KTFA:

Parliamentary Finance expects: Approval of the 2021 budget within the next two days 

Member of the Parliamentary Finance Committee, Thamer Theban, expected, on Sunday, the passage of the draft federal budget law for 2021 within the next two days, while noting that the allocations of the center and the south will be among the allocations for the development of the regions. LINK

MilitiaMan:  I cannot imagine, them not passing this week for a vote. They know there is to much at stake now. There is apparently no going back now.. Way to much has been accomplished.. imo ~ MM

Samson:  Al-Yasiri : The Central Bank's initiatives have contributed to employing the unemployed and moving stalled projects

31st January, 2021

The Director General of the Accounting Department at the Central Bank of Iraq, Ihsan Al-Yasiri, said on Sunday that the initiatives of the Central Bank of Iraq in recent years have contributed to employing the unemployed and restoring life to the stalled projects

Al-Yasiri added in an interview with "Al-Eqtisad News", that "after the economic and security crises that Iraq witnessed during the previous years, the Central Bank was involved in the comprehensive development process

He added, "The state was unable to provide financial resources during those years, but the Central Bank launched the 5 trillion dinars initiative for specialized government banks and the 1 trillion initiative for private banks. He stressed that "this initiative contributed to employing the unemployed and moving projects that have been stalled for years

He continued, "The Central Bank, with all its strategies, does not focus only on developing its human resources, but rather on developing human resources in all institutions. He pointed out that "the aim of changing the exchange rates is to support the Iraqi product in competition with imported products

He explained that "some sectors will respond immediately to this change, such as the agricultural sector, the construction sector, and the light industries sector," noting that "as a result, the central bank’s strategy to enter with wishful thinking has begun and will not end as it will remain supportive and supportive of the banking sector and other economic sectors  LINK

MilititMan:  I would have to agree that the response will be immediately. They change the exchange rate and the markets respond in like kind. And in a big way. Contracts will require it!!! imo.. The news is off the charts good the way they are talking today and yesterday. Comprehensive development process have been on going and we are now finally see the fruit of it all! imo ~ MM

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Samson:  Advisor to the Prime Minister: Creating new electronic payment cards that will enhance the advancement of services provided to citizens
31st January 2021

The financial advisor to the Prime Minister, Dr. The appearance of Muhammad Saleh, on Sunday, that the multiplicity of electronic payment companies and the introduction of new cards in the Iraqi market is achieving competition leading to the advancement of the services provided to the citizen

In an interview followed by Al-Eqtisad News, Saleh said that the creation of new electronic payment cards will contribute to creating competition that leads to the advancement of electronic services, especially when the electronic or digital payment card carries competitive advantages, such as the discount on goods and services from the national product when used in the settlement. Payments

Saleh indicated that by doing so, it will be a tool to spread competition within the national economy, and thus the electronic payment card and its use will be very practical in paying public service bills and raising the efficiency of revenue collection, as long as there are encouraging incentives when paying with the digital card, until the digital environment is fully integrated

In addition, the International Network for Cards for Electronic Payment Services Ltd. announced the (neo) application available in the (Apple Store) or (Google Play) store, through which it is possible to create an account with an electronic wallet, without the need to visit the company's headquarters or wait for long hours, and issue a card A digital visa that you can use for all your online purchases, or visit an authorized dealer to buy a gift card or request a travel card

The managing director of the company, Zaid Fawzi, affirmed that "our vision is that money must become digital and all citizens are dealt with electronic payment, especially under the circumstances of the Corona pandemic and after it, as we continue to provide the most secure, quality and easy visa cards for the Iraqi citizen, which meet all his needs with various different needs The methods of use in terms of the various features of our products

Fawzi indicated that the registration process in the application is according to the instructions of the Central Bank, and through the smart application, you can follow all your financial movements easily and safely. He pointed out that "the application provides an electronic wallet with a financial ceiling of up to 50 thousand dollars annually, and the citizen can easily charge it by visiting agents spread throughout Iraq, and create your digital card directly from the application and use it by purchasing from websites that support visa payment, promotion on social media sites and with the recharge feature." When needed, as soon as there is an amount of money in your electronic wallet

The plastic gift card product is distinguished by its availability at agents and in various categories, once you buy it closed from the agent, you can activate it in seconds in the application and directly use it online, ATMs and POS points of sale in three ways ((Chip- Swipe-Contactless) locally and internationally, and it is not refillable

As for the "plastic" travel card, any citizen can request it by visiting any authorized agent and receive it within an ideal period of time not exceeding two days as a maximum, with a financial ceiling of $ 10,000 and can be recharged immediately from the wallet. It is used with POS devices in three ways ((Chip- Swipe-Contactless and Automated Teller Machine (ATM) locally and internationally

