KTFA

DELTA:  MY BEAUTIFUL FAMILY......FYI.......CBI DON'T NEED THE BUDGET TO RAISE THE VALUE....IN THEIR PREVIOUS ATTEMPT TO LIFT ZEROS THEY NEVER TALKED ABOUT BUDGET...

IMO......THIS TIME IS THE OTHER WAY AROUND... THIS  BUDGET NEED THE INTERNATIONAL RATE FIRST.. 

LIKE I SAID ON THE CC WE ARE NOT WAITING FOR ANYTHING MORE ..JUST WATCHING CBI TO CHANGE THE RATE ......IMO THEY ARE ABOUT TO DO IT.....

Rommy:  Yep!  IMO the heavy lifting is done!  Just a simple "flip of the switch" and announcement.  Thank You Delta!  My Spidey Senses are Tingling!

The Snod:  Been watching this for 9 years.  I don’t remember information falling like it has the last 2.  It’s not healthy to look to hard at $.  It can morph into an idol the more you stare at it; however, the banks shutting down for a month are one of the more interesting events I’ve witnessed here.  

Notice, in the video that surfaced recently about the 000 project, he said it was also about accounting.  The old articles from Saleh that Delta posted were about the necessity of year end accounting.

Now, the banks are shutting down to adjust their accounting practice.  Could you imagine re- opening in January and nothing really changed?  

It’s like Iraqi banks collaborated and decided they wanted to lose $ for 1/12 of the year.  Something is up and I haven’t even touched on many of the other good signs we’ve seen recently.

 There’s no point in anyone questioning or being concerned about this.  Only if we get to the end of January and nothing substantial has happened will I start to ask myself another set of questions....

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2Cents:  . IMO, the "Fiscal Year" begins upon first disbursements from the budget.  The budget is the New Law for the year and is always retro to 1/1......We know that Iraq Fiscal Year is 1/1-12/31 officially.  I write about this every year.  The rate can change all the way until disbursements IMO......

As to Supplemental Budget or Temporary  Budget.......IMO, This cannot occur under a Caretaker Government.  They can only go by the 1/12 or state the Budget was passed by the COM prior to caretaker status.  If Supplemental/Temporary Budget is the plan, we will need a designated PM, confidence given (up to 30 days process), Supplemental/Temporary Formulated and passed by COM, Sent to Parliament, First Reading, Sent to Finance Committee for study, Second Reading, Vote or Third Reading Vote.....Very long process.  Why would they just not do a new Budget for the year or send the current one that is debated whether timely passed by COM or not?

There is no authority for any New Budget whether Temporary, Supplemental or Full without going through the process.......They cannot just do this.  Just like in the US, even a CR has to be approved.  The President or Treasury Secretary cannot unilaterally start spending....

The idea of an official Supplemental Budget just does not hold water.  If they do this, we know we are delayed yet again....IMO     Hope that helps......

HoosierGirl:  And we have heard that Mahdi completed the budget BEFORE he resigned in previous CC's & Youtubes. No it isn't knew to us - but it's "new" to FF77 and that's what he sent to Frank and Frank read to us on the Youtube tonight to point out that FF's banker friend was in error and that the budget WAS done before Mahdi resigned and now the "caretaker" GOI can take it to Parliament! Oh, IMO.  

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Samson:   His office: Abdul-Mahdi will continue with the caretaker tasks until a new government is chosen

19:01 - 18/12/2019

On Wednesday, a spokesman for the Prime Minister’s Office, Saad Al-Hadithi, confirmed that the resigned Prime Minister Adel Abdul Mahdi will continue to run the caretaker government until the new Prime Minister’s personality is chosen and given confidence in the House of Representatives.

Al-Hadithi said in a statement to "Information", that "the current government has turned to conduct daily business since the parliament approved its resignation and will continue until the new Prime Minister is named and given confidence in the House of Representatives," noting that "the government’s survival is normal and not against the law." 

He added, "Abdul-Mahdi will continue his duties in managing the caretaker government without handing over the government’s duties to the President of the Republic, Barham Salih," noting that "some previous governments have remained caretakers for several months and this matter is normal according to the Iraqi political custom and the law."

The media office of the resigned Prime Minister had announced, earlier, the handing over of the work of the government to the President of the Republic next Thursday in the event that there is no agreement on a candidate for the next government in accordance with the constitution.  LINK

Samson: Post #76    Our banks and forecasts in 2020

19th December, 2019 by Samir Al-Nusiri

On the occasion of the end of the year 2019, and in view of the special and new conditions that our beloved country is going through due to the widespread popular movement and legitimate demands for political and economic change and reform, and because our banks are the first major link in the national economy, we must make clear with the analysis and evaluation of the business results of banks 2018 and 2019 that they have faced challenges from the work environment other than Stable and bad debts reach more than (6) trillion dinars, the price of shares traded on the Iraq Stock Exchange decreased by (80%) and the decrease in liquidity of some banks to the minimum limits established by the Central Bank and the decrease in financial revenues Verification of deposits and deficiencies in the legislative environment, the determinants of instructions that regulate the economic process, tax and customs laws and instructions, their declining financing activities and their weak contribution to reconstruction, investment and development

