KTFA:

Samson:  Parliamentary Finance reveals new details about the obstructive budget law

29th March, 2021

The Parliamentary Finance Committee revealed, on Monday, the "main reason" to postpone the vote on the General Budget Law until further notice.

A member of the committee, Muhammad al-Shabaki, told Shafaq News, that "there are four points of disagreement that caused the suspension of the vote on the General Budget Law for 2021 during yesterday's session, most notably some points of contention in Article 11 related to the share of the Kurdistan Region, foreign loans, investment projects and the development of regions."

He added that "the Al-Fateh Alliance objected to new loans amounting to 8 trillion dinars, especially for projects of the Ministry of Electricity, and requested economic feasibility for foreign loans."

Al-Shibaki added that the deputies asked the Minister of Oil, Ihsan Abdul-Jabbar, in his capacity as head of the government energy committee, for a government guarantee to improve electric power during the next summer season. Al-Shabky pointed out, "the continuation of meetings to resolve differences and resolve disputed issues in the coming hours."

Representative Rizan Sheikh Dleir said that the intentions and conflicts of politicians with the government are an obstacle to passing the budget in Parliament. In a statement received by Shafaq News, Sheikh Dlir called for the importance of the Iraqi people to know this fact, saying that "the region's share does not constitute an obstacle to passing the budget."  LINK

MilitiaMan:  So from the below we see they are talking about the Dog and Pony show to be approved this week or by the end of it, whereas, the above more recent comment is resolving issues in dispute in the coming hours.. We know they clearly are playin the pony show to the hilt. I would be those that know full well what is going on are embarrassed at this stage. They should be.. The world is watching an they look silly as it gets.. imo.. But, who will care once they finally throw the last shoe.. lol ~ imo.. Mean while the citizens suffer... ~ MM

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A member of the Parliamentary Finance Committee expected a new date for voting on the fiscal budget bill for 2021.

 "Unfortunately, every day, a new node appears in the budget," Sherwan Mirza told Al-Furat News, stressing the continuing disagreements over the draft law between the political blocs. "The budget will be approved this week," he added.

Yaber Al-Atafi confirmed, on Monday, that there are three levels of disagreement within the House of Representatives regarding the passage of the federal budget bill for 2021, while the budget is likely to be passed at the end of this week.

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"Either the budget recovers and passes by consensus, or it will die and suffocate at a time when we are waiting for agreement on it for the sake of the country and to move it to safety and treat its inflamed joints, which are the lack of services and the reconstruction of cities, especially in the center and the south, in which our people suffer because of that."

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Don961:  Interest in digital currencies

Tuesday 30th March 2021   Saad Al-Taie

 In the past few years, currencies of a new type have appeared, radically different from the traditional currencies known for thousands of years, whether paper or metal, namely digital currencies, which came as a result of the expansion of digital technology applications in all areas of contemporary life, including Multiple economic and commercial transactions.

Digital currencies have many features that distinguish them from traditional currencies, as they greatly facilitate the processes of financial transactions immediately and very quickly, and complete transactions without the need for physical currencies, which take a large space, and it also facilitates the sale and purchase of various goods and services in a manner. Quick and very short for buying and selling, as well as transferring money very quickly from one place to another and from one country to another. As well as facilitating the procedures of commercial dealing and the process of commodity exchange.

The use of digital currencies leads to dispensing with the use of traditional physical currencies, whether paper or metal, and to get rid of the problems that accompany the exchange operations, through which they are carried out, such as the slow conduct of these operations and the constant and very great need to physically issue these currencies from time to time, which You need expenses for papers, metals, inks, colors, and other materials added to traditional currency paper and the large security precautions that accompany their printing.

Some central banks in a number of economically developed countries of the world have begun issuing their own currencies to develop payment systems in their countries in line with the communication and digital economic environment that is currently expanding, and the secretions of which are communication and Modern information technology. .

Also, this important procedure comes to regulate the process of important issuance of money in accordance with the powers of governments and the legitimate authorities of the country, within the random issuance of digital currencies, which began with the issuance of unknown parties in the Internet and those who do not have this right or this privilege.  

