KTFA Members "News and Views" Saturday Morning 5-9-2020

KTFA:

TINK: FRANK JUST CALLED ME AND HE HAS CLEARANCE FROM ONE DOCTOR TO COME HOME TODAY. PLEASE PRAY THE SECOND DOCTOR COMES IN AND SAYS YES YOU CAN GO HOME TOO. 

HE SOUNDS SO MUCH BETTER THIS MORNING...

HE SAID HE WAS HAPPY AND WITH THAT FIRST NEWS FROM THE DOCTOR HE WAS SO HAPPY HE WAS GOING TO ORDER A CHEESEBURGER FOR BREAKFAST!!!!!!!!

LOVE YOU ALL AND I WILL UPDATE SOON I HOPE

Don961:  10 challenges await Al-Kazemi .. Hisham Al-Hashimi

2020-05-07

Hisham Al Hashemi wrote: The new Iraqi government, headed by Mustafa Al-Kazemi, is awaiting huge challenges;

1 - Fighting Corona Virus.
2. Confine the loose weapon and dismantle its security.
3. Confronting the return of ISIS.
4. Relationship with the United States, the American withdrawal from Iraq, exemptions for Iranian energy purchase without sanctions, and IMF loans.
5. The return of popular protests.
6. Double the poverty rates.
7. Holding the protesters' killers accountable and early elections.
8. Unvoted budget.
9. The collapse of oil revenues.
10. Currency printing, employee salaries and pensions.    LINK

MilitiaMan:  The new PM has a very serious and a professional back ground and some serious issues to tackle. "Mustafa al-Kadhimi, director of the Iraqi National Intelligence Service." The military nature of the guy is to be organized, punctual, well versed in many key items such as, things like human behaviors, economics, taxation, revenues and on down to even writing skills, etc..

Why is any of that important? He has now the job that will need all of that and much much more. The economic side of things is so very key now, imo. The country has no liquidity and will need to implement the reforms to alleviate the lack of liquidity issue. imo.. 

Then there is the pointed pressure from many different fronts noted below in a few snippets out of many found in the link provided, below. It goes to show that they have a plan of attack. Which we know this last weekend there were meetings at the highest levels to provide immediate solutions.

 I believe that the PM was privy to those meetings and understands the totality of where they are in regard to the crisis.

The tools and or solutions would have been discussed and options were probably on the table. The best ones were i'll bet the ones we are looking forward too. That is the citizens get jobs, they get purchase power and we do as well and contractors will be able to start the reconstruction process noted from the past Kuwait Conference! 

All things point to the Reforms getting in place now and very quickly from here on out.

The pressure is now far to intense to not. The corruption will be curtailed along with the reforms.. They know the who what and where.. The PMs background probably has the files to memory.. lol imo ~ MM

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Samson:  Political analyst: The time is right to hit the corrupt and recover the money smuggled out

8th May, 2020

Yassine Al-Bakri, a professor of political science at Al-Nahrain University, saw that the dramatic drop in oil prices and its direct impact on the conditions of citizens portend serious social repercussions, and the government may not be able to pay salaries for the coming months.

He added, in a press statement, that "this will definitely lead to austerity measures, such as reducing salaries and pursuing the corrupt to recover the stolen money."

Al-Bakri added, "The current time is appropriate to hit the corrupt, pursue the smuggling of funds, and recover them from abroad, as he will get support from the people, in the event that these campaigns are launched to dry up the sources of corruption, as the current time represents an opportunity for such activities, with low imports from Iraq, And the Corona crisis. "

He pointed out that "those measures will remain inadequate, in light of the decline in oil imports, and perhaps the cash issuance and printing of the currency will be resorted to, despite the risks involved in this procedure, such as inflation and others.

And perhaps not going towards that step, its repercussions will be more serious, such as The economy has stopped altogether, and this is reflected socially, politically and security," noting "Iraq needs international assistance, specifically from the United States and Saudi Arabia."  LINK

Samson:  The Popular Mobilization announces the arrest of princes and leaders of ISIS in Kirkuk: the organization's weapons are developments

9th May, 2020
The Popular Mobilization announced, on Saturday, the arrest of princes and leaders of ISIS in Kirkuk.

"We have arrested a group of princes and leaders from ISIS in the province of Kirkuk," the official of the North Axis for the crowd, Abu Reda Al-Najjar, told a news conference in the presence of the brigade commander of the 16th in the crowd and attended by Shafak News.

He added that "ISIS weapons have developed recently and their number has increased in the outskirts of Kirkuk Governorate and Nineveh Governorate," explaining that "ISIS elements are supported by parties, and this is no longer hidden."  "But nevertheless, ISIS cannot and do not have sufficient strength to control both provinces," he added, stressing that "the PMF will confront them."

Al-Najjar pointed out that "the PMF has always surrounded and killed ISIS and is always alert and ready."

Meanwhile, the popular crowd reported the destruction of several ISIS hideouts and the killing of a number of elements by artillery and missile strikes in eastern Salah al-Din. "The brigade's forces treated ISIS targets with missile and artillery shelling in the areas of" Maidan, Hodeidah and al-Sultana, "which resulted in the destruction of several ISIS hideouts and the killing of numbers of terrorists whose number was not counted precisely because the targets were completely destroyed," brigade order 21 of the popular crowd, Khudair al-Matrouhi, told Shafaq News.

Al-Matrouhi affirmed the continued pursuit and pursuit of ISIS nests and pockets through the night ambushes and the continuous patrols across the responsibility sectors east of Salah al-Din, indicating that "all ISIS exposures to lightning are carried out by motorcycles and then disappear in the burrows."

The overlapping areas of eastern Salah al-Din between the borders of the governorates of Salah al-Din, Diyala and Kirkuk are among the nests and hot spots for armed organizations and witnesses continuous security exposures and operations since 2014 until now.   LINK

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Samson:  Lebanon .. Security stops the captain of the cash changer as the lira continues to collapse

 France Press  May 08, 2020

On Thursday, the Lebanese security forces arrested the cashier's captain, Mahmoud Murad, after a two-week campaign against workers in the parallel market, against the backdrop of the accelerating collapse of the exchange rate of the lira against the US dollar, a security source told AFP.

The source said on Friday that "the captain of the money changer has been arrested, based on a signal from the Malian Public Prosecutor, because the money changers bought the dollar at very high prices, which leads to strong speculation and manipulation of the Lebanese pound." His investigation is still ongoing.

He pointed out that "during the past two weeks, about 50 ATMs have been arrested, those of whom have signed pledges not to manipulate the dollar and have been released, while the unlicensed have been referred to several judges for investigation."

Since the summer, it appeared in Lebanon for the first time in parallel market contracts, in which the value of the local currency gradually decreased, while the official exchange rate is still fixed at 1507.

In the face of the accelerating collapse, the Bank of Lebanon asked at the end of last month for the cashiers not to exceed the price of selling the dollar 3200 pounds. However, since that time, the lira has recorded an unprecedented decline in its value, today, it crosses the threshold of 4100 liras against the US dollar on the black market.

During the past two weeks, the security forces launched a campaign against the cashiers who closed their offices, and many of them were working in secret, while the lira continued to collapse.

The country has been experiencing for months the worst economic meltdown in its modern history with a severe shortage of liquidity and a significant decline in foreign reserves.

Since September, banks have imposed strict procedures on cash operations and withdrawing funds. The outbreak of the new Corona virus exacerbated the crisis after banks failed to provide their clients with the dollar completely. 

In April, the Central Bank of Lebanon asked banks to pay customers' withdrawals from their deposits in dollars in Lebanese pounds. Banks have set their exchange rate at 3,000 liras.

"We have to buy the dollar on the black market because we need to secure the dollar daily for traders, especially food and meat traders, because the Banque du Liban and banks do not believe in the dollar, and therefore there is no dollar except on the black market," one of the money changers told France Press.

The Money Exchange Syndicate issued a statement calling Mourad's arrest "an unfortunate incident." She stressed its commitment to "the regulatory teachings that set the exchange rate of the US dollar, despite the difficulty of adhering to any pre-determined price in a mobile market that is controlled by the strength of supply and demand."

The Lebanese government approved last week a reform plan, on the basis of which it submitted a request to the International Monetary Fund to help Lebanon out of a cycle of accelerated economic collapse that has brought nearly half of the population below the poverty line.

The plan adopts, according to the Minister of Finance, "the flexible exchange rate policy in the coming stage in a gradual and deliberate manner."    LINK

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Clare:  Presidential Message on the 75th Anniversary of Victory in Europe Day

Seventy-five years ago today, the last remnants of the Nazi regime unconditionally surrendered to the Allied Powers, marking the end of World War II in Europe.  Today, we celebrate the forces of freedom who defeated tyranny and emerged victorious in that monumental struggle.  We pay tribute to those who served for their service and pause to remember those who gave their last full measure in defense of the flames of liberty.

The campaign to end fascism in the European Theater is a somber reminder of the price of freedom.  More than 30 million lives were lost and tens of millions more were shattered in the war.  Most of those who perished in Europe were civilians, including 6 million Jews and millions of others from Poland and the former Soviet Union. 

The United States also suffered incredible losses.  Of the more than 2 million Americans who deployed to Europe and the Mediterranean or patrolled the Atlantic Ocean, more than 186,000 paid the ultimate sacrifice, and more than twice that number were wounded.

Most of these selfless and heroic warriors had never known life in a prosperous America.  They grew up during the Great Depression, when America’s economic prospects seemed bleak.  Yet, they answered our country’s call of duty because they believed in the principles that lie at the foundation of our Nation.  They came from the plains of the Midwest, industrial and manufacturing towns, the sprawling farmlands of rural America, and our country’s up-and-coming cities.  Many had never traveled outside of their home states, but they would trek thousands of miles around the world to meet their tyrannical enemies on the beaches of France, in the forests of Belgium, on the hills of Italy, and on hundreds of other battlefields of Europe and North Africa.  These American heroes would not relent in their noble efforts until they had liberated all of Europe from the abhorrent Nazi regime.

