KTFA Members "News and Views" Tuesday 3-9-2021
.KTFA:
JJimmyJJ: This isn't proposing to be a summary, it is only my opinion of what I heard tonight from Frank and Walkingstick (thanks guys!), so take it for what it's worth. If the mods want to delete this because it isn't official, I won't be offended. But, here is what I think I heard tonight about what the next parts of the plan are for the Iraqi dinar:
1) Planning is done.
They are done with the plan to announce 1:1 in country. The announcement of the NSCNs (lower denoms) is part of that. No date for when they'll announce it all, but it SHOULD be soon--not months. More likely days or weeks.
2) Benchmarks for 3-zero note recovery.
After the announcement of the 1:1 rate change and the NSCNs, they are going to be monitoring the rate of recovery of the 3 zero notes. In other words, they have a target for how many "mattress dinars" are turned into the banking system. Once they recover a certain number count AND a certain monetary amount back into the CBI, this (along with other, unknown benchmarks) will trip another change of the rate inside Iraq (increasing the rate again). No timeframe, but perhaps weeks or months.
KTFA:
JJimmyJJ: This isn't proposing to be a summary, it is only my opinion of what I heard tonight from Frank and Walkingstick (thanks guys!), so take it for what it's worth. If the mods want to delete this because it isn't official, I won't be offended. But, here is what I think I heard tonight about what the next parts of the plan are for the Iraqi dinar:
1) Planning is done.
They are done with the plan to announce 1:1 in country. The announcement of the NSCNs (lower denoms) is part of that. No date for when they'll announce it all, but it SHOULD be soon--not months. More likely days or weeks.
2) Benchmarks for 3-zero note recovery.
After the announcement of the 1:1 rate change and the NSCNs, they are going to be monitoring the rate of recovery of the 3 zero notes. In other words, they have a target for how many "mattress dinars" are turned into the banking system. Once they recover a certain number count AND a certain monetary amount back into the CBI, this (along with other, unknown benchmarks) will trip another change of the rate inside Iraq (increasing the rate again). No timeframe, but perhaps weeks or months.
3) 3-Zero note exchange deadline
There will also be a timeline given for when the 3 zero notes must be turned into the CBI (inside Iraq, not outside Iraq). If you are within Iraq and miss that deadline, your notes will be worthless. Once that deadline is passed, they will raise the rate inside Iraq again. Perhaps to around $4.25 to 1 dinar. No timeline on when this will happen.
Once #1 above happens, the demand within the international market will force the exchange rate for the Iraqi dinar outside Iraq to begin to rise.
Thanks again to Frank for his conference call tonight, and to WS and the other team members for bringing this to us. My apologies for what I missed and/or misunderstood.
Oh, and to quote Frank, all this is IMO
Clare: NICE SUMMARY HOWEVER...I WOULD LIKE TO POINT OUT A CORRECTION.... FRANK SAID THE $4.25 WAS THE CAP INTERNATIONALLY IN HIS OPINON...
AFTER THE 1-1 AT THE ONSET, THERE WILL BE ANOTHER RATE INCREASE INSIDE OF IRAQ. FRANK SAID THE RATE & TIMEFRAME WAS UNKNOWN OF THAT 2ND INCREASE.... imo
Monday Night KTFA CC: 3-8-21......IMO.....123......THIS IS IT
TUESDAY -FROM FRANK....TONIGHT!!! YOUTUBE WITH FRANK @ 7PM EST....
AND FOR THE FIRST TIME EVER!!!....WALKINGSTICK WILL JOIN FRANK VIA EARBUD ON THE PHONE
TO ANSWER QUESTIONS FROM MILITIA MAN & PETRA ON LAST NIGHT'S INFORMATION!!!
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Samson: Iraq declares an official holiday
9th March 2021
The Cabinet decided to suspend official working hours tomorrow, Wednesday, in the capital, Baghdad, on the occasion of the anniversary of the death of Imam Musa bin Jaafar al-Kadhim.
In a brief statement received by Shafaq News, the council excluded the service and security departments from the holiday.
In the meantime, the governorate of Baghdad announced the suspension of the official working hours on Wednesday and Thursday for all its departments, with the exception of health and municipal institutions, for the same occasion.
The local government in the Iraqi capital said in a statement that the suspension of work hours will include all departments and directorates of Baghdad governorate, with the exception of health institutions and the municipality, to ensure the continuation of the provision of treatment and municipal services.
The governorates of Maysan, Wasit and Karbala, which are predominantly Shiite, decided to suspend work hours in their departments and institutions tomorrow, Wednesday, for the same occasion.
The Imami Shiite Muslims in Iraq commemorate the death of the seventh imam, Musa bin Jaafar bin Muhammad bin Ali bin al-Hussein bin Ali bin Abi Talib on the 25th of Rajab every year, as millions of visitors flock to the shrine in the city of Al-Kazemi, north of the capital, Baghdad. LINK
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Samson: Iran is waiting for Iraq to pay its debts, and the Finance Minister: is on the list of priorities
9th March, 2021
The Iranian ambassador in Baghdad, Iraj Masjedi, held a meeting with the Iraqi Finance Minister, Abdul Amir Allawi; To discuss the issue of recovering the frozen Iranian assets in Iraq
The meeting between Allawi and Masjedi, which was held yesterday, Monday, dealt with the political atmosphere between the two countries and the mechanisms for paying Iran's financial demands from the Iraqi side, according to IRNA. In addition, Iraqi Finance Minister Ali Allawi stressed that "Iran's financial demands are on the list of priorities and that the necessary estimates have been drawn up in this regard
It is noteworthy, that Iran is asking Iraq sums of money worth 6 billion dollars, in return for its exports of electricity and gas to this Iraq. It is noteworthy that Iranian Energy Minister Reza Ardakanian said at the end of 2020 that his country had received about 700 thousand dollars from Iraq in exchange for electricity and gas exports
Ardakanian added that during his visit to Iraq, meetings were held, and good agreements were reached regarding dues to export electricity and gas to Iraq. The Minister of Energy also said, (December 29, 2020), that Iran will pay for the purchase of the Corona vaccine from Europe with its own money in Iraq
Earlier, the Iraqi Ministry of Electricity warned that a number of cities, including the capital, Baghdad, are at risk of power outages due to the decline in Iranian electricity exports LINK
Monday Night KTFA CC with Frank26: "IMO...123.....This Is It!" 3-8-2021
.KTFA:
Monday Night KTFA CC with Frank26 and Team
March 8, 2021
3-8-21......IMO.....123......THIS IS IT
THIS IS ALL IN FRANK, MILITIAMAN & PETRA'S OPINION
PLAYBACK IS: 605.313.5163 PIN: 156996#
KTFA:
Monday Night KTFA CC with Frank26 and Team
March 8, 2021
3-8-21......IMO.....123......THIS IS IT
THIS IS ALL IN FRANK, MILITIAMAN & PETRA'S OPINION
PLAYBACK IS: 605.313.5163 PIN: 156996#
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE
Monday Night KTFA CC: "In the Near Proximal Future" 3-1-2021
.KTFA
Monday Night KTFA CC with Frank26 and Team Petra and MilitiaMan
Frank26: 3-1-21... IN THE NEAR PROXIMAL FUTURE
This video is in Frank’s and team’s opinions only
PLAYBACK IS: 605.313.5163 PIN: 156996#
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE
RED=HIGH ALERT!!!!
