TNT, Footforward and C365 Monday Morning 6-8-2020
TNT:
Weekend UPDATE for June 6 - 7, 2020
The Parliamentary Legal Committee confirmed, on Sunday, that the upcoming parliament sessions will be devoted to passing the Federal Budget Bill for the year 2020 and the Federal Court Law
Late Sunday....
JUST IN FROM IRAQ...... A One Week curfew has been extended starting Sunday. Also, the Iraqi Stock Exchange will be closed for one more week.
Finance minister on TV saying we will introduce economic and financial reforms in 3 months to the people of Iraq.
A special report is on live news conference is saying it will take 45 to 60 days to do 3 readings and approve the budget thereby explaining the 3 months on reform. They say it will take that long to approve budget is being broadcast on Iraqi TV. It has to be read 3 times in Parliament and the process will take 45 to 60 days.
On an Iraq TV live news conference today, a spokesman said citizens will receive economic and financial reforms within 3 months. It is believed that he stated 3 months due to the budget taking 45 to 60 days to be studied and passed and read 3 times in Parliament but we think this budget "should" be done in 2 weeks due to the impact it will have on the country so the rush is apparent on the budget, but the rate can come out prior to the budget so it's possible that we could see that happen by the end of June.
Just a reminder: Iraq has announced tariffs will begin at all ports on July 1, 2020. In order to do that, we must have a international rate because countries from all over the world will be paying these rates on goods and services entering Iraqi ports. This cannot work on a program rate. Just some food for thought
Tishwash: Finance Minister: Iraq will open a new page with Saudi Arabia and Kuwait in the economic field
The Minister of Finance Ali Abdul Amir Allawi revealed today, Sunday, the details of his visit to Kuwait and Saudi Arabia, indicating that the government is working to address the financial crisis without affecting low-income people.
Allawi said in a press conference, "His visit to Kuwait was of an economic rather than political nature, as Iraq will open a new page with Saudi Arabia and Kuwait in the economic field."
He added that "Iraq has a fiscal deficit estimated at five trillion dinars per month, and oil gives us approximately 92 percent of the state's revenues, while 25 percent of the national product goes to salaries and allocations," noting that "it will stimulate the private sector to play a leading role in promoting development ".
He pointed out that the government is working to address the financial crisis, through the application of new policies that do not affect low-income people.
On OPEC, the Finance Minister stressed that "the OPEC agreement contributed to the triple increase in oil prices." link
***********
Tishwaash: Kuwait plans to invest more than $ 65 billion in oil projects
A press report stated that Kuwait intends to invest about 20.1 billion dinars (65.124 billion dollars) in oil projects during the five-year plan that ends in the fiscal year 2023-2024.
And the Kuwaiti newspaper "Al-Rai" reported that the board of directors of the Kuwait Petroleum Corporation, which oversees the oil and gas sector in the country, began approving the final accounts of the oil companies since last Thursday.
The newspaper quoted oil sources as saying that "the Petroleum Corporation is awaiting the government's directing of the required reduction in the budgets for the New Year, expected to be a minimum of 20% in accordance with the general directives of the Council of Ministers."
The sources indicated that "40% of these projects will be self-funded with an estimated value of 8 billion dinars through the profits retained for the fiscal year 2018/2019, in addition to the profits of the next five years, in addition to the available cash."
It indicated that the size of the borrowing required to implement the Mashariya amounted to 12.1 billion dinars distributed over 5 years, expected that the total profits of the Petroleum Corporation and its subsidiaries during the five-year plan would be about 15.2 billion dinars.
(Kuwaiti dinars = 3.24 dollars). link
Courtesy of Dinar Guru
Footforward [...you have mentioned that you think that Iraqi Dinar is purposely being made almost impossible to get now...] Iraq's border is basically shut down. That means not much gets in or out. They are using the virus as the excuse. No one really thinks much of it. So i know because of that, dinar is hardly getting shipped out of Iraq. If Trump tells dinar dealers they have to shut down, that's going to tell people the RV is real. When the RV is about to happen, they would have to wind down sales because any unsold dinar has to go back to the CBI. That obviously is a hassle. This way, with the border shut down, no order has to be given for dinar to stop being sold, and no one has to send unsold dinar back. It's all sold and out of stock. This is all my opinion...
************
Currency 365
Introducing "The Great Reset" (World Economic Forum) Part 1