KTFA Members "Tuesday News" 5-19-2020
.KTFA:
Samson: The US Treasury: The Seven Finance Ministers are looking to accelerate economies
19th May 2020
US Treasury Secretary Stephen Mnuchin telephoned the finance ministers of Canada, France, Germany, Italy, Japan, Britain, the European Commission, and the Eurogroup to discuss the economic implications of the Corona virus pandemic
"The finance ministers discussed current domestic and international measures and strategies to accelerate economic activity while proceeding to reopen our economies, and in line with the necessary health and safety measures," the Treasury said in a statement LINK
KTFA:
Samson: The US Treasury: The Seven Finance Ministers are looking to accelerate economies
19th May 2020
US Treasury Secretary Stephen Mnuchin telephoned the finance ministers of Canada, France, Germany, Italy, Japan, Britain, the European Commission, and the Eurogroup to discuss the economic implications of the Corona virus pandemic
"The finance ministers discussed current domestic and international measures and strategies to accelerate economic activity while proceeding to reopen our economies, and in line with the necessary health and safety measures," the Treasury said in a statement LINK
Samson: Parliamentary finance clarifies the most important measures to be taken to get out of the current crisis
09:11 - 05/19/2020
Parliamentary Finance Committee revealed, the most important measures to be taken to get out of the economic crisis caused by the collapse of oil prices, stressing that Iraq must postpone the payment of its loans and end the multi-salary file and fight corruption.
Member of the Committee, MP Jamal Ahmed, said in a statement to "Information", that "the government must take measures that would ease the current financial crisis due to the low oil prices."
He added, "The government must move toward postponing loan repayments and stopping multiple salaries, especially since there are those who receive more than one government salary at the same time."
He pointed out that "eliminating corruption is enough to overcome the current crisis," pointing out that "border crossings can provide the country with good revenues, taking into consideration the elimination of the authorities controlling it." LINK
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Samson: To the attention of the esteemed Prime Minister
19th May 2020 by Samir Al-Nassery
The central bank is the savior for overcoming the economic crisis
Greetings, appreciation and respect
At a time when your country begins with its national career in leading the new government to overcome the chronic and emerging political, economic and health crises of the country. To show before your eyes the role of effective economic institutions after 2003, especially during the years of economic and security shocks that Iraq has gone through with regard to managing the economy to achieve the goal of stability in the financial system and the monetary system, to achieve economic stability
It is noticed that there are failures, challenges, and hazy pages related to the loss of methodology, the lack of clarity of policies and programs, and the inconsistency of the strategies that were prepared in partnership with international organizations, Iraqi experts and consultants with the reality of the unilateral Iraqi economy, which mainly depends on the oil rents and what this caused to a structural defect in the economy due to the deficit in Non-oil revenue, deficit in the balance of payments, and continuous deficit in public budgets.
Added to this is the mismanagement of public funds and the apparent weakness in the economic leadership of most ministries and government economic institutions, the failure to give an active role to the private sector and a partnership in economic decision-making
All the above failures, in addition to the economic stagnation, the drop in oil prices, the unstable business environment, the war on terrorism and the political tensions between the blocs and parties, led to insufficient visions to build a solid national economy capable of drawing the introduction to the transition to a market economy
Despite all these challenges, there were bright spots, promising experiences, policies and procedures, and success experiences by some economic institutions during the lean years, clearly and effectively during the years (2015-2020)
One of the most prominent bright points in this march is the experience of the Central Bank of Iraq in supporting the national economy while maintaining its independence, functions and goals defined in its Law 56 of 2004, and its contribution to supporting the national economy and state sadness, achieving economic resilience and promoting the decisive victory against terrorism
In addition to its procedures, executive and development policies, and building balanced relations with Arab, regional and foreign banks, and its liquidation (700), a negative note is established on the financial situation of Iraq by the Financial Working Group (FATF) and the observations in the World Bank reports on Iraq to assess the overall financial situation.
Which the Central Bank was able to overcome and implement its strategy for the years (2016-2020), the results achieved on the scope of monetary policy applications internally and the persuasion of international financial institutions and organizations and what is confirmed by the official reports issued by them which confirm the success of the Central Bank policy in achieving an important transition to the Iraqi economy by leaving the gray area (Monitoring and reviewing) to regular follow-up
And as far as we know we are interested in the economic, financial and banking affairs of the executive procedures of the means and tools of monetary policy applications, the bank has played a great role and a clear and prominent professional effort relying on its team and its national economic and financial cadres and its experts and its board of directors in supporting the national economy and strengthening the state treasury and its contributions and multiple initiatives to activate the economic cycle and enhance Liquidity with banks, payment of employee salaries, dues of contractors and farmers, reaching to extend coordination bridges between the fiscal and monetary policies and proposing new economic and structural policies to prepare water Public budgets for the coming years and attempts to restore confidence in the banking system.
The most important thing that has been achieved is the stability of the exchange rate of the local currency compared to the US dollar and the maintenance of sufficient and excellent foreign reserves in accordance with the standards of the International Monetary Fund
The Central Bank administration has demonstrated its clear ability to interact, analyze work obstacles and create conditions to overcome challenges.
Therefore, I call on you to interact with the bright economic points achieved by the Central Bank and to stimulate and support its steps to work and to make more fruitful efforts for the purpose of implementing what is stated in the government curriculum and completing the achievement of goals Its main and subsidiary strategy and achieving stability in the monetary system and thus achieving the achieved economic stability and building our national economy and achieving the welfare of society. Because the central bank has the keys to resolving crises and is the savior to overcome our current economic crisis LINK
Iobey777: WOW! Come on CBI ...DO IT!!!
Samson: Economist: Iraq is about to shake if the salaries of the employees are not resolved
14:24 - 05/19/2020
The economic expert, Majed Al-Suri, warned on Tuesday against the consequences of not finding final solutions for the employees ’salaries, indicating that the continuation of the crisis will lead Iraq to a political and social jolt that cannot be praised.
The picture said in a statement to the "information" that "the continued threat of citizens With their daily strength, and waving from time to time, withholding salaries, increases internal crises."
He added, "Unemployment rates will double from 45 percent by withdrawing estimates to unprecedented levels and leading to political and social disasters and tremors that can never be controlled."
Al-Suri continued, "The solutions currently proposed are Iraq’s reliance on internal borrowing, and in the case of going to external borrowing, dozens of conditions will be before the government before granting loans, which increases the delay in solutions at the required time." LINK
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Don961: Al-Kazemi calls on the political blocs to help complete the cabinet formation and confirms that he has received a semi-empty treasury
Monday 18, May 2020 22:54 | Political Baghdad / Nina /
Prime Minister Mustafa Al-Kazemi called on the political blocs to help complete the ministerial formation.
He said in an article to be published tomorrow in a number of newspapers: I responded to bear responsibility, relying on an understanding of political blocs and leaders, indicating that he faces challenges that require everyone to join hands to overcome them.
Al-Kazemi added that it is not possible to direct any serious step without embarking on what restores the state its prestige and its sovereignty.
Stressing that corruption drained the wealth that entered the treasures of Iraq and found, and I am taking responsibility now, the treasury is almost empty.
He explained that: the dangerous decline in the country's resources necessitates the government to search in all directions to find urgent sources for paying salaries.
Al-Kazemi stressed that: No warrant has been issued and no shooting will be issued against any peaceful protester, and whoever does so will be brought to justice. / End 3 LINK
Don961: Iraq is bigger than the challenges
Tuesday 19 May 2020 Mustafa Al-Kazemi, Prime Minister
With the approach I made before the parliament approaching the completion of the ministerial formation, we must put our people and national forces, and our young people demanding their rights, in front of the challenges I face that require everyone to unite to overcome them, and the deliberations and constructive and intensive discussions with all political forces aimed at reaching what satisfies me Our people and restore confidence in the possibility of overcoming the political process of the deepening crisis facing it and put our Iraq in front of a crossroads. I have fulfilled my duty and I already know the difficulties that stand before me, the heavy legacy that will confront me at all levels and in all vital fields that relate to the lives of citizens, and the security, sovereignty, and independence of the country.
Realizing that the crisis is comprehensive and interfering with the fabric of the state and its institutions, and hindering its economic strength that stumbled during the last period, nothing has been achieved that would lead to a comprehensive advancement of the country's food security, nor to the promotion of industry and the diversification of the state's imports, expansion of investment, and rehabilitation of eroded infrastructure.
What added to the difficulties was the lack of serious consideration of the structure of oil production and marketing and attention to oil derivatives, while in return, the crisis of administrative and financial corruption was recycled, and the disintegration of many of the state's completion agencies and institutions. Instead of encouraging investments and work sectors and restarting troubled factories by securing what they need to absorb the unemployed workforce, the level of job inflation in the state apparatus and the depletion of resources and convincing unemployment has been raised.
All this made the challenges facing any government double. With knowledge of all these difficulties, I responded to bear responsibility, relying on an understanding of the political blocs and leaders, and before that the crowded, oppressed and demanding people of our people, due to the necessities of the stage, especially since the dangerous decline in the country's resources with the collapse of oil prices makes it necessary for the government to search in all directions to find sources Urgent to pay the salaries of workers in the state, and cover the expenses necessary to run the affairs and obligations of institutions, foremost of which is ensuring the safety of citizens from the Corona pandemic.
By putting these facts before our people and political leaders, I reaffirm that Iraq is greater than challenges, crises, and problems, no matter how high, and that we need to cooperate and collaborate with all of our people’s forces, including parliamentary blocs, political parties, and social and cultural activities, and with the understanding of our young demonstrators, enabling the government to carry out In her duty.
This support is now required from the parliamentary political blocs to help complete the ministerial formation by voting on the list of candidates for vacant ministries, in order to proceed in setting practical plans to accomplish the tasks assigned to the government from the tasks of the transitional phase, and to respond to the legitimate aspirations of citizens to provide the possible level of services and decent livelihoods And stop the violations and abuses they are subjected to, and return their children who were arrested and absent.
It should not be forgotten by all of us that we find ourselves after seventeen years, in an unenviable situation, because our sovereignty has continued to be incomplete, violated, or subject to doubts, and the lands of our country are intended to become a field of conflict for others, and the security of our citizens is threatened, not by the continued ISIS and its sleeping cells, Only, but also from uncontrolled weapons outside the framework of the state, and all manifestations of corruption, looting of public funds and waste of wealth, and the unacceptable level of classification of Iraq in terms of education, health and services.
While unemployment is no longer a phenomenon that can be contained, rather the number of the unemployed, especially among graduates, has exceeded levels that we have not reached in any previous circumstance.
The poverty line now includes the mothers and families of the martyrs who have lost their lives in defense of the homeland.
Although the wealth that entered the treasures of Iraq over the past 17 years was sufficient to rebuild the country and establish the future fund, corruption has drained it, and some have been smuggled out of the country publicly, and I have not found myself taking over the responsibility except for an almost empty treasury!
I found it my duty under these difficult and complicated circumstances to put our people in front of the difficulties we face, including the contradiction between public promises that emphasized my freedom to choose the cabinet, and the behind-the-scenes maneuvers, tensions and attractiveness by some. This impedes the completion of the government in order to carry out its tasks vigorously and concerted efforts to reach the declared goals.
Sometimes it seems that what we are calling for assurances of the necessity to correct the paths of the political process and put the country on the path of recovery does not find listening ears for some here or there, without noting that the country is threatened by what will put us all in front of options that have no winner and the best of which is descending into chaos, God forbid, What prompts the reaffirmation of the need for everyone to place the supreme national interests above secondary interests, and for the efforts of all the blocs and parties and with the understanding of our people to join this stage.
We have no choice but to respond to the just popular demands expressed by the protest movement and the demonstration arenas, which brought together the best girls and young people of our people, and sincere work to achieve their demands to restore the glory, strength, and dignity of Iraq, and to eliminate the legacy of abhorrent quotas in all its manifestations, and to fight financial and administrative corruption.
It is not possible to initiate any serious step without embarking on what restores the state its prestige and its sovereignty, which requires that no party, whatever its source or source of power or loyalties, be above the will of the state, the constitution and the law, and that the weapon and firepower become in the hands of the state and the armed forces and at the command of the Commander in Chief Of the armed forces.
I would like to confirm once again to remove any confusion, that the task entrusted to me is to cross the transitional stage as quickly as possible, and to respond to urgent tasks directly, most notably:
- Implementing the election law with the required audits or amendments, finalizing the finalization of the law of the High Electoral Commission, securing everything necessary to hold elections as soon as possible, cooperating with the United Nations Representative and local and international observers, and ensuring that the correct foundations for holding elections are held in an atmosphere Political and security guarantees its integrity and fairness.