It is noteworthy that the company, the International Network of Cards for electronic payment services, started work in 2019 with a license to do electronic payment work No. (7) from the Central Bank of Iraq and based on Law No. (56) of (2004) and it works with a cadre Iraqi youth is proud to provide the best services in the field of electronic payment to citizens.  LINK

MilitiaMan:  DIGITAL MONEY !!! I seriously like to hear this. They told us about this.. It is and was part of the plan of a level playing field. Get ready to be cashless than before. They told us there would be a smaller amount of currency in circulation. Well when they adjsut the exchange rate accordingly they will need less cash. As it will be worth more.. lol ~ imo  ~ MM

Samson:  Sairoun: Raising Or Lowering The Exchange Rate Of The Currency Is The Exclusive Authority Of The Government

31st January, 2021

Member of Parliament for the Saeron Alliance, Riad Al-Masoudi, affirmed that "raising or lowering the currency exchange rate is the exclusive authority of the government in accordance with the law and the constitution."

Al-Masoudi said in a press statement by the Independent: “Articles 78 and 80 are clear about the government's authority to manage the country, economic planning and financial policy, which are all exclusive to the executive authority.” He added, "The raising or lowering of the currency rate is an exclusive prerogative and part of the government's measures to reform the economy."

Al-Masoudi explained: “The role of the House of Representatives is legislative, supervisory, and representative exclusively in accordance with Article 68 and its constitutional paragraphs.” He pointed out: “The parliament’s role is in relation to collecting signatures, either issuing representative orders to form committees or issuing decisions on a specific issue, which are not binding and give the representative opinion of Parliament.”

It is noteworthy that the parliamentary signatures exceeded 100 signatures requesting the government to reconsider reducing the price of the local currency against foreign currencies.   LINK

MilitiaMan:  The reducing the price of the local currency is not going to happen again. 1182 Didn't work 1190 didn't work nor will 1460 if left with out deleting the zeros from the exchange rate. imo ~ MM

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Samson:  Ammar Al-Hakim Discusses With The Ambassadors Of South Korea And Japan Political Developments Regionally And Internationally  LINK

MilitiaMan:  Like I said, look at all who are lining up for the private sector. Internationalism all day long now coming in.. Perfect and timed for the end game.. imo. ~ MM

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Samson:  A senior Gulf official visits Iraq  LINK

MilitiaMan:  Man the line up is amazing to watch of late. They are all ready and willing to support the reforms out of Iraq. What I see from the amount of entities, showing up is showing us regional and international acceptance and effectively reconciliation!~ imo ~ MM

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Samson:  Kuwait postpones debts on Iraq to next year  LINK

MilitiaMan:  More support that there is a regional reconciliation going on. Perfect timing. Suppor them while knowing that the 30 billion in wings to reconstruct the country is to pay off by far more than the 2.5 billion still owed.. Wow! imo ~ MM

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Samson:  Deputy: the governor of the central bank outside the questioning and the budget within the bargaining

15:38 - 01/31/2021
The coalition of Iraqis confirmed, on Sunday, that the coming sessions will not witness the questioning of the Governor of the Central Bank of Iraq, attributing the matter to Parliament's preoccupation with the budget and through it to enter the line of negotiations and bargaining between the blocs.

The deputy of the coalition, Jasim Mohan, said to / the information / that "breaking the quorum and postponing the session during the interrogation of the governor of the Central Bank was not a coincidence and here is the coldness of dealing with the questioning by the Presidency."

He added that "the coming sessions will not witness the questioning of the governor," noting that "the budget will enter the line and the parliament will be busy with it and its long struggles."

Mohan said, "Through the differences on the points of balance between the blocs, the subject of the governor will enter and the agreements and deals on them will begin with a file in exchange for a file."

INK

MilitiaMan:  I'll bet that the budget will enter the line in parliament.. It will be busy with the exchange rate and how to allocate the money.. lol imo Why question CBI Governor about the 1460 devaluation when it can easily become in line with the dollar peg ($1.46) once they drop 3 zeros and the expression may be used as in the SDR basket like that similar to the AMF, etc.... imo  ~ MM

Samson:  Tomorrow ... a new Kurdish delegation will visit Baghdad in a last attempt before the budget is passed

14:15 - 01/30/2021
MP for the Patriotic Union of Kurdistan, Taha Amin, confirmed on Saturday that the Kurdistan Regional Government delegation will return to the capital, Baghdad, tomorrow, Sunday.

Amin said in a statement to Al-Maalouma, that “a Kurdish delegation headed by the Deputy Prime Minister of the Kurdistan Regional Government, Qubad Talabani, and the membership of both the Finance Ministers, Awat Sheikh Janab, and Planning Dara Rashid and the region, Khaled Shawani, and other officials will visit Baghdad tomorrow, Sunday, in a final round before presenting the budget to Voting in Parliament”.

