More News, Rumors and Opinions Saturday Night 12-10-2022
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TNT:
Tishwash: The Finance Committee reveals a plan to approve the budget during the legislative recess
The Parliamentary Finance Committee considered, on Saturday, the delay in sending the budget from the government to Parliament as unjustified and has no reason, stressing that Parliament will interrupt its legislative recess in the event that the budget is sent.
Committee member Representative Jamal Cougar said in a press statement, "Not sending the draft budget law to the House of Representatives is surprising and has no justification."
He added, "The reasons for our surprise at the delay in sending the budget to parliament lie in three points: the first is that the government was given enough time to discuss the budget, and the second is that the draft budget was prepared by the previous government, and even if some amendments were made to it, it is minor, and the last reason is that the staff responsible for The preparation of the budget has not changed and it is still at the helm of the team.
Cougar explained, "If the draft law is sent to parliament during its legislative recess, it will cut off its legislative recess for the purpose of discussing it until it is approved by calling him to an extraordinary session, according to what is stated in the constitution link
Another version:
Today, Saturday, the head of the Legal Committee, Muhammad Anouz, clarified the possibility of cutting Parliament to its legislative recess in the event that the government completes the draft budget law and sends it to Parliament.
Anouz said in a statement to (Baghdad Today), that "according to the constitution, if the budget law arrives before the legislative recess, parliament can continue to work until the budget is completed."
He added, "At the present time, Parliament will not be able to interrupt its legislative recess in order to legislate the budget law in accordance with the constitution."
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Nader From The Mid East The CBI or the government... didn't make a decision yet to support [the dinar] with anything. It's detached from the dollars but not completely. It should be detached by the end of this week or next week the beginning...the government have to support it with whatever they have reserve, gold...put if back on petroleum dinars...they have to attached it to something else. It's going to take a couple of weeks. [Post 1 of 2]
Nader From The Mid East ...It has no support. That's why you see the dollar going up from 1460 to 1551 and it might get to 1552, 1553. You'll see in a couple of weeks it going back...things will get better. You will see...The dinar needs some support...attached to some assets...the dinar will go up up quick. It will be a dollar...I want to see 1160/1170 for now. If it goes in that range I'm sure it's gonna go quicker after that. Right now we're waiting for it to go in that range... [Post 2 of 2]
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KTFA:
Paulette: IMO.........Sudani's GOI continues working and I believe will pass the Budget in December.......It then goes to Parliament who will likely read it after reconvening approximately 1/07/23.......This will be the "1st Reading".......It will then go to Parliament's Finance Committee for "study and observations"......this often can take 30 days or more........
Parliament then does the "2nd Reading" noting the Parliament Finance Committee's observations.......If no objections, it can be passed at that time....If not, changes may have to be made which legally requires it go back to Sudani and his GOI to make changes if agreed by the GOI......
Upon return to Parliament, if all is agreed by Parliament, it can go for third reading and vote which is usually done "line item by line item"......Remember, against Sadr, Iraq's parliament voted to continue as a "consensus Government" as opposed to a "majority Government" by nominating and giving confidence to the Maliki puppet Sudani....
If we really look at possibilities, it is very possible that the CBI may "restructure" the currency before Parliament receives the budget for the "1st Reading". At least, that is what I am hopeful for which would not be adverse with the reports of WS as to all that is going on behind the scenes. The "additional features" of the ATM's can go live upon "restructuring".
I, personally, am glad that Parliament did not receive the budget prior to adjourning for their required 30 day break. IMSO, this bodes well for seeing the "restructure" occur before Parliament returns. This is the step I have waited for as it will determine much about the potential windfall of this "speculative investment"
IMSO, "restructuring" and "RI" are two separate events which could occur simultaneously or weeks apart. For many reasons, I believe it will be weeks apart. I have always believed that, ideally for the benefit of Iraq, "restructuring" will occur prior to Parliament passing the budget and the "RI" will occur after the Budget becomes law.
This is why I strongly believe that the move to 1460 was a necessity. This is where the "calculations and second set of books" as reported would have been so entailed and necessary.
For Iraq, realize that an RI of 0 IQD is of no benefit. For the most part, they only get IQD from the customs and border crossing revenues and conversions of USD to IQD as authorized from the budget. For example, if they pass the budget at a rate of 1.460 IQD to USD (drop of 3 zeros..... 68.5 cents USD to IQD) they have not gained any benefit.
However, after the budget is made law, if they then RI at a rate of .292 IQD to USD ($3 .425USD to IQD), they quintupled their purchasing power. In essence, using this scenario, if they pass their budget at 100 billion USD value (146 billion IQD if they just drop the 3 zeros upon "restructure") they would then have the equivalent of 500 billion USD to utilize after the RI.
Now do you see why getting the fraud abuse and corruption under control was so important. Look at the corruption around the funds supplied by a 100 billion USD valued budget. Think about the corruption if that were a 500 Billion USD valued budget.
Exciting times!!!!!!
As an aside, understand that Sudani does not control Parliament. Halbousi controls Parliament. I think that Parliament and the GOI are very often confused as is the role each performs in running the country in a parliamentarian system. This is their checks and balances.
All IMO of course!!!!!
IMO......One more thing to understand why I believe the above I posted is the realistic scenario:
If they pass the budget at 146 trillion (100 billion USD under current rate of 1460) and then RI even at a rate of 1IQD to 1 USD, they would have the purchasing power of 146 trillion USD. Now who does that make sense to????
If they RI prior to passing the budget, Iraq gets little to no gain. Who does that make sense to?????
That is why it seems to make more sense to "restructure" ----> budget to law---> RI
Silver #1 Valuable Asset To Pick As Stock Market Collapses!! - Gregory Mannarino | Silver Forecast
Smart Money: 12-9-2022
Xi Jinping calls for oil trade in yuan at Gulf summit
Reuters: 12-9—2022
President Xi Jinping told Gulf Arab leaders that China would work to buy oil and gas in yuan, a move that would support Beijing's goal to establish its currency internationally and weaken the U.S. dollar's grip on world trade.