Tivon and KTFA Members Thoughts on the "Food Security Law" Today 6-8-2022

KTFA:

Samson:  The Iraqi parliament votes on the law on emergency support for food security in general

8th June, 2022

The Iraqi parliament voted, on Wednesday evening, on the law on emergency support for food security in general.

For his part, the First Deputy Speaker of Parliament, Hakim Al-Zamili, considered the vote on the "Food Security" law a victory for the rights of the poor, stressing, "We will follow up on the mechanism for disbursing the amounts allocated in it."

In his statements after the vote, Al-Zamili also indicated that the House of Representatives is proceeding with issuing important legislation and holding the corrupt accountable.  LINK

DinarDiva:  So Publish Food Security Law in Gazette  first then RATE Change or Visa Versa!!!!!  

Youngsc:  No Dinardiva. IMO there is no new rate associated with this food law. This food law is just a filler until the budget is approved imo. Food law is not what we want as investors. We await the 22 budget as WS and Frank had stated so many times. Frank had also stated to Eddie this this past Monday that this food law is not important IMO. Personally i do not care for this law too but i await for the annoucement of a GOI along with the 22 budget being approved IMO.  

DallasDude:  I believe Tivon and MM may have a different take on your opinion..now parliament is off on a 30 day break which means mid July for addressing budget issue at the earliest. If that is the case we have a ways to go plus the 2023 budget will be a topic soon..I believe CBI will adjust accordingly now that the FSL is passed

Godlover:  I do not think this FSL has a new rate, but I do think it gives the current government an avenue (resources) to change the exchange rate. This law is going to jump start the private sector aka the citizen sector.

TIVON: And if you read my comments regarding that statement from Frank you would see how and why I did not disagree with him for reasons I laid out.

The HCL/Oil & Gas is the bottom line for everything that will fuel their economy. Which was approved to be contracted with Baghdad days ago that Kurdistan region signed off on.

 When they approve of the 2022 Budget it will not be because of the money that is usually in the budget because most of it went towards the Food Security Law that will cover everything that even budgets from ten years ago was supposed to do.

Which is why Mazhar Muhammad Salih (Financial Advisor) stated that they only need the budget to gain access to the final accounts. Once they do they can have a financial portfolio to track all allocated funds going toward ministries, departments, governates,, investments, reconstruction, agriculture, etc.

Remember they said they want the FSL to empty the budget. So that should tell you they are not dependent upon the approval of the budget to finance anything. 

That's why the budget is important because it stipulates an oversight committee to have provisions in place to account for all financial revenues from oil, exports, trade, local markets and, international markets.

Not to mention the oil contracts and border ports. Citizens Entitlements covers a long list of things that require a rate change which is in the FSL. Why? Because it was legislated to do so as just like the budget the FSL has access to the oil surplus and gold reserves that is 90% covered.

Again, they can go this entire year if they wanted (Doubt They Do) without budget simply because "Purchasing Power" by default will come from THE HCL/NGO. It can be handled without the citizens being dragged along during the back & forth that has transpired over ten+ years because of the budget.

Saleh said in an interview with Shafak News Agency; "The rise in Iraq's hard currency reserves will increase confidence in the Iraqi dinar and will increase its stability," stressing that "the Iraqi dinar is approaching full coverage of hard currency reserves in light of the current exchange rate."

He didn't say a budget caused this. The reserves did. Which the FSL has access to in order to produce purchasing power for the citizens. 

Quote: Saleh said, in a statement followed by the obelisk, that "the final account of the state reflects the processes of applying the general budget in accordance with the legal regulations, regulations and financial instructions issued, to show the financial position of the state, because of its collectible rights and its repayable obligations." He added that "the balance of the final account shows the increase or decrease in the state's assets or assets, which is embodied by the deficit in expenditures or the surplus in revenues during one fiscal year    IMO