KTFA:

President of the Republic: There is no decision to hold early elections in Iraq... and the political crisis is over

1st November, 2022

The President of the Republic, Abdul Latif Rashid, confirmed that: "There is no decision to hold early parliamentary elections in Iraq... and the political crisis is over."

He said in a televised statement: "We support a Palestinian state with Jerusalem as its capital, and we will focus on that at the Algeria summit, just as we reject violations in the Palestinian territories."
And the President of the Republic continued: "We continue our mediation between Saudi Arabia and Iran, and the meetings continue, but the results are in their hands."    LINK

MilitiaMan:  There is an announcement. The political crisis is over. .Enough said.. Lets hope this lands on the CBIs desk today.. lol ~ MM

MilitiaMan:  We can see that there is a push to complete the GOI and to implement reforms. Like what we see in the news is today. Much support for the private sector to get stimulated and on the road to re construction.. All is looking very good the GOV done, the Kurds are soundingly like there are agreements to sort Article 140, etc.. What not to like about all of the good news.. imo.. Nothing is not to like.. lol ~ MM

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Samson:  The World Bank: The policy of changing the dollar exchange rate is the prerogative of the Iraqi government 

31st October, 2022

Monday, the World Bank confirmed that the policy of changing the dollar exchange rate is one of the prerogatives of the Iraqi government.

The World Bank said in a statement that it was followed by (Al-Oula News), that "the policy of changing the dollar exchange rate is one of the prerogatives of the Iraqi government."  LINK

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MilitiaMan:  The World Bank looks to be giving the green light on the policy of changing the dollar exchange rate. It is the Iraqi Governments prerogative.. The Article 110 of the constitution talks about this. No doubt this is giving the GOI support to get on with reforms..

Definition of prerogative

1a : an exclusive or special right, power, or privilege: such as. (1) : one belonging to an office or an official body. (2) : one belonging to a person, group, or class of individuals.

Article 110

The federal government shall have exclusive authorities in the following matters:

First.Formulating foreign policy and diplomatic representation; negotiating, signing,
and ratifying international treaties and agreements; negotiating, signing, and
ratifying debt policies and formulating foreign sovereign economic and trade
policy.

Second. Formulating and executing national security policy, including establishing and
managing armed forces to secure the protection and guarantee the security of
Iraq's borders and to defend Iraq.

Third. Formulating fiscal and customs policy; issuing currency; regulating commercial
policy across regional and governorate boundaries in Iraq; drawing up the
national budget of the State; formulating monetary policy; and establishing and
administering a central bank.

Fourth. Regulating standards, weights, and measures.

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Samson:  This is the controller.. Economic: Changing the dollar exchange rate is very possible

1st November, 2022

The economic expert, Nabil Al-Marsoumi, confirmed, on Tuesday, that the possibility of changing the exchange rate of the dollar is a possibility, in light of the policy control of the wheel of the economy in Iraq.

Al-Marsoumi said in a Facebook post seen by "The Information" that "reducing the exchange rate of the dollar against the dinar is very possible for political reasons, to gain the approval of some people, or to fulfill previous promises."

He added, that the decision to reduce may be taken "even if the decision has significant economic repercussions or costs."

He pointed out that "it is difficult to expect the new price of the dollar even if the Ministry of Finance and the Central Bank denied the possibility of adjusting the exchange rate because politics in Iraq is leading the economy."  LINK

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MilitiaMan:  It looks like there is still a push to counter the article about that there is not a move to adjust the exchange rate. We can see the hand hold by the World Bank today saying the GOI has the prerogative .. The private sector is not going to get up and running without an adjustment to the rate change.. imo They know it as we do, far to much work on the electronic side of things is in place now... imo ! MM

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Samson:  Washington sets a condition to increase opportunities for private sector growth in Iraq

1st November, 2022

On Tuesday, the United States of America announced a condition to increase opportunities for the growth of the private sector in Iraq.

And the US ambassador to Baghdad, Alina Ruminsky, said in a tweet via Twitter, which was followed by / Mawazine News /, that she "spoke today with members of the United States in the Business Council for International Understanding and told them that economic opportunities exist in Iraq."

