KTFA:

Samson:  Cabinet: Next week’s session will discuss the 2021 budget   LINK

DELTA: FROM FA )Final Articles) ...THAT'S WHY 2021 IS SO IMPORTANT ....

 "the final decision on this issue will be decided in the draft federal budget law for the country for the year 2021," noting that "the details of this approach are not clear features regarding the price of the reduction."

The Financial Committee of the Iraqi Parliament commented, Thursday (July 2, 2020), on news that there are possible intentions to change the exchange rate of the dollar against the dinar within the anticipated financial reform law.  DELTA

Godlover:  I agree 100% imo. Articles made it clear their intentions with the 2021 budget for several months imo. I also agree that with the reforms in the 2021 budget, that a rate is needed imo. I just pray to God they get this budget sent, read, signed into law & opened early next year!

Deepwoodz:  Imo....Not to mention Frank and Delta said the rate should precede the budgets arrival in parliament.  Lets hope Gods timing concurs. 

Ross:  If you have been here a number of years I think usually about this time we start "remembering" Dr. S, saying the best time to RI/RV is either the start of the year or mid-year.  I suspect we will seeing the goal reached around the 1/01/21, give or take a week.  Also, if we are following the Turkmenistan pattern it revalued on 1/01/05.

If the rate is in the 2021 budget then not sure we can expect to see it finalized in 2020 and the rate exposed unless something different historically happens.

Remember this: Next week ... the 2021 budget will arrive in Parliament
17th November 2020: It is hoped that the draft federal budget law for the year 2021 will reach the House of Representatives next week, based on government promises received by the Parliamentary Finance Committee.

Taking bets that we will not see it before Christmas unless they need to pay salaries at the new rate. I think that F26 implied that the rate info would pass down to the tellers in 2-3 weeks. Please correct me if I misunderstood.  All IMOO.

DELTA:  THANK YOU FOR THE SENDER...

Al-Samarrai calls for reforming the central bank and unifying the exchange rate

 25-11-2020

Former Parliament Speaker Iyad al-Samarrai called for the restructuring of the central bank in line with the structures of international central banks, with the unification of the exchange rate in all banks.

"The exchange rate is very important, and any major change in the exchange rate and the float will be a disaster for the economy and its consequences will be complex and the economy will not recover for decades, an example of this is what happened in Jordan, Egypt and many other countries," al-Samarrai said in an article.

He pointed out that "gradual change is very important if it is necessary, as the local currency and its stability are among the most important tributaries of the economy's strength."

He stressed that "it is necessary first to reform the central bank in line with the structures of global central banks and have a committee of experts who do not interfere in executive matters only and specialize in setting and monitoring policies, and it is not subject to the government and does not interfere in its policies."

He also stressed that "the exchange rate must be the same in the banks, as for the black market and the cancellation of exchange companies specialized in taking hard currency from the central bank and selling it in the market and the resulting great corruption."

He called for the price to be the same in the bank and at the cashier, "taking into account the sale and purchase commission, canceling the auction of currency sale and making it available to all banks and exchange companies and for legitimate dealings of import and export and the needs of citizens, and it is not a reason for smuggling money, especially the money of corrupt deals."

The post Al-Samarrai calls for reforming the central bank and unifying the exchange rate appeared first on the independent press agency.

 Al-Samarrai calls for reforming the central bank and unifying the exchange rate

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Samson:  Vietnam calls on the international community to provide support to Iraq

12:59 - 11/25/2020

The head of the Vietnamese mission to the United Nations, Ambassador Dang Dinh Qui, called, on Wednesday, the international community to continue supporting Iraq , which is facing deep-rooted economic, social and political challenges.

"Vietnam Plus" newspaper stated in a report translated by the agency / Al-Maaloumah / that “Ambassador Coy stressed during the virtual meeting of the United Nations Security Council on Iraq that Vietnam supports the positive roles of the United Nations Assistance Mission for Iraq (UNAMI) and other United Nations organizations in addressing the situation in Country”. He added, "The ambassador expressed his concern about the complex developments of the Coronavirus epidemic, terrorist attacks on civilians, and the humanitarian issue in the country, where millions of people live in extreme poverty and hunger and depend on relief aid from the international community."

