News, Rumors and Opinions Monday Afternoon 11-4-2024
KTFA:
Clare: Extension of the legislative term of the Iraqi parliament for an additional month to pass laws
11/4/2024
Member of the Parliamentary Legal Committee, Mohammed Al-Khafaji, revealed on Monday that the current legislative session of the Council of Representatives ends on the 9th of this month, and that extending it for another month is subject to Article 58 of the Iraqi Constitution.
He added in a statement to Shafaq News Agency that according to this article, the legislative term can be extended at the request of the President of the Republic, the Prime Minister, the Speaker of the House of Representatives, or 50 representatives, provided that the extension is approved by a vote of the majority of the members of the House.
Al-Khafaji explained that there is a trend to extend the legislative session from November 9 to December 9, in order to organize the work of Parliament and approve pending laws, as the past period witnessed repeated postponements in the Council’s sessions and the incomplete agenda.
Al-Khafaji pointed out that the extension will provide an additional opportunity for the government to submit the draft general budget law for 2025, which is supposed to be submitted before the end of this year. He stressed the importance of the government taking advantage of this time to avoid the delay that the budget witnessed this year. LINK
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Clare: Al-Sudani directs to establish the concept of (Made in Iraq)
10/3/2024 Baghdad
Prime Minister Mohammed Shia Al-Sudani directed to consolidate the concept of (Made in Iraq) in all industrial sectors.
Yesterday, Saturday, Al-Sudani inaugurated via video conference the Al-Mansour and Al-Mustaqbal factories, which specialize in pharmaceutical industries, as part of the government's program to support the localization of the pharmaceutical industry and raise self-sufficiency rates.
According to a statement received by "Al-Sabah", Al-Sudani announced "proceeding to develop and increase the production of local medicines to achieve drug security by working to localize the pharmaceutical industry and encourage the national product, and that contracts with local medicines have increased by three times, which represents a positive indicator."
He explained that "the increase in pharmaceutical production has made the government encourage, support and provide all the benefits required for the success of these projects, starting with the banking support and sovereign guarantees provided for these projects," stressing that "the registration of pharmaceutical companies is proceeding smoothly, and detailed and extensive instructions have been developed to facilitate the process of transferring technology to national factories and facilitating partnerships with specialized foreign companies and the private sector."
The Prime Minister pointed to "the importance of establishing the concept of (Made in Iraq) as it represents a national goal shared by all," indicating "the necessity of covering the needs of all chronic diseases before the middle of next year, in addition to cancer treatments, in cooperation with
the private sector." LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man They're not using the dinar today yet that we know of on the Forex. But what they're saying is to my understanding is as of the 15th to 18th of October, they're getting ready to use domestic currency to support the exchange rate peg, domestic liquidity management. I hope you guys understand that...because this is pretty powerful stuff coming from the CBI.
MarkZ [via PDK] From a source in the middle east: Sudani has just stated that the “currency transition” should be completed by Victory Day. Victory day is December 10th. This means things will be going right away if it is to be “completed” by that time.
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Credit Card Companies Drop BOMBSHELL On Interest Rates!
Atlantis Report:
U.S. banks are taking defensive measures to secure their financial stability. The collapse of three regional banks and a series of rate hikes by the Federal Reserve have added to the uncertainty.
As a result, more lenders have tightened their lending standards, as revealed by the Federal Reserve's Senior Loan Officer Opinion Survey.
The tightening of lending standards, even before the full impact of the regional banking crisis, is likely to slow down the flow of credit to small businesses and households.
Small businesses and marginal households, in particular, are sensitive to changes in the cost and availability of credit, given their limited financial resources and borrowing options.