KTFA Members "News and Views" Friday 11-5-2021

KTFA:

Iobey777:  Wow!!!  This is HUGE news!!! IMO  The shackles have been removed!!

Samson:  The International Labor Organization removes the name of Iraq from its blacklist

04/11/2021 12:43:37

  The Ministry of Labor and Social Affairs announced, on Thursday, that Iraq had been removed from the black list of practical discrimination by a decision of the International Labor Organization.

The ministry stated in a statement that {Euphrates News} received a copy of it that "the Director-General of the Department of Labor and Vocational Training in the Ministry of Labor and Social Affairs, Raed Jabbar Bahed, held a meeting with the cadres of the Labor Inspection Department," and stressed "the need to activate the role of the inspectors in implementing the effective labor law."

Bahed said that "the department seeks to develop the capabilities of labor inspectors by including them in development courses held by the International Labor Organization," noting that "Iraq was on the black list because of discrimination in work sites, and after taking quick and appropriate measures, Iraq was removed from it." 
The Director-General explained that "the development of the labor inspector will reflect positively on the private sector and that the implementation of the labor law depends on the efforts made by the inspectors, and that the real tasks of the inspector are to check workers' wages, working hours, closings, layoffs, women's rights and combating child labor."   LINK

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BearCinnebar:  KTFA:  Well the country of Zimbabwe is going digital as well under the International Monetary Fund / IMF - and good to know the World Bank is working with them IMO:

Article quote:  "A strong digital foundation is the key to realization of government’s vision for smart government, agriculture, health, trade, commerce, education, transport, and cities, said Mukami Kariuki, World Bank Country Manager, Zimbabwe."

 World Bank:  PRESS RELEASE May 27, 2021

Digital Transformation Core to Boosting Zimbabwe’s Economy, Improving Services
https://www.worldbank.org/en/news/press-release/2021/05/27/digital-transformation-core-to-boosting-zimbabwe-s-economy-improving-services

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Bearcinnebar:  Digital transformation is happening with several countries it seems, right:  IMO

 IMF:  THE DIGITAL FUTURE

https://www.imf.org/external/pubs/ft/fandd/2021/03/pdf/fd0321.pdf

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Bearcinnebar:   We received some information from the "horses' mouth" with a Global Compliant Bank - contact that these currencies are trading with Forex on the inter-bank market now, and then go to the Teller / Window or called Retail side of the banks NEXT for TRAVEL AND EXCHANGE!  Of course they can not be specific.  IMO

 Question is:  Will Zimbabwean Dollars be exchangeable?  Well they do say on the notes:  "Pay to the bearer on demand".  We will see.  Very interesting. 

A dual citizen/US - Africa on Twitter:  Said he reached out to a contact in Africa:  they do not know how the Trillion notes will be handled.  Maybe do not buy those.  The other notes are OK he said.  Well okay.  IMO

Thank you for our studies with KTFA - and we have much work to do with these blessings!

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Samson:  Economist: Reducing The Dollar Exchange Rate Is Exclusively In The Hands Of The Governor Of The Central Bank

4th November, 2021

The economic expert, Nabil Jabbar Al-Ali, confirmed, on Thursday, that the decision to change and determine the foreign exchange rate is in the hands of the Governor of the Central Bank exclusively, noting that the bank is responsible for monetary policy.

Al-Ali said, in a statement to "The Information", that "returning the dollar exchange rate to its previous state is the exclusive competence of the Governor of the Central Bank, and there is no government or regulatory authority involved in this."

He added, that the Central Bank is able to take a decision to change the price without restrictions or conditions, as it is independent and is responsible for drawing monetary policies in Iraq.

Al-Ali pointed out that “the government and parliament cannot force the central bank to change the foreign currency exchange rate.”

The economic expert, Younis Al-Kaabi, had confirmed earlier, that the central bank can gradually reduce the price of the dollar.  LINK

Samson:  Al-Kadhimi's advisor recommends converting Kuwait's compensation to savings and investment

5th November, 2021

The Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, recommended, today, Friday, that the deducted financial flows of Kuwait’s compensation be converted to savings and investment.
 
