5:02 am by Rocky
» Two waste sites identified for use in energy generation in Baghdad
Yesterday at 5:00 am by Rocky
» EU seeks to build economic corridor with Gulf states
Yesterday at 4:57 am by Rocky
» Industry announces obligating brick factories to switch to gas instead of black oil
Yesterday at 4:56 am by Rocky
» Iraq ranks third in real estate purchases in Türkiye during the month
Yesterday at 4:55 am by Rocky
» The President of the Republic discusses the investment situation in the country
Yesterday at 4:53 am by Rocky
» Iraq reconstruction projects before Arab ministers
Yesterday at 4:52 am by Rocky
» Al-Sudani: The government has regained the confidence of citizens
Yesterday at 4:51 am by Rocky
» Major government campaign to combat environmental pollution
Yesterday at 4:50 am by Rocky
» The food basket and care increased the citizen’s share of the GDP.
Yesterday at 4:48 am by Rocky
» Economic Contradictions: Argentina as a Model
Yesterday at 4:47 am by Rocky
» Malians: No significant impact of dollar's rise in markets
Yesterday at 4:46 am by Rocky
» Calls to speed up the establishment of the {Bank of the Poor}
Yesterday at 4:45 am by Rocky
» Today.. The Kurdistan government announces a list of September salaries
Yesterday at 4:40 am by Rocky
» Al-Sudani pledges to adopt a 5-dimensional "integrated strategy" to support Diyala
Yesterday at 4:38 am by Rocky
» Barzani and Erdogan discuss the development road project
Yesterday at 4:37 am by Rocky
» The Presidency of the Republic calls for submitting applications regarding death sentences that do n
Yesterday at 4:36 am by Rocky
» Iraq is heading to import gas from deep in Asia
Yesterday at 4:34 am by Rocky
» They brought in about 4 billion dollars.. Iran receives more than 4 million tourists, led by Iraq, i
Yesterday at 4:30 am by Rocky
» Will "Turkmen gas" change the reality of electricity in Iraq?
Yesterday at 4:29 am by Rocky
» Politician: US Ambassador Failed to Create Western Veto on Parliament Laws
Yesterday at 4:27 am by Rocky
» White House adopts hotline with Baghdad in preparation for indirect negotiations with Tehran
Yesterday at 4:25 am by Rocky
» Deputy Minister of Oil publishes phrases for unknown reasons on his Facebook account
Yesterday at 4:24 am by Rocky
» He inaugurated and announced strategic projects and issued 3 important decisions.. Dimensions of Al-
Yesterday at 4:23 am by Rocky
» The trial period for raising the prices of improved gasoline has ended, and the amount of revenues i
Yesterday at 4:22 am by Rocky
» Iraq is the fourth in the world in violating “Internet freedom” during 2024
Yesterday at 4:21 am by Rocky
» Parliament Speaker Crisis Looms.. Coordination Framework Agrees to Support Al-Mashhadani
Yesterday at 4:19 am by Rocky
» Al-Sudani Party: Parliament fully supports the Prime Minister
Yesterday at 4:19 am by Rocky
» Kurdistan Finance Deposits More Than 77 Billion in Non-Oil Revenues into Baghdad Treasury
Yesterday at 4:17 am by Rocky
» Causing environmental pollution.. Closure of 30 metal smelting sites east of Baghdad
Yesterday at 4:15 am by Rocky
» Traffic announces the imminent start of issuing license plates for taxis, trucks and bicycles
Yesterday at 4:14 am by Rocky
» A huge fire devours a hypermarket in Baghdad
Yesterday at 4:13 am by Rocky
» Planning: The general census will collect accurate information on employees in the public and privat
Yesterday at 4:12 am by Rocky
» The Commission announces its full readiness to hold the Kurdistan Regional Parliament elections
Yesterday at 4:11 am by Rocky
» The Coordination Framework agrees to support Al-Mashhadani for the presidency of Parliament
Yesterday at 4:10 am by Rocky
» Sunni political meeting to discuss general amnesty and the issue of the position of the Speaker of P
Yesterday at 4:09 am by Rocky
» Petroleum Products: The percentage of imports of derivatives decreased to 50 percent
Yesterday at 4:08 am by Rocky
» "Medicines in Iraq" .. Talk about smuggled treatments and the absence of a pharmaceutical policy
Yesterday at 4:05 am by Rocky
» Dollar exchange rate drops on Thursday morning
Yesterday at 4:03 am by Rocky
» "Suspicion" in Karbala Refinery: Failure to train Iraqi cadres.. Korean will renew the operating con
Yesterday at 4:02 am by Rocky
» Parliamentary Committee Talks About Economic Reform Law: It Reached Parliament Months Ago
Yesterday at 4:00 am by Rocky
» New Study Talks About an American Crime: Uranium Fingerprint in the Blood of Iraqis
Yesterday at 3:59 am by Rocky
» Electoral silence in Kurdistan before stormy vote
Yesterday at 3:58 am by Rocky
» Special voting for Kurdistan elections starts tomorrow and the commission announces its readiness
Yesterday at 3:57 am by Rocky
» Iraq's 2025 budget returns to the forefront, so what are the demands?
Yesterday at 3:55 am by Rocky
» great interview President Trump's Interview with Bloomberg at The Economic Club of Chicago
Wed 16 Oct 2024, 7:03 am by Rocky
» Foreign remittance sales increase by 97% at Central Bank auction
Wed 16 Oct 2024, 6:44 am by Rocky
» Al-Maliki invites international companies to invest in agriculture in Iraq
Wed 16 Oct 2024, 5:14 am by Rocky
» MP urges Sunni forces to decide on Parliament Speakership
Wed 16 Oct 2024, 5:12 am by Rocky
» Al-Sudani is upset with the procrastination and threatens to withdraw the Australian hospital projec
Wed 16 Oct 2024, 5:11 am by Rocky
» The Coordination Framework agrees to support Al-Mashhadani for the presidency of Parliament and pass
Wed 16 Oct 2024, 5:10 am by Rocky
» Finance Minister and US Ambassador Discuss Government Efforts to Achieve Economic Reforms
Wed 16 Oct 2024, 5:08 am by Rocky
» Parliamentary Services: Nearly 80% of waste landfill sites do not have environmental approvals
Wed 16 Oct 2024, 5:06 am by Rocky
» "The rise of the dollar is not the reason".. An expert reveals the reasons for the rise in meat pric
Wed 16 Oct 2024, 5:05 am by Rocky
» Al-Sudani lists the implementation of 99 schools in Diyala with funding from this party
Wed 16 Oct 2024, 5:04 am by Rocky
» Al-Furatain Bloc: Al-Sudani's government is working to complete all service projects on time
Wed 16 Oct 2024, 5:03 am by Rocky
» The Central Bank reveals the percentage of gold in Iraq's foreign currency reserves
Wed 16 Oct 2024, 5:02 am by Rocky