KTFA Members "News and Views" Monday Afernoon 10-12-2020
KTFA:
DeepWoodz: Just wanted a quickie sheet of today’s thread before it gets soooo long....
Parliament says no way we are raising the dollar rate against the dinar.
I don’t understand it but we have letters of guarantee from banks to the CBI.
Income tax starting in 2021.
A Dubai expo scheduled for next year. Almost one year from now.
White papers in parliament Tuesday.
International Development Bank and Union of Arab banks gettin frisky.
Comparing revenues in parliament with Kuwait’s revenues.
Cabinet secretariat sent a draft of the borrowing law to parliament.
Cleaned up 3500 more double salaries to the tune of 461 million dinars.
Statement made that they have 4 trillion dinars available to pay salaries but still aren’t.
Sounds real good to me! Imo
Samson: In the document ... important figures in the law on financing the fiscal deficit that reached Parliament today
10/11/2020 16:20:00
A copy of the fiscal deficit financing law that reached Parliament today, Sunday, revealed important figures.
According to a document from the draft law, the Euphrates News Agency obtained a copy of it. The federal budget revenues for the last four months of this year were estimated at 19 trillion and 719 billion and 483 million and 139 thousand dinars.
The export of crude oil was calculated - during this period - on the basis of an average price of 40.51 dollars per barrel, and an export rate of three million 332 thousand and 73 barrels, including 250 thousand barrels for the quantities of oil produced from the Kurdistan region, based on the price of 1182 dinars per dollar.
The transcript indicates that Kuwait's compensation estimates are 531 billion 584 million and 494 thousand dinars. As for the estimates of the remaining licensing contracts for foreign oil companies, 5 trillion, 6 billion and 282 million dinars.
The Parliamentary Finance Committee announced today, Sunday, that the Council of Ministers sent a bill to bridge the fiscal deficit to Parliament, indicating that “the law stipulates that Iraq needs to borrow 41 trillion dinars for the last four months of this year.”
She explained that: “the bill is passed by Parliament. It will enable the government to bridge the fiscal deficit by resorting to borrowing, "noting that" the bill to bridge the fiscal deficit will be a substitute for the 2020 budget."
It is reported that the Speaker of the House of Parliament Muhammad al-Halbousi said in the parliament session yesterday that" if no governmental request for legislation reaches the House of Representatives A law that strengthens the government's budget to fulfill its obligations before citizens, and a letter amending a borrowing law did not want it."
He added that "the House of Representatives returned the budget law and it was withdrawn, on the same day, to make amendments to it," pointing out that "the parliament expects the government to send to the parliament a draft law that enhances government revenues to enable it to fulfill its obligations before citizens." LINK
DeepWoodz: Does anyone else find it very interesting that they are using an example from Kuwait for revenues?
MilitiaMan: What I find interesting is they speak of 4 months salaries. They haven't paid the salaries for September, yet. That is very interesting, as they told us they would. Why have they not?
Well, imo the rate at which they get paid and in an equivalency is in need. They had to make amendments to the budget law. By not paying the last four months, shows they have an intention to pay but, with an amended budget law for 2020. A substitutive.
I'll bet the White Papers know full well what the substitute is and they are to be out Tuesday the 13th. It enhances the government revenues to fulfill it's obligations to the citizens.
To enhance the exchange rate (mechanism) will create the environment for the Iraq country to go into the market economy where they can be competitive through secondary markets. The revenues from the borders is going to be a very important part of the financial status of the state.
They passed and enhanced with an engineered mechanism.. Get it? Did they raise the rate (mechanism) and not tell us yet or did they just within what is in the above and below past tense data? Starting to look that way.. imo
They have the money to pay all four months without borrowing because they have raised the rate?
Lets see what the White Papers have to say.. The citizens were shown conceptual notes, did they not on the day they said the first step of reforms began on 10/05/2020? They did..
FINAL ARTICLES show it! imo!!! ~ MM
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Political pressure and hints to stop salaries ... Four proposals to avoid the crisis
It is noteworthy that the Minister of Finance, Ali Abdul Amir Allawi, reassured citizens through an interview with Al-Furat satellite channel on Saturday evening, about the payment of salaries for the remaining months, saying: The situation in Iraq is not in danger and that the exchange mechanism was carried out according to the financial engineering system without borrowing LINK
MilitiaMan: Chairman of the Board of Directors of the International Development Bank and Secretary General of the Union of Arab Banks discuss common banking issues
What is Financial Engineering?
Financial engineering is the use of mathematical techniques to solve financial problems. Financial engineering uses tools and knowledge from the fields of computer science, statistics, economics, and applied mathematics to address current financial issues as well as to devise new and innovative financial products.
Financial engineering is sometimes referred to as quantitative analysis and is used by regular commercial banks, investment banks, insurance agencies, and hedge funds. LINK
Aaron: I think the admittance of Iraq as a shareholder of the European Bank of Reconstruction & Development is HUGE... They've been trying for 2 years and now all of a sudden they get admitted... I wouldn't think they'd be admitted unless either they have become international, or there has been irrefutable proof given to the European Bank Board that an impending change is near -- (IMO of course)
I have a couple questions that I'd like to throw out there..
This weekend on Saturday there was talk from out of Iraq about the Sinjar Agreement and that it may be a "gateway" to Article 140 -- Is it just a gateway, or is it actually a package of agreements between Baghdad & Kurdistan that may include Article 140, HCL, etc..???
Lastly, a few weeks ago Frank spoke of (2) currency swaps between the US and Iraq -- The 1st at the program rate, and the 2nd at (or near) 1-to-1. -- Has anybody heard where we are at with these..??? I will assume the 1st swap was made, has anyone heard about the 2nd swap as of yet..??
Cleitus: October 20th is what my notes say for the second currency swap. 30-60 day duration; 250-500 billion with new rate. From notes I took. IMO
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Samson: Documents ... The axes of the white paper that the Council of Ministers will discuss tomorrow
10/12/2020 15:42:38
Translation of below documents .....
White Paper The proposed period for implementation is 3 years (2021 22.) 2023
Axis I / Achieving sustainable financial stability A- Maximizing revenues B- Declining expenditures Reforms in the Ministry of Finance and Financial Management Systems
Axis Two / Achieving total economic reforms A- Rehabilitation of the financial and banking sector B- Banks - Insurance - Stock Market C- Sectors driving the economy Agriculture - Oil and Gas to upgrade them w- The private sector and activate the private sector fund and an initiative of the Central Bank Simplifying procedures Paying dues for contractors and providing job opportunities in the private sector c - Restructuring self-financed public companies
The restructuring of public companies financed by Dania, the losing companies are liquidated and the other companies are re-assisted and sold to some companies and are based on small projects in the area of relocation of the unemployed and the enterprises are obligated to develop human development and from the national strategy of education and training
Axis Three A- Improving the Basic Infrastructure B- Electric Power (Production, Transmission and Distribution, Collection, Alternative Energy) C- Mobile Phone Communications, Network Connections D- Transport Sector, Ports, Airports, Modern Roads of Trade) C- Areas Duty Free and Industrial Cities
IV / Providing basic services A- Providing safe drinking water - Redrawing the social protection system C- The retirement system (a unified law that meets the private and public sector 0 W- Implementing the school building plan
V | Development of governance and the legal environment a- Review the implementation and amendment of the instructions for the implementation of government contracts, in terms of governance and public administration LINK