KTFA Members "News and Views" Thursday 6-15-2023

KTFA:

Turk182:  June 15th 2023 - Here we are "Mid-Month"

Has it been confirmed that the New Currency is ACTIVE in the ATMs as rumored they would be earlier this week?  Can someone share Photos of same if so?

Has the President signed the Budget? is it ready for publication is Saturday's edition of the Gazette?

None of this is adding up?  Iraq has NEVER had a 3-Year Budget Passed thru Parliament in their history.  It took them 6+Months to finally get it thru & passed.  WHY is the President now Slow Walking this thing?  What benefit is there for this delay to "rubber stamping" this thing?

The Iraqi People have waited YEARS for this to happen, yet here we are at the final end, and now it is being stonewalled by lack of final signature?

Turk182 cont……It was mentioned last night on the call, about the next "2-Months"?  Not exactly sure what that was alluding to, but clarification from the source would be helpful.  Two More Months for what?  

Within the next 24-Hours, Iraq is to host a major conference with delegations from all over the World. All with a worthless currency.  

This Budget should have been SIGNED the instant it hit the President's Desk 2-Days ago.  Why is it being slow walked? Why has it not been signed?

OlLar:  There is an article from Jamal Cougar today saying the Budget will be automatically approved within 15 days of the vote, IMO the Rate change will happen right before the end of June, as Shabbibi and Turki both said the first of the year and middle of the year are the best time to change the rate , not the only time , but the best time because of accounting

Clare:  THAT'S THEIR LAW IT IS NOTHING NEW ...WE ALL KNOW THIS ALREADY AND THAT IS ONLY IF NOT SIGNED BY THE PRESIDENT...IT MAY BE SIGNED ALREADY AND NOT PUBLIC IMO... WE SHALL SEE

Zeeman:  question since the first president is away why cannot the second  or third president sign the budget so it goes to the gazzette?  

Turk182:  Excellent Question Brother Zeeman!  IF it's NOT in the Gazette this coming Saturday (06/17/2023) - then don't expect it being published in the Gazette until the Wednesday (06/28/2023) Edition.  Such an Important/Life Changing Budget for the People of Iraq, and ALL the President's decide to take a trip out of the Country at the same time.  Very Strange Timing.

Clare:  PUBLICATIONS CAN COME OUT AT ANY TIME THEY WANT.   HERE IS THE HISTORY OF SOME OF THE PUBLICATIONS.  LOOK AT THE DATE AND DAYS OF WEEK.  THEY ARE ALL DIFFERENT DAYS...   https://moj.gov.iq/view.7201/

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Clare:  BROUGHT FORWARD.... FROM 6/13 

 A representative source for Al Furat News: Sending the budget to the Presidency of the Republic today

6/13/2023

A representative source revealed the date of sending the tripartite financial budget bill to the Presidency of the Republic.

The source told {Euphrates News} agency that: "The general budget for the year 2023 will be sent to the Presidency of the Republic today for the purpose of approving it within 15 days, after which it will be published in the Official Gazette to be effective."

And the House of Representatives, at dawn yesterday, Monday, approved the draft federal budget law for the fiscal years 2023-2024-2025, after more than 4 days of holding sessions since last Thursday.

The value of the current year’s budget is 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.

 For his part, Prime Minister Muhammad Shia al-Sudani confirmed, in a statement today, that "the government will work to review the items that have been amended in the budget and study the extent of their conformity with the government's vision and objectives approved in the ministerial curriculum approved by Parliament."

Raghad Daham    LINK

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Paulette:  IMO........Rashid is still out of Iraq - Geneva today

The President in the past takes 7-10 days typically so that the budget and the procedure passing it can be extensively reviewed to ensure all is proper

The CBI will want to see Rashid ratify it since he is a Kurd this will be symbolic of Kurdish acceptance.

The PUK is happy, the KDP is not.  However, the KDP cannot do anything about it as Article 15-17 is in accordance with the relatively recent court decisions.  Their biggest victory is that Article 15-17 will not be retroactive to 1/1 absent a future contrary legal opinion ...

The IBBC is an Annual conference.  The Iraq Britain Business Council hosts this in London at The Mansion House.  Alaq is no longer on the speaker list.  Hopefully, it is because he is too busy at home.

ALL is GOOD as of today.  Look at all they have and are putting in place just this year.  I like this window going into July for something to change.   However, stay grounded as we really do not know.  in 2014, family members were excommunicated for suggesting that it may not happen in that January.  Stay grounded!!!  We know they have plans to change their currency and ultimately, they need to RI their currency.  Whether 2 hours, 2 weeks, 2 months........, a change is coming

 I do have concern about the current MCP in Iraq which would be out of compliance with Article 8.  Based on Frank's info, my understanding is it no longer matters as they are well past that.

Eid Al-Ada will be over two weeks from now.........  I recall Shabs saying "....after Eid, before the New Year....".  This timing makes July 4th weekend pretty intriguing.

All IMO........

Clare:  Approval of the economic feasibility study for the development project.. $100 billion investments

6/15/2023   Economy

The Ministry of Transport announced the conclusion of the activities of the technical committees of the development road project, while revealing the approval of the economic feasibility study prepared by the Italian consulting company on the vital project.

Last May, Baghdad hosted a conference to announce the initial launch of the strategic development road project, in the presence of transport ministers and representatives of ten regional countries. Billion dollars.

The minister said Razzaq Mohibis Al-Saadawi In a speech he delivered yesterday during the meeting of the technical committees on the development path project sponsored by his ministry, "The development path constitutes a qualitative transition in the economic and commercial reality of Iraq, the region and the world."

And during the meeting, which was held with the participation of ten countries, that Iraq The technical committees are expected to present their governments' full perceptions of the nature and proportions of their participation in the development and special designs project, stressing that the project will strengthen relations Iraq economic and social with the countries of the world.

Al-Saadawi revealed the approval of the economic feasibility study prepared by the Italian consulting company, renewing his determination Iraq On the completion of this project, as it constitutes a qualitative transition in the economic and commercial reality of Iraq, the region and the world.

He stated that the presence of these countries is a prominent and distinctive sign, indicating the success of the project and its importance to them, and the evidence is the participation of these countries and the joining China And Lebanon With this great international project, with the presence of the World Bank.

To that explained the marine captain Salah Al-Eidani Road investment would help Iraq The project is expected to achieve integrated development for the countries participating in the project, and its investments are expected to reach more than 100 billion dollars for its first phase, while its industrial, marine and land investment sites will constitute promising economic, financial and technological centers that compete with global counterparts, according to the official newspaper.    LINK

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Clare:  Kurdistan Finance receives 400 billion dinars from Baghdad and sets a date for distributing salaries

6/15/2023

The Ministry of Finance and Economy of the Kurdistan Regional Government announced, on Thursday, the transfer of 400 billion dinars from Baghdad to its bank account to finance employees' salaries.

The ministry said in a statement received by Shafaq News agency, "By a decision of the Federal Council of Ministers, today, an amount of 400 billion dinars was transferred to the ministry's bank account in the Erbil branch of the Central Bank, through Al-Rasheed and Al-Rafidain Banks."

The statement added, "The salaries of employees for the month of May will begin to be distributed, starting from the 18th of this month, as health will be the first ministry."  LINK