News, Rumors and Opinions Late Tues. PM/ Early Wed. AM
TNT:
Tuesday update for October 13, 2020
Parliament also announced meeting with the blocs to review the final completion of Article 140.
A key concern regarding Parliament's meeting today stated approval of the white papers, which have economic and financial reforms, and is the number one priority. This will end the financial crisis in Iraq.
An Iraqi bank contact expects the 3rd and final reading to be on Saturday, before a vote is taken.
Lakerfan: Can the rv happen prior to the 3rd reading on Saturday?
CharlieOK: Again, we see that we can't rely on anything coming out of Iraq. There is always dueling articles, info, and ways to continue kicking the can. I truly hope it is disinformation that the white paper reforms and Article 140 issues are not finally settled.
Briona: Progress is being made, just at Iraqi pace. Something we just have to sit back and accept
CrileyHome: Council of ministers approves White Papers
https://twitter.com/IraqiGovt/status/1316322125817536513?s=19
https://gds.gov.iq/cabinet-approves-the-white-paper-for-economic-reforms/
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Tishwash: Parliamentary Finance Reporter: The financial situation in Iraq is going to unknown if economic reform is not implemented
The Rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, confirmed today, Wednesday (October 14, 2020) that the financial situation in Iraq will go towards the unknown, in the event that reforms are not implemented .in the country
Al-Saffar said in a press statement, "The Finance Committee held a meeting yesterday with Finance Minister Ali Allawi, and the experts who worked on preparing the report and we received the reform paper from the minister, which is for ".the first stage, and it was called the White Paper
He added, "The Finance Committee has received the paper, and it will take the required time for the paper and the " .rationality of the measures taken by the government."
The current financial crisis He pointed out that "this paper differs from what was previously mentioned , because it was a condition of approval of the borrowing law and the arrival of the fiscal deficit financing law. The basic condition for it was that reforms should ".be made, and if the reforms are not implemented, the financial situation is heading towards the unknown
He pointed out that "the paper includes a good reading of the financial situation and the reasons that led to these ".crises, and the stages in them are reasonable, through the reform of public expenditures and public revenues link
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LifeBPerfect: Mnuchin to Visit Middle East for First Time Since Pandemic Began
By Saleha Mohsin and Josh Wingrove October 13, 2020, 4:18 PM CDT
Treasury Secretary Steven Mnuchin plans to travel to the Middle East next week for the first time since the pandemic, as prospects dimmed for the U.S. stimulus legislation he’s been negotiating.
Mnuchin is tentatively expected to travel to Israel, Bahrain and the United Arab Emirates, although the plans could still change, people familiar with the plans said, speaking on condition of anonymity as preparations continue. Mnuchin, who has visited the region at this time of year annually since 2017, is set to meet with counterparts.
The trip by one of Donald Trump’s most influential cabinet secretaries comes as the president touts Israel’s normalization of relations with Bahrain and the UAE -- agreements the administration helped broker. Trump and his allies have hailed them on the campaign trail as a breakthrough in peace talks, though details are thin.
Mnuchin has tested negative daily since a Covid-19 outbreak struck the White House, with Trump, his wife and several senior aides falling ill. Mnuchin typically takes precautions including masks and social distancing in events that don’t involve Trump. The Treasury Department declined to comment.
Courtesy of Dinar Guru
MilitiaMan We see the White Papers are today issued accordingly. We wait and see the details within them. I'll bet the world is watching...imo They know from all that Iraq has spoken about of late and in DC... Game on! imo.
Footforward [are you hearing anything about white papers being agreed to?] I believe the white papers outline a plan that's being followed already. I think what they were voting on was the implementation of the financial reform. To me if they have implemented article 140, (which I believe they have) the RV can't be far behind. Article 140 to me is more telling then the white papers. White papers are a plan. Article 140 is evidence the plan is moving forward in my opinion because article 140 is absolutely useless with out an RV. So my long winded answer is yes. But I think this vote was only to vote on what the white paper suggests for financial reform. For some of you who are newer, article 140 is something we have been watching for, for nearly a decade.
Pimpy I do have a legitimate true insider. I just don't talk about him. You know who he is. I'm not gong to say by name. We talk like 5 times a week...we became really good friends...one of the things I did get permission to talk about because it was mentioned in passing was...you can confirm the [lower denoms] do exist and they are there...we have no date on when these things are going to be released. We have no idea. I could confirm indeed the lower denominations are there...they're real...
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KTFA:
Frank26: TUESDAY NIGHT CONFERENCE CALL "HCL" https://www.youtube.com/watch?v=oS3e8LXyxO4
Clare: ARTICLE FROM WALKINGSTICK & FRANK ....... (NOW IN Final Article THREAD)
Iraq Proposes New Jointly Managed Oil Company For Kurdistan
By Irina Slav - Oct 13, 2020, 11:30 AM CDTUpdated: Oct 13, 2020, 11:30 AM CDT
The federal Iraqi government has proposed the establishment of a new oil company that will be managed jointly by Baghdad and Erbil to operate crude oil production and exports from the semi-autonomous region of Kurdistan, Iraqi media have reported.
The proposal is part of ongoing talks between the central Iraqi government and the Kurdish government aimed at mending bilateral relations after an ill-fated independence referendum for the region a few years ago. The referendum saw Iraqi troops return to mostly self-government Kurdistan and regain control of oil fields in the region.
Kurdistan, in northern Iraq, is home to some of the country's most prolific oil fields.
"Positive understandings between the central government and the Kurdistan Region regarding the production and export of oil produced in the fields of the latter have been reached," said Iraqi oil minister Ihsan Abdul Jabbar. He added that "The ongoing talks between Baghdad and Erbil show new visions and ideas for the region to manage this file."
Iraq is OPEC's second-largest crude oil producer. As such, it was required to cut one of the largest portions of national oil outputs under the April deal reached by OPEC+. The Kurdistan region accounts for a sizeable amount of this total. As of April, the region was exporting about 500,000 bpd of crude oil. Half of these were going to Iraq's state oil marketing company, SOMO, under an earlier agreement between the central government and the one in Kurdistan.
Later in the year, when Iraq once again fell short of production targets, the Baghdad government had to ask Erbil to contribute to the compensatory cuts enforced on it by OPEC leader Saudi Arabia, by cutting production by some 120,000 bpd.
Under the new proposal, the joint company would be based in Kurdistan and will be in charge of both production and exports.
By Irina Slav for Oilprice.com li