KTFA
Monday Night KTFA CC with Frank26 and Team Petra and MilitiaMan
Frank26: 3-1-21... IN THE NEAR PROXIMAL FUTURE
This video is in Frank’s and team’s opinions only
PLAYBACK IS: 605.313.5163 PIN: 156996#
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE
RED=HIGH ALERT!!!!
The first half of CC is members and products: The second half of CC is Frank, Intel and Teams
KTFA Monday Night CC with Frank26 "CBI Tells Citizens Again Of 000's " 2-22-2021
.KTFA Monday Night CC with Frank26:
2-22-21
CBI TELLS CITIZENS AGAIN OF 000’s
THE FOLLOWING VIDEO IS ALL IN FRANK'S OPINION
PLAYBACK IS: 605.313.5163 PIN: 156996#
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE
KTFA Monday Night CC with Frank26:
2-22-21
CBI TELLS CITIZENS AGAIN OF 000’s
THE FOLLOWING VIDEO IS ALL IN FRANK'S OPINION
PLAYBACK IS: 605.313.5163 PIN: 156996#
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE
KTFA Monday Night CC with Frank26 " The New Exchange Rate" 2-15-2021
.KTFA:
Monday Night CC with Frank26 and Team
Feb. 15, 2021
2-15-21.....THE NEW EXCHANGE RATE
This video is in Frank’s and Team’s opinions.
Frank26: It is impossible for Iraq to go digital Internationally unless the rate has risen..(see article below) In this article they say they have enough to back up their hard currency and their digital currency.
KTFA:
Monday Night CC with Frank26 and Team
Feb. 15, 2021
2-15-21.....THE NEW EXCHANGE RATE
This video is in Frank’s and Team’s opinions.
Frank26: It is impossible for Iraq to go digital Internationally unless the rate has risen..(see article below) In this article they say they have enough to back up their hard currency and their digital currency.
Plus a Special Report from Walkingstick…and Team MilitiaMan, Petra and Delta
PLAYBACK IS: 605.313.5163 PIN: 156996#
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE
Samson: Is there a threat to hard currency reserves? The central bank explains
14th February, 2021
The Central Bank of Iraq ruled out, on Sunday, the existence of a threat to hard currency reserves as a result of borrowing, indicating that the oil market recovery maximizes the reserve.
The Director General of the Accounting Department at the Central Bank, Ihssan Shamran, said, according to the official agency, that "the dollar reserve of the Central Bank is not directly affected by the borrowings that the Ministry of Finance makes from banks," noting that "its impact is indirect and limited."
He pointed out, "The Central Bank monitors and ensures the safety of Iraqi dinars that are handed over to traders to buy dollars for fear that their sources are unknown or related to money laundering crimes, after which the dollar is delivered."
He explained that "the market now feels a little relaxed (Having had time get over the shock from it. imo ~ MM) after changing the exchange rate, which contributed to reducing the import process and creating competition between Iraqi and foreign goods," noting that "changing the exchange rate (Again, imo. ~ MM) will help the national product in marketing its goods after the imported goods have become high in value (Expensive due to devaluation, imo ~ MM) by about 22%."
(22% of the value of the IQD was lost, hence products went up in price and inflationary event. Not good for the Citizens and against the White Papers and the IMF.. imo ~ MM)
He pointed out that "the change in the exchange rate made by the Central Bank in favor of supporting the national product against the importer." He continued that "the recovery of the oil market would maximize the hard currency needs and reduce the deficit in the general budget for 2021, noting that the dollars collected from the oil sales differences will strengthen the foreign operation reserves of the central bank, and this will also reduce the pressure on the bank’s reserves of currency." LINK
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MilitiaMan: What happens when exchange rate decreases?
a. If the dollar (dinar) depreciates (the exchange rate falls), the relative price of domestic goods and services falls while the relative price of foreign goods and services increases. 1. The change in relative prices will increase U.S. (Iraq) exports and decrease its imports.
The exchange rate has an effect on the trade surplus or deficit, which in turn affects the exchange rate, and so on. In general, however, a weaker domestic currency stimulates exports and makes imports more expensive. Conversely, a strong domestic currency hampers exports and makes imports cheaper.Mar 20, 2020
How does currency devaluation affect imports and exports?
First, depreciation (devaluation) of currency increases the volume of exports and reduces the volume of imports, both of which have a favourable effect on the balance of trade, that is, they will lower the trade deficit or increase the trade surplus.
MilitiaMan: Emphasis is mine to (Iraq)...~ MM
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Is it better if the exchange rate is higher or lower?
A falling exchange rate can be beneficial if the economy is uncompetitive and stuck in a recession. A devaluation helps to increased demand for exports and create jobs. ... However, in a boom, a devaluation could lead to inflation. Also, a devaluation does reduce living standards as imports become more expensive. Sep 10, 2019
IMF per Article IV Consulatation:
Directors emphasized that reducing fiscal imbalances is critical to ensuring fiscal and debt sustainability. They welcomed the authorities’ planned fiscal reforms in the “White Paper” and encouraged their careful prioritization and swift implementation while minimizing the impact on the vulnerable. To create room for the much-needed reconstruction and social safety nets, Directors highlighted the importance of strengthening public finances.
Directors concurred that the recent exchange rate adjustment would help reduce external imbalances and preserve foreign exchange reserves. They underscored that a strong fiscal framework remains critical to ensuring the credibility of the "new exchange rate peg" as well as minimizing future need for monetary financing of the budget. Directors also saw need for further monetary policy measures by the "central bank to contain inflation."
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"The price of the dollar will remain as it is now until the "coming of another budget", "whether supplemental"
(Highly likely, imo ~ MM) or the 2022 budget ( Goinig out that far to 2022 is inflationary, not going to happen, imo ~ MM), then it will be possible to change the price if the government has a large abundancethat helps to overcome the expenditures of budget pressure.