Today, as we reflect on the 75th anniversary of the end of the World War II in Europe, we are reminded that no challenge is greater than the resolve of the American spirit.  Over the past months, our Nation has faced remarkable adversity during the coronavirus pandemic.  But just as we have so many times before, America will triumph, and we will emerge from this a stronger and more united country.

I join all Americans in honoring our brave warriors for their gallant service and sacrifice in World War II.  Fewer than 400,000 of the 16 million Americans who served in our Armed Forces during World War II remain with us today.  Their generation—the Greatest Generation—will never be forgotten.  We are forever grateful for their immeasurable contributions to the success and prosperity of our Nation.

https://www.whitehouse.gov/briefings-statements/presidential-message-75th-anniversary-victory-europe-day/

Frank26 Update and MilitiaMan Friday PM 5-8-2020

KTFA:

TINK: FRANK SOUNDED GOOD THIS MORNING. HIS BP WAS VERY GOOD TODAY 130/70 SOMETHING, HE SAID HE DIDN'T WRITE IT DOWN WHEN THEY TOLD HIM. SO MUCH BETTER. HE'S IN PAIN TODAY FROM THE SURGERY AND IS DEALING WITH THAT ISSUE TODAY.

TINK:  LATEST UPDATE: HI EVERYONE: UPDATE FROM FRANK ~ THE DR DECIDED NOT TO LET HIM COME HOME TODAY.HIS WHITE BLOOD CELL COUNT IS HIGH AND THEY WILL BE CHECKING HIM FOR INFECTION IN HIS BLOOD. IT'S PROBABLY HIS BODY REACTING TO THE SURGERY STRESS BUT WE WANT TO MAKE SURE HE'S GOOD BEFORE THEY RELEASE HIM.

PLEASE PRAY THAT THERE IS NO INFECTION. TY

Samson:  Washington to Al-Kazemi: We will follow how to implement the reforms that the Iraqis want

8th May, 2020
The US State Department confirmed, on Thursday, that it will follow how the new Iraqi prime minister, Mustafa Al-Kazemi, applies the reforms that Iraqis want.

"The United States will follow how the Iraqi Prime Minister applies the reform measures that the people are demanding," State Department spokeswoman Morgan Ortagos told Sky News Arabia.

She added that the Iraqi people should express their choices regarding their future, stressing "supporting the independence and sovereignty of Iraq."

The Iraqi parliament voted after midnight yesterday, Wednesday, on the government curriculum for the new Prime Minister Mustafa Al-Kazemi, and 15 ministers were voted on, so that Al-Kazemi’s government acquired an official capacity.

As soon as it was given the confidence, the Al-Kazemi government met with a domestic and international welcome, as both the US and Iranian foreign ministers congratulated its formation and pledged their countries' support for Iraq.

The United Nations, Britain and Turkey on Thursday also welcomed the occasion of the inauguration of the head of the intelligence service, Mustafa al-Kazemi, as head of the Iraqi federal government.  LINK

MilitiMan:  The State Department has their Eyes and Ears on how the reforms measures get applied..

The State Department would know about the meetings that were held in respect to immediate solutions to avoid more crisis and one of the reforms the citizens demand is their purchasing power to increase.

Just as the IMF and World Bank have talked about, as in if there was a time to allow other currencies into the SDR basket, the timing is now.

Thus, giving purchasing power will equate to a demand that the citizens want and they world as well. Not going to get into the SDR ever at a program rate.. imo..

So it it "LAUNCH" season imo.. lol ~ MM

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Samson:  High-risk currencies are supported by progress on trade with China

8th May, 2020

Strong currencies linked to global trade rose on Friday, supported by news of US and Chinese negotiators agreeing to boost cooperation on a trade deal as more and more governments reopen their economies at a slow pace

Senior trade representatives from the United States and China discussed the one-stage agreement between the two countries on Friday, while China said it had agreed to improve the atmosphere for implementation of the agreement and the United States said the two sides believed that commitments would be fulfilled

The phone conversation came in light of escalating tensions between the two countries, which was exacerbated by the United States 'criticism of China' s response to the outbreak of the new Corona virus

The Australian dollar, which is closely related to sentiment towards China and the global economy, rose 0.3 percent to 0.6516 US dollars, after hitting earlier a week's high. The currencies of a number of emerging markets also rose

The US dollar suffered in search of a trend as investors challenged a widespread sense of pessimism about upcoming US employment data and focused on trade news and the gradual lifting of public isolation measures. What undermined the American currency was its damaged yield again, at a time when money markets are considering a low probability of negative interest rates this year

The dollar index, which tracks the performance of the greenback versus a basket of six major currencies, was unchanged at 99.851. The dollar’s ​​decline against higher-risk currencies indicates a recovery in risk appetite with the rise in global stocks, and the Nasdaq index has now erased its losses incurred since the beginning of this year

In addition to significant monetary easing around the world, hopes for a return to economic conditions support sentiment. The euro fell 0.1 percent to $ 1.0823, but held close to the lowest level in two weeks, which recorded on Thursday at 1.07665, although it fell more than one percent per week.

Against the yen, the dollar rose to 106.32 yen, above a seven-week low that it touched on Wednesday  

LINK

MilitiaMan:  There is some data out that may support that in fact there was a nice move in regard to the CBI of Iraq, possibly at close on Thursday. The data suggests as of 05/08/2020 2:35 PM out of Australia shows a move of 74.75% to the upside.. I am not fully sure of the context of the data just yet. But, this article has me smiling.. As there telling us the biggest players on the map are dealing, and it looks promising. The FIMA and SLL has been noted and the IMF and World Bank have spoken too.. We shall see if the data has legs.... imo.. ~ MM

KTFA Members "News and Veiws" Friday Morning 5-8-2020

KTFA:

Don961:  HIT THE GROUND RUNNING ... IMO

DELTA:   THANK YOU BROTHER DON FOR THE HARD WORK......ITŚ A BOMB ARTICLE ...

Mazhar Saleh: Al-Kazemi’s government will launch the first package to revive the economy

Baghdad - people  

On Thursday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, revealed the existence of packages of measures to revitalize the national economy.  

Saleh said in a statement to the official agency, followed by "Nass", (May 7, 2020), that "there are packages of important measures to revitalize the national economy," noting that "the first package of them includes the adoption of small loans for young people on very soft terms, as well as large private loans In the areas of agricultural activity, manufacturing, and services, especially as they are income and revenue generating.  

He explained that "this initiative represents the integration of the monetary and financial policies of Iraq towards building economic stability and strengthening markets in addition to advancing sustainable development paths and raising levels of employment and use and combating recession."  

Saleh added that "the package will go out as a priority to revitalize the agricultural movement in fundamental aspects, including facilitating the acquisition and acquisition of agricultural lands, supporting agricultural production and agricultural technology, and in accordance with the requirements of strengthening Iraq's food security and advancing national agriculture."  

He continued, "The first package will be taken over by the Al-Kazemi government to support the macro economy and the national market and move the state apparatus more efficiently."  

Expectations indicate that Iraq may witness an annual performance that is the worst for the country since the overthrow of Saddam Hussein's regime in 2003, especially since Baghdad is currently considering the possibility of deduction of huge public salaries, in a move that will receive popular rejection and may renew the wave of protests with a new government taking over .  

According to a report published by the French news agency, and followed by "Nass" (May 7, 2020), the GDP of Iraq is expected to decrease by 9.7 percent this year, and poverty rates may also double, according to the expectations of the World Bank, making this the worst annual performance The country since Saddam Hussein was toppled in 2003.    

The second largest producer of OPEC was affected by a double blow, firstly by the collapse of oil prices, and secondly by the Covid-19 pandemic, which dramatically affected its oil revenues.    

And Iraq’s oil revenues last month reached 1.4 billion dollars, less than a third of the four and a half billion that the country needs per month to pay public sector salaries, compensation and government costs.    

That is, the Iraqi government suffers every month from losing $ 3.1 billion in oil revenue.    

In the face of this crisis, officials may put massive payrolls on the deduction list, according to two senior officials involved in discussions to suggest solutions.    

The basis for salaries is more likely to remain the same, and austerity measures will extend to the large "allocations" that made up two-thirds of the $ 36 billion budget for salaries in 2019.    

These allowances include rewards or benefits such as cars and homes, based on factors that include seniority, educational level, children, or informally political and family relationships.    

An Iraqi official says that "the cuts we are studying include reducing the allocations of high-ranking public officials by more than half, the average level by 50 percent, and the low level by about 30 percent."    

The government will also consider freezing recruitment and promotions, cutting military spending, and stopping maintenance of government buildings to save more money.    

The authorities may even print the currency to pay salaries, which will force the central bank to use its foreign reserves of $ 60 billion to support the dinar exchange rate against the dollar.    

These measures are part of the $ 54 billion "emergency financing document", just over a third of the amount budgeted for the 2020 draft budget that parliament has yet to pass.    

"It is the first time that we have had to do something similar."    

" Too little, too late. "  

 And Iraqi economic analyst Ali Mawlawi told France Press that, with the deficit increasing every month, "What kind of measures will the government take now to try to avoid the economic disaster? It is really very little and very late."    

The government pays salaries to four million employees, pensions for three million, and aid for a million others, which means that one out of every five Iraqis receives what can be considered payments from the state.    

Maulvi says that the government of Prime Minister Adel Abdul Mahdi, as its predecessors, has appointed employees to please political allies.    

He adds that "oil prices rose when Abdul-Mahdi took office, which led to a false sense of safety from his government, and expanded in the public sector to the stage of losing control, which led to this serious financial crisis."    

For 2019, the government monitored a 13 percent increase in salary expenses, and jumped 127 percent in pensions, according to a World Bank analysis.    

