MilitiaMan and KTFA Members "News and Views" Thursday Afternoon 5-12-2022
KTFA:
MilitiaMan: They already spent the money on printing new money. WOW... Softening the people up to the next move. imo~ MM
Clare: Mahmoud Dagher explains the economic feasibility of removing zeros from the local currency
12/05/2022 Economy News-Baghdad
The economic expert, Mahmoud Dagher, explained the economic feasibility of the project to delete zeros from the Iraqi currency, which is frequent in political and economic circles from time to time, especially in times of inflation.
Dagher said to "Economy News", that "removing zeros does not change the level of inflation because it does not change the money supply or securities," adding that "the state will have to spend money to print a currency equivalent to the replaced currency."
On ways to preserve money during inflation in the markets, Dagher advised capital owners to "invest in fixed assets that are not subject to commercial circulation, such as gold, real estate and fixed assets to keep money from eroding during price increases." LINK
Clare: Finance holds a consultative meeting to implement two systems...and reveal their benefits
05/12/2022
The Ministry of Finance held, today, Saturday, a consultative meeting on the application of the integrated financial management systems and the unified treasury account.
And the ministry said in a statement that {Euphrates News} received a copy of it, that “Minister Ali Allawi held a consultative meeting on the requirements for designing and implementing the unified treasury account system 𝗧𝗦𝗔, in the presence of the Undersecretary Taif Sami, the Director General of the Accounting Department and the representative of the General Secretariat of the Council of Ministers, in addition to the stakeholders in the Ministry Finance, the Ministry of Planning, the Central Bank of Iraq, the Financial Supervision Bureau, and the general managers of Rafidain, Rasheed and 𝗧𝗕𝗜 banks, with the participation of the project management team for the modernization of public financial management systems and the support team at the World Bank.
During the meeting, "a presentation was made on the preparation of requirements for the design, implementation and dissemination of the integrated financial management system (𝗜𝗙𝗠𝗜𝗦) and its direct relationship to the design and implementation of the unified treasury account system (𝗧𝗦𝗔) in a way that suits the nature of the financial and accounting system in Iraq, and the investment of support provided by international organizations and the International Monetary Fund was discussed. To complete the project, emphasizing the need to build the capabilities and skills of those working on the system.
The system is "a means of linking all public government agencies and contains all functions of public financial management and financial and accounting operations that take place in all stages of budget preparation and implementation, starting from the strategic planning stage and ending with the accounting stage and submitting final accounts."
The application of the system will also provide the achievement of several goals, the most important of which are: financial discipline, reducing errors, achieving efficiency and effectiveness in the use of government resources, in addition to providing accurate and timely data and information that pertain to all government financial information that helps provide services efficiently and effectively and raise the level of financial transparency, follow-up, control and accountability. finance, as well as increasing the ability to properly plan government cash flows.
The process of initiating the implementation of the system comes within the framework of the financial and economic reform project, represented in the white paper, with the aim of shifting towards integrated financial and accounting management, which is consistent with internationally approved programs and systems. LINK
DeepWoodz: Imo….Cmon MM!! Run this through your translator for us! This is right up your alley! Imo
MilitiaMan: I have had to reboot the translator mechanism.. lol The looks of this they need to reboot their time machine. Yesterday they told us the voted on the Emergency Food Law then later in the day the told us they were going to do that on Saturday.
Now this tells us that today, Thursday is Saturday.. lol What is good about it though is we expected there to be meetings today with Sadr, Finance Minister and CBI Governor. This is not just getting started, they have the system ready to go and todays meeting is about the process of initiation of implementation of the system. They will be consistent with international programs and systems.
With all we know the automation of the borders, the AYSCUDA SYSTEM, the BUNA PLATFORM, ISO20022, deletion of the zeros project, etc., we can see there is far more progress in the white paper programs than ever before..
The CBI papers show they already printed currency for the project over about a 8 month span going into late August 2018 to the tune of over $500 million USD, equivalence. So it is not surprising that we see the big hitters having a meeting on implementation over advanced internationally acceptable systems to monitor the money flow.. All nice and transparent...
Oh yah.. I like what we are seeing.. ~ MM
Clare: Initiating the implementation of a new mechanism to support the validity of the issuance of customs permits
Today, 16:23 BAGHDAD -
The General Customs Authority, today, Thursday, started working in all customs centers and departments by issuing confirmation of the validity of the issuance of customs permits, according to a mechanism issued by the Prime Minister's Office, which aims to combat money laundering and conform to international standards.
The Director-General of the Customs Authority, Shaker Al-Zubaidi, said in a statement received by the Iraqi News Agency (INA), that "the authority has started work with the new mechanism that prevents fraud and manipulation of the information mentioned in the customs declaration, as well as accelerating work between the Customs Authority and the Central Bank in exchanging information on importers that Offered in a hard currency auction.