LINK
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MilitiaMan: The Central Bank is not lying about what they are saying at present nor would they, but, keep in mind what they are to do in the short term will have another effect, as well other than just stimulating job creation, opening doors to investors, etc.. Once the playing field is leveled (digitized) within the region and globally, and the IQD exchange rate becomes an international one the differential in value pricing of the IQD will be a mute point in regard to the above, imo. As the introduction of the new rate will be treated vastly different than a program rate. imo. Not to say they will not have to defend the rate to contain inflation while still be competitive in the markets of the region, etc.. ~ MM
So, if we keep in mind it is not the CBI's job to lie to anyone and it is not their job to hold our hands along the way through the reform process, but it is their job to inform the world with reasonable ad accurate data. A requirement of international standards. Now also keep in mind they muddy waters when doing so. It takes a keen eye and an open mind to the larger picture to glean the wheat from the chaff. However, in other cases there is specific data on reform issues.. Ones that say there is interconnectedness, integration and implementation.~ MM
"３. Enhancing communication between project officials and work teams on matters pertaining to each project, and coordinating the interconnectedness of the various projects within the reform program with the aim of enhancing integration and synchronization in implementation."..~ Deepwoods post 50 Feb11
MilitiaMan: That there statement is data that is supporting a new process within the White Papers in regard to reform shows change is coming. Change that is not to harm the vulnerable!!. ~ MM
There is also pressure from neighboring countries and one to note is Kuwait.. Kuwait just differed debt payments for reparation's again. They do this at a time now while under scrutiny with respect to their currency peg. So, think about it, with Iraq ready to change their currency again, those that hold the Dinar will rise with the tide. I'll bet the deferral, was well orchestrated.. By design and timed accordingly.. Good things this way come.. imo ~ MM
He added, "The government wanted to put the parliament in front of a fait accompli, which is fixing the price of the Iraqi dinar at a value of 1450 against the dollar, which is a decision that does not carry any economic justification." In the local market. ” ~ post 50 Deepwoods Feb 11
The economic expert, Wissam Al-Tamimi, believed, earlier, that there is no justification for keeping the dollar high in the local market, pointing out that the siege of the people must end before the street explodes due to mishandling of the citizen's pension."
Samson: Iraqi government to begin implementation phase of the White Paper for Economic Reform
15th February, 2021
The Iraqi government is preparing to begin the implementation phase of its reform programme known as the White Paper for Economic Reform.
This phase will focus on the implementation mechanisms and on the fulfilment of the objectives and the vision outlined by the White Paper.
The implementation phase consists of:
Putting in place governance, oversight, monitoring and evaluation mechanisms to ensure that the reform process is administrated and managed effectively under the direction and guidance of strong and competent leadership which will have a direct link to the Prime Minister, with the aim of equipping the implementation team with the necessary authority to carry out the reform programme, providing vigorous oversight of the implementation process, and ensuring coordination between different governmental institutions
Translating the vision of the White Paper for Economic Reform into a practical programme for delivering 64 projects and for ensuring their implementation in an integrated and coherent manner by specifying detailed procedures for each project, setting a specific timeline for progress and identifying the state entity which will be responsible for carrying out each project
The Iraqi government adopted the White Paper for Economic Reform prepared by the Crisis Cell for Financial and Fiscal Reform in October 2020.
The White Paper is a comprehensive programme that sets out a clear roadmap to reform the Iraqi economy and address the accumulated, decades-old serious challenges that confront it.
The White Paper identified two overarching strategic objectives. The first is to initiate an immediate reform programme to address the budget deficit to create a fiscal space to give time for the process of implementing the other wider reforms over the medium term.
The second objective is to put the economy and the federal budget on a sustainable path, after which Iraqis can decide and choose the economic direction of the country.
The White Paper anticipates that the short and medium-term objectives and associated reforms will require between 3 to 5 years to implement.
The White Paper for Economic reform enjoys the support of the international community as reflected by the establishment of the Iraq Economic Contact Group (IECG) whose mission is to provide the support needed for the economic reform process in Iraq within the framework of the White Paper. The IECG includes, in addition to Iraq, the G7 group of industrialised countries, the World Bank, the International Monetary Fund, and the European Union.
https://twitter.com/IraqiGovt/status/1361314763255472129 LINK
Cleitus: Can we say HUGE?
Frank26 Wednesday Night Video "Dessert" 2-10-2021
KTFA:
Frank26 Wednesday Night Video “Dessert”
2-10-2021
This video is in Frank’s Opinion only!
Intel starts about minute 41:00 Here are a few highlights:
Frank: In the Fab 4: The UST, The IMF, The World Bank
According to articles The IMF gave the approval in December to lift the 3 zeros from the currency. . The World Bank says in January on the 29th that they have given Iraq all their help to raise the value of their currency. And that is what they are doing.
Now the United States Treasury…they are done…they brought in their super computers 2 years ago and they recalculated, recalculated and recalculates and turned it all over to the IMF.
KTFA:
Frank26 Wednesday Night Video “Dessert”
2-10-2021
This video is in Frank’s Opinion only!
Intel starts about minute 41:00 Here are a few highlights:
Frank: In the Fab 4: The UST, The IMF, The World Bank
According to articles The IMF gave the approval in December to lift the 3 zeros from the currency. . The World Bank says in January on the 29th that they have given Iraq all their help to raise the value of their currency. And that is what they are doing.
Now the United States Treasury…they are done…they brought in their super computers 2 years ago and they recalculated, recalculated and recalculates and turned it all over to the IMF.
What does the IMF do? They tell everybody what to do with their currency. And Iraq was going to raise the value of their currency in December. What happened? Well instead they decided to lower the rate to bring in more 3 zero notes. Was that mission accomplished? It sure was. Now we know the game plan what comes next.
So UST-done, IMF-done and World Bank-done.
On Monday I told you to circle Feb. 8th on the calendar…It was historical…..I told you this was the day that Iraq stopped the auctions (the part that we wanted stopped) . Today Iraq is now saying they have a digital Iraqi currency now. A digital Iraqi dinar is INTERNATIONAL. Not just internal .
These are tell-tale signs that scream what they are doing.
FF: Our Firefly (Contact in Iraq) shared with us at about 6:55 this morning that today was the last and final day of the budget review. They are saying they will vote on it on Saturday.
Frank: IMO its already voted on.
FF: And all foreign loans in the 2021 budget will be canceled
Frank: This is brilliant…….The IMF wanted to give them a loan…but now they don’t need it.