Late last year, the government employed at least 500,000 people in an effort to appease angry anti-government protesters protesting against unemployment and corruption, which led to salary inflation inflated again by 25 percent.    

Public jobs are inherited from the previous era in Iraq, as university graduates are theoretically employed by a related ministry upon their graduation. But this strategy has overburdened the public sector engulfed by corruption.    

The benefits associated with government positions mean that they are sold for hundreds of thousands of dollars by grade, while the private sector is regrettably unrepentant.    

"This is an economy that does not create jobs," says Wael Mansour, chief economist at the World Bank in Iraq.    

This raises problems in a country with rapid population growth, and is set to increase ten million in the next decade to 50 million.    

"If they really want to make an impact, the only place to do that is by salaries," says Mansour.    

difficult decision  

However, similar austerity measures "could spark more social unrest, with public services already weakening and unemployment rising," according to the World Bank.    

The new Prime Minister, Mustafa Al-Kazemi, had hoped that he would not have to start his mandate with cuts, but fear of public reaction prevented the caretaker government headed by Abdel-Mahdi from implementing the cuts.    

"No one wanted to take responsibility," says a second official involved in developing emergency procedures.    

The same official describes the meetings in which caretakers were more focused on signing last minute contracts that would earn them quick bribes, knowing that their days in government were numbered.    

Given the prospect of a further drop in oil revenues in May with lower prices and demand, things could get worse.    

"If we don't agree on something swift, there will be no money in June. We will have to announce a full government shutdown, and this is a precedent," the official said.  LINK  

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DELTA:  Al Hareth Al For Money Transfer
 
Our valued customers:

The management of Al-Harith Arab Financial Transfer Company announces that the company will continue to provide its services from internal and external remittances on a daily basis except on Friday and Saturday.

We would also like to inform you that western union remittances service will cease as a transmission for the purpose of making accounting applications, there is only receipt from our branches listed below.

MilitiaMan:    BROUGHT FORWARD

In the document .. The Council of Ministers decides to suspend all forms of financial financing until the new government begins

7th May, 2020 Translation...

The Council of Ministers decided at its eighteenth regular session in Tariq 2020/5/5 the following 1. The Ministry of Finance has the right to suspend funding for all until the government’s days by studying the subject and taking safety decisions to address the decrease in revenues due to the low price of oil, except for the government grant Al-Tafsah, the blonde segment installed according to the General Secretariat of the Council of Ministers, numbered: sh. 9123/30/26 Of the date of 2020/4/22 yes, and the Prime Minister in consultation with the Minister of Finance may launch the exchange when liquidity is available in the most necessary cases, and in a manner that does not contradict the relevant laws and the directives of the Prime Minister issued in implementation of.  This decision is implemented from the date of its issuance.    LINK

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Debt relief is an urgent necessity during a  pandemic

6th May, 2020

Gordon Brown             Lawrence Summers

The developed world has responded to the emerging crisis of Coronavirus (Covid 19) by supporting their local economies and financial systems in bold and unprecedented ways, on a scale that no one would have imagined three months ago

By contrast, when the world's finance ministers and central bankers meet online this week in the framework of the semi-annual meetings of the International Monetary Fund and the World Bank, steps will be taken to fortify the international system. But nothing could match what countries do at the local level

First, the International Monetary Fund, the World Bank, and regional development banks must move as strongly as global central banks have done to expand their loans.

Second, If there is an appropriate moment to expand the use of the international currency known as special drawing rights, it is now.

If global money is to remain balanced with domestic monetary expansion in rich countries, the urgent need to increase special drawing rights to more than $ 1 trillion. LINK

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MilitiaMan:  Kinda looks like the Prime Minister and the Finance Minister had a chat about launching the, or an exchange when liquidity is available..  Well what liquidity are they talking about? They have no hard currency ($USD) nor will they apparently be getting any more any time soon, either. lol

A chat about implementation of liquidity of what may I ask? Scratch chin... lol They know they will have liquidity once they inject the new currency to a live international level. A program rate is going no where!!! imo..

They know the secondary markets are the place to be in to defend oil price swings, currency, etc.. They know when they get fully Article 8 compliant with a new international rate, the SDR basket will or may at least have serious relevance, as noted above. The Time is now.

They can not get to the level  they need to be or where it is even an option to do either of the two possibilities with out a strong international currency, imo .No SDR or Secondary Market is on the table at a program rate. Neither one of them can happen with out them lifting the value of the IQD, imo. They had no, nor have now, any more options to put it off!! They are in a corner and the new PM knows it.

So, will they get liquidity when they actually launch into international markets? We shall see, but, imo the world is not only expecting it, the world and the international financial system warrants it. The pressure on Iraq now and along with the Global Financial System is immense going forward. It is not about just Iraq.. As wee see above the IMF and World Bank are talking about it strongly. They are talking about the international financial system.. Let that sink in.. 

We have had oil shocks of late with futures contracts going negative $38 pbrl and now we see the signs of the bond markets doing the same in the near future for November and December!!! Notice who is saying things that don't seem to be main stream and I will bet for good reasons it is not being said to of by main stream media. When the IMF and World Bank say things and the masses actually hear it?

It moves markets.. Lets just say no one likes or wants panic in markets.. But, imo if the words above were to be mainstream? Hold the door Alice! 

We have support by Pompeo. We have by extensions the FIMA, CML, SLL, SDR, etc.. All supported by the PTB.. At the highest levels now.. They want money to move and see that the CBI is on board! ~ MM

Vowing to help Al-Kazemi .. Pompeo: Now comes urgent and hard work "

Pompeo discussed with Al-Kazimi "ways to work together to provide the Iraqi people the prosperity and security they deserve"

---------------------------

The statement concluded: "We have taken good notice of Prime Minister Al-Kazemi's promise to hold early elections and his will to strengthen the democratic system in Iraq.  We look forward to working with this new government to give the Iraqi people the sovereignty, dignity, prosperity and security they deserve."  LINK

-----------------------------------

" corporation and thus will provide it with rapid growth and that the formation of a larger entity covers wider services commensurate with the large size of the merged corporation and thus its access to broader financial services by this bank commensurate with its size

The Central Bank of Iraq   LINK

-------------------------------------

On Thursday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, revealed the existence of packages of measures to revitalize the national economy.  

Saleh said in a statement to the official agency, followed by "Nass", (May 7, 2020), that "there are packages of important measures to revitalize the national economy," noting that "the first package of them includes the adoption of small loans for young people on very soft terms, as well as large private loans In the areas of agricultural activity, manufacturing, and services, especially as they are income and revenue generating.  

He explained that "this initiative represents the integration of the monetary and financial policies of Iraq towards building economic stability and strengthening markets in addition to advancing sustainable development paths and raising levels of employment and use and combating recession."  

Saleh added that "the package will go out as a priority to revitalize the agricultural movement in fundamental aspects, including facilitating the acquisition and acquisition of agricultural lands, supporting agricultural production and agricultural technology, and in accordance with the requirements of strengthening Iraq's food security and advancing national agriculture."  

He continued, "The first package will be taken over by the Al-Kazemi government to support the macro economy and the national market and move the state apparatus more efficiently."   LINK

Iobey777:  WOW!!! So many Wonderful articles today!!  Sure looks like Iraq’s new PM is going full steam ahead with IMPLEMENTING the MR of Iraq! I would love to know what the citizens are saying! Hope they are all smiling and happy with their new GOI!

Samson:  Trade negotiators in Washington and Beijing agree to implement the trade deal

8th May, 2020

Senior officials in the United States and China have pledged to provide favorable conditions for the implementation of the bilateral trade deal and economic and public health cooperation

A statement issued by the Ministry of Commerce in China and transmitted by Bloomberg Agency Thursday evening revealed a phone call between US Treasury Secretary Stephen Mnuchin and US Trade Representative Robert Lighthears and Chinese Vice President Liu He

The two sides spoke during the phone call on issues of economy and public health, with discussion of trade matters, including the first stage of the trade deal, signed last January

The phone call comes at a time when investors have raised concerns globally about increasing tensions between the two largest economies in the world, as the United States accuses China of being the cause of the spread of the "Coffid-19" globally

A trade war had sparked Washington and Beijing over the past two years amid the imposition of customs duties on each other's products before the tensions and bickering between the two sides stopped with the signing of the first phase of the trade deal in January

The Corona pandemic has raised questions about whether China can meet its obligations in the first phase, which includes the purchase of an additional $ 200 billion in US goods over a two-year period and at the weekend, US President Donald Trump said he might end the agreement if Beijing fails to meet these obligations

In a statement issued by the American Trade Representative office yesterday, he clarified that the two sides agreed during the phone call that despite the current global health emergency, both countries expect to fully fulfill their obligations under the agreement at the appointed time

According to the Chinese Ministry of Commerce statement, both countries are working to implement what is described in the trade agreement    LINK

Frank26 Update and more from KTFA Members Thursday 5-7-2020

KTFA:

Tink:  PRAISE REPORT!!!!!!!!!!!!!!! : FRANK IS OUT OF SURGERY-DR SAID HE DID GOOD! DR WAS ABLE TO PUT TWO STENTS IN HIS URETERS TO OPEN UP THE FLOW FROM THE KIDNEYS.

THEY WILL WATCH HIM OVERNIGHT AND SEE IF HIS KIDNEYS START TO FUNCTION WITH THE STENTS IN PLACE. IF THEY DO HE CAN COME HOME TOMORROW!!!

THE TUMOR WAS REMOVED BUT NOT ALL OF IT BECAUSE IT HAD ATTACHED TO THE MUSCLE IN THE BLADDER. CHEST CT WILL HAVE TO BE DONE AND HE BIOPSY WILL BE A WEEK TO GET RESULTS OF THE TUMOR TISSUE.

PRAISE GOD AND THANK YOU ALL FOR PRAYING! THERE WILL BE ANOTHER SURGERY BUT THAT WILL BE DETERMINED ON HOW HIS KIDNEYS START WORKING OF WHAT AND HOW IT NEEDS TO BE DONE. 