Coy said that "the highest priority must be given to protecting the people", stressing "the need to ensure respect for the independence of politics, unity, sovereignty and territorial integrity of the country." According to Jeanine Antoine Plasschaert, Special Representative of the Secretary-General for Iraq and Head of the United Nations Assistance Mission for Iraq (UNAMI), "other United Nations organizations have worked in the past to help the government and the Iraqi people to stabilize the situation and deal with challenges."

She added that "the organization is working to assist the Iraqi government to fulfill its obligations to prevent the Coronavirus epidemic and coordinate in preparation for holding elections on June 6, 2021."

The members of the United Nations Security Council expressed their concern about the profound effects of the Corona epidemic in Iraq, which is facing a variety of difficulties, noting that Iraq is still continuing his efforts in the field of fighting terrorism.   LINK

Samson:  Al-Ansari : The Economic Contact Group will accelerate the implementation of economic reforms

25th November, 2020

The economic expert, Aqeel Al-Ansari, said that the formation of the Economic Contact Group for Iraq will contribute to the implementation of economic reforms in Iraq

He added in a statement to "Al-Iqtisad News" that "the group's role is to assist the Iraqi government in drawing a roadmap to get out of the economic predicament that it is experiencing, as a result of the outbreak of the Corona virus and the low oil prices.   He added, "The importance of the group also relates to that it is a contact group and not a financial or economic alliance, meaning that they will not provide loans like the Kuwait Donors Conference

"It is hoped that the group will monitor the progress of reforms, provide advice and expertise that is lacking in Iraq, and mobilize the international community to help it and bring it closer to international or legal accounting firms," ​​Al-Ansari said

He pointed out that "the periodic meeting of the group, every three months, will push all parties to implement what they have agreed upon and to progress according to the road map drawn

He added that "the international community is represented in this group by the World Bank and the Monetary Fund, as well as the Group of Seven, which gives an indication that the international community is morally committed to helping Iraq out of this ordeal and build a better future  LINK

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Samson:  Economist: Stopping corruption and recovering smuggled money is a guarantor to cover the budget deficit

08:51 - 11/25/2020

The economic expert, Hassan al-Kinani, said that stopping and combating corruption and recovering smuggled money is a guarantee of solving the budget crisis and covering the financial deficit, pointing out that the currency auction is the other one must go to and control the money entering and leaving Iraq.

"There is an urgent need to control hard currency and prevent its exit from Iraq, and to identify the exit points for this currency," Al-Kinani said.

He added, "The extent of corruption is large, especially with regard to the oil file, in addition to the waste of a lot of money by some ministries and state departments, as covering the budget deficit needs to stop corruption as well as recover the smuggled money."

And that "maintaining political hegemony over some financial sources, oil companies and currency outlets, will make Iraq a bankrupt country unable to pay the dues of its employees, and may live in a self-economic blockade."   LINK

Samson:  Severe imprisonment of an Iraqi government official

25th November, 2020
On Wednesday, the Federal Integrity Commission announced the issuance of a court ruling against an official in the Kirkuk Governorate Court, indicating that the decision came on the background of his committing the crime of bribery.

The investigation department of the authority stated, in its presentation of the details of the case that it investigated and referred to the judiciary, that the Kirkuk Criminal Court / Second Authority issued a ruling ordering the severe imprisonment of the director of the General Planning Department in the provincial office. Based on the provisions of Resolution (160 / Second / 1 of 1983) and with reference to Article (132/3) of the Penal Code.

The department continued, indicating that the details of the case it investigated indicate that the convict committed the crime of bribery by requesting sums of the value of the project to rehabilitate the property of the municipality of Hawija in exchange for referring the project, and taking sums from contractors in exchange for referring other projects to them.

It showed that the court, after reviewing the evidence obtained in the case and the statements of the witnesses, had reached full conviction of the convict's negligence. So I decided to sentence him to three years' imprisonment and a fine. Based on the requirements of the ruling article.  LINK