It must be noted here that our banks confirmed their sobriety and strengthened the public's confidence in them during the current popular movement and the continuation of their daily activities and work despite administrative, logistical and technical difficulties, which contributed effectively to the implementation of the central bank policy in achieving stability in the exchange rate and perpetuating internal and external banking operations, which strengthened the International confidence in our international banking transactions, and this is evident when comparing the state of our banks with other countries that witness the same conditions and the popular movement, as happened in Lebanon, for example. This confirms that our banks are heading in the right direction

Therefore, it requires that it accomplish its plans for the year 2020 in the light of analyzing the results of its activities and activities in the light of the current conditions and expectations in 2020 after the formation of the new interim government and the requirements of the new situation and in accordance with the central and subsidiary central bank strategy goals in the year 2020 with a focus on contributing to the implementation of the strategic banking projects that it plans

And put it and set its goals the Central Bank, which are 21 technical, financing and administrative projects and come up with policies and procedures according to their actual needs in the sustainability of their provision of their banking products and enhance their freedoms from restoring confidence in the banking sector and that these etc. are prepared I coordinate with the specialized departments of the Central Bank by holding working meetings and diagnostic and analytical discussions organized by the Banking Control Department in cooperation with the Iraqi Private Banking Association and setting policies and procedures to meet the major challenges facing banks and focus on re-reviewing, evaluating and amending their policies and procedures and developing them towards their establishment

The completion of banks' plans for the year 2020 requires them to take quick steps, which is the transition of the Iraqi banking sector to a discreet and developed economic sector and is committed to international regulations, rules and standards for compliance, combating money laundering, financial reporting and risk management, and thus the transition from the role of banking to the development role and contributing to the revitalization of the economic cycle by activating and supporting financing Small and medium enterprises and large development projects through which a solid national economy and sustainable development are achieved that ultimately serves the Iraqi people and their aspirations for a better life

This requires that each bank have a specific plan for the year 2020 in the areas of technical development and work in accordance with international standards to achieve financial inclusion, attract deposits, work on capacity-building, training and qualify human resources, achieve the goal of investing in human capital and develop the structural structure of the banking sector in addition to the banks’ interest in applying Financial stability criteria, which are financial safety indicators such as the ratio of the capital adequacy ratio, the liquidity ratio, the profitability ratio as the ratio of profit and net profit to capital, the percentage of return on assets, the percentage of return on shareholders’ equity, the cost of activity and the ratio Leverage of funds and the percentage of investing funds, in addition to adopting indicators to measure the efficiency of performance and the creation of units for statistics, studies and financial analysis to indicate monthly, quarterly and annual deviations in the drawn plans

This needs the government and the central bank to support banks and enable them to continue banking activity and to implement the decisions of the Council of Ministers and the Economic Affairs Committee related to the revitalization of banking work, especially in the field of credit and banking financing and bank loans and facilities and give a fundamental role to private banks and their involvement in the manufacture of central economic decisions    LINK

MilitiaMan:  Samir Al-Nusiri is telling us imo that they are all set to go now. They are about to implement the decisions of the Council of Ministers with the help of the Economic Affairs Committee. They have the results now of the 2018 and 2019 era and are ready for the new plan for the economic future. Exactly what the Citizens want and are awaiting for and for far to long now.

They are confirming that the job they have done this far is and has been successful. They have stability in the exchange rate even after all the challenges they were faced with. 

The place they are in now shows me that they literally are geared and ready for the new 2020 budget and the projects that will be associated with it.

They are flat out saying they are in compliance internationally. They have a clear well thought out agenda for 2020 that is to be committed to international standards in regards to reporting, risk management and all that goes with the reporting of many many things noted above. 

Without stating they are fully Article 8 complaint now, this article may at least be the precursor to it. The new year is just ahead and if electronic like we believe they are, then at a moment’s notice they can converge into 2020 since the 2018 and 2019 era will be merged into the 2020 strategic economic plan the citizens are waiting on and many have died for!

So the aspirations of the people are focused and in the forefront and it is about time!

So with the above in play now and below having been told when it should happen have met. It is actually point blank now. There is no room for any talk of March 2020..

The CBI cannot not make any clearer they have intent and during the transitional period we find ourselves in... imo Delta and I approve this message. imo His video telling us the CBI was given orders and they accepted them is powerful.

There is not 1% worry anymore, ioo. It is move it or lose it! imo That latter is not an option imo .. All concerns look to me to have been met now, as for security? We showed up..imo..

So, lets see what the future brings us. I'll bet it is very bright! imo ~ MM

DELTA:   MM.............. EXCELLENT  MY BROTHER...(applause) 

MilitiaMan:  You are very welcome and you may feel like I do, that Nusiri article Samso brought in tells a very powerful message. There is no denying it. Not even the CBI is denying it. They were given orders and accepted them. The ITB has been given recent awards and they suspended loans and they are not in the business to do that, unless they need to for a major reason. I think you get the point! imo ~ MM