BillA:   Here is my train of thought,,,,,,If Iraq does not have enough money coming in to pay their people, bills, loans etc... snd then if they wait for Kazeimi to set his CAB, go over the budget as it has been said in a number of articles that it is ready to be sent to Parl. Make his changes, then send it to Parl. where it will go through the Financial, Legal committees.

Once they make changes based on their recommendation, then be sent to the Parl floor, where they will make recommendations which will necessitate more changes and then put to a vote which past history has shown will take multiple meetings to approve all/most of its' articles.

Historically this process takes from 45 to 60 days. We know that no one will give them a loan to keep up and running, So without reinstating their currency (with a fair rate as Pres Trump has declared). How in the world are they going to keep this country afloat for two more months without either RI'ing or going Bankrupt?

Also keep in mind, there has been no articles giving Iraq the ability to defer their current loan payments. IMO they might have two weeks, not two months.

Coco:  Al-Kazemi sending the budget bill to the parliament before Eid al-Fitr  (May 23, 2020).  Hopefully we'll see a new rate in the next 2 weeks.

GodLover:  I know it's been said over & over again..... the budget needs the rate...… the rate doesn't need the budget. I will add what I think should be stated..... the budget needs the rate & the rate needs the budget imo.  Some of the theories have always had me a little confused as far as the rate & budget imo. We hope the rate is in the budget... with that said, why would the rate come prior to the budget? What would the point be.... imo? I still say, the new rate couldn't be usable until the budget was opened imo. It would be like trying to cash a check that hasn't even been written yet imo.

ChrisC:  I would say, imo, that the people are not that worried about the budget but would be greatly affected by a rate change.  People in the market would be able to buy way more than what they have been able to and suffering people with a handful of dinar could hopefully get what they needed.  The budget could come along any time after they changed the rate.  I will follow this up with an example.  Our budget in the US is based on a value of the dollar and how many of those dollars that it takes to complete a given project.  If we didn't know how much they are worth, how could we say how many we need?  The value of the dollar is in NO way dependent on how many are allocated for any given task in our budget.  I don't see it being different in Iraq.

YoungSC:  That is why Frank has always stated rate before budget because the budget feeds off of the rate. I would trust Frank, Delta and walkingsticks word imo

YoungSC:  A cryptic key message Frank stated in his YouTube video last Saturday. Remember when he stated Family how long will it take to recover after my surgery, 2 weeks or so as he stated. Budget gets submitted before may 23 24. Think about those words from the teacher.

Samson:  Al-Shammari: Five priorities before the Al-Kazemi government

7/5/2020 18:08:50

 A member of the Political Bureau of the National Wisdom Stream, Fadi al-Shammari, saw five priorities before the new government headed by Mustafa al-Kazimi.

Al-Shammari said in his tweet on Twitter: "Five priority before the government, facing the Corona pandemic, tackling the economic crisis, re-arranging the scale of priorities, revitalizing investment and services, reorganizing and unifying the security decision, and supporting the security forces, the army, and the crowd."

He added also that the priority of the government "re - sovereignty and prestige of the state and the limitation of arms and end the farce of the militias and the configuration of the elections {early} transparent". LINK

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Samson:  IBBC contributes to World Bank Iraq Report

6th May, 2020
BBC contributes to World Bank launch and assessment on Iraq Economic Monitor

Iraq Economic Monitor - Spring 2020 - Navigating the Perfect Storm.

The World Bank has released its latest report on Iraq entitled "Navigating the Perfect Storm" with a special focus on "Laying the Foundations for a New Economy in Iraq: Digital Transformation". See link here.

The launch was done via a virtual media roundtable on 4th May and The Press release links can be found in English and Arabic. The report is also being circulated on the World Bank social media outlets.

Members of the IBBC advisory council, including Professor Frank Gunter, provided input that helped shape the final document, which predicts a GDP contraction of 9.7% in 2020 and some stark choices that country faces.

However, there is an extended section on Digital economy and transformation that points the way to change and opportunity.  LINK

KTFA Members "News and Veiws" Thursday 5-7-2020

KTFA:

DELTA:  Al-Kazemi’s government officially won the confidence of Parliament

BuckEyeTree: Celebration!! One can only imagine that Iraqis are dancing in the street since this now confirmed and approved PM is for the people. We shall see just how quickly things move along.  Companies that would do business with Iraq are eagerly watching also this historic event.

MarkC:  A new government does not equate to a RI..there is still a process that needs to take place..IMO  

Youngsc:  Based on the data brought to us by Walkingstick, Frank, Delta, MM and teams it should be sooner. ISX, financial problems, Salaries etc... its just too many layers. If everything is ready set and go then i do not see the CBI waiting another month and half to show the new rate. IMO  

BillA:  IMO, The Budget needs the Rate.......the Rate doesn't need the Budget

Popeye7: Great news concerning the Iraq parliament finally voting on a government that will benefit the people of Iraq... May God be with them on this new beginning... I do find significance in dates, and tomorrow (Thursday) is one of those dates that add, or in the words of Christine Lagarde over 6 years ago, compress to the number 7... 5/7/2020=5+7+2+2=16, 1+6=7... And tomorrow (Thursday) is the last super moon of. the year... It is being referred to as the "flower moon."... Wouldn't it be a sweet smelling aroma if all went well with Frank's surgery first, and foremost... Than to finish off the evening with an RI as dessert... What a blessed day that would be...

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Don961:  Finally .. a new prime minister of Iraq

- One Hour Passed

BAGHDAD - The Iraqi parliament settled the months of controversy over the successor to resigned Prime Minister Adel Abdul-Mahdi, where it approved by the majority of the government of Mustafa al-Kazemi, an intelligence man who has broad support from Sunni and Kurdish parties and a number of Shiite parties.

The consensus on Al-Kazemi’s government did not hide the extent of the deep differences between the parties forming power in Iraq 16 years ago, which also showed the extent of Iranian influence in the country through the parties and their militias supporting Tehran.

The new Iraqi Prime Minister will have a daunting task in dismantling the power of militias protecting Iranian influence, in addition to testing his relationship with the American administration, which requires supporting the new government by dismantling these militias in order to reach a solution that ends disputes over ministerial and quota positions.

After granting confidence to his government, Al-Kazimi stressed that he will work "with the ministerial team in an earnest way to win the trust and support of our people." My gratitude to all of our support, and my hope that all political forces will join hands to face the difficult challenges, the sovereignty, security, stability and prosperity of Iraq, our path. "

The Iraqi President, Barham Saleh, had assigned Al-Kazemi in early April to head the government in the wake of Adnan Al-Zarfi’s apology for the mission, due to the pressure and disputes of the parties loyal to Iran.

In his speech to members of Parliament, Al-Kazemi said that his government is "a solution government, not a crisis." Early this year.

Parliament gave confidence to the Iraqi Prime Minister and his government, as the majority of the parliament approved the interior, defense, finance, housing, electricity, planning, and higher education ministers.

The Prime Minister-designate had announced before the extraordinary session of Parliament that he had presented the composition of his government, stressing at the same time keenness to secure political, parliamentary and popular acceptance of government candidates. "Our goal will be to serve the people and achieve sovereignty, security and justice," he added in a tweet at his expense.

Al-Kazemi, a former intelligence man, had stronger fortunes than his predecessors, Muhammad Tawfiq Allawi and Adnan al-Zarfi, who had been tasked before him to form a government and failed to do so due to the incompatibility of political forces around them, while he was alone in broad support among the Sunni and Kurdish parties and a number of Shiite parties.

Out of 329 deputies attended the session, in which they gave confidence to 15 ministers in a government of 22 ministers. The vote on the oil and foreign ministries has been postponed, although Iraq is currently going through the most severe economic crisis in its history, with its oil revenues falling five-fold in one year.

For the government to obtain the confidence of Parliament (329 seats), an absolute majority vote (50 percent + 1) is required for the number of members present (not the total number) to grant confidence.

To date, the number of deputies who announced their refusal to vote for the Al-Kazemi government reached 81, namely, the solution party (14 seats), the State of Law coalition (26 seats), the Turkmen deputies (8 seats), the National Coalition (22 seats), and the Reform and Development (Iraqi Decision Alliance) 11 seats.

Al-Kazemi will succeed the government of Adel Abdul-Mahdi, who resigned in early December 2019 under pressure from popular protests calling for the departure and accountability of the political class accused of corruption and wasting state funds.

The Arabs   LINK

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Don961:  The first comment from Mustafa Al-Kazemi after assuming the presidency of the Iraqi government

2020.05.07 - 01:16

Baghdad - people   

Prime Minister Mustafa Al-Kazemi, at dawn on Thursday, launched his pledges for the next
stage, after he gained confidence in the parliament.  

Al-Kazemi said in a post that “Nass” (May 7, 2020) followed, after the parliament voted on
most of his cabinet, “Today, the esteemed parliament has given confidence to my government,
and I will work with the honorable ministerial team to earnestly earn the trust and support of
our people.”  

"My gratitude goes to all of our support, and my hope is that all political forces will join hands
to face the difficult challenges," he added.  

Al-Kazemi concluded his post, "The Sovereignty, Security, Stability and Prosperity
of Iraq, Our Path."      LINK

BuckeyeTree:  Kazemi said a few words but among them -- the Security and Stability of Iraq.  Alak at the CBI has been on the lookout for Security and Stability in Iraq.  Those two seem to be on the same page.

Iobey777:  PRAISE GOD!! Now ... on to the economic reforms which have been waiting on this! Everything happens in God’s timing! IMO, it is now time for the new rate to come forth and to bring the citizens the economic value they and their currency deserve!

Samson:  Pompeo makes a pledge to Al-Kazemi

7th May, 2020

On Thursday, US Secretary of State Mike Pompeo made a pledge to the new Iraqi Prime Minister, Mustafa Al-Kazemi.