She added, "The potential for private sector growth will increase if the new government takes measures to build a more stable, secure and sovereign Iraq."   LINK

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MilitiaMan:  World Bank, UN, USA, etc.. All in support of the private sector.. Even the Parliament has the renaissance measures on the table. They need to get Industry up and running to create jobs.. Well, get the reforms done and that will stimulate the private sector..... Show time is now.. imo ~ MM 

Samson:  Expectations of an unprecedented budget for Iraq in 2023

10/31/2022 20:52:39

  The former member of the Parliamentary Finance Committee, Ahmed Al-Saffar, expected Monday, an unprecedented budget for Iraq in 2023.

  Al-Saffar told Al-Furat News that: "The federal budget, according to the Financial Management Law, has principles, rules and a life cycle that starts from the smallest units of public spending, and usually the government starts preparing it in early June and ends in mid-October and then sends it to the Finance Committee, which studies it for a period of time." Two or three months, then it becomes law."

He added, "There is no general budget that ends within a week or a month, especially the program of Prime Minister Muhammad Shiaa al-Sudani aims to solve the problems that have existed for 18 years, the most important of which is fighting corruption."

Al-Saffar continued, "For the first time in the history of Iraq, there will be a financial abundance of up to 80 billion dollars as a result of the rise in oil prices for 2022, and with oil revenues for the year 2023 estimated at 120 billion dollars, the total will be approximately 200 billion dollars."

Al-Saffar added, "The Minister of Finance has experience in preparing the budget, and the government can prepare a new budget by reconsidering the mechanism of schedules, returning to spending units, and starting with the smallest spending unit, leading to the ministries' budget."

Monday, the Ministry of Finance announced the actual start of preparing the budget law for the year 2023.  LINK

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MilitiaMan:  The 2003 - 2022 budget have to be sorted before the 2023. They have to have them all completed and audited.. Hence the talk of the oil and Gas Law within 2022.. They only need amendments to that law for it to be sorted.. imo.. It is an old law and not a new one. So, if she has started the 2023 and it is virtually a template done already, then it should flow smoothly especially with the surpluses they are talking about to the tune of 200 billion dollars. A good sign.. ~ MM

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Saleh Al-Hamashi : Next year's budget may exceed 170 trillion dinars

1st November, 2022
The economic expert, Saleh Al-Hamashi, confirmed that next year's budget may exceed 170 trillion dinars.
He told the National Iraqi News Agency : The most important thing that the Sudanese government is doing is passing the next year's budget because it represents the government's economic plan for a whole year.
Al-Hamashi added: Without a budget, the Prime Minister cannot implement his government program, and he can take advantage of the financial abundance to prepare a budget that may exceed 170 trillion dinars to implement his government program.

 He explained that this figure is able to achieve this if it is able to reduce corruption, especially since the doors of corruption in the Iraqi state have become clear and frank and easy to detect if there is the will and seriousness in fighting corruption.

The Minister of Finance, Taif Sami, confirmed earlier that one of the government's most important priorities is to present and approve the draft budget. She stressed, during a meeting of officials in the ministry, "the importance of cooperation in the spirit of one team, and to complete the process of reforms necessary for the financial policy and to provide the requirements for comprehensive development of the national economy, especially in light of the current economic conditions," noting that "one of the most important priorities of the new government and the ministry is to present the draft federal budget for the year 2023 and its approval.”    LINK

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MilitiaMan:  Lets say the government acts on Article 110 of the constitution and if they drops 3 zeros from the exchange rate the ratio becomes very interesting. It gets much closer to a 1:1 ratio than it is now be sure. I could be off, but, it sure looks interesting. imo ~ MM

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Economist: The Sudanese government will stop all lawsuits against the oil companies in Kurdistan LINK

MilitiaMan:  Another interesting bit about the oil and gas law.. Stopping law suits and not opening new contracts.. I suspect there is more to the story. But, it is something of interest at this stage in time. Looks like deals are bein cut to get the show on the road.. imo ~ MM

Petra:   Couldn't agree more MM.  From a grander perspective one is curious about all the subterfuge going on the last 3-4 days.  How many times does a country have to "defend" in one aspect the fact they are "not" going to change the exchange rate....and then, we see articles coming out from within Iraq that this is the very move that needs to be made. 