And organizing this process so that it is legitimate and legal according to what is recognized in international laws, which are exclusively authorized by this issuance, and in our country the competent authorities are supposed to pay attention to work on issuing our digital currency, in order to keep pace with the current global monetary and financial developments, and in a manner that develops the monetary and financial system For our country and keep it up to date with Modern global regulations .    LINK

Samson:  Al-Kazemi calls for speeding up the approval of the budget and reveals directives to confront "greedy" traders

30th March, 2021

Prime Minister Mustafa Al-Kazemi called on the Council of Representatives to expedite the approval of the federal budget for 2021, while revealing directives issued to the security services to monitor the "unreasonable" rise in prices and confront "greedy" traders.

Al-Kazemi said during the cabinet session held today, Tuesday, "We look forward to speeding up the passage of the federal budget law, and the paragraphs it contains that address the needs of the poorest classes, and support service projects that affect the lives of citizens."

He added that "all ministries must work with all their efforts to support the Ministry of Trade in order to distribute the ration card items to citizens and not give some traders an opportunity to exploit the citizen's needs.

Al-Kazemi added, "We instructed the Ministry of the Interior and the National Security Agency to monitor the unreasonable rise in prices as a result of the greed of some merchants."   LINK

DeepWoodz:  So I’m trying to wrap my head around this. Due to my basic understanding, which means I don’t quite understand, every time I see Kadhimi say ...”the "unreasonable" rise in prices and confront "greedy" traders.” 

I get angry because he and the government, together with the CBI, made the decision to decrease the value of their dinar against the dollar. Which according to math made all imports 21% higher. With an economy that functions almost completely off of imports I just didn’t see the positive side. 

On the other hand, this has to work with the citizens. 

How do you take an economy that’s been run off the wrong currency for 18 years, and start using your own? You have to MAKE them use it. You have to take away their ability to obtain and use dollars. (Done)

You have to get back as much of your currency as possible from other countries, and the piles of it the citizens have been saving for toilet paper. Make em spend it on their needs. Use a wheelbarrow if they have to and take that crap to the bank and make a deposit. 

These guys are hardheaded but they are getting hungrier by the day, and those notes are coming in.
Now they have a date and appear to be right on track as the bank now has 60% of their currency accounted for. I’m thinking the real sweet spot is up next. 

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Samson:  Parliamentary weights to vote on the budget tomorrow

30th March, 2021            

A Deputy from the Patriotic Union of Kurdistan said that the parliament would hold a session tomorrow, Wednesday, to vote on the budget bill for 2021.

According to his party's media, MP Hussein Nermo said, "A number of parliament members collected about 40 signatures to hold a session tomorrow, Wednesday," To vote and settle the draft federal budget law for 2021."

Nermo added, "The Kurdish blocs in the House of Representatives do not oppose holding a session Wednesday to settle the budget," pointing out that "the Parliamentary Finance Committee voted during the past days on Article 11 of the Kurdistan region in the draft budget law."    LINK

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 Samson:  Saeron: The Central Bank Made The Biggest Economic Mistake In The Country

30th March, 2021

The Saeron Alliance considered that raising the exchange rate of the dollar against the dinar was the biggest economic mistake the Central Bank made, while the budget vote is expected this week.

"Raising the dollar exchange is the biggest economic mistake committed by the Central Bank," said MP Naji Al-Saeedi in a press statement published by Al-Independent today, indicating that "the leaders of the blocs are demanding to keep the exchange rate of the dollar."

Al-Saeedi added, "The demands of the Kurds and some political blocs impede the approval of the budget," noting that "the parliament presidency decided to go towards understandings before passing the budget."

Al-Saeedi, a member of the Parliamentary Finance Committee, explained that "major blocs in Parliament received a notification not to enter the budget session," expecting "the vote on the budget during the current week."   LINK

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Don961:  Dr.. The appearance of Muhammad Salih *: The Iraqi dinar: between the debates of floating and reducing **

3/14/2021

Although the monetary policy of the Central Bank of Iraq followed the shock method in adjusting the value of the Iraqi dinar by the procedures of December 19, 2020, the reduction in the exchange rate of the dinar, at a rate of 20%, was identical to the deficit in the current account of the Iraqi balance of payments relative to the estimated gross domestic product.

About (minus 20%) for the year 2020. Thus, the amendment was in conformity with the theoretical foundations that relate the exchange rate adjustment to the two states of deficit or surplus in the current account of the balance of payments if the deficit and surplus fluctuated to GDP by more than 4% (negative) or (positive).