- Take all measures and measures in cooperation between the Ministry of Interior and all security agencies to protect the demonstrators, ensure the safety of their arenas, and express their will freely, peacefully.
I clearly declare, as commander-in-chief, that I have not and will not issue any order to shoot against any peaceful protester, and whoever does so will be brought to justice. It is the duty of the Ministry of Interior and Security Services to prevent any second or third parties from interfering with the demonstrators.
- Here again I reiterate that orders have been issued to all security services to release all protestors, search, investigate and investigate to find the kidnappers and diagnose those who carried out the assassinations and put them before the law.
-To take all urgent measures to confront the economic and financial crisis, rationalize spending, fight corruption, initiate necessary reforms, and protect our people from the Corona pandemic.
- Before and during all this, restoring the prestige of the state, asserting national sovereignty, confining arms to the official institutions concerned, ensuring the security of the country against terrorist threats, establishing the rule of law and ensuring that everyone is equal before it.
As I pledge to announce what I am announcing here, I find it my duty to express the evaluation of the blocs and their leaders, who have responded with me in voting on the incomplete ministerial formation, and I look to everyone to support our efforts and the meetings and dialogues we are doing to complete the formation and facilitate its tasks within the framework of the tasks we have identified for the transitional phase.
I conclude with a response to those who warned me that I have neither a political party nor a parliamentary bloc to protect me in the pledges I have made to serve my people, by the Almighty saying:
Believe God Almighty L
Delta, MilitiaMan and Mon. Night CC Replay for 5-18-2020
.KTFA:
Samson: Minister of Communications: We are working on implementing a project to automate border crossings
18th May, 2020
On Monday, Minister of Communications Arkan Shihab Ahmed confirmed that the ministry will implement the border crossing automation project, which in turn will provide the state treasury with a lot of financial revenue
A statement of the ministry seen by "Al-Iqtisad News" stated that "this came during a meeting with the delegation of the Parliamentary Services Committee headed by MP Walid Al-Sahlani," noting that "the Minister of Communications gave a full explanation of the future plans of the ministry and the most important projects that are working to implement them during the coming period, which Among the most important of these is the International Gate Project, which will mainly work to eliminate Internet smuggling operations, maintain the security of the country, and preserve the financial resources of the Ministry of Communications
KTFA:
Samson: Minister of Communications: We are working on implementing a project to automate border crossings
18th May, 2020
On Monday, Minister of Communications Arkan Shihab Ahmed confirmed that the ministry will implement the border crossing automation project, which in turn will provide the state treasury with a lot of financial revenue
A statement of the ministry seen by "Al-Iqtisad News" stated that "this came during a meeting with the delegation of the Parliamentary Services Committee headed by MP Walid Al-Sahlani," noting that "the Minister of Communications gave a full explanation of the future plans of the ministry and the most important projects that are working to implement them during the coming period, which Among the most important of these is the International Gate Project, which will mainly work to eliminate Internet smuggling operations, maintain the security of the country, and preserve the financial resources of the Ministry of Communications
He stressed that "the Ministry of Communications will have an important and significant role in preserving the security of the country and the security of communications, eliminating electronic blackmail, preserving the social fabric and eliminating the electronic delusion that works to harm the reputation of our beloved country
And the Minister of Communications stated that "the ministry started to open the doors of joint cooperation with the Media and Communications Authority and that the ministry will implement the project of automating border outlets, which in turn will provide the state treasury with a lot of financial revenues and eliminate fraud, forgery and administrative routine
He added, "He has granted all the powers granted to public companies in accordance with Law 22 of 1997 in order to accelerate and start the process of construction and reconstruction in order to provide the best services to our esteemed citizens LINK
MilitiaMan: We all should know that they have a massive amount of income to tap into at the borders. This is or should be a powder keg of money to help in supporting the country revenues.. May even exceed all oil revenues with oil being at $30+- x2.
That is a load of cash to help support the country. Boy do they need it too.
My take is they are at critical mass. The new PM has a very big job ahead of him, as noted by the IBBC 13 page letter he recieved. Can he get the atmosphere to be in full Article 8 compliance by raising the IQD to a new international rate with the CBI, that is in sync with the 2019 Amended /2020 Budgets? We apparently will be seeing soon enough.. imo
If that is the case, and they do go pass and or formulate the budget(s) and adjust to an internationally accepted currency reflecting and or creating a legal avenue for borrowing, that will also allow for the acceleration of reforms by ushering in that ability to borrow internally and or externally.
They look to be doing exactly that, I'll bet though it is going still be a long road for them even after they do.
The culture with the elites, can be stifling to the progress of reforms. So, we see they are looking to open the borders in the coming days.
That just may coincide with the lock down coming later this week. For a purpose? We shall see.. imo The IBBC report, suggests this time frame is URGENT and needs acceleration!!!... imo ~ MM
IBBC LINK
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Samson: Iraq 2020: A Country at the Crossroads
18th May, 2020
Members of the IBBC Advisory Council have published a paper entitled 'Iraq 2020: A country at the crossroads.'
The purpose of this extensive paper is to provide insight and advice to the new Iraqi Government. It particularly focuses on the political and economic backdrop to the country, with analysis and solutions from a private sector perspective.
The papers authors are Professor Frank Gunter (lead author), Prof, Mohammed Al Uzri, Dr Renad Mansour, Mr Hani Akkawi, Mr Hussein Al Uzri, Mr Shwan Aziz Ahmed, and Mr Christophe Michels for the IBBC's management.
The paper provides a broad view on how to support Iraq's transition, with a call to action ranging from the requirement to engage the Iraqi people, to solutions for the banking and investment sector, defeating ISIS and responding to COVID and healthcare specific solutions, and how to develop the private sector with a regulatory regime for successful business.
The paper has been sent to the Prime Minister, to the President, the President of Parliament, a number of Ministers and officials.
Christophe Michels, IBBC MD, says:
"Iraq is facing a deepening multifaceted crisis without precedent in recent times. This article has been published in support of the Iraqi Government which has the opportunity to use this crisis to change Iraq and prepare it for a better and more prosperous future".
13 page report - Iraq 2020: a country at the crossroads - English LINK
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DELTA: DEMONSTRATORS GAVE AL-KAZEMI A MONTH, TO IMPLEMENT LIST OF DEMANDS
05/14/20
Demonstrators in the Iraqi capital, Baghdad, gave Prime Minister Mustafa al-Kazemi a month to implement eight demands, including the trial of his predecessor, Adel Abdul-Mahdi, for the murder of protesters.
This came in a statement read out in the middle of Tahrir Square (the center of protests in Baghdad) yesterday, Wednesday, in the name of the "United Fajr Iraq Front", the first organization to emerge from the womb of the protests that started last October.
The statement praised the reformist direction of the Al-Kazemi government, which began its duties last Saturday, two days after it gained confidence from Parliament.
The statement gave Al-Kazemi a month to implement the demands, threatening, if not implemented, to escalate the protests until the entire political process was toppled, at the first deadline for protesters to the new government.
The demands included the trial of the demonstrators' killers - chiefly Abdul-Mahdi - to compensate their families, set a date for early elections, and administer retired independent election commission judges.
It also included returning the displaced to their areas of residence, revealing the fate of the missing, in addition to reducing the salaries of senior officials, activating the law of parties, achieving economic and political reform, and abolishing "ineffective" local councils.
In its first session last Saturday, the Al-Kazemi government decided to release all detained protesters, set up a committee to try those involved in killing protesters, and to seek a date for early elections.
The demonstrators in Baghdad - and Iraqi cities in the center and south - last Sunday resumed their anti-government protests and influential parties.
It is noteworthy that Baghdad and other provinces have witnessed since last October, protests calling for wide reforms in the country, accountability for the corrupt, and interspersed with violence that killed more than six hundred people and wounded thousands, as well as the arrest of hundreds of others, before these protests receded in mid-March / Last March, for fear of an outbreak of the Corona virus.
MilitiaMan: Thank you Delta, today is see nothing but URGENCY and ACCELERATION, in respect to reforms.. They report from the IBBC is all about urgency and change! That includes monetary reforms at the Borders, etc.. It includes the citizens demands as noted about too.. They mean business and so does the report. The good thing is that that 13 page report wasn't written in totality yesterday, but, over time and updated along the way to present. The pressure is on!! It may take 30 days for some things, but, imo they have no liquidity.. Hence, the argument is sooner than later imo.. ! ~ MM
"An open investigation into the persons who were responsible for the killing of protesters
over the last six months. Not just those who fired the guns but those who gave the
orders. Since confidence in the probity of the government leadership is currently low,
this investigation may require the involvement of an international organization. The
results should lead at a minimum to naming of those responsible although prosecution
would make a stronger statement that the government supports justice for the victims. "
MilitiaMan Sunday Night 5-17-2020 "Possible time Frames for the RI of the IQD"
.KTFA:
MilitiaMan: Post #169: There are things out in articles of late to support a change to the IQD could/may come between now and the 05/31/2020ish time frame for a possible reinstatement of the IQD.
Why? Well, there are things that support going out to the 31st for many reasons, then there is support for a prior to the 22nd period, and even a sooner time frame..imo.
For instance, the UNSC meeting minutes told us that the UN will be giving 2 billion Dinar to Iraq.. That hasn't been done yet, imo.. They'll have to raise the rate for that small amount to do any projects of any substance or worth while..
\That 2 billion Dinar support, has me in a "literally" at any time frame now through the end of month, but, it supports to me a sooner rather than a later aspect. imo
Why? The world needs the RI, or they wouldn't have created the FIMA facility, CML, SLL, TALF, etc., all of which are money related facilities and or laws in place to move money transparently, fairly and smoothly around the world, and there is noted to be a need to put other currencies into the IMF SDR Basket of currencies. The World Bank and IMF suggested if there was a time to bring currencies into the basket, the time is now .
By them clearly bringing this up about the SDR basket now due to the on goings of all those things above and with the REPO market being in the state it is what and having the imo ""COV19 "" masking, the time is now.
The REPO market is interest rate oriented and the amounts of money that need to move to bail markets out is and will be staggering in scope and it is needed globally. That maybe why or is why the World Bank and IMF keep talking about the SDR basket.
The UNSC meeting was on the 13th.. Timed perfectly prior to a reporting schedule they have bi monthly and by them giving the money of 2 billion Dinars. Not in Dollars. The amount of 2 billion Dinars at a program rate is not going to do much but, with an international calculation applied to it sure would.
KTFA:
MilitiaMan: Post #169: There are things out in articles of late to support a change to the IQD could/may come between now and the 05/31/2020ish time frame for a possible reinstatement of the IQD.
Why? Well, there are things that support going out to the 31st for many reasons, then there is support for a prior to the 22nd period, and even a sooner time frame..imo.
For instance, the UNSC meeting minutes told us that the UN will be giving 2 billion Dinar to Iraq.. That hasn't been done yet, imo.. They'll have to raise the rate for that small amount to do any projects of any substance or worth while..
\That 2 billion Dinar support, has me in a "literally" at any time frame now through the end of month, but, it supports to me a sooner rather than a later aspect. imo
Why? The world needs the RI, or they wouldn't have created the FIMA facility, CML, SLL, TALF, etc., all of which are money related facilities and or laws in place to move money transparently, fairly and smoothly around the world, and there is noted to be a need to put other currencies into the IMF SDR Basket of currencies. The World Bank and IMF suggested if there was a time to bring currencies into the basket, the time is now .
By them clearly bringing this up about the SDR basket now due to the on goings of all those things above and with the REPO market being in the state it is what and having the imo ""COV19 "" masking, the time is now.
The REPO market is interest rate oriented and the amounts of money that need to move to bail markets out is and will be staggering in scope and it is needed globally. That maybe why or is why the World Bank and IMF keep talking about the SDR basket.
The UNSC meeting was on the 13th.. Timed perfectly prior to a reporting schedule they have bi monthly and by them giving the money of 2 billion Dinars. Not in Dollars. The amount of 2 billion Dinars at a program rate is not going to do much but, with an international calculation applied to it sure would.
The fact that the USNC had that meeting on the 13th is imo that they timed it accordingly and that that timing means they have made an agreement and on schedule.. Oh ya.. imo They sure do have a schedule imo..