Salih said in a statement to the Iraqi News Agency (INA): "The fund that has been going outside the national economic cycle in the form of war compensation since 1996, and amounted to $52.4 billion, will turn its deducted annual flows to serve the interest of the national economy, especially in achieving a financial space in  the resources of Iraq, with an average of no less than two billion dollars annually, according to the current oil prices, to contribute enhancing Iraq’s financial sustainability”.

He added: "I find it necessary to maintain the path of the transformation of the corresponding amounts of compensation to be savings that flow into the national economic cycle, especially the trend towards financing income-generating investment projects, which is a positive cumulative development process that contributes to promote growth in GDP at accelerated rates, after the war compensations constituted a negative deduction and a drain on the national income cycle and over the past three decades, as Iraq paid a high direct price to war compensation and the costs of inspection teams, and indirect costs represented in the destruction of Iraq’s infrastructure due to the operations of the previous Gulf War, reckless war conflicts and disruption of economic growth opportunities that all formed the costs and burdens may be ten times more than the compensation amounts mentioned.”
 
Salih concluded that "The shift from the political economy of the war that Iraq fought between the years of 1990-2003 towards the political economy of peace means a shift towards development, progress, stability and building prosperity in a new Iraqi era."
 
Earlier, The Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, had confirmed that Iraq would end Kuwait's compensation file in early 2022, while revealing the size of the financial compensation paid by Iraq during the past three decades.  LINK

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Samson:  Iraq Begins The First Steps To Join The World Trade Organization

2nd November, 2021

The Federation of Iraqi Chambers of Commerce revealed, on Tuesday, a “road map” to joining the World Trade Organization, calling for the amendment of some important laws in preparation for obtaining membership in the World Trade Organization.

The head of the Union, Abdul Razzaq Al-Zuhairi, said in an interview seen by "The Information", that Iraq has been seeking for ten years to obtain membership in the World Trade Organization through holding intensive meetings with the competent authorities to discuss this file.

Al-Zuhairi summarized Iraq's needs to join this organization with three points. The first includes amending some laws and setting plans that jump the country from 172 to 120, according to the global ranking, and second, the World Bank's indicators for the country must be positive.

He added, “As for the third point, it confirms that the country’s budget is approved without some of its paragraphs being challenged by the Federal Court, in addition to the need for its law to include a number of strategic projects,” noting that “Iraq is characterized by an investment environment, money and a location that qualifies it for economic progress, as well as joining this organization will improve Iraq's image among the countries of the world."

Regarding the union’s membership of the Executive Committee of the Federation of Arab Chambers of Commerce, Al-Zuhairi affirmed that it “will contribute to Iraq’s entry into the Arab economic system after it was absent from it for a long time, pointing out that the step will serve the economy through Arab trade exchange operations and the movement of transport and transit.”

And about the meeting of the Arab Chambers of Commerce, which was hoped to be held in Baghdad this month, the head of the Federation of Iraqi Chambers of Commerce stated that “countries requested a postponement due to the conditions in the region or in Iraq, which gave an indication and a non-positive impression on the country’s economy.”   LINK

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Samson:  Expert: Demand For Oil Will Rise, And The Price Of A Barrel May Exceed $100

4th November, 2021

The economic expert, Ihsan Al-Kinani, said, on Thursday, that the price of a barrel of oil may exceed the $100 barrier during the next year, pointing out that global indicators confirm a significant increase in demand for oil.

Al-Kinani said in a statement to "The Information", that "the major international companies confirmed the increase in demand for oil and fuel in general, especially after the return of factories and commercial competition again after the closure caused by the Corona pandemic."

He added that "the British Oil Company (BP) has made it clear in one of its reports that the daily demand for oil has exceeded 100 million barrels, and this demand is likely to increase with the return of global air traffic to its normal level."

Al-Kinani said, "Oil prices will likely increase and cross the $100 threshold during the next year, especially some dollars suffering from a lack of fuel with the return of life to normal, the restart of its factories and the emergence of other competitors in the commercial and industrial fields in various countries."   LINK