KTFA:

Samson:  Today.. The Coordination Framework Meets At Al-Maliki's House

4th July, 2022

An informed source said today, Monday, that the coordinating framework will hold a meeting this evening at the home of the head of the State of Law coalition, Nuri al-Maliki.

The source told Earth News, "The house of the head of the State of Law coalition, Nuri al-Maliki, will host today, Monday, a meeting of the coordination framework to discuss matters related to discussions with the political blocs in preparation for the formation of the next government."    LINK

MilitiaMan:  Prepping for the Dissolution of Parliament? lol The next government landscape in the future is likely not to include Maliki, This meeting may be more likely travel plans are warranted.. lol ~ MM

Samson:  The Ministry of Oil clarifies the position of international oil services companies in the region

07/04/2022 19:52:28

The Ministry of Oil issued, today, Monday, a clarification regarding the position of international oil services companies in the Kurdistan region.

 The ministry stated in a statement that {Euphrates News} received a copy of it, that: “In view of the many questions directed to the Ministry of Oil from the international and local press regarding the position of the international oil services companies operating in the Kurdistan region of the Federal Court’s decision, the ministry confirms that the companies (Schlumberger, BigHughes) Halliburton), which is considered one of the world's solid companies in the field of oil services.

And she added, "According to her official correspondence with the ministry, she confirmed not to submit to new projects in the Kurdistan region in compliance with the decision of the Federal Court and the directives of the steering committee formed in the Ministry of Oil."

The ministry indicated that "the above companies are now in the process of liquidating and closing the existing tenders and contracts," stressing that "under this pledge, they do not own a commercial entity or other companies operating in the region, whether with their trademark or for others or on their behalf, and in a manner that does not violate the decision of the distinguished Federal Court, Or it intersects with the directives of the Ministry.  LINK

MilitiaMan:  So the calls for that there are no companies leaving the Kurdish area yet are false, those names above are very large companies. They are not in the business to break laws. imo Just like the CBI is likely to not waste 10s of millions of dollars on new currency issuance to be wasted.  Nor is it likely that the digital BUNA platform was to test the IQD for clearing currencies, or the digital AYSCUDA system in place for to facilitate digital taxation at the borders. imo That would include the borders with the Kurds... imo ~ MM

******************

Samson:  Ramadi markets are stagnating with the approaching Eid Al-Adha

4th July, 2022

Eid al-Adha differs this time from previous years in terms of buying and selling, and the demand of citizens in Anbar Governorate to buy clothes and Eid supplies, as was common on festive occasions, according to what a number of shop owners and citizens in Ramadi indicated.

The Iraqi News Agency (INA), during its field tour in the markets of Ramadi, surveyed the opinions of shop owners and citizens, to clearly identify the market movement and the reasons for the recession.

Amjad Hamid, (owner of women's clothing stores), told the Iraqi News Agency (INA), during her tour: "In previous years, despite the Corona pandemic and the curfew, the demand for shopping was good, and we, the shop owners, were able to sell half of our goods by through the delivery service to our customers in all regions. Hamid added, "We are currently presenting offers for our goods at discounted prices, but the sales movement is still not good to the extent that we suffer from not being able to provide rent for shops and pay the wages of electric generators whose prices have risen to 25 thousand dinars per ampere."

For his part, citizen Riad Suleiman (a government employee), indicated that "every Eid, he would buy new clothes for his children, but this year he was satisfied with buying only basic foodstuffs, due to the high prices of goods."

In turn, Amer Muhammad (owner of a children's clothing store), pointed out that "this holiday is very different from the holidays that preceded it, as most of the dependence has become on employees, and all shop owners were waiting for employees to receive their salaries in order to move the stagnant market and activate the sales movement", stressing that "the stagnation in the markets remained unchanged."

And Muhammad continued, “The stagnation of market movement and the low demand for purchase greatly affected the shop owners and burdened them with debts, especially since most of the goods offered are “models”, meaning that they are governed by a specific period of time, and this is another problem that is added to a number of other problems that he suffers from. Including shop owners.  

MilitiaMan:  Inflation has strangling the citizens before a very special holiday.. The heat is on!! They need purchase power fast..

The street will not take kindly to not only that the election failed and dissolution of the parliament being likely and will likely make them to have to wait for some timed before that is resolved, mean time the temperatures are up in Iraq now and electricity has still some issues on the back of higher costs...  imo

This is added pressure to get the new exchange rate presented.. imo ~ MM

~~~~~~~~~~

Tivon:  Between now and the 16th is such a turbulent window of opportunity given what Petra has shared  LINK   I wonder the implications in regards to the citizens who are experiencing and witnessing the inflation, political impasse, electricity, poverty, etc will do in this hot month where tempers & temperature can incite some instability in the region and people take to the Green Zone or anywhere for that matter and start demanding everything the EFSL is/was created for in large numbers? What is going on with that Gazette? Something is off because on one hand Mazhar said the law entered into force. On the other hand the ministries said they didn't receive anything. Therfore they can't not help the families in need who are atleast 300,000 in the database. IMO

Samson:  The National Bank of Iraq signs an unfunded facility agreement with the Arab Trade Finance Program

4th July, 2022

As part of its efforts to promote exports and imports of the industrial and service sectors in the Iraqi market, the National Bank of Iraq and the Arab Trade Finance Program recently signed an unfunded facility agreement

The agreement was signed by Abdul Rahman bin Abdullah Al-Hamidi, CEO and Chairman of the Board of Directors of the Arab Trade Finance Program, and Board Member/CEO of the National Bank of Iraq Ayman Abu Dhaim. Under the agreement, the Arab Trade Financing Program granted the National Bank of Iraq a line of credit to be used in financing Arab trade and to guarantee qualified commercial deals

The Arab Trade Finance Program provides funded and unfunded credit facilities through the conclusion of risk-sharing partnership agreements with international financial institutions, in order to participate in the risks of the national agencies’ payment of their obligations, and also through the direct issuance of guarantees or irrevocable payment pledges to ensure that national agencies pay their obligations. arising from entering into commercial operations subject to the principles and uniform international norms

 The CEO of the National Bank of Iraq, Ayman Abu Dhaim, expressed his pride in this cooperation with the Arab Trade Financing Program, which will support the plans of the National Bank of Iraq in providing the best services to its corporate clients in various commercial and industrial sectors, by supporting the financing of exports and imports of these sectors, in a way that contributes to the development of trade in Iraq

Abu Dhaim pointed to the bank’s achievements in the Iraqi market, where it was able to effectively contribute to the Iraqi economy and consolidate its distinguished position at the heart of the banking sector, which is the locomotive of development and the main pillar of various vital sectors, by providing banking products and services with high added value to its customers.

From individuals and companies, and its investment in its infrastructure, it has witnessed over these years a remarkable increase in the number of its branches, which today amounted to 19 branches and 112 ATMs spread in various Iraqi governorates

It should be noted that the Arab Trade Finance Program is a joint Arab financial institution that was established in 1989 in the city of Abu Dhabi - United Arab Emirates. The program aims to develop Arab trade and enhance the productive and competitive capacity of the Arab exporter

The program works to provide a package of services to the Arab trader that will contribute to enhancing his productivity and competitiveness. At the forefront of these services is the provision of the necessary financing for Arab trade activities through its approved national agencies at a competitive cost and easy terms. The program services include various tools and mechanisms that include financing through credit lines. , financing in accordance with Islamic Sharia, risk sharing with various financial institutions, document discounting service, guarantee services, in addition to a number of other unfunded credit facilities   LINK