That money to be given out soon is or most likely will be to be found imo based off of the Escrow account that the UNSC has had in place and has been using since about 2007 real close.
It is and or was in place to facilitate the process of getting Iraq where they are now. That is where they are ready to be, as in to have their asset portfolio managed by the World Bank.
The next few hours, days to just possibly weeks are very important and have profound implications for us.
If all the data points to the final conclusion? Then that data shows us it is about time for them to raise the rate whereby Iraq becomes fully Article 8 compliant, they can potentially get a SDR basket induction, they can get into the secondary markets and have a reason for the World Bank to manage their assets, as opposed to being monitored by the UNSC..
This if it is rightfully the case, which I believe it is or at least real close, as the data comes from some of largest entities on the planet and not opinion pieces by any day economist, therefore, those Global entities mean business and that is the goal of Iraq, to open for business internationally.
Lastly, the country has no liquidity and they are in crisis. Thus, the pressure is immense and has been for some time. imo Times look very good indeed!!! ~ MM
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As part of its strategy to develop its foreign reserves management in line with current and future developments, the Central Bank of Iraq signed a banking arrangements document with the World Bank's Reserves Management & Consulting Program ( RAMP ) Reserves Advisory & Management Program
This document aims to enable the Central Bank of Iraq to obtain technical support through the exchange of knowledge and experience in the field of investment portfolio management based on a performance indicator that helps to maximize financial resources, build human capital by exchanging knowledge and developing expertise in the financial field in accordance with best practices In the field of reserve management.
It is noteworthy that this program was developed by the World Bank in 2000, with the aim of building capacities and providing consulting and asset management services, and is considered a meeting place for a network of specialists, and it serves more than (70) members around the world, most of them are from central banks, managing nearly (2) One trillion dollars of sovereign assets.
The Central Bank of Iraq
information Office
May 13, 2020
"He pointed out that "the meeting with the Prime Minister aimed at discussing the formation of this cell, announcing a decision to form a cell of an economic crisis to advance the economic reality in the country, especially since the financial situation and cash liquidity is very difficult."
Samson: The Baghdad and Erbil negotiations are back to square one: subsequent discussions complete the precedent
09:43 - 05/17/2020
The second deputy speaker of the House of Representatives, Bashir Haddad, confirmed on Sunday that no final agreement has been reached on oil and salaries of the region's employees so far between the governments of the Kurdistan region and Baghdad.
Haddad said in a statement reported by the official “Al-Sabah” newspaper and viewed by him / the information: “The last period witnessed extensive dialogues and meetings between the delegation of the Kurdistan Regional Government and the federal government, during which all outstanding issues were discussed between the region and Baghdad, especially with regard to the mechanism of oil export and the delivery of dues. Finance for the region on the basis of mutual understandings between the two parties.
He added, “These dialogues resulted in the formation of technical committees to proceed with addressing these outstanding issues,” noting that “these dialogues witnessed advanced steps in the time of the previous government during which the Kurdistan Regional Government showed its willingness to hand over the amount of oil agreed upon with Baghdad and exported via SOMO, and confirm The Kurdistan government committed to reduce oil production within the stipulated share in agreement and coordination with the Ministry of Oil, down to the decisions of the oil-exporting countries in OPEC.
Haddad continued, "We are awaiting the return of negotiations again between the region and the new federal government to complete the previous discussions, with the aim of reaching new solutions and understandings and reaching a final agreement that satisfies all parties." LINK
SaraBeth: Wondering what MilitiaMan and others have to say about this article, as is mentions the salaries ...Well the article title is interesting as it says more meetings are coming and to set the precedent - just that word got our attention!
Are we maybe thinking correct? Precedent = example or model ...As MilitiaMan has been saying the salaries are with an aim to be paid very soon, maybe by the end of the month? IMO
MilitiaMan: He pointed out that "the meeting with the Prime Minister aimed at discussing the formation of this cell, announcing a decision to form a cell of an economic crisis to advance the economic reality in the country, especially since the financial situation and cash liquidity is very difficult."
MilitiaMan: The Crisis Cell has been involved now for quite a few days now. Let see what results from their meetings. The amount of salaries will need to be adjusted with a rate change. The UNSC meeting indicates to me there will be one. As mentioned above in post #169.. imo ~ MM
Samson: Iraq is considering cutting the dinar as difficult options to face the financial crisis
17th May, 2020
A source close to the office of the Iraqi Prime Minister revealed that the government is considering reducing the value of the dinar against foreign currencies, as part of measures to confront the financial crisis caused by the drop in oil prices and the repercussions of the spread of the new Corona virus. According to the newspaper, "The New Arab
The source said, according to the newspaper, "The options available to Prime Minister Mustafa Al-Kazemi are mostly difficult, but there are serious dialogues with advisers and economic experts, and during the past days, several options were reviewed to address the financial crisis, including external borrowing or the devaluation of the dinar
He added: "There are also other options, including offering state factories and public properties for investment or sale, and printing the currency, but these will be the last options
He continued: "All options presented have major problems in the long and medium term, but the alternative is the inability to pay the salaries." He pointed out that in the short term he will rely on the monetary reserve for a few months, while taking a series of austerity measures unprecedented at the state level
The current crisis is the biggest challenge for the new Prime Minister’s government, as Iraq is one of the “mono-economic” countries, because it relied on about 94% of oil sales revenue to provide salaries for employees and retirees of about 4 trillion dinars per month (about 3 billion dollars) at a time that did not reach Oil revenues have only about 1.4 billion dollars last April, according to official data LINK
MilitiaMan: I personally think this is fake news to a degree.. They tell us they have options and they all seem to be negative. The clearly leave out the #1 option.. That is is to raise the exchange rate and go international, which begets many good things as we all know by now.
Alak has told us directly he will not devalue the currency. They cannot and will not go into an international setting with what we know about economies, what the CBI has done in respect to destroying trip[le zero notes, printing small category notes, understandings with the world bank to manage Iraqs Foreign Reserves and Assets, going to a social market economy, etc..
So, yes this is news that distorts the reality of what I spoke about today.. So For Those That Inquire (SFTTI) you have my opinion. And imo these articles may be discarded in the waste bin.. imo ~ MM
"There are also other options"...
KTFA Members "News and Veiws" Sunday PM 5-17-2020
.KTFA:
Don961: 3 options top the measures to confront the economic crisis .. What is the story of private budgets?
2020.05.12 - 12:40
Baghdad - people
Member of the Parliamentary Finance Committee, Muhammad Sahib al-Darraji, stressed today, Tuesday, the importance of adopting a special budget if oil prices continue to decline.
In a statement to the official agency, followed by Nass, (12 May 2020), Darraji said, "There are measures that must be taken to face financial distress other than internal borrowing or prejudice the central bank's reserves," noting that "among these options is a price change." Exchange and stopping imports, in addition to stopping the currency auction and other economic measures.
KTFA:
Don961: 3 options top the measures to confront the economic crisis .. What is the story of private budgets?
2020.05.12 - 12:40
Baghdad - people
Member of the Parliamentary Finance Committee, Muhammad Sahib al-Darraji, stressed today, Tuesday, the importance of adopting a special budget if oil prices continue to decline.
In a statement to the official agency, followed by Nass, (12 May 2020), Darraji said, "There are measures that must be taken to face financial distress other than internal borrowing or prejudice the central bank's reserves," noting that "among these options is a price change." Exchange and stopping imports, in addition to stopping the currency auction and other economic measures.
Al-Daraji pointed out that "if oil prices continue to decline, there must be special budgets, including a crisis budget that is based on a price lower than the price of oil to walk salaries and health matters as well as other important matters," noting that "this challenge must be exploited and transformed into an opportunity of Through opening the door for investment and allowing the private sector to operate. "
He called on the government to "accelerate the transmission of the budget in a way that reduces the deficit by reducing costs or by changing the exchange rate." LINK
Samson: Iraq is considering cutting the dinar as difficult options to face the financial crisis
17th May, 2020
A source close to the office of the Iraqi Prime Minister revealed that the government is considering reducing the value of the dinar against foreign currencies, as part of measures to confront the financial crisis caused by the drop in oil prices and the repercussions of the spread of the new Corona virus. According to the newspaper, "The New Arab
The source said, according to the newspaper, "The options available to Prime Minister Mustafa Al-Kazemi are mostly difficult, but there are serious dialogues with advisers and economic experts, and during the past days, several options were reviewed to address the financial crisis, including external borrowing or the devaluation of the dinar
He added: "There are also other options, including offering state factories and public properties for investment or sale, and printing the currency, but these will be the last options
He continued: "All options presented have major problems in the long and medium term, but the alternative is the inability to pay the salaries." He pointed out that in the short term he will rely on the monetary reserve for a few months, while taking a series of austerity measures unprecedented at the state level
The current crisis is the biggest challenge for the new Prime Minister’s government, as Iraq is one of the “mono-economic” countries, because it relied on about 94% of oil sales revenue to provide salaries for employees and retirees of about 4 trillion dinars per month (about 3 billion dollars) at a time that did not reach Oil revenues have only about 1.4 billion dollars last April, according to official data
2Cents: As I stated the other day that many disputed......This is not what we want..........off" ~ 2Cents
MilitiaMan: We do not want nor will they devalue the currency. They cannot. Simply put they state very clearly. The citizens will freak out if they devalue!!! Just because there is an opinion piece out that suggests a devaluation is in the cards or mix to hash over, doesn't mean it has any legs let alone any sort of foundation to it.
"Samsem said, in an interview with Al-Masala, that cutting salaries or deducting them will lead to the wrath of the Iraqi street, which will not be silenced by cutting its livelihoods today, so the Iraqi government will resort to another option to bridge the financial deficit."
Lets keep in mind what we know.
We know the global impact that we have witnessed needs attention and it is getting it. It is not something that just happens over night in the totality and scheme of things financially.
There is larger picture than just alone flipping the switch or pushing the button if you will to the reinstatement of the IQD.
Be sure, the plan includes that. Just as they path way to facilitate a smooth transition was needed to be in place, as a massive amount of money is going to be moved over time.
Hence the FIMA, CML, SLL, TALF, etc., are in place and have been as of recent to three and past decade to the latter.
The data that comes from the CBI and the Parliamentary Finance Committee is not about DEVALUATION. It is about raising the value of the currency.
The opinions of others needs to be treated with respect, but, in this case with a sharper eye, as murky waters are in play. It makes no sense to stir it any more than what has been done. The wrath is not an option. The wrath is DEVALUATION.. ~ MM
MilitiaMan: They even say they have to accelerate the conditions to deal with the crisis before them, i.e., pay salaries that they are constitutionally required to do. Make note too, that that the new PM has every intention to please the Citizens and he says so.. He has an out line or ROAD MAP in doing so.. Devaluing is not something he ever mentions that I have seen to date. ~ MM
MilitiaMan: They also state they are going to stop the auctions as we know them, imo. Today's auction with cash sales is a far cry from the $150 - $200 million of the past. They most likely are on drip by drip basis!! So, they are doing what they said, they are stopping the auctions as we have been known to know them. imo ~ MM
MilitiaMan: Then there is this little gem. The IMF and World Bank have been in Iraq and discussed this more than once that I know of and have spoke out about. They are not going to specifically tell us that they are gearing for the IQD to be in the SDR, as at the moment Iraq is not international, yet!!! But, when they go and raise the value of the IQD, then that may be a very different thing altogether imo.. So the opinion piece, is just that an opinion. I'll go with the Money Players of the world over an op ed... I suggest everyone else do the same.. Take in the good and throw out the bad.. imo My view is brighter than ever.. imo.. ~ MM
SaraBeth: KTFA: IMO
Remember the phrases we are reading in the articles as: " cutting the dinar", "reducing the value of the dinar against foreign currencies", "printing the currency" and "devaluation of the dinar" are kind of like creative writing, and have been explained IMO:
"Reducing the value of the dinar against foreign currencies": MEANING: THE NUMBERS DECREASE FROM THE PROGRAM RATE 1190 TO BECOME 1:1 AS THE EXCHANGE RATE. 1190 going down .... 690 .... 390 .... 190 ...... 1 USD. Saved from a chart many moons ago.
"Printing the currency": MEANING: the lower denominated notes or NSCN's as the already printed currency ready to go.
Well good to know the articles are making the statement that this is THE BEST SOLUTION so we are golden, and yes we can agree it is high time and it is truly upon us. Yeah for everyone!
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Don961: According to astronomical calculations ..