FF: It could be a very nice weekend
Articles Frank talks about during this video:
FINAL ARTICLE #600
Representative of the World Bank: The Iraqi society is “youth” capable of advancement
Monday 08th February 2021 Baghdad: Hazem Muhammad Habib
The Resident Representative of the World Bank in Iraq, Ramzi Numan, confirmed that the bank supports the Iraqi government in several directions to get out of the current economic crisis, and that there is great support for the white reform paper adopted by the government in order to get out of the crisis, and while he called for comprehensive reform in the Iraqi banking sector In an interview with Al-Sabah, he emphasized that Iraqi society is a “youth society” that can rise in the country if its energies are properly and seriously invested. The following is the text of the dialogue:
In light of the current economic situation, the "Corona" crisis and the global economic crisis, what are the frameworks for the World Bank's cooperation with Iraq to help it out of this crisis?
It must be noted first, that the experience and history of the World Bank to work with the government and people of Iraq extends to a long history of projects that have been jointly worked on, but the current bank is currently working more closely with the Iraqi government to face emerging and accumulating crises that are added to the existing problems. In Iraq, and the consequent decline in oil prices, protests, the Corona pandemic and its health, economic and social consequences, which have formed a great burden on the country, and these conditions are the worst since 2003 for a single economy dependent on oil, and there is a fact that all of this left great burdens reflected on the ability of The Iraqi government in dealing with emergency needs.
The World Bank has set up a very large financial portfolio file for the projects it implements in Iraq, and this portfolio is directed to several destinations, whether reconstruction projects for areas liberated from “ISIS” gangs or to face the social crises that have arisen from this matter, in addition to some other projects that work On structural reforms in the economy, and we are working hard with the government to approach solutions to emergency crises and keep pace with the government in the reform white paper initiative that I put forward as well as the white paper proposed by Parliament, and here the World Bank and other donors enter in an attempt to support the government in this context, and stand on what It requires capabilities, whether material or technical, to carry out these reforms aimed at diversifying the economy in addition to protecting human capital in Iraq, as well as increasing non-oil revenues and opening opportunities for private sector investments.
Young wealth
Regarding the rate of growth in Iraq during the year 2021, that is, during the budget, are there prospects for cooperation to solve the Iraqi economic downturn?
We are seriously trying to support all reform efforts undertaken by the Iraqi government, and when we look at resolving the issue of deflation, this comes through creating job opportunities, and we believe that Iraqi society is a "youth society" in which youth constitute a basic wealth that must be built upon and given appropriate opportunities to enter The labor market is part of a large process that begins with education and other factors, and job creation is not necessarily through government appointment, which is witnessing great inflation and carries burdensome financial and economic consequences, but by encouraging investments in an appropriate environment and revitalizing the private sector, and restoring confidence between Citizen and government.
The World Bank seeks to support the Iraqi government in developing very sound fiscal and monetary policy frameworks that allow the continuation of financial and banking work, and on the budget, we are waiting for the Iraqi parliament to vote on it so that we can know the possible lines of support from us to the government, after scheduling the revenues and expenditures and what is the total deficit resulting from The budget, and what are the matters that the government will resort to to face this deficit, whether by internal or external borrowing, and how the government should pay off the debts owed by it and its arrears, and after that the World Bank will have a clear position in support with two parts of the investment through funded projects, and budget support, which is a part related to With the basic reforms that the government of Iraq is committed to, which are fundamental reforms that allow improving the country's financial and monetary reality in stages.
For example, the World Bank supported the unified pension law that was proposed in Parliament, and our approach in that law was to create a law between the two sectors The year The private sector allows benefits to be transferred between them, and it is one of the main incentives that push citizens to seek work in the private sector and not put pressure on the public sector, which reduces the burdens on the government.
White paper
What are your programs to address the distortions in the Iraqi economy, especially in the area of spending and restructuring it?
We are trying to negotiate with the government on major strategic directions, to see what are the basic steps in which we can cooperate, and we are talking about the (white paper) that the government put on the table which deals with basic problems, as well as about diversifying and increasing revenues away from oil, as the agricultural sector is important It is very important to Iraq that it must be re-activated and developed, and the electricity sector is witnessing a frightening material and technical waste, and the support we provide to the government in this field must be reconsidered, and all of this must be matched by consideration of increasing investment projects that create job opportunities, and increasing basic infrastructure projects to create opportunities. Work, and we at the World Bank support the move towards decentralization.
We believe that in light of the current crisis, the opportunity is now ripe to reconsider how to develop solutions to the accumulated crises in the country, and the International Finance Corporation (IFC) has a rapid financing mechanism, which is a mechanism it has launched to confront Corona and to help the country in this crisis, although it is mainly based on a health issue. But part of it is to support the state budget, and the World Bank continues to communicate with the Iraqi government to know its needs and ways to support it.
The Iraqi government pledged to adopt a set of implications for reforming the economy and signed a document during a World Bank conference in 2019, and the document crystallized later in what became known as the White Reform Paper, which is the result of cooperation between the Iraqi government and the World Bank, and it included three basic factors, which are economic diversity and the importance of Government and institution building away from interference and the climate of corruption, and the third and most important factor is human capital. The Iraqi citizen must have access to health, educational, educational, and educational services and integrated living conditions, which allows him to enter the labor market. We are looking forward to this full circle (institutions People and diversity).
Censorship and money laundering
Do you have a plan to strengthen banking supervision and restructure it in the public sector?
We have a technical effort through consulting services that we provide to the Central Bank in looking at the reality of the banking in Iraq, and we believe that the Iraqi private banking sector is still weak, and in general, the Iraqi banking policy must be reconsidered to improve the banking reality by going towards studying the market as well as increasing its investments, especially categories Young men who want to invest, start a new job, and go out with a different job than hiring.
What is the World Bank's role regarding financial enhancement and anti-money laundering?
The World Bank has a project that is being worked on with the Ministries of Finance and Planning, which is the Financial Management Regulation Project, and the project includes various items in terms of developing existing capabilities, whether at the level of debt management, information organization, systems automation, or at the level of anti-money laundering policies and looking at money transfers, all of these The reform steps that actually allow it to take root within the Iraqi institution are part of this project, and last week the Minister of Finance signed a grant from the European Union implemented by the World Bank to help improve the mechanism of financial control and transparency in financial work and in some basic Iraqi sectors such as gas and petroleum.
Signing the grant in the amount of $ 14 million, and it is added to a loan that the World Bank implements in the amount of $ 48 million. These two agreements (the European Union grant and the World Bank loan) are implemented by the bank in a unified manner with the Ministry of Finance and the Ministry of Planning. LINK
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Expert: The Formation Of A Committee For Economic Reform Will Begin To Restructure The Iraqi Economy
10th February, 2021
The expert on economic affairs, Raad Twaij, confirmed that the formation of a committee for economic reform is a good and unprecedented step to implement the provisions of the White Paper.
