Tuesday, March 12, 2024
Iraq's Ministry of Finance disburses salaries to Kurdistan for February, 12 MARCH
Iraq's Ministry of Finance disburses salaries to Kurdistan for February
Shafaq News/ The Iraqi Ministry of Finance announced on Monday the disbursement of salaries to the Kurdistan Region for February 2024, aligning with the directives of Prime Minister Mohammed Shia Al-Sudani and the approval of the Minister of Finance.
According to the Ministry's statement, the salaries encompass funding for various categories, including civilian employees, allowances for people with disabilities, retirees' salaries, martyrs' and orphans' entitlements, and financial allocations for departments in the Kurdistan Region.
"The Ministry has duly informed the Federal Court about the content of the relevant letters concerning the salary disbursement. However, the release of salaries for March is contingent upon the completion of localization requirements by the Kurdistan Region." The statement explained.
The Ministry emphasized that the Kurdistan Regional Government is urged to "bear legal responsibility for the accuracy and validity of the information and data provided to regulatory and legal authorities."
Salaries are among the main outstanding issues between the Iraqi and the Kurdish governments, along with the oil export and disputed areas.
Last month, the Federal Court, Iraq's highest judicial authority, mandated to localize the salaries for Kurdistan's employees in government banks starting this February.
The Court's new decision has sparked anger and criticism among Kurdish politicians, with some claiming that the decision is unconstitutional and politically motivated and that it undermines the autonomy and finances of the Kurdistan Region.
However, some observers and experts argue that the decisions are correct and consistent with the law and the constitution and that they will ensure the rights of everyone and end the suffering of the Region's employees who have delayed receiving their salaries for months.
"RV UPDATE: " I THINK THAT JP MORGAN IS GOING TO BE EXTREMELY IMPORTANT TO US" BY FRANK26, 12 MARCH
Frank26
JP Morgan I think is going to be extremely important to us...Don't just think that you're going to be limited to Chase and JP Morgan. I used [them as example] only so that it could be of help to you. To guide you. At least you know where you can start. If you don't like them go somewhere else.
The conditions of the monetary reform are perfect. All the waiting that we've been having forever and ever is also very perfect because what we're waiting for is just one thing and one thing only, the new exchange rate. That's it. The evidence is, banks know now.
An economist reduces its importance.. An expert determines the value of the internal debt of each Iraqi individual, 12 MARCH
Shafaq News/ Economist Manar Al-Obaidi determined the size of the internal debts of the Iraqi state and the share of each individual in it, while another economist downplayed the importance of that, stressing that the danger lies in external debts.
Al-Obaidi said in an interview with Shafaq News Agency, “Iraq’s internal debt amounts to 70 trillion dinars, and therefore the per capita share of this debt is large and amounts to one million and 700 thousand dinars per person, if we consider that the souls of Iraqis are 40 million people.”
Internal and external debts
He added, “The size of the debt per capita in the year 2020 amounted to one million and 600 thousand dinars, and in the year 2019 the debt per capita reached 950 thousand dinars, when the internal debt amounted to 38 trillion dinars.”
Al-Obaidi continued, “Iraq’s external debt ranges from 30 to 40 trillion dinars,” noting that “the total internal and external debt is approximately 110 trillion dinars.”
External debt risks
While the economist and professor at the Iraqi University, Abdul Rahman Al-Mashhadani, in an interview with Shafaq News Agency, downplayed the importance of Iraq’s internal debt, pointing out that “internal debt is not the dangerous element in the countries of the world, but rather external debt because the internal debt is shared by many institutions, so the issue of its influence is weak despite It is considered a debt owed by the government towards financial institutions and individuals, but not as serious as the external debt, which amounts to blatant interference.”
He explained that “the internal debt amounting to 72 trillion dinars belongs to government institutions, including the Rafidain, Rasheed and Iraqi Trade Banks and the Central Bank, and therefore it is a government debt to the government and it can cancel its banking interest or write off these debts.”
Al-Mashhadani added, “The budget contains 10 trillion dinars in interest and installments on the internal debt, and it is considered revenue for government banks. It is not this dangerous and not this large. The government has resources, and it is easy to convert this debt into bonds that can be repaid like other countries because we have cash reserves and oil resources.”
He pointed out that “the external debt amounts to 22 billion dollars, or about 29 trillion dinars, according to the official exchange rate of the dollar, and most of these debts are long-term and expire in the year 2045 and are for the Japanese government and government organizations, and some of them expire in the year 2043 and their interests are low.”
He stated that “the International Monetary Fund completely excluded Iraq from debtor countries because Iraq’s external debt is 22 billion dollars, and the Iraqi government is able to pay it off in one or two years.”
Treasury transfers
In turn, economic expert Dhargham Muhammad Ali confirmed to Shafaq News Agency, “The internal debt is not a problem and is negotiable. It is paid annually and is not affected by bank deposits.”
He continued, “Treasury transfers are often purchased by banks or individuals to finance the budget deficit or salaries in the event of a delay in the operating budget, so internal debt is within permissible limits and does not currently constitute an economic problem.”
shafaq.com
"RV UPDATE" BY PIMPY, 12 MARCH
Pimpy
What is the difference between a mixed economy and a market economy?
In a mixed economy the government plays a more active role in regulating and controlling certain aspects of the economy while in a market economy, the government's role is limited to maintaining a level playing field and protecting property rights...We know right now Iraq has a mixed economy...[with] a lot of state ran businesses...
If we went from where it is now at .00077 all the way up to $3.22, you're looking at a 4,180% increase in value. The largest amount a currency ever revalued occurred January 1, 1948 when the Chinese government decided to revalue its currency the yuan as part of the efforts to stabilize the economy and recover from the devastation of World War II...
The government set the new exchange rate at $1 US for every 1.4 yuan which was a 46.9% appreciation - The largest increase in value we have ever seen in the world is 46.9% in value...So Iraq is going to smash the old record of 46.9% increase in value by 4133%? Not going to happen.
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-pimpy-11-march_0234543005.html
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