Watcher fixes the date of Eid Al-Fitr: Al Hilal will see the 'naked eye' in the sky of Baghdad
2020.05.17 - 10:26
Baghdad - people
On Sunday, the air forecaster, Sadeq Atiyah, suggested that the Eid Al-Fitr crescent could be seen in the "naked eye" in the sky of the capital, Baghdad, as he decided to see it.
Attia said in a clarification by Nass, (17 May 2020), that “the most prominent question is (how much is left for Eid al-Fitr 2020?), Especially since the countdown to Eid al-Fitr has already started, as we are scheduled to receive the Eid al-Fitr At the beginning of next week. "
He added, "Astronomical calculations far from doctrinal issues indicate that the crescent is now in the phase of the waning creascent crescent, and the new crescent will be born on Friday, 5/22 at 08:39 at night, Iraqi time, knowing that the birth of the crescent does not mean to see it, and this means that He cannot be seen at all on Friday evening, because he will be born after sunset. "
He continued, "The expectations indicate the possibility of seeing on Saturday, May 23, that the age of the crescent at sunset is about 22 hours, and its illumination rate is 0.77%."
And between, "The crescent sets in Baghdad approximately 43 minutes after sunset, which is supposed to be absent at 7:01, while the moon sets at 7:44 minutes, so visibility on Saturday evening will be possible through the telescope easily, and so can be seen With the naked eye, if the observer is experienced, provided that his location is monitored at first sight, and the atmosphere is clear away from the lights of the cities. "
He pointed out that "If the vision is confirmed on Saturday evening, Sunday will be the first day of Eid Al-Fitr astronomically." LINK
KTFA Members "News and Views" Saturday 5-16-2020
.KTFA:
Samson: Iraq Stock Market Report
15th May 2020
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 15th May 2020).
Please click here to view a table of listed companies and their associated ticker codes.
The RSISX index ended the week at IQD552 (+0.7%) / $573 (+0.7%) (weekly change) (-16.2% and -18.2% YTD change, respectively). The number of week traded shares was 2.1 bn and the weekly trading volume was IQD2.2 bn ($1.8 mn).
Note: ISX will be closed starting from May 22, 2020 due to the religious holiday of Eid Al-Fitr. The next trading session will be held on May 31, 2020. ISX will resume trading five days a week starting May 31, 2020 (Sunday).
KTFA:
Samson: Iraq Stock Market Report
15th May 2020
Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 15th May 2020).
Please click here to view a table of listed companies and their associated ticker codes.
The RSISX index ended the week at IQD552 (+0.7%) / $573 (+0.7%) (weekly change) (-16.2% and -18.2% YTD change, respectively). The number of week traded shares was 2.1 bn and the weekly trading volume was IQD2.2 bn ($1.8 mn).
Note: ISX will be closed starting from May 22, 2020 due to the religious holiday of Eid Al-Fitr. The next trading session will be held on May 31, 2020. ISX will resume trading five days a week starting May 31, 2020 (Sunday).
The lower daily price change limit will be maintained at 5% and the upper daily price change limit will be maintained at 10%.
ISX Company Announcements
Ameen Al-Iraq Islamic Bank for Islamic Investment & Finance (BAME) with a capital of IQD100 bn will start trading on May 17, 2020 in the non-regular market. The opening price will be free for the first three sessions, and then will have +/-20% price change limit.
Rajih Islamic Bank for Investment & Finance (BRAJ) with a capital of IQD250 bn will start trading after depositing and activating 5% of the listed shares or after 21 days of depositing the company's shares.
ISX suspended trading of Zain Al-Iraq Islamic Bank for Investment (BZII) starting on May. 12 due to the GA that will be held on May. 17 to elect 7 original and 7 alternative board members.
Al-Sadeer Hotel (HSAD) resumed trading on May. 12 after disclosing its financial statements and deciding to increase the company's capital to IQD1.36 bn through 10% rights issue. LINK
Samson: Newspaper: Al-Kazemi intends to replace most of the heads of the 25 independent bodies
12:25 - 05/13/2020
Al-Arabi Al-Jadeed newspaper revealed, Wednesday, Prime Minister Mustafa Al-Kazemi's intention to open the file of independent bodies and replace most of its presidency.
With the advent of the new Prime Minister, Mustafa Al-Kazemi, today the file of independent bodies in Iraq, whose number exceeds 25 different bodies, exceeds some of the tasks and financial allocations allocated to them by government ministries.
She added that “extending the independent bodies in Iraq to more than 25 bodies, the most prominent of which are the Hajj and Umrah Commission, the Central Bank, the Martyrs’ Foundation, the Political Prisoners ’Organization, the Investment Authority, the Financial Control Bureau, the House of Wisdom (Cultural Foundation), the Provincial Authority, the Baghdad Municipality, The Reconstruction Council, the Integrity Commission, the Accountability and Justice Commission, the Media Commission, the Federal Revenue Authority, the Securities Commission, the Independent High Electoral Commission, the Communications Commission, and the High Commissioner for Human Rights, the most recent of which is the Popular Mobilization Authority that was introduced recently.
She added, “The majority of those bodies that have been run by the agency for years, and registered in the last two years serious corruption files linked to them, have become an indefinable file, especially since most of them are monopolized by political parties, while others have become redundant and can be merged or attached to other ministries in The area of specialization or interest itself, which contributes to reducing spending and eliminating corruption. The sources emphasized that some of these bodies turned into party fronts for a number of political entities rather than official institutions.
The newspaper quoted the deputy from the "Al-Fath" coalition, the Charter of Al-Hamedi, in saying that "every file that has not been opened in the jurisdiction of the government of Adel Abdul Mahdi, will be opened by the new Prime Minister Mustafa Al-Kazemi, and on top of that is the file of independent bodies," explaining that "opening this file It will generate new political differences regarding the distribution of independent bodies between the political forces, but in the end there will be agreement, as happened with the formation of the Al-Kazemi government, which was the closest to failure.”
MilitiaMan: The presidencies of most bodies have corruption files.. Doesn’t say all, but suggests many and they will be held accountable with and under the new Prime Minister.. This was back on the 12th around the time of the crisis cell meeting and the UNSC on the 13th.. The money players are awoke!!
With a new change to come, they’ll want no corruption to hinder this effort to reform with our failure..
I am seriously liking this new PM more and more and apparently the citizens do too! Open the files and let’s see who is who and what changes were made or are to come..
I would like to see the Governor of the Central Bank make and announcement this weekend! imo! ~ MM
Samson: Prison for a former director of an Iraqi government bank wasted $ 30 million
16th May, 2020
The Federal Integrity Commission announced, on Saturday, the issuance of a seven-year prison sentence against the former director general of the Iraqi Trade Bank, stating that the decision came against the backdrop of willful harm to public money.
The investigation department of the commission, while talking about the details of the case that it investigated and referred to the judiciary, indicated, according to a statement issued by the Integrity Commission, to Shafaq News, that "the convict was brought in 2014 during his tenure as director general of the Iraqi Trade Bank to cause willful damage to public money through The financial loan granted to a company amounting to (30,000,000) million dollars without taking adequate guarantees. LINK
Chappy86: As law and order are restored within Iraq the Iranians thieves will bail out like rats on a sinking ship.
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Samson: An Iraqi bank provides employees with electronic cards that allow them to shop in it
16th May, 2020
The Rafidain State Bank said on Saturday that the electronic card is known as the "Master Card", which allows the employee working in the public sector to shop in it from malls as well as receiving monthly salaries.
The media office of the bank said in a statement today that the salaries of a number of employees of ministries and state institutions have been localized, given an electronic card and received their monthly salaries through them.
The statement added that masters of card holders can take advantage of the financial features and services recently launched by the bank and benefit from that card in shopping and purchasing from other places and commercial centers. LINK
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Don961: Financial Reform Emergency Cell
Saturday 16 May 2020
Samir Al-Nassery
In the second session of the new cabinet, an emergency cell for financial reform was formed to manage the financial situation in the current circumstance and find remedies and solutions to overcome the country to the complex economic crisis for the known reason, which is the drop in oil prices due to the Corona virus that swept all the countries of the flag and led to economic stagnation and affected most countries ’economies and slowed growth For the global economy.
Therefore, the formation of this cell headed by Mr. Prime Minister Mustafa Al-Kazemi and the membership of the competent ministers and the governor of the Central Bank and advisors means that the government has already begun to put its urgent plans and draw a road map to overcome The economic and financial crisis that Iraq is going through.
Based on the bold decisions taken by the new government at the beginning of its journey, I find it necessary for us economists and financial experts to support and cooperate with the government in implementing its plans for economic and financial reform. Therefore, we propose to the Emergency Financial Reform Cell to study a package of urgent and immediate treatments that can be implemented quickly and strategic solutions that It requires a period of time exceeding one year, which constitutes a driving force for comprehensive and radical reform policies, as follows: -
Prompt and immediate treatments:
First - Preparing an emergency budget based on the expected revenues from the marketed oil for the year 2020 with the minimum price forecast, and a monthly balance is approved from which to spend according to the specified priorities.
Second: Reducing government expenditures by 50 percent for the three presidencies, the House of Representatives, special grades, and special pension salaries, and upwards of the Director General’s level, including those who previously worked in these locations since 2003. Excluding the salaries of employees, retirees, and social welfare from the reduction.
Third - Securing the funds for dealing with the Corona pandemic to the Ministry of Health.
Fourth ‐ Securing the amounts allocated to the reform decisions that the resigned government committed to implement the demands of the demonstrators.
Fifthly, coordination between the financial and monetary policies to maintain the stability of the exchange rate and maintain the standard adequacy of the foreign monetary reserves of the Central Bank and to determine the rates of internal borrowing and not to go for external borrowing.
Sixth: To stimulate and encourage the private sector and its involvement in the management of the economic process, and its involvement in economic decision-making.
Seventh ‐ Halting the import of semi-essential and luxury items and restricting the import of ration card materials, medicine and medical supplies, while increasing the food basket for the Iraqi family.
Eighth: Establishing the National Emergency Fund.
Ninth: Exclusion of staff, economic and health career experiences, and higher education from the law of referring them to retirement implemented from 1/1/2020. And fixing the special grades who had a fundamental role in overcoming the economic and financial crisis that Iraq experienced in 2014-2014.
Strategic economic treatments:
First, there is a need for a systematic movement to map a road map for economic reform by Iraqi elites and economic, financial and banking efficiencies and for economic mobility to be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of creating sustainable development, achieving diversity in resources and developing economic and human structures For the sake of proper building of the national economy and building the premises of the transition to a social market economy.
Second ‐ Draw a realistic and ambitious road map that depends mainly on managing and distributing public money in a transparent and fair manner, provided that the beneficiaries in the results and outputs of the people and that the citizen feel that his national economy, resources and goods are dedicated to ensuring decent living as mentioned in the articles of the permanent Iraqi constitution.
Third, the formation of the Supreme Council for Economic Reform to be enacted by a law binding on the ministries to implement its decisions and has the power to monitor, monitor, and evaluate, and to form and preside over and chair a membership of elite government experts and the private sector.
Fourth ‐ Moving to the central administration of the economy so that the principle of (centralization of planning and implementation decentralization) is implemented, and this means that the Supreme Council for Economic Reform takes charge of drawing plans and policies centrally and distributes their implementation to specialized councils for reconstruction and investment and the implementation of development projects in the economic and human sphere These councils are: -
* Private Sector Council
* Construction Council
* Small and Medium Enterprises Development Authority
* Public Service Council
* Local Product Support and Protection Council.
Fifthly: Creating and creating the investment climate for local and foreign investors, motivating and encouraging them, and ensuring their contractual rights to attract their capital and protect them from the pressure of spoilers.
Sixth: Providing soft loans to finance small, medium and large projects and establishing a legal and institutional system for managing, developing and developing them, as well as issuing and amending the laws of the legal environment to regulate the economic process. This means issuing new laws instead of laws issued in 2004 due to the changes that occurred in the national economy during 17 Year.
Seventh, activating investment in the sectors .. agricultural, industrial, energy, tourism, services and housing, as well as working to reform, develop and develop the banking sector through monetary policy applications and regulating the relationship and restrictions that govern financial and monetary policies, as well as a serious approach to reforming the tax, financial and customs system, and handling cases of failure In achieving the required growth rates in national income and exceeding the rise in unemployment and poverty rates.
Eighth ‐ Supporting, developing and motivating the private sector and benefiting from its capabilities, capabilities, capital and investments in building the national economy and involving it in managing the economy.