Twig said in a press statement that its independent follow-up: “The formation of a reform committee by the prime minister is an unprecedented step and an operational aspect of the white paper, and thus the beginning of structuring the Iraqi economy, analyzing the imbalances that are centered in the rentier economy and trying to rid the Iraqi economy of gaps and vibrations, especially the recent financial crisis and expectations. The World Bank deflationary rate of 12% this year.
He pointed out that "the rise in oil prices above $ 60 a barrel is considered a major contributing factor to support the reform wave and to complete the reform process."
Twig called for the Iraqi economy to be divided into two halves, the first part related to the losing sectors, how to reform it, the winning part, how to deepen it, and the need to rely on human development, which will contribute to expediting the reform process and building new capabilities and structures for the Iraqi economy. LINK
Frank26 Tuesday Night Update "The Game Plan" 2-9-2021
.Frank26 Special Tuesday Night Update and Exchange Apt. Q&A
2-9-21.......THE GAME PLAN
With a special FireFly (Eddie) report
This video is in Frank’s opinion
Frank26: Inside of Iraq the value will be 1 to 1 and will stay 1 to 1.….It has to . A Dinar is a Dinar. But outside of Iraq, with the international value added to it….oh my goodness, when Saadam was in control – if you had one Saadam Suisse note- it was worth about $3.22 USD internationally. I believe it will go up even higher.
REMEMBER- DO YOU HOMEWORK...........GET A FINANCIAL ADVISOR
Frank26 Special Tuesday Night Update and Exchange Apt. Q&A
2-9-21.......THE GAME PLAN
With a special FireFly (Eddie) report
This video is in Frank’s opinion
Frank26: Inside of Iraq the value will be 1 to 1 and will stay 1 to 1.….It has to . A Dinar is a Dinar. But outside of Iraq, with the international value added to it….oh my goodness, when Saadam was in control – if you had one Saadam Suisse note- it was worth about $3.22 USD internationally. I believe it will go up even higher.
REMEMBER- DO YOU HOMEWORK...........GET A FINANCIAL ADVISOR
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE
Monday Night KTFA CC "Green Light" and more 2-8-2021
.KTFA:
Monday Night KTFA CC
Frank26: 2-8-21.....GREEN LIGHT
With Walkingstick, Delta, Petra and Militiaman
PLAYBACK IS: 605.313.5163 PIN: 156996#
This video is in Frank’s and team’s opinions
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE
KTFA:
Monday Night KTFA CC
Frank26: 2-8-21.....GREEN LIGHT
With Walkingstick, Delta, Petra and Militiaman
PLAYBACK IS: 605.313.5163 PIN: 156996#
This video is in Frank’s and team’s opinions
What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE
Samson: Kurdish MP: All channels of understanding have been closed with Baghdad, and the budget may be passed by the majority
14:09 - 08/02/2021
Deputy for the Kurdistan Islamic Group, Salim Hamza, on Monday, described the negotiations with Baghdad that the budget is complex and unresolvable, indicating that the budget may be passed by the parliamentary majority.
Hamza said in a statement to "the information" that "the budget will pass by the political majority if things remain on it and because of the insistence of the forces in Baghdad to hand over all the exported oil."
Hamza added that "the negotiations with Baghdad on determining the proportion of the region and passing the budget reached a dead end because it is complicated and everyone is committed to his position."
He continued, "A legal exit will be added in the articles on the Kurdistan region, such as an addition. The parliament has the right to make the amendment or the government to articles 10 and 11 of the budget paragraphs that include Kurdistan." LINK
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Don961: Canceling the currency auction, reducing borrowing, and “isolating” the central bank’s reserves ... the most important thing for hard currency in the 2021 budget
2021-02-08 Yes Iraq: Baghdad
Today, Monday, the Parliamentary Finance Committee revealed a tendency to cancel the currency auction, while indicating that the Central Bank's reserves will not be affected in the general budget for 2021.
The committee's reporter, Ahmed Al-Saffar, said in statements to the official agency and its affiliate, Yass Iraq, that “when the draft budget is approved in the House of Representatives voting session, it becomes a binding law for the government and enforceable,” indicating that “the Ministry of Finance then issues instructions within a week or two to send to ministries to facilitate The budget execution process ”.
He added that "the budget deficit was reduced from 71 trillion to 24 trillion only, as the lending scheme deducted the treasury transfers to the central bank 47 trillion, but we reduced it to only two trillion, if the price of a barrel of oil remained at 45 dollars," noting that "the deficit will disappear soon." The government will have an abundance of money if the price of a barrel of oil remains high.
Al-Saffar stressed that "the Central Bank's reserves will not be affected at all in this budget, as we have reduced borrowing and canceled foreign loans."
The decision of the Finance Committee indicated that "there is a tendency to cancel the currency auction because it does not exist in all countries of the world except in Iraq," explaining that "the currency auction mechanism is incorrect, and hard currency is supposed to be given to actual importers, students, professors, and patients who travel outside the country and not to banks." “.
Al-Saffar indicated that "there is an increase in social care because large numbers of them were included, with the private sector participating in employing the unemployed," noting that "the budget carries a clear economic and social vision."
He stressed that "the committee will hold a meeting with the political blocs to bridge the gap in views and come up with the draft budget that can be passed easily under the parliament."
Regarding the exchange rate of the dollar, Saffar pointed out that "the exchange rate is exclusively within the authority of the Central Bank, and it is not possible to interfere in its work as it is responsible for the monetary system, the monetary mass, the exchange rate and the cash reserve. link
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Don961: The Iraqi economy suffers from a historical deficit in the 2021 budget, and Kurdistan is its most prominent problem
- 17 Hours Elapsed Researcher Shatha Khalil *
The Iraqi economy faces a number of challenges, starting from the significant decline in oil prices to geopolitical tensions and social unrest in the context of poor public services and the lack of progress in combating rampant corruption, which has produced poverty and unemployment for most of the people, and today it faces the repercussions of the dire Corona crisis.
A report by the Institute of International Finance says that last year, Iraq went through the worst rate of contraction since 2003, reaching 11.2%, and the country dealt with two double shocks represented by the drop in oil prices and the spread of the Corona virus, but despite this, the oil GDP is expected to grow 1.6% this year, the non-oil GDP will grow 3.1%.
The World Bank says that the Iraqi economy after the passage of nearly two decades
The country remains stuck in a fragile reality, facing increasing political instability, mounting social unrest, and an ever-deepening gap between state and citizen. And in the midst of a number of crises; Including falling oil prices, the Corona pandemic, and recent protests. This is in addition to the accumulation of the effects of weak economic policies, the absence of reforms, and the inability to address corruption.
