MilitiaMan and KTFA Members "Fascinating Times" 11-26-2020
KTFA:
Ross: The 2021 budget has not been finalized by the Kadhimi Cabinet and they plan to work next Tuesday to complete that task and be in a position to submit same to Parliament:
"Minister of Culture Hassan Nazim announced, Tuesday, that the next session of the Council of Ministers (Cabinet) will be devoted to the budget law only.
He added that "the next cabinet session will be devoted to discussing the draft budget law only..."
IMO this is the next step in preparing the 2021 budget to be sent to Parliament and the postponing of Parliament's next meeting to 12/05 has nothing to do with this meeting next Tuesday. I reserve the right to be wrong. Lol
MilitiaMan: My thinking is in line with yours.. Thanks for sharing..
MilitiaMan: They'll have to show the finalization of the 2020 budget, imo at some point. Thus, the data needed for the 2021 is my focus, as is the UN, etc.. (see below). We see the CBI has been busy lately too. They have been in talks with the BIS. That is a very good sign.
When the Central Bank of all Central Banks speaks about investing opportunities that are apparently agreed upon in respect to foreign reserves we should all take notice. Look at even the UN is waiting on the implementation of a correctional white paper issue. In other words a change to it.
That change may very well be between now and Tuesday. As noted in your post for the COM to have a meeting on the 2021 Budget only! They were very specific on that matter. Fascinating times we are witnessing.. imo ~ MM
"The association added, "The Central Bank of Iraq is taking a wise policy, during this stage under its new management, which is represented by increasing confidence between the banking sector and citizens, increasing monetary and pledging credit by supporting small, medium and large enterprises in addition to the successful experience that the Central Bank has undertaken in launching a special platform." Letters of guarantee"
The association noted that it "appreciates the great steps taken by the Central Bank in increasing financial inclusion and supporting banks in their work to diversify banking services, in addition to international cooperation between the central bank and its counterparts from international central banks, which leads to the development of relations between Iraqi and foreign banks, and that these policies and procedures" It will lead to an increase in banking services provided by banks to the aspiration of the Iraqi citizen
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FROM IRAQI TV:
"Deleting 3 zeros from the currency .. Parliamentary finance determines the size of the cost and the economic effects"
"Therefore, in general, it can be said that deleting zeros from the local currency without meaningful and effective economic reforms in all economic sectors will be negative and have no positive impact on the national economy and does not contribute to reducing inflation, although some may delude some that prices have decreased and the purchasing power of the currency." Got better. Accordingly, it can be said that what was mentioned above applies to the Iraqi economy, and this step will have a negative impact if it is not carefully planned and is associated with effective economic measures, revitalizing national industry and supporting the private sector to advance the national economy.
"A bank statement said, "The Central Bank of Iraq held a remote meeting with the Bank for International Settlements (BIS) to discuss prospects for joint cooperation and investment mechanisms between the two parties."
"The statement pointed out that "the two sides agreed on the contribution of the Bank for International Settlements to enhance the capabilities of the Central Bank of Iraq and increase investment opportunities in foreign reserves."
1- Achieving sustainable financial stability
Key reforms include:
Reducing the deficit from 20% to 3% of GDP and expenditure on salaries from 25% to 12.5% of the federal budget
Collecting electricity tariffs from all users based on the real price of fuel on global markets
Recovering and returning Iraq’s smuggled and stolen money
Increasing revenues from customs and taxes
Reforming Iraq’s Pensions Fund and move to gradually end federal budget support
Reforming financial management systems
Reviewing the current exchange rate of the dollar against the dinar
2- Implementing strategic reforms and creating sustainable job opportunities
Key reforms include:
Modernising and rehabilitating the financial sector
Modernising and rehabilitating the banking system, supporting the development of private banks, reforming government banks and introducing and activating the Core Banking System in Al-Rafidain and Rasheed Banks
Expediting the development of e-banking services
Establishing new trading markets, such as a commodity market and a currency exchange market (Forex)
Supporting the sectors that drive the economy, such as agriculture, oil and gas
Introducing a private sector support fund, simplifying procedures, and providing other non-financial aid
Creating job opportunities in the private sector and supporting small and medium enterprises
Adopting a national strategy for education and training that links educational outcomes with the future need for the labour market"
Plasschaert: We await the implementation of the Kazemi correctional paper
"The Special Representative of the Secretary-General of the United Nations in Iraq, Jenin Blashart, confirmed, on Tuesday, the economic paper presented by Mustafa Al-Kazemi's government is awaiting implementation, "
Samson: Al-Fateh: We will host Al-Kazemi in the event that the 2021 budget is not sent
17:51 - 11/26/2020
Al-Fateh Alliance confirmed, on Thursday, to host Prime Minister Mustafa Al-Kazemi in the event that he did not send the 2021 budget to the House of Representatives.
Deputy for Al-Fateh Zahra Al-Bajari said to "the information" that "the arrival of the prime minister to the parliament did not take more than minutes."
She added that he "attended the funeral council for the death of Deputy Al-Zuhairi," noting that he "left the council immediately afterwards."
Al-Bajari explained that "the House of Representatives will host Al-Kazemi during the coming sessions in the event that it is not sent to the 2021 budget in the coming days." LINK
MilitiaMan: There is a reference that they are possibly working behind the scenes on this 2021 budget.. Coming days can mean at anytime too.. The pressure is on, as noted by the UN comments. imo.. ~ MM