He added that "the visit aims to stabilize the region's share in the budget and to agree on mechanisms to deliver the agreed quantity of oil, which is 250 thousand barrels of oil, and will it be delivered in cash or a quantity to SOMO."

Amin pointed out that "we hope that there will be a response to the last visit, because the one who is most affected by the failure to reach an agreement will be the Kurdish people."   LINK

MilitiaMan:  This is a very timely meeting we are witnessing beginning again a new. Mechanisms to deliver Cash or Quantity are on the table.. The Kurds have their people in mind, coming home with out the spoils will not look good. This is not the only timely visit we are going to see and or have been seeing by very large entities.. imo ~ MM

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Samson:  Erbil enters "last-minute" negotiations with Baghdad on the budget

12:46 - 01/31/2021
Member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Sunday, that the Vice President of the Kurdistan Regional Government, Qubad Talabani, will arrive in the capital, Baghdad, today at noon, to conduct a final round of negotiations with Baghdad on the budget, indicating that in the event that no agreement is reached, the deputies of the region will boycott the session Vote.

Cougar said in a statement to "the information", that "the vice president of the Kurdistan region, Qubad Talabani, will arrive this afternoon in Baghdad to enter into further negotiations with Baghdad in order to reach a solution that satisfies both parties." He added that "the negotiations that Talabani will conduct are the last round, and in the event that no agreement is reached, the deputies of the region will boycott the voting session and the crisis between Baghdad and the region will remain."

It is noteworthy that the region agreed to deliver 250 thousand barrels of Kurdistan’s oil to the government set forth in Articles 11 and 10 of the budget and related to the region’s share, but Baghdad will not respond and insist that the region hand over all of its oil and half of its other revenues. LINK

MilitiaMan:  I suspect this final round is about to be game over.. Don't forget they front ran Baghdad in respect to Taxation. They were not against it. Why? We know why.. They know what we all know.. Exchange rate is going to change in early 2021 again. Private Sector will require it. Article 8 compliance will require it. The WTO will require it, the list goes on.. imo. ~ MM

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Samson:  The Sairon Alliance stresses the need for a "Kurdish conviction" to pass the 2021 budget

30th January, 2021

The Saeron Alliance, supported by the leader of the Sadrist movement, Muqtada al-Sadr, suspended today, Saturday, the fact that there is a parliamentary and political approach to pass the 2021 budget bill without the approval of the Kurdish political forces.

The leader in the coalition, MP Riad Al-Masoudi, told Shafaq News, "The current indications are that the 2021 budget bill will be passed with the approval and support of the Kurdish political forces," stressing the need for a Kurdish conviction about what was mentioned in the budget, and they are aware of the need to vote on the budget in a manner Fast, and they don't want to delay it.

Al-Masoudi indicated that "all political forces, including the Kurdish, will engage in decisive meetings during the next two days in order to finally agree on passing the budget during the current week, after the financial committee has fully completed the project, and it has not remained until consensus and political agreement on it."  LINK

MilitiaMan:  Even Sadr is in support of the Kurds getting this done fast. Me too. lol imo Again the Kurds have the people in mind. ~ MM

Samson:  The Finance Committee reveals the date for the completion of the 2021 budget

30th January, 2021

A member of the Parliamentary Finance Committee, Jamal Cougar, expected, on Saturday, to complete the 2021 budget project in the middle of this week, and then put it to a vote in the House of Representatives

Cougar said in a special statement to NRT Arabia, today (January 30, 2021), that "the Finance Committee has so far reached Article 37 of the 2021 Budget Bill, and it will be fully completed on Tuesday and presented to the political forces to take final opinions

Cougar expected the project to be put to a vote before the House of Representatives at the end of this week or during the next week

Regarding the paragraph on employee salary deductions, a member of the Finance Committee pointed out that "the government deductions are completely rejected and two proposals were put forward in place of it. The first is the application of Income Tax Law No. 113 on all employees and salaried persons and includes the total salary, and another proposal to apply this law with the exception of minimum or fragile salaries," Deductions used to start from the salary of an employee who receives more than a million dinars a month   LINK

MilitiaMan:  End of this week was yesterday 01/30/2021, early next week starts today 01/31/2021.. imo.. ~ MM

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Samson:  A member of Parliamentary Finance confirms that discussion of about 40 articles of the draft budget law has ended

31st January, 2021

A member of the Parliamentary Finance Committee, Representative Shirwan Mirza, confirmed, on Sunday, that the committee has finished discussing about 40 articles of the draft budget law

Mirza said in a press interview, that the committee will discuss during today's meeting, amending the articles and paragraphs of the budget bill and preparing them for voting by the House of Representatives, indicating that the Finance Committee has finished discussing about 40 articles of the draft law

He noted that the draft budget law will be ready for a vote in the House of Representatives during the current week  LINK

MilitiaMan:  They sure like to keep us on our toes.. lol During the current week started today.. lol  imo ~ MM

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Don961:  New text in the draft federal budget in Iraq to establish a special petrodollar fund

January 31, 2021 12:45 AM

Mubasher: The Financial Committee in the Iraqi Parliament announced today, Saturday, the addition of a new text in the draft federal budget law for 2021. 