Iraq has now seen its worst annual GDP growth performance during 2020, and instability, lack of job opportunities, corruption and poor service provision remain among the most important risks surrounding the country's long-term growth.
The factors of low prices and the spread of the epidemic, along with the ongoing political instability in the country, have led to an inflated Iraqi budget deficit to 15.6% of GDP in 2020, and a sharp decrease in its official reserves.
Budget Law and its Problems:
The budget bill for 2021, which was submitted by the Iraqi government to Parliament, contained a historical deficit, which sparked widespread debate about the ability of state resources to keep pace with this huge volume of expected expenditures.
With the change of the Iraqi dinar exchange rate against foreign currencies recently from 1190 dollars per dinar to 1450 dinars per dollar, and the figures in the budget are estimated in Iraqi dinars according to the new exchange rate, where the large gap between the size of expenditures and expected imports is noted.
And that the value of the expected deficit in the budget of Iraq for the year 2021 is more than 50 billion US dollars, and these figures formed a surprise within the financial and economic circles, as they come in a year that is supposed to witness great austerity, due to the decrease in oil revenues and the continuing negative effects of the Corona pandemic on the economy, and the absence Any prospect for prosperity.
The 2021 budget showed how Iraq is almost completely dependent on the proceeds from the sale of oil, as its project plans to sell 3.25 million barrels per day at a price of 42 dollars per barrel, to raise nearly 50 billion dollars within 12 months, this confirms the weakness of the economic policy followed in Iraq, which is based on randomness. And getting lost in decisions if there are decisions for reform.
In order to maximize non-oil imports, the state tended to include in the draft budget the imposition of taxes on the vital work sectors in the country, such as mobile phone companies, which have reached 20% of the sales tax of their packing cards, while every Iraqi who wants to travel to any other country will have to pay about $ 18, or $ 7 if he wants to travel internally.
The draft budget imposes a 10% tax on malls and large markets, as well as on car sales, while the tax rate on spirits and tobacco is 20%.
Only employees who receive less than about $ 300 per month have survived the deductions within the budget law for 2021, as the more the employee’s salary, the greater the monthly deduction.
It seems that the series of budget problems without modifications lead to inherited problems and without radical solutions.
A member of the Finance Committee in the House of Representatives Jamal Cougar said, "There are many observations on the country's general federal budget law for this year," indicating that the draft budget needs major amendments before it is approved.
And that "the task of the Finance Committee will be arduous, and the budget will witness changes in its chapters and paragraphs, so it will take time to complete these amendments," noting that "the budget came at a difficult time in light of attempts to thwart the government and a difficult economic circumstance, in addition to external interventions with attempts to stop the port project." FAO and claims to invest Iraqi gas and pressure to support and revitalize the local product.
Economists add, that the budget is not consistent with the Iraqi financial and economic reality, and contains problems that may cause major crises later if passed in this way.
"The FAO project", which is considered one of the strategic projects, was allocated only 400 billion dinars (about 273 million dollars), which represents 12% of the cost of constructing the port, while large sums were allocated to the ministries for maintenance and commodity requirements. And they see that “the budget ignores the real economic reality of the country, and is in violation of the Financial Management Law for the year 2019, which specifies the budget deficit of 3% of GDP, but the percentage of deficit in this budget of GDP is 24%.
The "proportion of the Kurdistan region" is one of the most prominent problems that are considered difficult issues and will be included in the political bidding section with an absence of balance and a fair distribution of financial resources between ministries, and the same is true for some Sunni provinces.
He explains that “the budgets of Nineveh, Salah al-Din and Anbar amount to 918 billion dinars (about 628 million dollars), and the number of its population is 6 million and 708 thousand, while the budget of another Sunni province, Diyala, is about one trillion dinars (about 684 million dollars) and its population is about one million and 548. alpha.
It is clear that there is misconduct and planning in some ministries, for example, the budget of the Ministry of Agriculture is 310 billion dinars (212 million dollars), while the Sunni endowment budget is 309 billion and the Shiite endowment is 830 billion dinars (about 568 million dollars), which is seven times the budget of the Ministry of Agriculture , While the overall size of the budget is exaggerated.
According to a member of the Finance Committee, the reform paper proposed by the Finance Committee was not observed, but rather it was limited to imposing taxes and deductions without reforms, and who indicated that “the budget law did not address administrative corruption, and was reduced to the issue of multiple salaries and border outlets without setting a time limit for the completion of This matter".
Specialists believe that the budget does not coincide with the economic downturn, low oil prices, the Corona crisis, and the successive crises suffered by the economy, and despite all the exceptional circumstances, the budget remains the second largest budget among Arab countries' budgets and is overwhelmed with expenditures.
The financing of the deficit, according to the budget, will be through internal and external borrowing and the issuance of national bonds, and this will plunge the country into debt and harm the Iraqi economy. They concluded that “the government deliberately sent the budget late to embarrass the parliament, as the value of the Iraqi state’s internal loans amounted to about 80 trillion Iraqi dinars ($ 67.7 billion), while foreign debts amounted to about $ 60 billion, more than half of which were debts recorded during the eighties The last century during the Iran-Iraq war.
The International Monetary Fund stated, that the wheel of economic recovery in Iraq is still going at a slow pace, and reconstruction projects are very limited, after the war has ended, while large current spending reinforces the risks that threaten the Iraqi economy, which puts public funds and central bank reserves on a path that does not Its continuity can be supported. The report, issued in 2019, stressed the importance of combating corruption in order to enhance the effectiveness of public institutions, and to support investment efforts and job creation on the part of the private sector.
In the financial sector, the Fund called on the Iraqi government to create a strong plan to restructure the large public sector banks, and the associated strengthening of banking supervision, which he said had become a necessity to ensure financial stability, and also called for strengthening financial development and inclusion, and setting stronger controls to combat Money laundering and terrorist financing, and strengthening oversight operations, which will help Iraq prevent abuse of the country's financial sector for the purposes of reaping criminal proceeds from money laundering and terrorist financing.
According to analysts, these deductions are a government attempt to force the simple Iraqi citizen to assume heavy responsibilities that he had no hand in the reasons for their existence.
In conclusion, Iraq needs more public investment to repair the infrastructure destroyed by the war and strengthen the provision of basic public services, including electricity.
Current spending needs to be redirected to health, reduce spending on wages and pensions, which account for 65% of total public spending, eliminate rampant corruption, a weak regulatory framework, and a bad business environment, as it continues to impede private sector development, job creation, and increased flows. Foreign direct investment, and the companies ’problem of obtaining credit, access to electricity and trade, and protecting their rights in a framework that encourages them to turn the wheel of investment.