IX ‐ Developing a new methodology to overcome the challenges of instability in the financial system and the monetary system, and this means developing balanced and coordinated plans to overcome the challenges of monetary policy and the challenges of the deficit in non-oil revenue and the deficit in the balance of payments.
Tenth - Reconstruction of a new structure of the government apparatus in line with the emphasis on centralization of planning and decentralization of implementation, including the adoption of a strict and disciplined market economy system as is currently the case in China according to Iraqi doctrine and experience, especially in economic construction, that depends on the material, natural, economic, and human capabilities of Iraq.
Eleven ‐ laying the proper basis for the transition to the health system in Iraq in terms of the number of hospitals, the number of beds, the number of doctors and those with health professions, the manufacture of medicines and medical supplies locally, the development of expertise, and the attraction of Iraqi competencies abroad.
Twelve ‐ Accelerate the implementation of the e-government program and its coordination with the electronic payment system. LINK
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Samson: Threatening crops of 7 billion dollars ... locust swarms invade Iran and extend the borders with Iraq
16th May, 2020
An Iranian Ministry of Agriculture official said that Iran may use the army to help combat locust swarms that invade the south of the country and threaten to destroy crops estimated at more than seven billion dollars.
The locust infestation, which is the worst of its kind in decades, exacerbates the problems facing Iran, which has already been subjected to harsh strikes from the outbreak of the Corona virus internally and the decline of its oil exports to record levels in light of the US sanctions imposed on them.
The semi-official Iranian Labor News Agency quoted Mohammad Reza Mir, an official at the Ministry of Agriculture, as saying that the Desert Locust attacked more than 200,000 hectares of fields and agricultural lands in seven of the 31 provinces in the country.
Mir told the agency that the affected areas, which extend from eastern Iran on the border with Pakistan to the border with Iraq in the southwest of the country, will likely increase soon and reach one million hectares.
Mir told the workers agency that "the army promised to help in the fight against the Desert Locust, including providing vehicles that are used in difficult terrain for use in hard-to-reach areas." LINK
Frank, MilitiaMan and KTFA Members Friday PM "China Syndrome" 5-15-2020
.KTFA:
Frank26: THIS IS WHAT OUR FF SAW ........ TOO BAD SOME DON'T UNDERSTAND THIS ..... THAT'S MY 3RD SENSE ......(smile)
Don961: Parliamentary source: Al-Kazemi's government will print the currency to pay employee salaries
Thursday 14 May 2020 | 3:30 pm Baghdad / ...
Parliamentary source confirmed, Thursday, that the government of Prime Minister Mustafa Al-Kazemi will go to print a new local currency in order to pay the salaries of employees.
The source said to "Eye of Iraq News", "This measure is one of the solutions to overcome this economic crisis that is ravaging the country, so it is necessary to find harmless solutions for future generations such as the use of cash or gold reserves in the central bank."
KTFA:
Frank26: THIS IS WHAT OUR FF SAW ........ TOO BAD SOME DON'T UNDERSTAND THIS ..... THAT'S MY 3RD SENSE ......(smile)
Don961: Parliamentary source: Al-Kazemi's government will print the currency to pay employee salaries
Thursday 14 May 2020 | 3:30 pm Baghdad / ...
Parliamentary source confirmed, Thursday, that the government of Prime Minister Mustafa Al-Kazemi will go to print a new local currency in order to pay the salaries of employees.
The source said to "Eye of Iraq News", "This measure is one of the solutions to overcome this economic crisis that is ravaging the country, so it is necessary to find harmless solutions for future generations such as the use of cash or gold reserves in the central bank."
He pointed out that we, "after the application of this procedure, we expect a decrease in the Iraqi dinar exchange rate against the dollar," stressing that "this will have a positive impact on activating the industry in Iraq and not resorting to global or regional markets that provide goods to Iraq at low prices because of the high exchange rate The dinar compared to the price of currencies in Turkey, Iran and others.
"The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had determined, on Wednesday, the loan disbursements that the government intends to request from home and abroad.
Saleh said in a press statement, "The government submitted a draft law to Parliament in order to authorize it to borrow from internal and external financing sources, in order to bridge the deficit and enhance public financial liquidity when necessary." And, "The borrowing came because of the financial hardship that the country is going through, and in order to bridge the revenue deficit gap against fixed expenditures, especially in the operating budget."
He added, "The legal cover did not provide the government with internal and external borrowing, due to the lack of a federal budget law for the year 2020." He pointed out that "internal or external loans will be included in the event of legislation for the budget for the year 2020 or its alternative the final account at the end of the fiscal year (as a reality)."
Saleh said, "External loans will go toward supporting investment projects and completing the stalled ones and the urgent need to launch them, while internal loans will be allocated towards the operational budget in the government's needs for insurance of salaries and others."
It is mentioned that the Iraqi Council of Ministers approved the draft of the domestic and foreign borrowing law to finance the fiscal deficit for the year 2020 and refer it to the parliament in accordance with the provisions of the constitutional articles. Finished LINK
OneWildRide: IMO... This is our China syndrome article. With all that's going on it's hard NOT to get excited.
Currency auctions shut down.
ISX shut down.
Three day holiday coming up.
Citizens getting paid with a new currency. Lol (lower denoms)
A new Government. (Stability)
As Frankie says "Come on man"
Even a blind man can read the writing on this wall.
I will admit it has been OneWildRide
2Cents: IMO, I have learned through the 11 years of reading translated articles, I have learned that the problem with looking at just one article is that the precise meaning is hard to glean.....Often reading just the titles is even more misleading...to find the proper meaning, many articles on the same or similar subject matter, perhaps even over weeks, must be read and put together.....
IMO, The "printing of currency" refers to what the Iranian influenced politicians are pushing........This is in essence amounts to quantitative easing, increasing the money supply and decreasing the rate of the dinar against the dollar.
They are advocating reducing the rate to 1300 or even 1400 based on the articles......This would then result in increased cost to bring in imports as it would require more IQD to purchase USD for remittances....so the National product would have more appeal as it could be sold cheaper....
This is how they are trying to "sell" that there would be benefits to the country if they would increase the money supply by just printing more money and decreasing the rate.....
lIMO, this is there last ditch effort to stop what we believe to be the inevitable and that which we hope for.....
IMSO, we certainly do not want them to go down the path that Iran is wanting to just print more money and decrease the rate....
Frank26: CLEAR AND DIRECT OBVIOUS NEEDS NO FURTHER EXPLANATION WHEN FIRST GIVEN THE OPPORTUNITY TO DO SO. UNDERSTOOD VERY WELL IN MY SPIRIT. THANK YOU.
Samson: - I believe 2cents is referring to what we have always been told that when this is about to hit there will be conflicting news that it won't happen - a China Syndrome effect.
Purifiers: I AGREE SAMSON.... IMO, COULD THIS WELL BE "OUR"... "CHINA SYNDROME"?... THE NEGATIVE... BEFORE WE SEE THE POSITIVE??? A KODAK MOMENT... IN FILM PHOTOGRAPHY... IMO... YOU MUST HAVE A "NEGATIVE" TO CREATE A "POSITIVE"... END RESULT...A "PHOTOGRAPH" MOMENT IN TIME, OF TRUTH... CAPTURED!!! METAPHOR OR NOT... SEEMS THAT THIS ARTICLE, IS TRYING TO POINT AWAY FROM THE "OBVIOUS" IMO
Frank26: EVEN DOWN UNDER ............. UNDERSTANDS….LOL
MilitiaMan: It takes some doing to understand the key points to articles. It also takes memory of who says what and what actions have they taken to support those actions. Alak is the one who spoke of value to loans last year. Alak spoke of not devaluing the currency and that they have done a good job keeping the exchange rate stable. So if the Dinar decrease from 1190 to say 1000 or 500 or to .85, the decrease in exchange rate to the dollar brings value! By actions and data from the CBI, IMF, World Bank, UST and the above imo they are about to bring value needed and the USA specifically said they supported monetary and economic reforms. In fact the world does!!! Imo ~ MM
JJimmyJJ: It may be helpful to remember that much of the Iraqi public has a 4th grade education. So "increasing the exchange rate by giving you fewer notes of less value" may not compute.
But, "solve the financial crisis by decreasing the exchange rate" just might.
2Cents: I will pretty well be out of touch until next Thursday….IMO. Nothing "big" will occur until then......Watching and waiting for Eid......."After Eid and before the New Year" ---- Sinan al Shabbibi
2Cents: IMO, Follow and understand payroll and the procedure that has to occur by the MOF (minister of finance) and you will see that we are still at least 6 days away. What I posted is positive, not negative, as change appears imminent whether now, weeks or months away. WE have never seen Iraq move as quickly as they are under Khadimi.
"BOY (beginning of year), middle or EOY" (end of year) -----Saleh (whom I have never listened to. He has been at CBI and then economic advisor to Abadi and Mahdi. I believe he is likely DS and has engaged as many do that either want to hide the truth or really don't know the truth - "baffle them in BS")
Weak currency increases import costs and therefore theoretically people will look to National Product
Strong currency decreases import costs and theoretically turn away from National Product
Printing more money, increasing the money supply weakens the currency.
Articles state 1300, 1400
IMO, ALL IS GOOD.....Look at what has occurred in the first week of Khadimi including but not limited to
Kuwait meeting: "How do we get the donor conference money released?" Answer: "...officially be acknowledged by the US, UST, WB, UN and the IMF that you have accepted Article VIII obligations...."
So,
US ------> check, talked with DT personally
UST------> check, talked with DT personally
WB ------> check, meeting and they gave full support
UN-------> check, addressed UN and they gave full support
IMF-------> ?
It should be obvious what WE are looking for...........(it may be after the fact but WS may report, time will tell)
Samson: An economist is surprised to continue wasting huge amounts of money through the currency auction, and no action has been taken yet !! LINK
MilitiaMan: It is now FRONT and CENTER now to STOP the AUCTIONS.. Open the corruption files!! I'll bet, the new PM has already had that in the briefcase of things to do.. imo ~ MM
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Samson: Victory Coalition: Al-Kazemi is able to establish a correct process that contributes to the introduction of new revenue for the budget
15th May, 2020
On Friday, the victory coalition affirmed the ability of the government of Prime Minister Mustafa Al-Kazemi to establish a "correct process" that would contribute to the introduction of new revenues for the budget.
The leader of the victory coalition, Aqeel al-Rudaini, told the official agency, "The biggest challenges facing the Al-Kazemi government are not only salaries, the economic situation and the Corona epidemic, but the biggest challenge is how to restore the state's prestige and win the people's trust, especially since 80% of citizens did not participate in the 2018 elections and this indicates On the existence of a hostile tendency between the political class and citizens."
He added that "the other challenge is the decline in oil prices and its impact on the economic situation," noting that "this crisis needs to develop alternative plans such as encouraging industry, agriculture, border ports and taxes, and this needs a long time, but it is possible for Al-Kazemi to establish a correct process. It is possible to introduce new revenues to the budget."
He continued, "The most important other challenge is to confine arms to the state, as there are a lot of weapons outside the scope of the state," stressing "the importance of working with two parallel lines and that there are external agreements to schedule the exit of US and Turkish forces in northern Iraq and this enables them to disarm." LINK
MilitiaMan: The country of Iraq lost their prestige in the exchange rate of the Dinar due to the conditions from the Saddam era and to now restore the prestige is to bring value back to the country via the REER applied to the currency.
Back to the Glory Days if you will. Prestige is important to currencies. Just as the British Pound lost her prestige after World War II, the opposite can occur with having mopped up the excess currency in the markets over time.
We watched a video of the CBI destroying large category notes and in massive quantities. To thus allow room for the new currency they have already printed to be introduced that will be new to the citizens.. Most are not old enough to have used the small category notes, coins or fils.. They lost their prestige and the latter went away.
Now it is time to restore the prestige with new small category noted, coins and fils.. imo.. That will bring usher in the new revenues he mentions.. Reconstruction of the country will bring many new revenues from around the world.. Big Time too. imo We are in a very sweet spot.. oh ya! The PM just leaked out the minutes of that crisis cell meeting from the looks of it.. lol imo ~ MM
MilitiaMan: The PM is speaking in terms as noted in 194 and 195 about things that will bring value.. imo.. The article i found from the WORLD BANK and the CBI about an agreement for asset portfolio management is in place. They need to RI to get international. The UNSC meeting was imo after the Crisis Cell metting with the money guys in Iraq, i.e., Minister of Planing, Minister of Finance, etc.. The PM is talking about restoring prestige and getting new sources of revenues.. Well Kuwait conference, is billions of reasons to RI.. lol imo ~ MM
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Samson: Lebanon is preparing for fundamental structural changes in its economy
17:30 - 05/15/2020
The Lebanese government announced today, Friday, its serious intention to reduce the number of commercial banks from 49 to about half in the country.
