TNT, KTFA, X22 and more......Monday Night 8-19-19

TNT: 

Cutebwoy:   More info added.....Parliamentary Finance Committee intends to raise the price of the dinar against the dollar and give

Dollar and local Iraqi currency

A member of the Parliamentary Finance Committee Abdul Hadi Saadawi said in a statement on Monday, August 19, 2019, that the Finance Committee will work to raise the price of the dinar against the dollar and give it strength among other currencies in the Arab world, or at least maintain the current exchange rate to have monetary power within Local market.

The Finance Committee in the House of Representatives revealed that there is a tendency to reintroduce the coin, which has been used for decades in the country, while members of the Committee proposed to pre-empt the coin minting process by “deleting zeros” from the current currencies to be valuable to the small cash categories.

Committee member Hanin al-Qadu told Al-Sabah semi-official newspaper on Monday, 19 August 2019, that during meetings and discussions with central bank officials, we stressed the need to reintroduce coins that have been used in Iraq during the past decades, rather than Paper that is damaged and printed in large quantities again.

He added, that the use of metal categories and their descent for trading gives a notional value of the currency, noting that a number of neighboring countries exchange rates are very high against the dollar and yet we find that it has a coin in order to preserve the currency and not need to request more banknotes, especially those with small categories . He expressed surprise at the policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market.

For his part, a member of Parliamentary Finance Majid al-Waeli readiness of the Committee to prepare any legislation required by the Central Bank, which could benefit the economy and the Iraqi market, including the circulation of coins.

Al-Waeli told Al-Sabah that the committee respects the independence of the central bank and its monetary policy, stressing that the bank has technical autonomy by decision regardless of administrative affairs.

KTFA:

Monday Night KTFA CC 8-19-19

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Samson:  The establishment of investment funds ... the first steps of the rise of Iraq economically

19th August, 2019 by Hussein Al Falouji
During the past fifty years, Iraq has experienced significant economic fluctuations that could have been positively invested if the means and tools for advancement were available at that stage.

The discovery of oil early and in large quantities and the increasing global demand for it and high prices and the decision of nationalization were great opportunities were not invested properly by the Iraqi state, which reflected negatively on the political, economic and social reality.  Perhaps one of the most important reasons for the loss of these opportunities is not to build solid institutions for the development of investments properly, which led to the Iraqi economy has become a distorted present.

The important question in this regard, is to remedy it.  In my opinion, yes, it is possible to rectify the issue, but we need to be accurate in diagnosing the imbalance and courage in proposing the solution.

In a previous article, we personally and beyond any doubt, that the depth of the problems of Iraq is of an economic dimension, and stressed that abstract political solutions alone will not lift Iraq from its inaction, and according to this diagnosis, we must begin with solutions with an economic dimension. 

After a large study of the situation of countries near Iraq, which had successful economic experiences, we found that the best step towards the predominance of economic solutions must begin with the establishment of a national sovereign and central followed by the establishment of a number of investment funds specialized development.

Without a sovereign fund to accumulate cash surpluses and channel them into sustainable development sectors, all other measures would be an absurd increase.

The first measure: begins with the formation of a higher committee whose task is to study the best international experiences in this area and what are the best legislation that organized those experiences.

A federal law is then enacted to create a national sovereign fund, followed by the establishment of a number of development investment funds with a clear development plan that includes the objectives and sectors to be promoted.

When reviewing the experiences of the countries that founded investment funds was not better than the case of Iraq at the moment of the establishment of those funds, but we will find that the difference has become a big difference between the reality of Iraq now and the reality of those countries.   LINK

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Don961 Economist: This is the fate of the (36) billion dollars lost from Iraq

Mustafa Al Anbari 08/18/2019 - 16:19 Posted in Economy / Iraq

Economist Bassem Jameel Antoine confirmed on Sunday that the 36 billion dollars announced by the United Nations from Iraq during the past six years ended up in the banks of various neighboring countries after being stolen by some parties and can be pursued if the will to do so. "Corruption does not mean that money is not only stolen, but it is allocated to projects that are currently unsuccessful or unimportant, causing huge losses in the current and distant future, and this is what the parties that took power in previous years."

Antoine told (Pasnyoz), that «the (36) billion billion that the United Nations announced the loss of Iraq during the past six years ended up in the banks of various neighboring countries after being stolen by some parties and can be pursued if the will to do so», noting that « There are larger funds have been lost from Iraq and there are no final accounts, especially in the general budget for 2014, and international organizations have a follow-up to such matters because they issue annual reports on the economic situation of the countries, including financial stability as well as the proportion of the country's attractiveness of investments ».

"Corruption does not mean that money is not only stolen, but it is allocated to failed or unimportant projects at the moment, causing huge losses in the current and distant future. "The economic mistake needs two years to discover only and then it takes five years to fix that mistake. The issue is very complicated and yet the parties come out at the time of the elections to talk about magical solutions and after the elections do not implement anything at all."

The UN Development Organization (UNCTAD), the United Nations, has announced the loss of Iraq $ 36 billion in the past six years.

A report by the organization, that «Iraq lost about $ 36 billion during the period from 2013 until the end of 2018 as a result of political instability and security and the ongoing war with ISIS and the rest of the terrorist elements».

The report pointed out that «Iraq lost last year 4.885 billion dollars compared to the loss of 5.032 billion dollars in 2017».

He added that «Iraq also lost about 6.256 billion dollars in 2016 compared to the loss of 7.574 billion dollars in 2015», pointing out that «the year 2014 the largest loss of foreign direct investment, where Iraq lost about 10.176 billion dollars and lost 2.335 billion dollars in 2013».

The report continued, «The Iraqi economy has declined sharply over the past years due to security and political turmoil and wars in the region»   link

 

 Economic Control, You Have More Than You Know - Episode 1947a

X22 Report: Published on Aug 19, 2019

https://youtu.be/cKeLrWMnjTs?t=1

Future Proves Past, Distractions, Timing Is Everything - Episode 1947b

X22 Report: Published on Aug 19, 2019

https://youtu.be/pfjJUDh2s2U?t=1