The Media Department of the House of Representatives stated in a statement carried by the Iraqi News Agency (INA), that "the Finance Committee added a text in the draft Federal Budget Law for 2021, which includes the establishment of a special petrodollar fund for oil and gas producing provinces to implement projects and provide services." 

Today, Saturday, Parliament Speaker Muhammad al-Halbousi chaired a meeting of the Parliamentary Finance Committee, to discuss the draft federal budget bill for the fiscal year 2021.   LINK

MilitiaMan:  Interesting they have a Petro Dollar text in the BL for 2021. I'll bet it has to do with the likes of Hughes Baker, etc.. They know the money is about to flow from investment and will need to have the mechanism in place to extract their share of profits.. Right fully so. Once again in favor of the people too. imo !~ MM

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Don961:  Al-Jubouri to the World Bank Mission: Many reform measures were included in the budget

Posted 8 hours agoNews source / Mawazine News
12:03 - 01/31/2021

Baghdad - Mawazine News,
Chairman of the Parliamentary Finance Committee, Haitham Al-Jubouri, discussed with the representative of the World Bank delegation in Iraq, Ramzi Numan, the draft budget bill for 2021.

A statement stated, “Chairman of the Finance Committee, MP Haitham Al-Jubouri, received the representative of the World Bank mission in Iraq, Ramzi Numan Draft Federal Budget Law for 2021 ”.

He added, “The meeting discussed the great challenges facing the Finance Committee, during its discussions of the draft budget in light of an unstable economic and financial situation, whether in Iraq or the world, imposed by the Corona pandemic.

Al-Jubouri stressed, according to the statement, that “the Finance Committee had a major challenge in the budget represented in the huge deficit and tremendous growth in expenditures without actual reform measures,” indicating that “the committee included a lot of reform measures and rearranging the budget formulation with an economic outlook that reduces pressure on Oil revenues by supporting non-oil resources such as border crossings, collection and private sector support to stimulate the Iraqi economy.

For his part, Numan said: “The World Bank supports the reform process to revive the Iraqi economy and solve its structural problems,” stressing at the same time that the bank had restored to support investment and development projects in Iraq.

In another context, Speaker of Parliament Muhammad al-Halbousi chaired the thirty-fifth meeting of the Parliamentary Finance Committee, in which it continued its discussions on the draft federal budget bill for 2021.

A statement by the Media Department in the House of Representatives stated that the Speaker appreciated the efforts of the Finance Committee in its discussions to balance the current year and bear the burdens of the confusing financial and economic situation in the country.

He added, "Al-Halbousi presented a set of proposals and ideas that could be included in the draft law that would contribute to the development of the agricultural sector, such as obligating the government to pay farmers' dues and supporting this important segment in the country, and supporting the industrial sector and the private sector to create opportunities for unemployed youth."

The statement indicated that "the Finance Committee included a text in the budget that includes the establishment of a special fund for petrodollars for the provinces producing oil and gas to implement important projects and provide services at the level of all sectors."

He continued, "The meeting discussed supporting the liberated governorates and providing adequate allocations to the fund for their reconstruction, as well as the need to support the stabilization program to enable the displaced to return to their homes voluntarily." Ended 29 / A 87  LINK  

MilitiaMan:  So the World Bank has restored their support for investment development projects. Well aint that special.. They are not the only ones either, as we will see I am sure throughout this thread. lol imo ~ MM

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Samson:  Monetary Policy and Fiscal Policy: An Overview  LINK

MilitiaMan:  Talking Monetary Policy and Fiscal Policy in respect to the CBI and the UST.. Like I said earlier, there are more than just the Kurds in the news and the 2021 Budget.. They are clearly telling us they are pegging to the Dollar, like was said when they devalued to 1460. The IMF above is mentioned that the USD is a Fundamental Pillar. They also mention that the CBI is the one that manages and issues the currency. Talks about the management ove money in circulation.. Nice!!  They even mention that they have respectable reserves. Which supports them heading into the new market economy and or private sector. This is again timely and shows there are more involved and intertwined. All very good!... ~ Imo. ~ MM 

Post #40 has this too. ~ MM 

" human resources, but rather on developing human resources in all institutions. He pointed out that "the aim of changing the exchange rates is to support the Iraqi product in competition with imported products" "

He explained that "some sectors will respond immediately to this change, such as the agricultural sector, the construction sector, and the light industries sector," noting that "as a result, the central bank’s strategy to enter with wishful thinking has begun and will not end as it will remain supportive and supportive of the banking sector and other economic sectors