This was stated by the Lebanese Finance Minister, Ghazi Wazni, during an interview with "France Press", where he said: "We are ready to meet the request of the International Monetary Fund to float the exchange rate of the lira, but after receiving external support, provided that in the next stage a price Flexible exchange."
My weight said: “The IMF has always called for the liberalization of the exchange rate of the lira. They want to unify exchange rates and flotation, but the Lebanese government requested a transitional phase that passes the flexible exchange rate before we reach the flotation. ”
My weight pointed out that "we have to adjust the stabilization policy to the flexible exchange rate policy in the first stage and in the foreseeable future, and when we receive financial support from abroad we move to floatation," declaring that "the government wants to reduce the number of commercial banks numbering about 49 to about Half, as part of a reform plan that includes restructuring the banking sector.”
He explained that "the structuring of the banks will be step by step and there are several options for treatment, including consolidation, which is normal," adding "in Lebanon 49 commercial banks, and it is natural for the number to decrease to about half in the next stage."
On Friday, the Central Bank of Lebanon announced that it had made a decision to provide the US dollar for imports at an exchange rate of 3,200 Lebanese pounds, with the aim of reducing food prices.
The Reuters news agency quoted the Central Bank of Lebanon statement, which stated: “The Bank of Lebanon will continue to pump the cash dollars it acquires through banks, in order to finance the import at a price of 3,200 Lebanese pounds to the US dollar, with the aim of reducing food prices.” LINK
Don961: imo ... like Iraq ... IMF doesn't want multiple exchange rates that can be exploited by speculators and banks .. without any tangible progress being made in the lives of the citizens by messing up the REER ... with multiple exchange rates in the markets
KTFA Members "News and Veiws" Wednesday 5-13-2020
.KTFA:
MilitiaMan: Parliamentary committee determines options to address financial distress
Editing Date: 12/5/2020 13:31
[Baghdad-Ain]
The Parliamentary Finance Committee, today, Tuesday, outlined several options to face the financial hardship due to the drop in oil prices due to the Corona crisis.
Member of the Committee, Deputy Muhammad Sahib Al-Darraji said in a press statement that "there are measures that must be taken to face financial distress other than internal borrowing or prejudice the reserves of the Central Bank," noting that "among these options is changing the exchange rate and stopping imports in addition to stopping the currency auction and economic measures Other. "
KTFA:
MilitiaMan: Parliamentary committee determines options to address financial distress
Editing Date: 12/5/2020 13:31
[Baghdad-Ain]
The Parliamentary Finance Committee, today, Tuesday, outlined several options to face the financial hardship due to the drop in oil prices due to the Corona crisis.
Member of the Committee, Deputy Muhammad Sahib Al-Darraji said in a press statement that "there are measures that must be taken to face financial distress other than internal borrowing or prejudice the reserves of the Central Bank," noting that "among these options is changing the exchange rate and stopping imports in addition to stopping the currency auction and economic measures Other. "
Al-Daraji pointed out that "if oil prices continue to decline, there must be special budgets, including a crisis budget that is based on a price lower than the price of oil to walk salaries and health matters as well as other important matters," noting that "this challenge must be exploited and transformed into an opportunity of Through opening the door for investment and allowing the private sector to operate. "
He called on the government to expedite the transmission of the budget in a way that reduces the deficit by reducing costs or by changing the exchange rate.
The Parliamentary Finance Committee had confirmed earlier the importance of harnessing all efforts to maximize non-oil resources, while it made a number of proposals to the Tax and Customs Authorities that contribute to increasing revenues for the purpose of reducing the budget deficit and advancing the Iraqi economic reality. LINK
Don961: The Cabinet decides to reduce and rationalize the administrative structures of the country
Wednesday, May 13, 2020 Baghdad / Al-Sabah
During its second regular session headed by Prime Minister Mustafa Al-Kazemi yesterday, the Council of Ministers decided to reduce and rationalize the administrative structures of the state, and while it formed the Emergency Cell for Financial Reform and Managing the Financial Situation in the Light of the Current Crisis, directed the Ministry of Labor and Social Affairs in coordination with the Ministry of Planning and Finance to study the expansion of the base covered by law Social protection.
A statement of the Prime Minister’s Office received by Al-Sabah stated that “Al-Kazemi opened the session with a speech in which he emphasized that this government is the government of difficult challenges, the most important of which is the economic challenge, the fight against poverty and unemployment among young people, and the fair distribution of wealth.” And work to develop state institutions, not political action. "
The Prime Minister reiterated his "protection of the right to demonstrate and intolerance of any aggression against the demonstrators, and that the government aims to achieve their legitimate aspirations," noting by saying: "We will not be courted at the expense of the dignity of the citizen and the interests of the nation, and we will work to save what can be saved, confront crises and diversify state resources."
On the work of the armed forces, Al-Kazemi stressed, according to the statement, that "the heroic army and security forces have endured a lot, and the prestige of the military and security institutions must be restored."
The Cabinet issued a number of decisions, including: -
1. Reducing and rationalizing the administrative structures of the state by providing each government agency with its vision in this area.
2. Take appropriate measures to legislate the laws required for the success of the e-government, and for ministries and government agencies to expedite their procedures to automate their work, especially in the area of customs and tax, and to provide monthly reports on rates submitted to the General Secretariat of the Council of Ministers.
3.Re-examine the draft laws related to fighting corruption, and to activate the measures to combat it and strengthen their efficacy, and to emphasize strengthening the role of the institutions concerned with that from the Integrity Commission and the Federal Financial Supervision Bureau in coordination with the General Secretariat of the Council of Ministers.
4. Emphasizing the freedom to exchange information and the right to obtain it by expediting the legislation on the right to obtain information.
5. Assigning the Ministry of Planning in coordination with the concerned authorities to review instructions for implementing government contracts to ensure updating of the approved standards in the awarding of tenders, and also to update the approved standards in selecting investment projects.
6. Providing the Federal Service Council with the appropriate staffing for taking its role and exercising its duties.
7. Agreeing that the Reconstruction Fund for areas affected by terrorist operations implement mobile hospitals to quarantine and treat patients with HIV in the regions that are agreed with the Ministry of Health and the provinces through the grant provided by the Federal Ministry for Economic Cooperation and Development through the German Development Bank of (15,000,000) Fifteen million euros.
8. Accelerate the legislation of the general budget law in line with the requirements of the financial situation, the low level of the oil price, and diversify the budget sources.
9. Urging the Ministry of Oil to expedite the completion of the draft oil and gas law.
10. The Ministry of Labor and Social Affairs, in coordination with the Ministry of Planning and the Ministry of Finance, study to broaden the base of those covered by the Social Protection Law by improving the inclusion mechanism through demographic targeting by adopting poverty and social research data, and the study is presented within a period of one month.
11. Forming an emergency cell for financial reform, forming a cell to manage the financial situation in light of the current financial crisis and putting the necessary solutions to achieve financial reform and improving the performance of financial institutions. The cell will be headed by the Prime Minister and he may authorize the Minister of Finance to manage the sessions in his absence and the membership of each of the Minister of Finance The Minister of Foreign Affairs, the Minister of Planning, the Governor of the Central Bank, the Prime Minister’s advisers whom His Excellency calls the Secretary General of the Council of Ministers, and a representative of the General Secretariat of the Council of Ministers. The cell carries out the following tasks:
1 - Ensure the provision of financial liquidity.
2- Take decisions regarding financial reform by rationalizing expenditures, maximizing resources, and reforming financial institutions, including restructuring them.
3- Establishing financing plans for the reconstruction, development and investment projects, including financing resources and mechanisms outside of government spending.
4- Improving procedures and automating systems in financial institutions. LINK
DELTA: AMAZING BROTHER DON............FRANKIE THERE IT'S MY BROTHER...........
MilitiaMan: You mentioned they would meet and if that is all about over now? Then, the money players are all informed or will be very shortly.. Very good oh ya!! imo
They will take decisions on FINANCIAL REFORMS~ Perfect and they have told us they were accelerating reforms.. They told us week or so ago they had to get immediate Solutions. Then Nassery (CBI voice) comes out and praised Alak, as he listened to the road map of his..
Now the new PM has that map and called a meeting to activate the route for the country to prevail out of the crisis for the world. imo
Look at those in the meeting you mentioned. Just as you have said. Those with the need to know are there. Even, today in post #181, talks about the Kurds being in line too!! Very unusual for them to be so open!! They know the are to be apart of the money train..
Timing is so perfect. The new PM hit the ground running and the launch season is in full swing. Very good days ahead! imo ~ MM
Dan: I know what's been taught about baskets....Any chance VND could be Included
Tim: dan in the 11 years i have been in this imo always has been and will be in the same basket as the iqd imo blessings sir
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Samson: Deputy: Parliament will resume its sessions after the holiday by discussing three laws
05/13/2020 08:14:24
A member of the House of Representatives for the Future Bloc, Sercot Shams al-Din, revealed on Wednesday that Parliament will resume its sessions after the Eid al-Fitr holiday by discussing 3 important laws.
Shams Al-Din said, in a press statement, that "the House of Representatives intends to resume its sessions after the blessed Eid Al-Fitr holiday, indicating that the parliament will discuss 3 important laws, which are elections, parties and the 2020 budget."
Shams Al-Din added that "the sessions will be held in the Great Hall in the presence of deputies, taking into account health instructions that urge the need to separate people." Ministerial." LINK
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Samson: The central bank signs a banking arrangement document with the World Bank
13th May, 2020
As part of its strategy to develop its foreign reserves management in line with current and future developments, the Central Bank of Iraq signed a banking arrangement document with the World Bank's Reserves Management & Consulting Program ( RAMP ) Reserves Advisory & Management Program
This document aims to enable the Central Bank of Iraq to obtain technical support by exchanging knowledge and experience in the field of investment portfolio management based on a performance indicator that helps to maximize financial resources, building human capital through exchanging knowledge and developing expertise in the financial field in accordance with best practices In the field of reserve management
It is noteworthy that this program was developed by the World Bank in 2000, with the aim of building capacities and providing consulting and asset management services, and is considered a meeting place for a network of specialists, and it serves more than (70) members around the world, most of them are from central banks, managing nearly (2) One trillion dollars of sovereign assets
The Central Bank of Iraq
information Office
May 13, 2020
BillA: IMO, Another piece of the puzzle put in place to support the reinstatement of an international currency.
Samson: A deputy calls for a budget: it will be a reason for solving problems
12th May, 2020
The deputy of the Kurdistan Islamic Group, Salim Shushkeh, called on Tuesday to present the budget law, stressing that it will be a reason for solving problems.
Shushkeh said, "One of the most important tasks and requirements of the work of the new government is to prepare for early elections, to improve the living conditions of the Iraqi people, to provide those whose hands have been tarnished by killing demonstrators for the judiciary, distancing Iraq from international and regional conflicts, and resolving outstanding problems between Baghdad and Erbil."
Shushkeh added, "The government must expedite the submission of the Federal Budget Law to the House of Representatives, because the people need it most and it will be a reason for solving many of the problems that exist today, especially resolving the issue of unemployment and providing job opportunities and solving many problems related to the financial side." LINK
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Samson: Parliamentary Finance confirms: Approval of the budget after Eid Al Fitr
13th May, 2020
Parliamentary Finance Committee confirmed, on Wednesday, that the federal budget for the current year 2020 will be discussed and approved in Parliament after Eid Al-Fitr, denying the existence of a trend to approve "monthly or bi-annual" budgets
Member of the Committee, MP Ahmad Mazhar al-Jubouri, told Shafaq News, "Parliament is awaiting the budget to be sent by the Council of Ministers for consideration, discussion and approval, according to the financial situation and the requirements of the current current circumstance," noting that it "will focus on salaries and basic expenses and will be free of investment projects due to the financial deficit
Al-Jubouri denied, "The existence of any directions or proposals to approve the budget monthly or half annually, as was recently rumored," stressing that "there is no legal or constitutional basis for adopting monthly or bi-annual budgets
The transmission of the federal budget by the government to the Iraqi parliament was delayed due to the continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdel-Mahdi and its transformation into a caretaker government that is not within its powers to send the draft budget budget to the parliament
The current year’s budget (according to the government’s proposed project) is 162 trillion dinars (135 billion dollars), with a planned financial deficit of 48 trillion dinars (40 billion dollars), including three trillion dinars (2.5 billion dollars) to implement the projects agreed with China LINK
KTFA Mon. Night CC Replay and Members "News and Views" 5-12-2020
.KTFA:
Samson: Parliamentary Finance confirms that the budget file for 2020 will be finalized
09:10 - 12/05/2020
The Parliamentary Finance Committee confirmed, on Tuesday, that the budget for 2020 budget will be decided and sent by the government to parliament for the purpose of voting on it, pointing out that the month of July should witness the discussion of the 2021 budget.