"It was wonderful to speak today with the new Iraqi Prime Minister Mustafa Al-Kazemi," Pompeo said in a tweet on Twitter. Pompeo added, "Now comes urgent and serious work to implement the reforms demanded by the Iraqi people."

The US Secretary of State made a commitment to the new Iraqi Prime Minister, saying, "I have pledged to help him implement his bold agenda for the Iraqi people."

"In support of (Pompeo) for the new government, the United States will press ahead with granting a 120-day exception to import electricity from Iran as an expression of our desire to help create the conditions for success," the US State Department said in a statement after a telephone conversation between Pompeo and new Iraqi Prime Minister Mustafa al-Kazemi."   LINK

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Samson:  Washington announces a position on the Al-Kazemi government : We will help with three files

7th May, 2020

The United States Embassy in Baghdad announced, Thursday, a position on the declaration of confidence in the government of Mustafa Al-Kazemi, in what it assured would help his government.

A statement to the embassy said: "The United States Mission in Iraq congratulates the Iraqi people on giving confidence to Prime Minister Mustafa Al-Kazemi and his government at the Iraqi Parliament’s session on May 6. 

We offer our support to Prime Minister Al-Kazemi and the Iraqi people to combat the pandemic (Covid-19) and achieve victory Comprehensive on ISIS, providing humanitarian assistance and stabilizing the displaced and liberated areas."

The statement added: "The new Iraqi government must now turn to the difficult work of implementing urgent reforms and meeting the needs of the Iraqi people. The next strategic dialogue with the Iraqi government aims to reaffirm the value of the US-Iraqi partnership for both countries."

The statement concluded: "We have taken good notice of Prime Minister Al-Kazemi's promise to hold early elections and his will to strengthen the democratic system in Iraq.  We look forward to working with this new government to give the Iraqi people the sovereignty, dignity, prosperity and security they deserve."   LINK

Samson:  The central bank invites financial investment companies to merge

7th May, 2020

Proceeding from the goal of the Central Bank of Iraq towards achieving financial and banking stability and creating a competitive business environment, this bank invites private investment companies wishing to merge to form an investment institution consisting of two or more companies based on the Companies Law No. (21) of 1997 amending

This bank confirms that this process will create strength for the merged corporation and thus will provide it with rapid growth and that the formation of a larger entity covers wider services commensurate with the large size of the merged corporation and thus its access to broader financial services by this bank commensurate with its size

The Central Bank of Iraq

https://cbi.iq/news/view/1482

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Samson:  Member of Parliamentary Integrity: We approached the judiciary to prevent travel of former ministers

09:40 - 07/05/2020
Member of the Parliamentary Integrity Committee, Youssef Al-Kalabi, revealed, on Thursday, that the judicial authorities have approached the former ministers by preventing them from traveling outside the country.

In a statement to Al-Maalouma, Al-Kalabi said, "The Parliamentary Integrity Committee addressed the judicial authorities to prevent former ministers during the era of the Abdul-Mahdi government from traveling outside the country pending investigation."

Al-Kallabi called on Prime Minister Mustafa Al-Kazemi to "bring the ministers who were accused of corruption to the judiciary."

The House of Representatives voted, at dawn today, Thursday, 15 ministers in the government of Prime Minister Mustafa Al-Kazemi, while refusing to pass four others and delaying the vote on two ministers. 

LIN

Delta "Today's Iraqi Election Play by Play" 5-6-2020

KTFA:

DELTA:  Source: Agreement to assign the Ministry of Oil to a candidate from Basra

Al-Halbousi arrives at parliament building

All Fatah deputies attend the voting session on al-Kadhimi's cabin Qaddo: All Fatah deputies attend the voting session on al-Kadhimi's cabin

The Speaker of parliament rings the bell to enter the chamber to begin it

MPs begin to enter the chamber to vote on the new government

IMOO...100% WILL PASS TODAY.......

DELTA:  Urgent Al-Kazemi: I submitted my government formation and are awaiting a vote by Parliament

Sattar Al-Jabri: The quorum is complete and an attempt to pass most of the ministers

THEY STILL DOING LAST DEALS BEHIND CLOSE DOORS....

MilitiaMan:  VERY WELL DONE DELTA and THANK YOU!! DEALS DEALS DEALS... They'll know what is coming.. lol ~ MM

DELTA:  The speaker and two deputies went to the parliament hall accompanied by Al-Kazemi

DELTA:  The Presidency of the Parliament invites deputies to enter the hall to start the confidence-giving session

DELTA:  THEY ARE STARTING THE VOTES WITH 233 ATTENDING

Halbousi: We seek to form a strong government capable of facing difficulties

Parliament votes to add the vote to swear by alternate deputies

Al-Kazemi: This government is a solution government, not a crisis government

Al-Kazemi: Early elections, limiting weapons, and preventing the use of Iraq as an attacking field are our most important tasks

DELTA:  Parliament begins voting on the cabinet and gives confidence to Education Minister Nabil Kazim

Parliament votes stubbornly as Minister of Defense

Vote on Ali Abdul Amir Allawi, Minister of Finance

The House of Representatives votes on Othman Al-Ghanmi, Minister of the Interior

DELTA:  Al-Kazemi’s government officially won the confidence of Parliament

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Don961:  Al-Kazemi’s government won the confidence of Parliament

Politics 05/20 2020 01:05 125    
Baghdad today - Baghdad

On Thursday, the House of Representatives voted to pass the government of Prime Minister Mustafa Al-Kazemi.

A representative source told (Baghdad Today), "The House of Representatives voted on the defense ministers, Juma Anad, Interior Othman Al-Ghanmi, Finance Ali Abdul Amir Allawi, Planning Khaled Najm, Construction and Housing, Nazlin Muhammad, Health Hassan Muhammad Abbas, Electricity Majid Mahdi Ali, Education Nabil Kazem Abdel-Sahib, Transportation Nasser Hussein Bandar, Al Shabab and Sports, Adnan Darjal, Industry Manhal Aziz, and Communication Staff Arkan Shihab.

He pointed out that "Parliament also voted for Adel Hashush, Minister of Labor, Mahdi Rashid Jassem, Minister of Water Resources, and Hamid Mekhlef, Minister of Education."

He added, "The House of Representatives did not vote on Minister of Commerce Nawar Nassif, Minister of Culture Hisham Saleh Daoud, and Ismail Abdel-Redha Al-Lami as Minister of Agriculture and praise of Hikmat Nasser as Minister of Immigration and Displacement."  link

MilitiaMan Wednesday PM 5-6-2020 "IQD in the SDR Basket"

KTFA:

Samson:  Debt relief is an urgent necessity during a pandemic

6th May, 2020
Gordon Brown             Lawrence Summers

The developed world has responded to the emerging crisis of Coronavirus (Covid 19) by supporting their local economies and financial systems in bold and unprecedented ways, on a scale that no one would have imagined three months ago

By contrast, when the world's finance ministers and central bankers meet online this week in the framework of the semi-annual meetings of the International Monetary Fund and the World Bank, steps will be taken to fortify the international system. But nothing could match what countries do at the local level

Historians such as Charles Kindleberger have made convincing arguments to demonstrate that it was the failure of international cooperation that made the Depression of the 1930s "great." Even when the world witnessed coordinated movements in response to the crises that have occurred since then, it was often taken after incurring heavy human costs

The Bretton Woods conference on rebuilding the international financial system followed the devastation of a global war.  Brady's plan to solve the Latin American debt crisis was approved only after the region suffered a lost decade

However, the 2009 G20 meeting in London, which dealt with the global financial crisis, demonstrated the value of early and coordinated action to reduce the damage to the global economy, maintain trade and support fragile emerging markets

The next wave of (Covid 19) crisis is expected to occur in the developing world. About 900,000 people are likely to die in Asia, and about 300,000 others in Africa, according to grim estimates, but they may be wary, from Imperial College London

While social estrangement in the West has been the way to suppress the virus, the busy cities of the developing world and its densely populated slums often make isolation extremely difficult. Advice on washing hands becomes meaningless when the ability to access running water is minimal. In the absence of basic social safety nets, the choices become narrow and harsh

Either you go to work and risk getting sick, or you stay at home to starve you and your family. But if the disease is not contained in these places, it will return - in second, third and fourth waves - to chase every part of the world

The spread of economic and financial failure in emerging markets also threatens the viability of supply chains on which all countries depend. Given its sheer size, emerging market debt threatens the stability of the global financial system, which is already dependent on strong central bank support. And because emerging markets account for more than half of global GDP, global growth is also under threat

Just as the Federal Reserve in the United States and other major central banks have expanded their balance sheets in ways that could not have been imagined before, the international community this week, in the words of the former central bank chief Mario Draghi, should “do whatever it takes” to maintain the performance of the global financial system. 