Economic Studies Unit, Rawabet
Center for Research and Strategic Studies LINK
KTFA Monday Night Call with Frank26 "Last of the Fab 4" 2-1-2021
.KTFA Monday Night CC 2-1-2021 with Frank26 and Team
Frank26: LAST OF THE FAB 4"
This video is in Franks and Team’s opinion
PLAYBACK IS: 605.313.5163 PIN: 156996#
What Frank’s suit colors mean…. WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR 3 HEADS ... GOLD = CHANGE NO BROWN ... NO GREY... NO YELLOW... NO FLESH
KTFA Monday Night CC 2-1-2021 with Frank26 and Team
Frank26: LAST OF THE FAB 4"
This video is in Franks and Team’s opinion
PLAYBACK IS: 605.313.5163 PIN: 156996#
What Frank’s suit colors mean…. WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR 3 HEADS ... GOLD = CHANGE NO BROWN ... NO GREY... NO YELLOW... NO FLESH
https://www.youtube.com/watch?v=IoPugp6qCac&feature=youtu.be
Monday Night KTFA CC with Frank26 and Team "Lean On Me-Loan On Me"
.KTFA:
Monday Night CC with Frank26 and team 1-25-2021
PLAYBACK IS: 605.313.5163 PIN: 156996#
Frank26: 1-25-21.....LEAN ON ME......LOAN ON ME
This call is in Frank’s and Team’s opinion
What Frank’s suit colors mean: WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR 3 HEADS ... GOLD = CHANGE NO BROWN ... NO GREY... NO YELLOW... NO FLESH
KTFA:
Monday Night CC with Frank26 and team 1-25-2021
PLAYBACK IS: 605.313.5163 PIN: 156996#
Frank26: 1-25-21.....LEAN ON ME......LOAN ON ME
This call is in Frank’s and Team’s opinion
What Frank’s suit colors mean: WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR 3 HEADS ... GOLD = CHANGE NO BROWN ... NO GREY... NO YELLOW... NO FLESH
Frank, Delta and KTFA Members Wednesday 1-20-2021
.KTFA:
DELTA: Deleting zeros or printing a new category? .. What saves the Iraqi dinar from collapsing against the dollar?
A new storm hit Iraq this time, with the local currency depreciating against the US dollar after political, security and health storms preceded it with the outbreak of the Corona virus, the decline in oil prices, the government reaching the stage of deficit in paying its employees' salaries, and the House of Representatives forced to vote on the internal borrowing law to fill the deficit.
The government started with the initial steps to implement the provisions of the White Paper that it launched and talked about a lot over the past months to support its economy by raising the price of the dollar against the local currency from 1184 dinars to 1450 dinars to the dollar at the selling prices approved by the Ministry of Finance of the Central Bank, and this step was negatively reflected on the prices of goods, commodities and daily needs. For the citizen, with rates not less than 25%.
KTFA:
DELTA: Deleting zeros or printing a new category? .. What saves the Iraqi dinar from collapsing against the dollar?
A new storm hit Iraq this time, with the local currency depreciating against the US dollar after political, security and health storms preceded it with the outbreak of the Corona virus, the decline in oil prices, the government reaching the stage of deficit in paying its employees' salaries, and the House of Representatives forced to vote on the internal borrowing law to fill the deficit.
The government started with the initial steps to implement the provisions of the White Paper that it launched and talked about a lot over the past months to support its economy by raising the price of the dollar against the local currency from 1184 dinars to 1450 dinars to the dollar at the selling prices approved by the Ministry of Finance of the Central Bank, and this step was negatively reflected on the prices of goods, commodities and daily needs. For the citizen, with rates not less than 25%.
The crises were exacerbated by this step economically and preceded by health after it was limited to the political and security sides, and all this came at a time when Iraq is considered a rentier country that depends about 95% on oil to cover state expenses, especially salaries.
The Central Bank against a new issuance of the dinar at the present time (Al-Jazeera)
Loss of currency difference
Economic studies and research conducted by institutions concerned with economic affairs indicated that the central bank's sales for the years 2004-2020 amounted to about $ 582 billion, with a loss estimated at 20.7 billion, as a result of the difference between the official price of the dollar and its price on the black market.
The decision to reduce the local currency - which came into effect a month ago - provides about 10 trillion dinars (6.9 billion dollars), targeting the segment of employees who were greatly affected by the decision and lost about 30% of income due to the high prices of basic commodities that are imported from abroad, including mainly food. Followed by medications.
Rescue alternatives
Some opinions saw the need to find alternatives to save the dinar and prevent its deterioration further against the dollar, and in order to overcome this problem, talk about some solutions returned, specifically canceling zeros or printing a higher cash denomination such as 100,000 dinars, but the two possibilities seem to be outside the reform measures of the government and the central bank, because there are many Another obstacle is the lack of logistical supplies.
This comes at a time when the volume of cash transactions is very large in Iraq, and the vast majority of daily transactions are in cash without banking transactions. Note that less than 25% of Iraqis have bank accounts, and after the devaluation of the dinar against the dollar by about 23%, the exchange value increased by about 25% because most of the goods in the market are imported from abroad and in dollars.
Al-Naciri explained the danger of printing large denominations of currency for fear of facilitating smuggling and money laundering (Al-Jazeera)
money smuggling
The economic expert Aqeel Al-Nasiri believes that the last procedure does not take into account the reality and future of the Iraqi economy nor other risks, especially in printing a new currency denomination with a value of 100 thousand, stressing to Al-Jazeera Net that large groups facilitate the process of smuggling and laundering of money to increase its value and decrease its size, and thus facilitate smuggling or taking it out.
Al-Nasiri cites - for the above reasons - what the European Central Bank did to cancel the 500 euro denomination in 2019.
As for deleting zeros, it is the target closest to the ambition of the citizen - according to Al-Nasiri - as well as the dealer, because of its great facilities, especially in banking and account transactions, which reduces arithmetic errors and facilitates daily dealings of the citizen and the merchant.
But he warns at the same time that any change at the present time is added to the changes that have occurred and are expected to happen after the approval of the 2021 budget and the entry into force of the white paper, which will increase the confusion in the markets and the Iraqi economy, which is looking for stability.
For this, the economist proposes a two-year process plan based on the seriousness of relying on electronic banking transactions, and reducing the need for cash because of its great benefits, including “saving the costs of printing currency, controlling the movement of money, controlling the market, reducing money laundering operations and knowing the volume. The real income of the individual and companies and providing security for the dealer, in addition to transparency, and after two years the market and the citizen are ready for the process of deleting zeros.