"It is hoped that the Parliamentary Finance Committee will have a meeting with Finance Minister Ali Abdul Amir Allawi to discuss the Ministry's plans regarding the budget and the mechanism to bypass the current conditions in light of the low oil prices."
He added that "the Finance Committee will discuss with the Minister of Finance the plans of Prime Minister Mustafa Al-Kazemi regarding the 2020 budget and the outlines and priorities of the government regarding the budget."
And that "legislation for the 2020 budget law needs to speed up the budget completion process because the government and the financial committee must start discussing the 2021 budget during the month of July, so it is expected that the 2020 budget will be sent in the next few days."
KTFA:
Samson: Parliamentary Finance confirms that the budget file for 2020 will be finalized
09:10 - 12/05/2020
The Parliamentary Finance Committee confirmed, on Tuesday, that the budget for 2020 budget will be decided and sent by the government to parliament for the purpose of voting on it, pointing out that the month of July should witness the discussion of the 2021 budget.
"It is hoped that the Parliamentary Finance Committee will have a meeting with Finance Minister Ali Abdul Amir Allawi to discuss the Ministry's plans regarding the budget and the mechanism to bypass the current conditions in light of the low oil prices."
He added that "the Finance Committee will discuss with the Minister of Finance the plans of Prime Minister Mustafa Al-Kazemi regarding the 2020 budget and the outlines and priorities of the government regarding the budget."
And that "legislation for the 2020 budget law needs to speed up the budget completion process because the government and the financial committee must start discussing the 2021 budget during the month of July, so it is expected that the 2020 budget will be sent in the next few days." LINK
Monday Night CC 5-11-2020
TONIGHT WAS OUR IQD UPDATE CC WITH SPECIAL GUESTS – DELTA, MM AND AG-1.
PLAYBACK : 605.313.5163 PIN: 156996#
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Samson: Al-Abadi: We will face a problem with paying salaries next month, and printing currency is one of the options
12th May, 2020
The head of the victory coalition, Haider al-Abadi, confirmed on Tuesday that the government will face a problem in paying salaries during the next month, and while he indicated that Iraq is facing a real problem, he pointed out that printing the currency is one of the options of Mustafa Al-Kazemi’s government
"We are facing a real problem and we need approximately 4 billion dollars a month to cover the salaries and retirement expenses, and the salaries of the new recruits have not been covered," Al-Abadi said in a televised interview followed by the "Economy News", indicating that "Iraq's revenue for the past month is less than $ 1.5 billion, which means There is a large deficit in the insurance of salaries, and there are other things, such as the ration card and the second operational matters
He added, "The previous government was unable to pay salaries in the first month of the crisis, and we may face a crisis during the next month." He pointed out that "I am not against borrowing, but I am against political borrowing, meaning that I borrowed in order to pay a month to solve the crisis only and leave what is possible after that
He added that "Turkey and Iran are heading to float their currency now and floating the currency produces inflation and raises prices that harm the low-income as well as printing the currency one of the options of the current government with reducing spending", noting that "reducing the value of the Iraqi dinar raises the price of imported goods and supports the local product and thus we encourage the local industry LINK
Suzie: WHY, in my opinion, would you consider printing currency with all the "talk" of reinstatement/revaluation, needing a new PM, opening the budget, etc., etc. What happened the NSCN's they printed, waiting on Christmas?? I WOULD THINK, here again, in my opinion they would follow thru with the RI with being on the verge of bankruptcy so we hear, especially if they have a so-called new rate ready. Not making any sense to me, wasn't more purchasing power and a PM for the people a couple of reasons for their deadly demonstrations????
YoungSC: Confusion at its finest imo. They are not printing new currency imo and if they did it will never be enough to pay all salaries. So Salaries in June get paid then what about July, August and so forth?? Lol imo certain things are meant to put us to confusion and as Frank stated in a bible verse Now faith is the substance of things hoped for, the evidence of things not seen
AnotherMailman: Suzie, in an earlier article this morning it was said that the 2020 budget would be sent to parliament in the next few days because they had to start working on the 2021 budget in July. Let's see how this plays out in the next few days! Why send the budget to parliament with a program rate?
ChrisC: It is strange how increased purchasing power WAS on the original list of demands by the protesters and then it seemed to get dropped. There is a complex playbook being used and we only get to see every fifth page and therefore can't make sense of what we are seeing. I still believe Trump is a guy that plays to win and that he is on our side. However, it does seem to be getting down to the point where we see if we have a diamond or just a piece of quartz. Imo
Zeeman: I believe either Iraq is afraid or do not want to revalue based on the stalling they are doing. Iraq is backed into a corner since they cannot borrow money from other countries due to their corruption. they are backed into a corner if they do not raise their currency they will not be able to borrow on the secondary market they will sink into the desert sand
Samson: "The economic crisis" at the table of Al-Kazemi and the World Bank
12th May, 2020
Today, Tuesday, Prime Minister Mustafa Al-Kazemi received the Special Representative of the World Bank Mission in Iraq Ramzi Numan
According to a statement issued by the media office of the Prime Minister, and reported to Shafaq News, the two sides discussed ways to coordinate work between the Iraqi government and international institutions to overcome the economic crisis, and work to launch economic reform efforts that would encourage investment and reconstruction, enhance the service reality, and provide job opportunities LINK
KickiKai: Coordinate a launch you say? I’m ready!
Clare: I'M READY TOO! .....MORE IMPORTANTLY...TRUMP IS READY & IRAQ IS NOW READY! IM0
"to launch economic reform"
TRUMP CALLED YESTERDAY & LOOK WHO’S AT THE TABLE TODAY! THIS IS SO GREAT!
MilitiaMan: The World Bank and the IMF have been very vocal lately about immediate solutions and if there was a time to allow currencies into the SDR, the time is now as they put it. The last is based off their words last week real close. Iraq was the stage of some very important meetings and I suspect the members were asked if they were ready to facilitate Iraq into a social market economy. By the sounds of the way the USA and Iraq are mirroring each other financially and politically, shows we are in sync and the time has come to take Iraq in into the international world! Very powerful times we are in and witnessing! Here the the new PM again is hitting the ground running with the World Bank again.. Wow.. ~ MM
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Don961: An upcoming meeting to discuss the current crisis and the economic reality ... The parliamentary economy reveals: The fate of the Iraqi-Chinese agreement is unknown
May 12, 2020 12:04 AM Author: alzawraapaper
Baghdad / Al-Zawraa:
The Parliamentary Commission on Economy and Investment revealed its intention to discuss the file of the Iraqi-Chinese agreement after completing the formation of the entire government. While an economic source revealed proposals and scenarios to get out of the financial crisis, he indicated that an expanded meeting would be held under the chairmanship of Prime Minister Mustafa Al-Kazemi to advance the economic reality.
A member of the Parliamentary Commission on Economy and Investment, Nada Shaker Jawdat, said in a press statement: that Al-Kazemi's government program did not address the Iraqi-Chinese agreement, as its fate is still unknown, especially in light of the severe economic crisis.
The former Prime Minister, Adel Abdul-Mahdi, signed, before the resignation of his government, an agreement between Iraq and China, while there were conflicting opinions about the benefit that would be returned to Iraq from it, and whether it would contribute to the reconstruction of the country as its supporters say, or whether it is mortgaging Iraqi oil for decades to come without providing anything important Iraq, as its critics say.
On the other hand, an economic source revealed, yesterday, Monday, proposals and scenarios to get out of the financial crisis, while he indicated that an expanded meeting would be held under the chairmanship of Prime Minister Mustafa Al-Kazemi to advance the economic reality.
The source said that «the new Prime Minister will be held during the next forty-eight hours an expanded meeting that includes members of the Economic Committee and a number of experts and advisors to study how to advance the reality of the Iraqi economy».
The official added that «there are several scenarios or proposals to deal with the financial crisis, including reducing spending on secondary projects, stopping the payment of international loans to Iraq through political and diplomatic moves by mutual consent with those countries, as well as imposing a compulsory savings system on those with a salary of more than a million One month dinars, and they are usually the highest officials in the country who make up more than 30 percent of the total salaries paid by the state, all of which are among other proposals that will be put forward.
He added, "The constant is not to prejudice the salaries of employees, retirees and the social welfare network in any way." He pointed out that «the economic crisis is the most dangerous currently, and the government will try to announce a new austerity situation that includes different sectors of the state, to address the deficit that will exceed the threshold of fifty trillion Iraqi dinars amid declining hopes for improved oil prices in the current situation. LINK
Iobey777: Sounds good!! IMO.. working to make things better ...fast!! I like the words..TO ADVANCE THE ECONOMIC REALITY!!
Delta and KTFA Members Monday Afternoon 5-11-2020
.KTFA:
DELTA: News about the nomination (Magda Tamimi) for the post of Governor of the Central Bank of Iraq......
GreenTreeMusic: Yeah!!!!! so good….this lady is incredible ….she has been pushing for the monetary reform for years!!!!! Boom!!!!
DELTA: THIS LADY IS AMAZING IF SHE GET IT.......SHE IS PRO RI FROM LONG TIME AGO......
Happygolpher: Tamimi is all about exposing poor policies, corruption & poor decision making. Could be a very good candidate
Jake: Nice! Does this have to go for a vote, Delta? Wondering how long this process of her being seated will take?
DELTA: NO.......... PM CAN TAKE ALAQ AND PUT HER IF HE WANTS OVER NIGHT......LIKE MALIKI DID WITH SHABIBI .......BUT WE WILL SEE WHAT HAPPEN... I WILL COVER MORE ON CC...
KTFA:
DELTA: News about the nomination (Magda Tamimi) for the post of Governor of the Central Bank of Iraq......
GreenTreeMusic: Yeah!!!!! so good….this lady is incredible ….she has been pushing for the monetary reform for years!!!!! Boom!!!!
DELTA: THIS LADY IS AMAZING IF SHE GET IT.......SHE IS PRO RI FROM LONG TIME AGO......
Happygolpher: Tamimi is all about exposing poor policies, corruption & poor decision making. Could be a very good candidate
Jake: Nice! Does this have to go for a vote, Delta? Wondering how long this process of her being seated will take?
DELTA: NO.......... PM CAN TAKE ALAQ AND PUT HER IF HE WANTS OVER NIGHT......LIKE MALIKI DID WITH SHABIBI .......BUT WE WILL SEE WHAT HAPPEN... I WILL COVER MORE ON CC...
DELTA:
MAY 11TH- MONDAY CC VIA PHONE ONLY @ 7PM EST WITH DELTA, AG-1 & Militia Man
Monday Conference Call:
605-313-5164 PIN: 156996#
Playback Number: 605-313-5163 PIN: 156996#
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Don961: : Al-Kazemi receives a call from Washington, Trump: ready to help Iraq economically
2020-05-11
Follow Iraq:
Prime Minister Mustafa Al-Kazemi's office announced today, Monday, that he received a phone call from US President Donald Trump, in the first "high-level" communication after Al-Kazemi took over as prime minister.
"Prime Minister Mustafa Al-Kazemi received a phone call from US President Donald Trump, in which he congratulated Al-Kazemi on his assumption of the presidency of the Iraqi government," said a statement, seen by him, "Yass Iraq."
The statement added, "Prime Minister Mustafa Al-Kazemi thanked the American President for the congratulations, stressing Iraq’s keenness to establish the best relations with the United States."
For his part, Trump stressed that "Iraq is a strong and important country and has a central role in the region and in achieving regional and international stability," stressing that "the United States of America is keen on strengthening relations between the two countries, and his country's willingness to provide the necessary economic assistance to support the Iraqi economy."