And at a time when the United States is borrowing an additional $ 2 trillion to meet its needs, it will be tragic for austerity to be imposed on the already exhausted developing world

First, the International Monetary Fund, the World Bank, and regional development banks must move as strongly as global central banks have done to expand their loans. This means realizing the fact that the interest rate environment currently close to zero makes it possible to use more leverage than before, and that maintaining reserves becomes meaningless if it is not possible to benefit from them now

The World Bank almost tripled its lending in 2009. Perhaps a more ambitious target is appropriate now, along with a significant increase in subsidized lending at a time when low lending rates in rich countries are making lending cheaper. The International Monetary Fund, with its gold reserves equal to $ 150 billion and a network of credit lines with central banks, should be prepared to lend up to a trillion dollars

Second, if there is an appropriate moment to expand the use of the international currency known as special drawing rights, it is now.  If global money is to remain balanced with domestic monetary expansion in rich countries, the urgent need to increase special drawing rights to more than $ 1 trillion

Third, it would be a tragedy and a farce at the same time if increased global financial support to developing countries ended in helping those countries' creditors, not their citizens. National debt due before the crisis should be at the top of the international financial agenda

The current proposal is that creditor countries offer to freeze bilateral debt payments for a period of six or nine months, at a cost of $9 billion to $13 billion. But this proposal is restricted in its timeframe and the scope of the creditors it includes

We suggest reducing more than $ 35 billion owed to official bilateral creditors over the next year and the next, because the crisis will not be resolved within six months and governments need to be able to plan spending with certainty

Here, the role of China, which holds more than a quarter of this bilateral debt, becomes crucial

Nearly twenty years ago, when we argued in favor of debt relief for nearly 40 heavily indebted poor countries, nearly all of the debt was owed to several official or multiple creditors, a small portion of which was owed to private sector actors. Now, we find that $ 20 billion - borrowed at often high interest rates - is due by the end of 2021 for private creditors

The international finance provider, representing the creditors of emerging markets from the private sector, also admitted that the private sector must bear its share of the pain. It is unreasonable to use the money flowing from our multilateral institutions to help the poorest countries not to spend on health care or anti-poverty measures, but simply to pay off private creditors

Especially creditors such as the major American banks that continue to pay dividends to their shareholders in a time of crisis. Ministers and governors meeting this week should work to unify their authority with the authority of the International Monetary Fund and the World Bank to mobilize the private sector around a voluntary plan to deal with this debt

Just as the epidemic can be contained in the most effective and least costly way with bold early measures, the lesson from the past is that the best way to deal with periods of international recession and their human costs is rapid, bold action. Now we have to move quickly and work together

 
Gordon Brown - Former Prime Minister of the United Kingdom (2007 - 2010) and Secretary of its Treasury (1997 – 2007   

 - Lawrence Summers - The United States Treasury Secretary (1999 - 2001), the Director of the National Economic Council US (2009 - 2010 and  President of Harvard University (2001-2006  LINK

MilitiaMan:  I mentioned the other day during and in the CC on Monday about that, imo, that there could be a placement into the SDR basket with the IQD...

Well this article and others lead me to think that way. It is a way that if placed into the basket where Iraq can use the facility to pay debts through borrowing through the basket against their shares of Special Drawing Rights they may be allotted by like funds.

This would bring financial security and support from members in the basket to Iraq.

Don't forget that if Iraq has the possibility to get into the basket, their local currency may need to be strong with value and that could be at or around 3x SDR per WS in the past.

The ISX indice on the CBIESD site still shows they added value to the indices. Regardless if the ISX has yet to trade outside a program rate, they can't trade outside a program rate, yet!

They need to raise the value of the currency first.

Just as they will need to to get the Secondary Markets interconnected imo.. Iraq stocks will not interlink at a program rate, ever, imo.. It have to meet international standards and rules.

So with this article talking about expanding the SDR basket, imo is no coincidence. Just as the FIMA and CML and the IMFs new SLL is in place for unique circumstances, like we have been going through since February 2020.. imo   

So now that the foundation is in place, once Iraq sorts out the Taxes and Tarrifs, Electricity, LNG, the Secondary markets, being fully article 8, etc. they can take advantage of the many mechanisms in place to move their country and economy forward, and the world will mostly be directly affected by it and imo the SDR basket with the IQD in it may very well be the conduit to  fortify the international system..

Let hope so!! imo ~ MM. 

https://www.imf.org/external/np/fin/data/rms_sdrv.aspx?Month=01&Day=25&Year=2019&submit=Submit&cid=em-COM-123-38294

Monday Night KTFA CC Replay and more 5-4-2020

KTFA:

Purifiers:  MONDAY CC 5/4/2020  CONFERENCE CALL PLAYBACK

With Walkingstick, MilitiaMan, Delta, Angel1 and more……….

PLAYBACK: 605.313.5163 PIN: 156996#

https://fccdl.in/E40b9WJBIV

Iobey777: Thank you, DELTA, MM and AG-1 for the wonderful report tonight on this article (see below) and it's GREAT IMPORTANCE!! All the "bigwigs" were there to get an conclusion to their economic situation and to find the FIX for it .. immediately! IMO!  Time for us to see the outcome of this meeting and praying it will be in the next few days!!

Don961:  The Minister of Finance and the Governor of the Central Bank stress the need to expedite the framing of immediate solutions to remedy the financial situation

Politics 04/2020 22:48 337    
Baghdad Today _ Baghdad ,

Minister of Finance, Fouad Hussein, stressed on Monday the need to expedite framing of immediate solutions to remedy the financial situation.

The media office of the Minister of Finance said in a statement, "Fouad Hussein, the Deputy Prime Minister for Economic Affairs and the Minister of Finance, today, May 4, presided over an expanded supplementary meeting in the presence of Ali Al-Alaq, Governor of the Central Bank, Undersecretary of the Ministry of Planning, directors of Rafidain and Rashid Banks and the Iraqi Bank of Trade. The meeting was also attended by general managers of departments Budget, taxes, customs, retirement and public debt in order to complete government efforts in examining mechanisms to improve the economic and financial situation in order to secure the needs of the country, especially in advance of the preparation for the May allocations in light of the continuing low prices of Aft. "

The Minister of Finance, and the Governor of the Central Bank, stressed the "need to overcome all obstacles and expedite the framing of immediate solutions to remedy the financial situation in the country, as the meeting reached the possibility of walking and advancing through internal solutions at the present time, provided that the government will consider other options in the coming months."

link

BuckeyeTree:  We are nearing the accomplishment of the first phase of this journey.  The next phase will be what we each do next.  As once stated, there is no turning back for Iraq, no more kicking the can down the road as they have backed themselves into a corner with only one real option.

Crucial meeting took place today with the CBI, and a crucial vote for Prime Minister this week.  ISIS is trying to make a come back, and the country needs a strong leader who is pro-Iraq who will serve the citizens and who would also be an ally to America. 

Eddie ( Frank’s Iraq contact) a while ago said his banker first thought maybe April and then revised that to May as to when the CBI / GOI would release a new rate and RI the currency.  Many thought and hoped myself included that the special event of the RI would take place sooner.  In the end, Eddie's banker may have been correct.  We may soon find out. 

As Frank had stated, the RI will be a stimulus for the world and for the USA.  It will be much needed all around but especially for Iraq's citizens.  I am praying that Kazemi will receive support as he appears to be the right man for leadership at the right time. 

Many thanks for the several insights and perspectives on the financial and political news out of Iraq by Angel 1, MM, and Delta…….Thanks to Frank for allowing his Team to share with us this evening and so very well.  Praying that Frank's doctor will have healing hands on the day of his surgery.

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Don961:  Al-Kazemi invests his skills and succeeds in negotiation .. And a certain tomorrow will officially become Prime Minister of Iraq

Policy  ,   05/05/2020 01:27  

Baghdad - Iraq today:

Tomorrow Tuesday, and at such a night time, Mustafa Al-Kazemi will officially become Prime Minister of Iraq despite the controversy that has been raised about it, as it will be confirmed tomorrow, and it will become a reality that everything that was said about him was nothing but a whirlwind in a cup and a speech for media consumption .. The information that reached one The sources confirm the following:

1. Washington, Tehran, and the Gulf are all completely in agreement with Al-Kazemi, and both allies are instructed to pass the government.

2. Al-Fateh and others agreed to pass the government, and they presented Al-Kazemi with a unified notes paper about the candidates, and most of those contested were changed, but Al-Kazimi remained attached to some of his candidates).

3. The cabinet will not be voted on in full, but rather on two thirds of it, as there are still issues for 4-5 ministries, and voting will be postponed, which is ineffective.

4. The Nouri Al-Maliki and Iyad Allawi blocs are opponents, and they will boycott the confirmed voting session to be held tomorrow evening, Tuesday.

5. The reference is not against Al-Kazemi, but rather with advancing the political process of its natural course in order to avoid the aggravation of the country’s crisis, especially in light of the challenges facing Iraq.

6. The squares were contained by Al-Kazemi, and he currently has a coordination committee with them, hears their demands and will work to frame them and implement what can be implemented.

In short, the Al-Kazemi government will be passed in only 24 hours, and Al-Kazemi has succeeded in investing his dialogue skills and his relationship to contain the suspicions of the protesters and settle their concerns.   LINK

Don961:  Al-Halbousi expects to hold the voting session for Al-Kazemi's booth within 48 hours

Monday 04, May 2020 23:03 

Baghdad / Nina / Parliament Speaker Muhammad Al-Halbousi expects to hold a voting session on the cabinet of Designated Prime Minister Mustafa Al-Kazemi within 48 hours. / End 3    LINK

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OmniQuest:  FOREIGN EXCHANGE RATES AND THE FOREX MARKET

IMO... There is quite a difference between a Foreign Exchange Rate and the FOREX Market.

The Foreign Exchange Rate is the rate at which one currency can be exchanged at for another currency.

A Foreign Exchange Transaction involves having possession of one currency and exchanging it for another.

The transaction itself will take into account the differences between the individual Exchange Rates of the currencies being exchanged.

Virtually all currencies have an Exchange Rate at which they can be exchanged with other currencies. Such exchanges usually occur at Currency Exchange venues such as Travelex, or at airports, or at bank branches

that conduct currency exchanges for their customers.

The FOREX Market is a totally different animal and a specialized activity all on its own.

The FOREX Market is similar to the stock, options, and commodity markets, where one can buy or sell a currency and profit from its rise or fall in comparison to another currency.

This activity is called “trading” currencies rather than “exchanging” currencies, and in order to trade currencies one must have an account established at a FOREX Market Brokerage.

The FOREX Market Brokerage then supplies the trader with a software trading platform so the trader can execute trades through the FOREX Market Brokerage itself.

Currencies are traded in “pairs” with the abbreviated symbol of one currency on the left side (called the base currency) and the abbreviated symbol for the other currency on the right side (called the quoted currency).

There is a strict naming convention for the pairs that are being traded, such as with the EUR/USD (which is the Euro Dollar against the US Dollar) and this pre-set naming convention must be followed in order to trade the right pair, etc.