As for the present time, neither the Iraqi economy nor the markets are ready for such a change, especially after the confusion that occurred after the devaluation of the dinar against the dollar, according to his opinion. Cougar considered that the decision to reduce the dinar was made to fill the budget deficit and support local production (Al-Jazeera Net)
impossibility
In turn, the Central Bank does not agree with making any change to the local currency or addition, whether it is deleting zeros or printing the 100 thousand denomination in the current stage because of the lack of logistical supplies and the need for a long period of time, but it supports at the same time the second option more than the first in the case of differentiation between The best of them - says a bank official, attributing the reason to the impossibility of collecting all these quantities of the local currency within a short period in addition to the need for a long period to print the new currency.
A member of the Parliamentary Finance Committee, Jamal Cougar, supported the difficulty of printing a new currency, at a time when the decision was made to reduce the dinar against the dollar.
In an interview with Al-Jazeera Net, Cougar ruled out the Central Bank going to at least one of the two options, the current stage to restore the dinar to its previous state against the dollar, while continuing to print the 50 thousand denomination below 100 thousand, a trend that has nothing to do with the devaluation of the dinar.
The government was forced - as Cougar asserts - to go to the decision to reduce the dinar against the dollar to fill its deficit on the one hand and to support domestic production, which has declined significantly in recent years, in addition to relieving many of its burdens on the other hand.
https://www.alrafidain.news/News
DELTA
FRANK26: DELTA ................ I LOVE YOU BUT I DO NOT LISTEN TO ADVISORS NOR COUNSELORS NOR ECONOMIST NOR GOVERNMENT NOR CONCERNED INSTITUTION SOURCES CONSERNING THE IQD MR !!! THEIR OPINIONS ARE ALWAYS CARELESS AND IGNORANT OF THE ACTUAL STEPS BEING TAKEN BY THE CBI'S GOVERNOR.
I DISAGREE WITH YOUR ASSESSMENT OF THIS WORTHLESS ARTICLE.
IF IT WAS MUSTAFA OR KAZIMIE DIRECLY SAYING THIS ................ THEN IT WOULD AGREE.........BUT IT'S NOT.
AND THEY SURE AS HECK ARE NOT PRINTING ANYTHING NEW !!! IT'S ALREADY PRINTED AND THE CBI IS PREPARING TO RELEASE IT.
IMO. FRANK26
DELTA: DEAR BROTHER.............WE SHOULD CONSIDER ANY ARTICLE .....
Samson: Imprisonment of an official in the Investment Authority for a period of 4 years and confiscation of all his money
1/19/2021 20:08:43
Today, Wednesday, the Integrity Misdemeanor Court sentenced an official in the Investment Authority to four years in prison and confiscated all his money.
The court stated in a statement that Al-Furat News received a copy of it that "Misdemeanor of integrity issued a prison sentence against the director general of the window in the Investment Authority (Saad Jamil Huwaidi) for a period of 4 years, confiscation of funds, and his dismissal from his post." LINK
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Samson: Parliamentary Finance: The budget will be ready next week
20th January, 2021
He explained that the Finance Committee will start amending the budget as of next week, and I think that the bill will be ready for voting during the next week. LINK
Jerry1971: GREAT NEWS Parliament Finance are informing that the budget will be ready for the vote during the next week …..hope it gets approved soon for the new rate to come out….. exciting times here in dinarland
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Samson: Parliamentary finances "devote themselves to" the final drafting of the budget law
12:30 - 20/01/2021
The representative of the Iraqi Forces Union, Zaitoun Al-Dulaimi, revealed, on Wednesday, that the Finance Committee had moved outside the Parliament building in order to prepare the final wording of the budget bill, indicating that the committee’s transfer was due to its emptiness and not allowing the representatives to enter the committee to pressure it.
Al-Dulaimi said in a statement to / al-Maalouma /, that “the Parliamentary Finance Committee upon completion of the second reading of the budget bill decided to move from the Parliament building to the guest house in the Council of Ministers.”
She added that "the committee's decision to the guest house, because the committee is empty and not allowing the deputies to enter the committee and put pressure on it," stressing that "the committee's decision is correct and will accelerate the completion of the final draft of the bill.
The House of Representatives had completed the second reading of the draft federal budget bill for the fiscal year 2021. LINK
Samson: The Constitutional Amendments Propose Reducing The Number Of Members Of Parliament To 180 Members
20th January, 2021
The Constitutional Amendments Committee in the Presidency of the Republic has completed its work, amid expectations that a committee will be formed between it and the House of Representatives to discuss it and come up with a common formula to pass it.
In an interview with the independent newspaper, Al-Sabah, a member of the committee, Mohsen Saadoun, said: “The committee headed by the chief advisor of the Presidency, Dr. Ali Al-Shukry, with a membership of 25 professors and specialists in constitutional law, made great efforts and conducted recorded discussions to complete the amendment of all articles, and there was nothing left. Except for its review, which was postponed due to the Korna pandemic, "noting that" the amendment is consistent with what is required by the deficiencies in the constitution. "
He added, “The important constitutional articles that have been amended are to reduce the number of members of Parliament to 180 instead of 329, in addition to Article 76, which has been radically amended from what is in place, and one of its paragraphs states (assigning the candidate of the largest parliamentary bloc, To form the Council of Ministers)”
Saadoun explained that “the most important article is related to (the Union Council), for which several chapters have been set, after it was referred to in the constitution by one article and is enacted by law, knowing that it constitutes the second chamber of legislation, that is, a council of elders or notables, as it should be. At the level of the House of Representatives.
Saadoun continued: “The committee decided that there should be more powers for the president of the republic after they were formal, instead of making the system presidential, as the demonstrations that started in Baghdad and some provinces demanded,” stressing “the difficulty of transforming the system from parliamentary to presidential, which calls for amending many Constitutional articles ”, describing these amendments as“ the best among their counterparts that were previously presented.
Saadoun explained that "the House of Representatives decided to form a committee for constitutional amendments after popular pressure on them, while they should have formed this committee and completed its work within 4 months, as stipulated in Articles 126 and 142, and despite that, they did not reach any result."
A member of the Constitutional Amendments Committee in the Presidency of the Republic confirmed that “Whoever wants the people's interest chooses what is best for him,” indicating that “the general rule is that the country's stability is linked to the stability of the constitution,” noting that “the amendments committee in the Presidency of the Republic will send the amendments to Parliament in preparation for forming a committee "Between the two, to discuss it and come up with a common formula for amendments between the two institutions that the people badly need."
Saadoun hinted to the need for "a common political will that can pass these amendments by voting on them in the House of Representatives, so that there will be a constitutional amendment with the elections." He expected that a meeting would be held during the next stage between the members of the committee to discuss these amendments, then adopt and publish them to be the basis for the constitutional amendment, and then they would be sent to Parliament to produce positive results in the interest of the Iraqi people. LINK