Couple that with the input from the WB/IMF and other agencies telling the country to move forward and open themselves up for partnership, investment, and international business.  It doesn't get clearer when one of your largest trading partners (Jordan) opens up a bank down the street.  Why?  And why now? 

Why not have articles on how they are going to sell their wheat to other countries, or importing cars, or any other subject.  No, they keep telling us what they are "NOT" going to do.  Sorry, one or two I would take you seriously...but 12?  I don't buy it, nor does the Iraqi people.

The impact of so much "not going to happen" tells a different defensive posture.  Case in point, anybody hear from the French lately?  TOTAL is still on as far as I know.  Why haven't they come back and thrown a few sandls?  Because...THEY KNOW!!!

Oh, and let's not forget the "INTERNATIONAL BAGHDAD FAIR" going on as I type this.  What are the topics to be discussed.  They all remember the Kuwait Conference of 2018 where "BILLIONS" were committed and "$0.000000" was received.  Why?  Because Iraq was not ready to make the changes necessary to be in the international arena. 

Do they "dare" repeat that scenario?  I think not.  IMO, and all of this is IMO, there are things going on we are not privy to but "Not" changing the rate is not one of them!!! 

 Nothing works at the current rate.  The future is locked in Iraq...until....it is unlocked!!

OK CBI, you have the key...do your thing!!!   ALL IMO  PETRA

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Samson:  Parliamentary Finance sets the date for receiving the 2023 budget

1st November, 2022

The Parliamentary Finance Committee confirmed, on Tuesday, that the 2023 budget is almost completed by the specialized team at the Ministry of Finance, as some amendments will be made to it before sending it to the House of Representatives. It is likely that the Council of Ministers will raise the budget to Parliament in the middle of this month.

Member of the committee, MP Jamal Kougar, said in a statement to "Al-Maalouma", that "the team that prepared the budget law at the Ministry of Finance is today in the custody of the new ministry after the formation of the new government," noting that "the budget preparation team will submit it to the Council of Ministers within days." 

 He added, "The Council of Ministers will certainly make some amendments to the draft budget law, but it will push them to the House of Representatives in the middle of this month in order to approve the law." 

Cougar pointed out that "the House of Representatives is firmly determined to pass the budget within a month, or at most, a month and a half." Concerning the features of the budget, Cougar stressed that "the investment budget will rise significantly because the government program is an investment service program and that all things are ready due to the presence of financial abundance and the continued rise in oil prices."    LINK

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MilitiaMan:  The government is done now from the looks of it. They assigned the last to ministries.. The budget for 2023 is well under way. Now we watch how they interlink the EFSL / 2022 budget to this all.. They have to reconcile all budgets going back to 2003. We know they have through 2003-2021. There is not going to be an exclsuion to the 2022. There is a reason the 2022 is not being talked about. Likely we can safely presume it is because there is a calculation that is required to facilitate the 2023 budget.. imo.. ~ MM

Sirwan Barzani praises the curriculum of the Sudanese government: It will be good if it applies Article 140   LINK

MilitiaMan:  Another positive sign there is progress and the importance now to get Article 140 applied. imo ~ MM

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Samson:  In partnership with the Association of Banks and America.. Launching a project to activate lending programs in Iraq

1st November, 2022

The Department of Non-Governmental Organizations, in the General Secretariat of the Council of Ministers, announced on Tuesday the launch of a project to activate lending programs in Iraq, in partnership between the Association of Iraqi Banks and the US Agency for International Development.

This came during a conference inaugurated by the Governor of the Central Bank, Mustafa Ghaleb Mikheeb, in which he affirmed his constant endeavor in order to remove obstacles to borrowers seeking to launch their development projects in Iraqi society.

The Director General of the Non-Governmental Organizations Department, Ashraf Al-Dahan, said that this project aims to build a strong sector for emerging and entrepreneurial businesses that contribute to rebuilding the economic fabric of Iraq and creating sustainable job opportunities.