And what is interesting though is that even though a particular currency may have an established exchange rate, that doesn’t mean that it is traded with other currencies in the FOREX Market.

Some FOREX Brokerages do show exchange rates for different currencies, and even different pairings, as if they could be traded in the FOREX Market. But even so, that doesn’t mean that a specific pair can be traded through that particular FOREX Brokerage.

As an example, the symbol for the Iraqi Dinar is IQD and the symbol for the US Dollar is USD.

If you visit forexlive.com/livecharts and overwrite the symbol in the upper left box with IQD you will see IQD is highlighted in Blue, and if you then scroll down to IQDUSD and click on the link, you will then see its recent price history as well as its current price value.

But done in reverse, if you overwrite the symbol in the upper left box with USD you will see USD is highlighted in Blue, and if you then scroll down you will see there is no paring with the IQD when placing the USD on the left.

So the correct naming convention for the Iraqi Dinar and the US Dollar pair is IQDUSD.

But for the moment, and until there is further determination for and in the FOREX Marketplace, there are really no retail FOREX Market Brokerages where the IQDUSD can be traded by anyone.

Hopefully that will be changing soon!

Exchanging foreign currencies does not require any skill, one only has to possess a currency to exchange to be able to profit from the exchange.

Trading foreign currencies is an entirely different matter, it is a learned skill that requires education and experience, along with a few other things as well.

Hopefully this helps clear up some of the confusions that have surfaced in chat room posts recently.   

Delta and KTFA Members Monday PM 5-4-2020

KTFA:

Purifiers:  GREETINGS FAMILY……TONIGHT IQD UPDATE  PHONE CC WITH DELTA, ANGEL-1 & MilitiaMan
---THIS IS A CALL IN ONLY CC---
7 PM EST 605.313.5164 PIN: 156996#
PLAYBACK: 605.313.5163 PIN: 156996#

DELTA:  Urgent.. Ministry of Oil: Iraq's revenues from oil sold during April amounted to $1.4 billion
Note: Iraq needs $6.2 billion per month to pay salaries and ruling expenses such as ration, electricity purchase, etc.

DELTA:  "Parliament announces that the voting session for the ministerial program and the government cabinet will be held next Wednesday evening" 

Don961:  The Minister of Finance and the Governor of the Central Bank stress the need to expedite the framing of immediate solutions to remedy the financial situation

Politics 04/2020 22:48 337    
Baghdad Today _ Baghdad ,

Minister of Finance, Fouad Hussein, stressed on Monday the need to expedite framing of immediate solutions to remedy the financial situation.

The media office of the Minister of Finance said in a statement, "Fouad Hussein, the Deputy Prime Minister for Economic Affairs and the Minister of Finance, today, May 4, presided over an expanded supplementary meeting in the presence of Ali Al-Alaq, Governor of the Central Bank, Undersecretary of the Ministry of Planning, directors of Rafidain and Rashid Banks and the Iraqi Bank of Trade. The meeting was also attended by general managers of departments Budget, taxes, customs, retirement and public debt in order to complete government efforts in examining mechanisms to improve the economic and financial situation in order to secure the needs of the country, especially in advance of the preparation for the May allocations in light of the continuing low prices of Aft. "

The statement clarified that "the current cash deposit deposited by the government has been studied in banks and organizations that generate annual profits and how to restructure these funds and use them to bridge the current shortfall to secure the salaries of Iraqi state employees."

He added: "The meeting also discussed the government's obligations to pay internal debts." And the Ministry of Foreign Affairs, in addition to the need to finance some governmental institutions, given the privacy of their work.

And he stated that "in another axis of the meeting, they discussed how to provide legal cover or urgent legislative decision to secure the cash liquidity required for the future, whether by borrowing internally or externally to fill the shortfall in the financing process." 

The Minister of Finance, and the Governor of the Central Bank, stressed the "need to overcome all obstacles and expedite the framing of immediate solutions to remedy the financial situation in the country, as the meeting reached the possibility of walking and advancing through internal solutions at the present time, provided that the government will consider other options in the coming months."

link  

DELTA: THANK YOU DON FOR THE HARD WORK...........GREAT ARTICLE....THEY ARE READY TO START........ IMO

Samson:  Iran replaces the riyal currency by the toman

11:58 - 04/05/2020

The Islamic Shura Council (Parliament) approved today, Monday, the draft monetary and money law, which provides for the exchange of the current riyal currency with a toman.

The first article of the draft law that was voted on by the parliament at its meeting on Monday morning, states that the official currency of Iran is the toman, which is equivalent to 10,000 riyals and 100 qiran (the smaller category of toman).

The first paragraph of the first article indicates that the exchange of foreign currencies against the Toman and the determination of the price of buying and selling foreign exchange is carried out through the Central Bank of the Islamic Republic of Iran within the framework of the prevailing monetary system, taking into account the monetary reserve and the country's pledges to the International Monetary Fund.   LINK

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Samson:  Việt Nam among safe economies after COVID-19: Economist

4th May, 2020
The Economist listed Việt Nam as the 12th strongest economy among 66 economies in its report on financial strength in the wake of the COVID-19 fallout.

The ranking is based on four measures of financial strength, which are public debt, foreign debt and cost of borrowing and reserve cover.

Việt Nam is in the safe group thanks to stable and strong financial indicators.

Accordingly, more than 30 emerging economies are facing great pressure, the worst being Lebanon and Venezuela.

Botswana tops the list with safe economies, followed by Taiwan and South Korea.

The Economist said that most of the economies were strong enough to overcome the pandemic. The 30 weakest economies was relatively small, accounting for only 11 per cent of the total gross domestic product (GDP) of the 66 economies.

The International Monetary Fund (IMF) estimated that to overcome the COVID-19 crisis, emerging economies need at least US$2.5 trillion from foreign sources or domestic reserves.  LINK

KTFA Members "News and Views" Sunday Evening 5-3-2020

KTFA:

Samson:  The Website Of The Iraq Stock Exchange Has Stopped Working

3rd May, 2020
The website of the Iraq Stock Exchange stopped working today and during the past days.

Today, Sunday, Al-Mustaqila correspondent said that he tried to enter the market's website, but his efforts were unsuccessful, stressing that he tried to enter for the purpose of extracting information about the banking sector. He added that the site has been out of operation since last Thursday.

It is mentioned that most of the websites of state institutions are either not working or they do not meet the technical requirements for the work of websites.    LINK

MilitiaMan:  I would like to mention the timing of the ISX being down since Thursday is very interesting. We know now that the CBIESD site shows the ISX Indice to have been adjusted from Blue to Black ink in respect to the Index value. The value increased by over 1000%. That fact is in stone imo.

The chart now shows it and it today shows new updates and there was no changea to the iSX Indice. It wasn’t a glitch! if it was and they made changes today to other key items, then why not fix an “” error to such an important component of the sites structure in reporting? They would have by now imo fixed any error.

Why is this so interesting for them to be down at this stage? Well the value of the exchange with using the data from the CBI site suggests a very large move is expected to the live ISX actual values for share pricing..

They say it is down for technical requirements.. Well value adjustments of such large size would warrant technical assistance.. So it is not surprising they are down and like preparing for the reflection of what the CBI has shown and put in stone, mo..

Members of the forum brought more supporting evidence over the last couple days showing data that fits the CBIESD data to a tee!! Delta found the ISX indice data value change 04/19/2020.

The CBI modification date for their official date of reporting it was 04/13/2020 for 02/29/2020. There are charts on Forex sites that show massive value moves from February to April.. in fact the charts in other currencies match the timing perfectly and in sync!! Their respective patterns are obviously correlated imo!!! 

There are no coincidences at this stage of the game. REER IS COMING!! Imo Let’s see what the CBI has to say next!!

Thank you members that helped me get to this place where we are now. The charts are powerful support that this is an orchestrated effort by many entities, and the FIMA and SLL and CML since early April fit like a glove!!  Imo - ~ MM 

Iobey777:  This is getting really REAL  for us to see the REER!!! (real effective exchange rate)!  

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Dan:  I saw something on forex graph graff a few days ago.
It was showing VND .37 - .38
I don't know if that means anything.
This same graph was showing IQD over 2.00  

ChrisC:  This IS interesting since that is almost exactly what we used to talk about the rate being after a RV.  There would always be a bounce from that price to somewhere in the threes, of course we always want the threes but I would be happy with .37 at this point.

Don961:  Economists: The Corona crisis is a golden opportunity to develop the national economy

Sunday 03 May 2020

Baghdad / Al-Sabah

The calls of economic experts and specialists for the financial and economic affairs are escalating to promote the economic sectors parallel to the oil sector in light of the collapse of world oil prices to liberate the national economy from the unilateral rentier economy to an open multi-revenue economy, returning that the current “Corona” crisis is a golden opportunity to review economic policies to develop the national economy .

And economist Salem Al-Bayati said in a statement to “Al-Sabah”: “Iraq went through many previous experiences and did not benefit from it as previous economic crises in the years 2008 and 2014 due to the collapse of oil prices, despite the availability of economic capabilities and ingredients to diversify the state’s financial resources.”

 Project support 

He added that "the current crisis requires the state to give great importance to upgrading the parallel economic sectors, which support the national economy, which are all of the agricultural and industrial sectors and other sectors and to activate the role of small projects."

He explained, "Through small projects, we will be able to employ the labor force, absorb unemployment and put consumer products to the local markets, which will enrich Iraq from the importer, and this can be achieved in the short term, because it needs little capital and low costs, and thus we will stimulate the small local industry and provide additional revenue for the state." ».

He pointed out, "the importance of developing medium-term plans to advance the reality of agriculture and the local industry, which through the granting of concessional loans can activate important industrial factories and develop agricultural products, in order to dispense with the import of goods and services completely, and this will achieve for the country an essential resource parallel to the oil supplier."

