MilitiaMan and KTFA Members Wednesday PM 7-1-2020

KTFA:

Samson:  Today I hosted several Ambassadors of @EUinIraq nations to discuss the @IraqGovt's economic reform plan which will tackle the main obstacles preventing local and foreign investment in Iraq.
The Ambassadors offered technical assistance to help Iraq achieve its reform agenda. pic.twitter.com/raZ8jBWRbk

— Ali Allawi (@AliH_Allawi) July 1, 2020

Osmosis:  Did any of them suggest you might want to possibly consider revaluing your currency?

Ryan1216:  With Iraq it makes too much sense to revalue their currency which will alleviate all of their financial problems

MilitiaMan:  Specialists warn of the repercussions of the devaluation of the dinar   link  

MilitiaMan:  They are beating this into peoples heads.. They are not going to devalue the currency.. End of story. They are going to go to a market economy. That requires Article 8 compliance. imo Article 8 compliance is to raise the value of the IQD. imo

The 2019 Financial Management Law Amendment from the 2019 Budget has that rate in it. Hence, imo is why we haven't seen it yet. They cannot expose it to the Parliament until the right time.

Parliament has been complaining about that, that it has not been presented yet. Well, the PM showed up yesterday with something for the parliament and from the looks of things it wasn't the FMLA, imo anyway. There was a delay it seems and there may have been a good reason for it to be delayed. Just as we see that there is nothing concrete yet in regard to the taxes, tariffs and fees at the customs borders and ports.

They too, requires the rate to adjust accordingly for the fees, taxes, tariff's, etc. imo  ~ MM 

Al-Saffar added that "after delaying the budget, the government will rely on the monthly interim budget 1/12", stressing, "The government should not rely on the 12/12 monthly budget for 2019, because the disbursement and revenue process requires a legal cover represented by the budget law

The decision of the Finance Committee, Ahmed Al-Saffar stressed that "the implementation of Law 12/1 is not permissible in such circumstances, because the general situation of the country differed, and everything related to revenues, oil prices and exchange (r)ates also changed, so without a budget approval the government is not entitled to  receive any revenue , And the only legal cover is the budget law

MilitiaMan:  They us show in the above that there is a concern because the situation is different and they note that the exchange rate ( See article that shows "gate".) has also changed. As in past tense. That has to make one wonder about the on goings from here.

They clearly were expecting this to go smoothly. But, there is or was obviously something that transpired to delay things to be brought to the Parliament. 

Here is a different issue that too requires a rate change imo. There has also been a delay in in salaries. Coincidence? I think not. The salaries being delayed is interesting. If they were to be paid at a program rate, why, would that be a problem? It wasn't last month or subsequent months in this manner or time frame. We can see up to today they still have yet to raise the rate, show the budget nor pay the salaries. imo The below show the reason for the delay.

There was a procedural issue in the currency conversion process from hard currency to Iraq. Interestingly enough hard currency is typically international currencies, imo..

Now why would there be a problem at a program rate, they haven't had that before imo?.. Unless the conversion process is not for a a program rate at all? It is possibly a new international rate that could be what is needed to get sorted within days, hence the coinciding of delays; with taxes, tariff's, fees, salaries and assorted yearly budgets to move forward...

Keep in mind the security that was sent to the borders for o make sure they were secure from mafia, gangs, certain people, etc..  ~ MM

It looks as though they have made arrests and may make more in regard to corruption. So, is the delay being openly spoken about? Yes, it sure has. So, imo those that seem to think nothing is being done and it is same old same old, imo, it is far from it.

The data we have before us is off the charts good. I think everyone in the forum and TC should have enough floaties on to be safe on the cliffs.. As the swell I am awaiting for is about to breach them!!! ` imo ~ MM

"A source familiar with the Central Bank revealed, on  Monday (29 June 2020), a development that will allow the release of employee salaries for the current month of June within two days."LINK

Parliamentary finance determines the reasons for the delay in the salaries of employees

The committee member, Adnan Al-Zorfi, said, according to the official media, that "the salaries of the employees will be launched by the Ministry of Finance during the coming days after the completion of transferring the procedures for transferring cash from hard currency to Iraq."

He added that "the reason for delaying the payment of salaries is due to the procedures for the currency conversion period and not to transfer the salary payment every forty days as it is rumored."

Earlier, Prime Minister Mustafa Al-Kazemi directed the Ministry of Finance to expel the salaries of employees. LINK

A spokesman for Al-Kazemi said it is likely that measures will be taken to combat corruption at border crossings

30th June 2020

The spokesperson for the Prime Minister, Ahmed Mulla Talal, suggested that the government will, in the coming days, take

measures to impose the prestige of the state on border crossings to reduce corruption

Mullah Talal said in a press conference attended by "Gilgamesh Press", "Last week, there was intelligence information about an attempt to target sensitive areas and international representations, and the counter-terrorism agency dealt quickly with that attempt."

He added, "The arrest warrant was issued against one person, and 13 people who were present with the wanted were arrested," noting that "only 13 people were released and what is still required is under the jurisdiction of the judiciary." He added, "What is required is handed over to the judiciary and the judiciary is the one who will take appropriate measures against him and the prime minister has no interference with judicial orders."