For his part, the director of a financing platform in the General Secretariat of the Council of Ministers, Shamil Abdel Bari, gave an explanation of the electronic finance program in many sectors of industry, agriculture, craft trade, clean energy, and housing, stressing the General Secretariat’s endeavor to find solutions to the obstacles to the project, which is implemented by staff. Iraqi.  LINK

MilitiaMan:  More and more evidence of the push to go international is on. Electronic finance is transparent and with little allowance or tolerance for corruption. Look the amount of sectors are read to go.. Looks very good.. imo ~ MM

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Samson:  Deputy Ali Al-Mashkoor: There is a ready-made version of the budget that needs amendments only

31st October, 2022

Deputy Chairman of the Parliamentary Oil, Gas and Natural Resources Committee, Ali Al-Mashkoor, announced that there is a ready-made copy of the budget and it only needs amendments.

Al-Mashkour said in a televised statement: "The Parliamentary Oil Committee is facing a difficult test, which is the issuance of the oil and gas law, noting that wasted gas revenues could reach 60 billion dollars."

He continued: "The misplaced loss of financial abundance is a loss of a great opportunity for reform, adding that it is not easy to change the exchange rate again."     LINK

MilitiaMan:  There is a ready-made copy of the 2022 budget I suspect. The oil and gas law is not a new law. If not mistaken the EFSL has this covered for and in the year 2022. It only needs amendments not new law(s).  Timing is of the essence it appears as there will be great loss. Regardless of easy or not the private sector and the citizens want the exchange rate to be an international one. Let not forget the BUNA had an advanced virtual meeting on where they are and that they are ready for electronic cross border clearing and payments, all to be done within the second half of 2022.  Lets see how this day unfolds.. imo ~ MM

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Samson:  Bank of Jordan opens its first branch in Iraq

1st November, 2022

Bank of Jordan announced the launch of its operations in Iraq with the opening of its first branch in Baghdad, after fulfilling all conditions and procedures related to launching its business in the Iraqi market.

The Chairman of the Board of Directors of the Bank of Jordan, Shaker Fakhoury, told Shafaq News, "The decision to branch out in Iraq comes to enhance our regional presence and to translate the bank's strategy that it has adopted to expand its business in the countries of the region, whose markets are witnessing remarkable growth and promising opportunities, which will positively reflect on the services provided to our current and future customers." 

He added, "We also seek to develop our banking system, a translation of the royal visions to increase investment, coordination and economic cooperation between the two countries, and to consolidate the strong economic and historical relations with Iraq."

Fakhoury added: We are launching today in Iraq to translate the Bank of Jordan’s long-standing career, which extends for more than 60 years in banking and financial work, and in a manner that reflects the success in implementing the bank’s aspiring vision to become the leading bank in the Arab region, and to expand its branch network to include the Iraqi market, which is one of the most important markets in the region. 

He also indicated that the bank is currently working on preparing its first branch in Riyadh, Saudi Arabia, after recently obtaining a license to practice banking business in Saudi Arabia, stressing the bank's continued orientation for regional expansion towards countries whose markets are witnessing growth and development at the economic and investment levels.

Fakhoury appreciated the efforts of the Central Bank of Iraq in facilitating the opening of the Bank of Jordan branch in the capital, Baghdad. He also thanked the Central Bank of Jordan for their trust and permanent support for the bank to implement its plans for branching and external expansion.

He pointed out that this step reflects Bank of Jordan's commitment to designing its branch network in a way that enables it to achieve its vision and strategic directions and serve its broad customer base through its traditional channels, in addition to providing electronic and digital services to all its customers. 

Pointing out that Jawdat Jawdat was appointed CEO of the Bank in Iraq, who has a long and extensive experience of more than twenty-seven years in banking. He held a number of important positions during his work in major local, regional and international banking institutions.  LINK

MilitiaMan:  Jordan opening  a bank branch is likely for that they know there is going to be massive trade. Opportunities will abound like ever before in the 60 years they have been doing business. Iraq will be a central hub and Jordan would know that and is acting on that fact now.. A good thing. ` IMO ~ MM