The debate has remained among some economists about the importance of the Central Bank of Iraq resorting to the floating currency float philosophy as an introduction to gradual adjustment instead of adopting the shock method and surprise the market with an alternative, low external value of the Iraqi dinar overnight!).

Floating the currency exchange rate, in essence, means adopting an exchange system whereby the external value of the national currency is determined according to the forces of supply and demand in the exchange market. This comes in contrast to the fixed exchange regime, in which the monetary authority or the central bank is in charge of determining the value of the dinar in relation to the foreign currency in advance and according to the rules of its monetary policy. The policies of floating the exchange rate adopted since the failure of the (Bretton Woods) system in 1971 based on the exchange rule

To continue reading, click on the following link to download the PDF

The appearance of Muhammad Salih - the Iraqi dinar - between the debates of the float and the reduction - edited       LINK

Samson:  The Minister of Finance reveals the amount of the stolen Iraqi funds

29th March, 2021

The Minister of Finance, Muhammad Allawi revealed, on Monday, that the looted Iraqi funds amounted to $ 150 billion, indicating that Iraq's foreign debts amounted to $ 60 billion. 

Allawi said in a statement to "Al Sharq Bloomberg" that "Iraqi funds stolen through previous political regimes amount to $ 150 billion, and there is international aid to recover these funds."

He explained that "the external debt of Iraq reaches 60 billion US dollars, of which 6 billion are to Iran, which are Iranian deposits. Not all of them represent debts related to import dues for goods such as gas and fuel," indicating that a large proportion of the debts belong to financial institutions.

The minister pointed out that the current price of the Iraqi currency against the US dollar after reducing its value will continue for a long time, and a full float may occur in the future, but the central bank will now work to maintain the current exchange rate level for as long as possible.  LINK

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Samson: Arresting people wanted in cases of theft and promoting counterfeit currencies in Nineveh

30th March 2021

Nineveh Police Directorate announced, on Tuesday, that a joint force from the offices of the Anti-Crime Directorate had managed to arrest a number of wanted persons according to various legal articles in the city of Mosul.

The Police Directorate said in a statement that Mawazine News received a copy of, that "the arrest was based on arrest warrants issued by the judiciary and the cooperation of citizens."

She added, "9 criminals were arrested, wanted in cases of theft and promotion of counterfeit currency, in accordance with the legal articles (444 and 446) of the Penal Code, and Article 52 / A of the Central Bank Law." She pointed out that "one of them was seized in possession of a sum of 7,700 US dollars, in a counterfeit hundred dollar denomination."

The directorate stated that "the arrest of the wanted persons took place in a number of areas and neighborhoods on the right and left side of the city of Mosul." LINK

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Samson:  Parliamentary integrity talks about 350 billion dollars that have fled Iraq since 2003

29th March, 2021

The Parliamentary Integrity Committee estimated the smuggled Iraqi funds from 2003 until now at about $ 350 billion, equivalent to 32% of Iraq's revenues over 17 years.

A member of the Parliamentary Integrity Committee, Taha Al-Dafi, said that the smuggled funds are estimated at between 300-350 billion dollars, in the years following the US invasion of Iraq, with the exception of the money that was smuggled before that.

Al-Defense noted that Iraq has a department to retrieve the stolen money in the Integrity Commission, and this department works to recover the people's money, pointing out that the money smuggled before 2003 is still ambiguous because it is in the name of the intelligence service and personalities as well as the presence of real estate, farms and others, adding that Iraq needs to use its foreign relations to return this money.

Most of the countries refuse to return these funds, because they are benefiting from them, by operating the work forces and moving their economy, and Iraq has multiple bodies working to recover its money, such as the Ministry of Foreign Affairs, the Integrity Commission and the Intelligence Service, but its actions are still below the level of ambition.

Observers saw that Iraq is not yet serious about fighting corruption, because corruption is still rampant, so the effect of that also on recovering this money, the senior corrupt have been released, and this is what made international institutions not cooperate with Iraq.

According to the financial revenues announced by the government, the income of Iraq from 2003 to 2020 amounted to more than 1087 billion dollars, for the export of oil, as a large part of it was wasted by governments through fake projects that exceeded 6 thousand projects, as well as expanding the public sector that it had a million people before 2003, but now it's over 3.25 million people.  LINK