 Transformative Industries

He continued, "And the government should put in place long-term strategies to advance the reality of the economic sectors, by developing large factories and supporting the oil manufacturing industries in order for the country to turn into a developed industrial country.

He pointed out that the current crisis represented by the spread of the Corona virus and the collapse of oil prices is an opportunity for Iraq to review its economic policies and develop parallel sectors for the oil sector to get rid of the hegemony of the rentier sector over the resources of the economy.

For his part, the expert in industrial affairs, Abdel-Hassan Al-Shammari, stressed the "necessity of setting the necessary plans to diversify the country's financial resources."

Al-Shammari said in a statement to "Al-Sabah": "The country has vital economic sectors that can be parallel to the oil sector, including the industrial sector," noting "the need to develop the local industry to be a primary source for diversifying the country's financial resources."

 Domestic product

He added, "The country lacks the clear economic policy through which to utilize the economic potentials that Iraq possesses in developing the national economy," noting that "Iraq has enormous potentials and high expertise that can be used properly to support other economic sectors."

He called for "the necessity of activating the laws that support the local product such as the product protection law and the consumer protection law, as well as activating the customs tariff and controlling the border outlets for the purpose of supporting the local industry."   LINK

Iobey777: Like they say.. never let a good crisis go to waste!!! get it done Iraq!!

Frank26 and KTFA Members Late Saturday Night 5-2-2020

KTFA:

Iggy:  Here is a quote by - Charles R. Swindoll

The longer I live, the more I realize the impact of attitude on life. Attitude, to me, is more important than facts. It is more important than the past, the education, the money, than circumstances, than failure, than successes, than what other people think or say or do.

It is more important than appearance, giftedness or skill. It will make or break a company... a church... a home.

The remarkable thing is we have a choice everyday regarding the attitude we will embrace for that day. We cannot change our past... we cannot change the fact that people will act in a certain way. We cannot change the inevitable.

The only thing we can do is play on the one string we have, and that is our attitude. I am convinced that life is 10% what happens to me and 90% of how I react to it. And so it is with you... we are in charge of our Attitudes.

Frank26:  5-2-20.... GOD IS GREAT!

The first part is about Frank’s upcoming surgery and the second part is Iraq investment news.

Praying for complete healing for Frank and Walkingstick

DELTA AND ANGEL1 ARE GOING TO TALK TO YOU WHILE FRANK IS RECOVERING…THEY WILL GIVE YOU REPORTS

ON MONDAYS.......THEY WILL EITHER MAKE A RECORDING AND RELEASE IT ON THE FORUM OR MAYBE JUST TYPE SOMETHING UP AND POST IT ON OUR FORUM FOR YOU

https://www.youtube.com/watch?v=j2vASBHiHn0&feature=youtu.be

Samson:  UAE Central: Banknotes do not transfer SK faster

3rd May, 2020

The UAE Central Bank denied that banknotes were a way to transmit infection of the Corona Virus to a greater degree than others, but like any other plastic, metal, or wooden surfaces.

The bank called on the users of banknotes to practice the same precautionary measures that are applied to other surfaces, indicating that these notes can be like any other surface as a means of transmitting the epidemic.

He explained: "Until today, no study by an official, reliable body working in the field of printing or dealing in banknotes has demonstrated that the Coronavirus is transmitted faster through banknotes, compared to anything else with a shallow surface."

The UAE Central Bank advised all users of banknotes to exercise the same precautionary measures that apply to other surfaces, such as washing hands with soap, or using antiseptics. He pointed out that he directed the banks to need to sterilize their ATMs periodically, and to provide a hand-sanitizer article for dealers besides those machines.    LINK

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Samson:  Zebari: Al-Kazemi’s government, Iraq and the region must be passed to the gates of hell

05/3/2020 

 The leader of the Kurdistan Democratic Party urged former Minister of Foreign Affairs Hoshyar Zebari to support the government of Mustafa Al-Kazemi. And Zebari said in a post, "The countdown to presenting Mustafa Al-Kazimi's booth to Parliament has begun. The Shiite blocs have objections to their ministerial shares with the prime minister-designate," he said.

He added that the Shiite blocs, "they want to put the blame on the Kurds in the failure to pass the cab, knowing that the Kurds supported Al-Kazemi from the first day and made concessions to him for his success" according to his expression.

And he stressed at the same time, "Therefore, he must be supported - Al-Kazemi - in his noble endeavor to form the next government because Iraq and the region (Kurdistan) are at the gates of hell."

Parliament Speaker Mohammed Al-Halbousi yesterday invited representatives to come to Baghdad on Monday, in preparation for holding a special session to consider giving confidence to the government of Prime Minister-designate Mustafa Al-Kazemi.

A committee to study and discuss the parliamentary governmental curriculum expected to vote on the cabinet of the Prime Minister-designate Mustafa Al-Kazemi next Tuesday. Committee member Representative Yonadam Kanna said in a press statement that "the process of forming the government is nearing completion with insistence not to rotate any minister or minister who was a minister in the previous governments" expected, "that next Tuesday will be a date for voting on the government in the House of Representatives in If the CVs are submitted two days before this date."    LINK

Don961:  After the collapse of oil prices and the decline in the entry of hard currency into Iraq ... a difference of opinion ... Will Iraq face Lebanon's fate in the collapse of the currency ... Will the dinar collapse against the dollar?

May 2, 2020 8:40 PM 

Baghdad / Nina / Rinas Al-Radi:

The Iraqi street, especially the commercial and real estate circles, is witnessing a state of intense fear and fear as a result of the drop in oil prices and the decline in the entry of hard currency into Iraq, which threatens the collapse of the dinar against the dollar and confront the fate as Lebanon's fate and its national currency.

Experts on economic affairs differed in opinions on this issue. Some of them assured the people of the strength of the dinar against the dollar, and some of them put the ball in the court of the government and its strength in the face of this crisis.

The Iraqi dinar is a good store of purchasing power ...

This is what was stated by the economist, Raad Twigg, who emphasized: “The Iraqi dinar is a good store of purchasing power.”

Twij said in a statement to / NINA: »The Iraqi citizen has become increasingly concerned about the possibility of the devaluation of the Iraqi currency after losing part or all of the country's main resource of the dollar. In fact, the Iraqi dinar may decline but to certain levels and not to low levels, as is the case with the Lebanese currency.

He pointed out: »The Iraqi dinar is a good store for purchasing power and is based on cash reserves in the central bank worth $ 60 billion, and then the reduction of imports and their immediate cessation except for necessities such as food and medicine, with central control and state control, and there is nothing wrong with declaring the state of economic emergency and punishing Speculators in the Iraqi dinar or the smuggling of the dollar or money laundering and fighting the formation of multiple exchange numbers and the black market for the currency, all these measures will prevent the Iraqi currency from slipping to low levels of value ».

Coronation called on the government to be cautious and hedging, pointing out the importance of the role of the central bank by adopting a rational monetary policy, and the fine of leaving a margin for currency movement for the purposes of secure monetary expansion, stressing: “The oil and financial crisis will not continue for a long period of time. On its effectiveness and continuing rational lending expansion, encouraging local production and expanding real production in Iraq as one of the alternatives for the importer, which will maintain the monetary cycle.

Twig noted that "One of the ways to support the Iraqi dinar is to invest human and material resources inside Iraq and turn the current situation into a strengthening factor for the Iraqi economy."

The Iraqi economy is a dollar economy and cannot afford any economic tremors ..

And Safwan Qusai, the expert in the economic affairs, did not differ greatly from his colleague Twij in his opinion, but he held the government the greatest responsibility in the collapse of the local currency, saying: “The financial and economic stability of Iraq depends on the ability of The Iraqi government is to remain in the balance zone between the American and Iranian conflict, so strict measures must be taken to comply with the requirements of the American treasury and spare Iraq to enter the US sanctions zone. Other than that, the Iraqi economy is a dollar economy and will not be able to bear any US sanctions.

Qusai stressed in a statement to / NINA: “Iraq can play a role in being a window to the Iranian economy by opening a joint account for humanitarian needs with the possibility of allowing the flow of goods purchased in the Iraqi dinar to benefit Iran, under the supervision of the supervisory authorities in the Central Bank of Iraq and integrity.”

He explained that «Iraq will not face the fate of Lebanon regarding the issue of currency collapse, because Iraq has resources and the Iraqi Central Bank has acceptable proportions that are able to cover the currency within the procedures even with oil revenues stopping for at least eight months to come.

He explained that "what happened in Lebanon is that individuals deposited foreign currencies in commercial banks, which in turn deposited them with the central bank, which paid these money debts to the Lebanese government," adding that "when the crisis occurred and individuals demanding their dues, the banks did not find liquidity and the Central Bank of Lebanon could not pay Receivables in dollars and facilitated the process of paying in Lebanese pounds, which led to raising the exchange rate of the dollar from 1500 pounds to more than 4 thousand Lebanese pounds.

It is noteworthy that the head of the Parliamentary Finance Committee Haitham al-Jubouri confirmed earlier that Iraq has been unable for some days to sell its oil because of the suspension of factories and companies around the world due to the repercussions of the Corona virus crisis.

The Finance Committee submitted a set of proposals to be taken in the face of the crisis of low oil prices, or to reduce its severity.

Member of the Parliamentary Finance Committee, Faisal Al-Issawi, said that "there are proposals submitted by the committee to overcome the crisis of low oil prices, in conjunction with the outbreak of the new Corona virus, and its impact on economic activities." He indicated that there are "several tracks that were presented, such as controlling border crossings, following up the great waste in oil refineries and how to benefit from the monetary block in banks and the central bank, and perhaps going towards international financial institutions to borrow."

He believed that "the current government will not be able to take a decision, or discuss the proposals, and it may be up to the new government."

Between the hammer and the anvil, the Iraqi citizen lives a state of anticipation and panic over the current situation and the fate of the dinar in the coming days.   link