He affirmed the directive instructing all direct customs centers and departments in coordination with the port departments and the shipping company in order for the first-mentioned departments to endorse the data contained in the books of the beneficiary for the purpose of approving them in the validity of customs issuances. (Verifying) imo ~ MM
Al-Zubaidi indicated that "the application of the mechanism will allow the stability of financial systems by adopting the best ways to increase the effectiveness of combating counterfeiting, money laundering and hard currency smuggling, in light of innovations and modern financial technologies, enhancing compliance with legislation and controls, and ensuring the protection of the validity of the data provided to the Central Bank for the hard currency auction." (Applied mechanism) imo ~ MM
In early 2022, Iraq announced its removal from the European Union's list of countries with high risks in the areas of combating money laundering and terrorist financing. (No risk) imo ~ MM
On the other hand, Al-Zubaidi revealed the start of work on the electronic link between the customs authorities and the ports to exchange documents and approvals issued by other departments, which are approved in the completion of customs transactions to clear imported goods and goods and transport them to the local market. (Working now) imo ~ MM
He stressed that "the authority has achieved technical administrative achievements to get rid of paper transactions by working on the electronic governance system for customs transactions and addressing the departments that are related to its work with customs." LINK
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MilitiaMan: Put this with the meetings with the CBI, the Finance Minister, the IMF, the World Bank, Banks in Iraq, etc., today we can see that Iraq is going international and quickly now, as in very quickly!!! mo It appears that it is all systems go now.. Even the deletion of the zeros project is being talked about today. Fairly sure the world can see what's going on.. Well those that are paying attention anyway.. lol ~ MM
DeepWoodz: Imo Thanks MM! Even for a construction hand like me, looks like some rubber is really hitting the road! And like you said….Fast!!’
MilitiaMan: Yes, so fast things happened a week in the past and the news is just getting to us.. lol Better late than never, for the news anyway. We had it there were big boy meetings last week already. From the sounds of the news they lets have today from then, we are well on our way for a big change in the way things are going to run and what mechanism they will use. It won't be 1460 imo... ~ MM
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Clare: Parliamentary legal for / NINA /: Parliament will not obligate the government to send the general budget .. and food security will be a temporary alternative
Thursday 12 May 2022 Baghdad -
The Parliamentary Legal Committee confirmed that the House of Representatives will not obligate the current government to send the general budget law 2022 in the event that the food security law is legislated for voting in a session next Saturday.
Committee member Representative Omid Muhammad said, in a statement to the National Iraqi News Agency ( NINA ), that "the House of Representatives asked the federal government to send the general budget law, and it is currently a daily caretaker government, so it cannot send the general budget law."
He explained, "The draft general budget law 2022 is ready with the Council of Ministers, which is awaiting the formation of the new government, and therefore Parliament is obligated to wait for the formation of this government."
He added, "The House of Representatives is currently discussing the Food Security Law, and most political blocs have a vision that this law will be an alternative to the budget until after the formation of the government," noting that "the legislation of the law supports lagging projects and there are important requirements that the law addresses to ensure food security, except for job grades." and official allocations in the general budget law.
A member of the Parliamentary Legal Committee confirmed, "Parliament will not have to force the current government to send the general budget law 2022, if it votes next week on the food security law, so it will be a temporary alternative to the budget until after the formation of the new government."
The Presidency of the House of Representatives decided to postpone the voting session on the draft law on emergency support for food security and development until next Saturday, for the purpose of completing discussions and maturation of the law and for the need for more time. LINK
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Al-Kazemi chairs the meeting of the Supreme National Water Committee
Baghdad / NINA / - Prime Minister Mustafa Al-Kazemi chaired a meeting of the Supreme National Water Committee LINK
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MilitiaMan: The law like many will always evolve and for long periods of time. The part of this that may get over looked is that it is rate oriented. Notice they don't mention it.. They can't.
But, they will. imo Like they said. The Emergency Food Law is "Synonymous" with the 2022 Budget Law. Get ready.. imo ~ MM 05/11/2022
Now this guy is also suggesting they didn't vote on the law and it is postponed until Saturday, yet yesterday they told us earlier that they voted on it in it's entirety.. Smoke on the water or what? lol ~ MM 05/12/2022
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Henig: Smoke on the water, and fire in the skies.
You take a gander at the stock market today--or rather this week? And crypto?
Seems like a whole host of "seemingly unrelated things" are maneuvering together toward a flash point, imo.
In my very opinionated opinion, there could be more than just this basket happening soon. N/G, if you smell what my opinion's cookin'.
Wheeeeeeeeeeeeeeee!!! LOL