Tidbits from TNT Sunday Morning 9-1-19


DeeDee:  Come on RV! The new fiscal year has begun for IRAQI as of today.

Mangelo:  with bankers expecting this and people reporting to work this weekend...hopefully today is our day to get notified...

Annie68:  That is our highest hope for the day, mangelo!

Tishwash;  this is in Iraq's news 

IMF and World Bank .. Who governs and how decisions are made?

Ahead of the forthcoming election of the new IMF director, one has to ask how to manage the two largest and most important international financial institutions?

Financial institutions established under the Bretton Woods agreement included a similar regulatory plan, according to a report published on the Jordan Mundial website.

The World Bank and the International Monetary Fund (IMF) have three primary sources of authority, the IMF's managing director, or the president when it comes to the World Bank, as well as the board of directors and the board of governors.

Tasks  cited the site that the main objective of the International Monetary Fund is to promote the stability of the global economic situation.

In order to do this, the Fund needs a Director General who heads the organization's staff, and also serves as Chairman of the Executive Board.

In addition, members of the Board of Directors are appointed for a period of five years, subject to European citizenship.

Christine Lagarde is the last Managing Director of the International Monetary Fund (IMF) before resigning (resignation takes effect on September 12), as ECB president, Mario Draghi, as of October 31. Next I.

On August 2, the EU formally chose Bulgarian economist Kristalina Georgieva to run for the post of IMF director.

Kristalina has been executive director of the World Bank since 2017, and the nomination period for the IMF presidency will run until September 6.

For the World Bank, it is a collection of development institutions, often referred to as the World Bank Group.

The group is led by American David Malpas, who is responsible for coordinating the work of various organizations within the group.

The organization of the two institutions on the other hand, are organized to other organs of the authority of both institutions are similar, as the Board of Governors is composed of representatives from all Member States.

The IMF has about 189 members, while the World Bank has only 188 members.

Representatives on the Council are usually the finance ministers of member states, meeting twice a year during joint meetings between the IMF and the World Bank.

In both institutions, each member's vote is equal to his or her financial contribution to the organization.

Adult authority  pointed out that the site of the United States of America contributes 17% of the IMF 's budget, making it the country with the highest percentage of votes at the core of the two institutions.

For the World Bank, it is more complex, consisting of different organizations whose contributions vary, leading to varying voting rates.

Although the board of governors is the decision-making body of both institutions, and having powers such as admitting new members or expanding the institution's budget, it usually delegates its functions to the executive board, according to the report.

The Executive Board is made up of about 24 managers at the IMF and 25 at the core of the World Bank.

In both institutions, six directors are selected directly by major contributors, such as the United States, Japan, China, Germany, France and the United Kingdom. Commercial or regional.

Democratic glitch reported site Aloordn World Cup this system shows the existence of a democratic imbalance in both the IMF and the World Bank, either through indirect method to choose representatives who make effective decisions in organizations or through the uneven distribution of decision - making authority among the various Member States.

In addition, the so-called "honor agreement" defines the election of the president or managing director of the bank and the fund, respectively, where the president of the World Bank is an American and the managing director of the International Monetary Fund Europe, and so far has not been violated this agreement, according to the site.   link

Tishwash:  The Central Bank approves international rating agencies to classify banks operating in Iraq

The Board of Directors of the Central Bank of Iraq has decided to approve the rating agencies that have the criteria (External Credit Assessment Institution) (ECAI)  emanating from the decisions of Basel, to classify the financial institutions in Iraq, namely :

Standard & Poor 


Fitch Ratings 

Capital Intelligence 

He stressed that the bank will consider the requests made by other rating agencies, and that it will require the availability of credit rating from one of the four agencies above for banks operating in Iraq, which wish to conduct the following banking operations :

Install  credits to export Iraqi crude oil through the Oil Marketing Company (SOMO).

Open  government letters of credit up to $ 50 million .

Issuance  and acceptance of letters of guarantee for the benefit of government departments .

The Bank's Board of Directors also noted that this decision is effective in 2020 when banks complete their readiness and receive a credit rating that qualifies them to practice the above mentioned banking operations at any time.

Central Bank of Iraq information Office  September 1, 2019   link


Cutebwoy:  Parliamentary Finance: The imminent entry of the oil and gas law into the legislation .. And reveal its political dimensions

A member of the Finance Committee revealed that the imminent entry into force of the oil and gas law.

Committee member Sherwan Mirza said in a press statement, “One of the recommendations made by the Finance Committee to the Presidency of the House of Representatives after hosting the Minister of Finance is the legislation of the oil and gas law during the new legislative term.” 

He added, “The oil and gas law has political dimensions as it is linked to relations between the Kurdistan region and the federal government and the province of Basra and Baghdad and all oil-producing provinces in addition to Kirkuk.” 

Mirza pointed out that “the legislation of the oil and gas law will address some of the outstanding problems between the region and the center, in addition to addressing the problems of oil-producing provinces

Tishwash:  Parliament seeks to review three laws on the disagreements of Baghdad and Erbil

The House of Representatives seeks at the beginning of its new legislative chapter, the formation of committees to review a number of laws inactivated, which are related to the differences between Baghdad and Erbil. 

A member of parliament, said that "the next steps to be taken by the parliament at the beginning of its legislative term, is the formation of committees to review a number of laws that are stalled, which are related to the differences between Baghdad and Erbil."   

He added, "The most prominent of these laws are oil and gas, the budget next year, the Federal Court, and the search for the possibility of legislation Article 140 of the Constitution, which concerns the disputed areas between the parties."

He stressed that "Parliament wants to have a role parallel to the role of the government, and not intersecting with them, and that the crisis of the governments of the region and the center of the crises adopted to find solutions," pointing out that "review of the outstanding laws between the parties, in light of the progress in a number of The files between the two parties will be pushed to resolve them in the parliament and pass them, which will reflect positively on resolving the differences between the two parties.    link


Mot:  Pledge of Allegiance, word-by-word meaning explained by Red Skelton...................