The statement continued that the two sides "agreed to expand cooperation in the fight against the Corona pandemic, as well as to develop economic investment efforts to serve the interests of both countries." LINK
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Samson: Deputy for wisdom: Al-Kazemi is busy with two extremely important files
05/11/2020 10:50:36
A deputy from the Parliamentary Bloc of Wisdom said that Prime Minister Mustafa Al-Kazemi “is busy with two very important files.”
Asad Al-Murshidi stated in a press statement that “Al-Kazemi is currently busy with very important files, which are the salaries of retirees and the approval of the budget law, so deduction of the remainder of the ministerial cabinet will be 10 days after Eid Al-Fitr.” He stressed, “The tasks of the government are required of them These are the challenges facing the country and on the local and global scene, including the health, economic and political crisis.”
He added, “The general situation in the country does not meet ambition, therefore the Al-Kazemi government should strive to achieve the aspiration of the people in achieving services and other challenges, so the government should take an approach Find solutions to crises and send a letter Minan Iraqi street, which calls for the achievement of social justice."
He pointed out, "The members of the House of Representatives performed their duties honestly by voting on the government and granting it confidence, despite their rejection of four candidates for the ministries and two sovereign ministries that were postponed because of differences over them from the political blocs.
Nevertheless, the deputies gave the government of Al-Kazemi their confidence and awaiting solutions while providing support to the government." From the political blocs.” Al-Murshidi said: “The political differences over the Foreign Ministry are still present, as well as two Shiite blocs competing for the Ministries of Justice and Agriculture.” LINK
Samson: The drop in oil causes Iraq to lose $ 11 billion in four months
11th May, 2020
Iraq lost nearly $ 11 billion as a result of low oil prices during the first four months of this year compared to last year.
Statistics published by the Oil Marketing Company (SOMO) showed that "Iraq sold approximately 409 million and 962 972 barrels of crude oil during the first four months of the current year 2020, at an average price of approximately $ 38, while total revenues reached 15 billion and 391 One million and 201 thousand dollars."
Statistics showed that "Iraq sold during the first four months of last year 2019 quantities of oil amounting to 423 million and 284 thousand and 489 barrels at an average price of $ 62, and revenues of 26 billion and 275 million and 283 thousand dollars." Oil prices decreased significantly after the outbreak of the Corona virus, as a result of the almost complete cessation of economic life in the countries of the world, which reduced the demand for oil and the prices collapsed in general, especially in the month of April of this year. LINK
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Samson: Saudi Arabia stops the cost of living and raises value-added tax
11th May, 2020
The Saudi News Agency stated, on Monday, that the Kingdom decided to stop the cost of living allowance and raise the value-added tax rate within the framework of measures aimed at strengthening the financial situation of the country, which was affected by low oil prices and the Corona virus
The agency added, "It was decided to stop the cost of living allowance starting from June 2020, and to raise the value-added tax rate from 5% to 15% starting from the first of July 2020 LINK
KTFA Members "Sunday News" 5-10-2020
.KTFA:
Samson: The stock market starts its week in green
10th May, 2020
The stock index rose, Sunday, by 0.10% in the first session this week
The session witnessed trading of 1.04 billion shares, at a value of 972.2 million dinars
During the session, the shares of 7 companies, which were offered by Asiacell Communications, rose by 8.95%, followed by Al Mansour Pharmaceutical Company, by 6.88%
While the number of losing companies reached 8 companies offered by the shares of Mosul for the cities of the games by 4.76% and the investment bank shares by 4.35%
KTFA:
Samson: The stock market starts its week in green
10th May, 2020
The stock index rose, Sunday, by 0.10% in the first session this week
The session witnessed trading of 1.04 billion shares, at a value of 972.2 million dinars
During the session, the shares of 7 companies, which were offered by Asiacell Communications, rose by 8.95%, followed by Al Mansour Pharmaceutical Company, by 6.88%
While the number of losing companies reached 8 companies offered by the shares of Mosul for the cities of the games by 4.76% and the investment bank shares by 4.35% LINK
Samson: The arrest of more than 40,000 violators of the curfew in Baghdad
05/9/2020 23:20:14
The Baghdad Operations Command announced the outcome of preparing violators to implement the partial preventive ban inside the capital.
And the leadership said in a statement, {Euphrates News} received a copy of, that “the security forces in the Baghdad Operations Command from March 17 to today 9 May, and during the process of applying the preventive curfew inside the capital, could arrest 40,568 violators.”
"It also seized 2634 wheels and various motorcycles, and the number of fines reached 98,489 fine. It also facilitated the entry of 90,370 wheels carrying foodstuffs to Baghdad."
The Operations Command concluded its statement by thanking all citizens who abide by the ban procedures. LINK
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Samson: To / all authorized banks
10th May 2020
Translation....
To authorized banks all non-bank financial institutions All license F / postponing deduction of fines or due to the current circumstance that passes on our dear country represented by the spread of virus (Corona) and in the framework of the efforts of this bank to support
The banking sector, the Board of Directors of the Central Bank of Iraq decided in its session numbered (۱۰۵۹۱) held in ۲۰۲۰/۶/۲۳ completely deduct the fines issued by this bank and imposed on banks and non-bank financial institutions for the period ۲۰۲۰ until غاية / ۹/۳۰. LINK
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Don961: Why did Al-Kazemi deliver the decisions of the first session of the Council of Ministers himself and his person?
Policy , 05/10/2020 03:18 Baghdad - Iraq today:
It was surprising and unexpected that the Iraqi Prime Minister, Mustafa Al-Kazemi, took the initiative to deliver the first decisions taken by the Council of Ministers in its first session on his own. That revolves around any upcoming decisions that would have been issued by the government.
These courageous decisions, or the first package that heralds an important start, indicate with no doubt that the new government is determined to build an integrated program and an unprecedented renaissance in the history of Iraqi ministries after 2003.
This step was read as an unprecedented step, and also a good gesture in the non-traditional performance of the new Prime Minister.
Therefore, every televised appearance of Al-Kazemi will carry an expectation of an important mass decision, and governmental good news, after the government of the “absentee” government severed all good news and good news from the people. LINK
Don961: In the first meeting of the government, the Prime Minister announces with his tongue a set of important national decisions .. and the public receives them with joy and optimism
With video , 05/20/2020 01:56
Baghdad - Iraq today:
With his tongue and person, Mustafa Al-Kazemi announced the convening of the first session of the new government cabinet and the adoption of a package of courageous national decisions, including the release of the salaries of retirees and the return of Lieutenant General Abdul-Wahab Al-Saadi to the anti-terrorist agency, the release of detainees from the protesters in the October Uprising, and other important decisions
It is important to mention that these decisions have delighted the masses, and raised the level of hope and optimism they have in achieving what Prime Minister Al-Kazemi promised in his government work program. LINK
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Don961: A member of Parliamentary Finance expects a Kuwaiti decision close to the interest of Iraq
Saturday 9 May 2020 - 14:51
Member of Parliamentary Finance Committee MP Ahmad Mazhar Al-Jubouri
(Baghdad Today) Baghdad - A member of the Parliamentary Finance Committee MP Ahmad Mazhar al-Jubouri expected, on Saturday (May 9, 2020), to postpone the payment of the Gulf War debts that occurred during the 1990 invasion of Kuwait.
Al-Jubouri said in an interview with (Baghdad Today), "There is clear international and regional support for the government of Prime Minister Mustafa Al-Kazemi, and this is very important and will open the doors for the government to solve many problems," noting that "most countries, including the Arab ones, were quick to offer congratulations." With the birth of the government. "
Al-Jubouri added, "Kuwait's position is positive from the government and may be a contributing factor in helping Iraq. At the very least, it was decided to allow the postponement of the 1990 Gulf War debts in support of Iraq's efforts to reduce the effects of the current financial crisis."
The Iraqi parliament had granted, on the dawn of Thursday, May 7, the confidence of the government of Prime Minister Mustafa Al-Kazemi.
The Iraqi parliament gave confidence to the members of the Al-Kazemi government to the ministers (Defense, Juma Anad, Interior Othman Al-Ghanmi, Finance Ali Abdul Amir Allawi, Planning Khaled Najm, Construction and Housing Nazilin Muhammad, Health Hassan Muhammad Abbas, Electricity Majid Mahdi Ali, Education Nabil Kazem Abdel-Sahib, Transportation Nasser Hussein Bandar, youth and sports, Adnan Darjal, industry Manhal Aziz and communications, Arkan Shihab, Adel Hashush, Minister of Labor, Mahdi Rashid Jassem, Minister of Water Resources, and Hamid Mekhlef, Minister of Education.
Five ministries remained that were not voted on by members of the House of Representatives (trade, agriculture, immigration, the displaced, justice and culture), while voting on the candidates for the foreign and oil ministries was postponed LINK
MilitiaMan and KTFA Members Saturday Afternoon 5-9-2020
.KTFA:
Don961: FROM 2 MONTHS AGO IN MARCH ...
Experts of the Central Bank of Iraq: the suspension of cash transactions due to corona is not applicable for this reason
Gilgamesh Press / Baghdad
Economists in Iraq described the call of the Central Bank of Iraq to stop the cash deal to prevent the spread of the Corona virus as not applicable at the present time, because Iraq does not have electronic payment tools.
The economist Abdul-Rahman Al-Mashhadani said in a statement followed by "Gilgamesh Press" that "the call of the central bank to stop the cash deal is an ambitious but early step because Iraq does not have electronic payment tools that are supposed to be selling points in the shops", noting that despite the Council's call The ministers for more than two years, but they were limited to some shops in Baghdad, noting that the societal culture towards banking work is still weak in the country
KTFA:
Don961: FROM 2 MONTHS AGO IN MARCH ...
Experts of the Central Bank of Iraq: the suspension of cash transactions due to corona is not applicable for this reason
Gilgamesh Press / Baghdad
Economists in Iraq described the call of the Central Bank of Iraq to stop the cash deal to prevent the spread of the Corona virus as not applicable at the present time, because Iraq does not have electronic payment tools.
The economist Abdul-Rahman Al-Mashhadani said in a statement followed by "Gilgamesh Press" that "the call of the central bank to stop the cash deal is an ambitious but early step because Iraq does not have electronic payment tools that are supposed to be selling points in the shops", noting that despite the Council's call The ministers for more than two years, but they were limited to some shops in Baghdad, noting that the societal culture towards banking work is still weak in the country
Al-Mashhadani added: "These calls have a great impact on the market, but so far the government and the impact on the market will be natural because the citizens will be dealing in banknotes because there is no electronic payment"
Today, Thursday, the Central Bank of Iraq called on the Iraqis to stop dealing in cash, in order to preserve public health and avoid the transmission of the new Corona virus
A statement issued by the bank’s media office said, “It coincided with what our dear country is going through, and as a result of the Central Bank’s follow-up to international reports that warn of the ability of banknotes to be a carrier medium for viruses, this bank invites merchants and citizens to deal with electronic payment tools (cards) , Points of sale, mobile wallets) and avoid dealing in cash for public health LINK
MilitiaMan: Good reminder and good timing, thank you for your hard work!
The process is and has been under way for a good amount of time to convert over to a digital platform. There are signs the CBI is and also has been in recent days working to adjust their platform to roll out the new digital world that will be cash-less than ever before..
With a significant change being noted to the ISX Indice that has not yet to date been redacted nor imo will it, should give us a good indicator the recent changes or modifications we see on going from the CBI site going up and down of late that change is about to be upon us.
Going digital is the new way, a transparent way and faster and safer way to do and track good and services. Yes, your attention to this is well placed!! Good job! ~ MM
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Samson: Parliamentary Planning: Misconduct by Abdel-Mahdi, behind the late retirement salaries
12:30 - 09/05/2020
Member of the Planning and Follow-up Committee of the Government, Muhammad Al-Baldawi, ruled on Saturday that she was behind the delay in paying the salaries of retirees, any political game, considering that it was a misbehavior by former Prime Minister Adel Abdul-Mahdi.
Al-Baldawi said in a statement to “Al-Maalouma”, “Everyone in the government and parliament refuses to prejudice the salaries of retirees, whether delay, deduction or otherwise.” Noting that “the delay was the result of mismanagement from former Prime Minister Adel Abdul-Mahdi when he directed the Ministry of Finance to stop All financial transfers, which led to stopping the payment of pensioners’ salaries.
Al-Baldawi added that “the Prime Minister and the First Deputy Speaker of Parliament are quick to remedy the problem and it will be solved very soon and will not be prolonged until tomorrow, Sunday.” He pointed out that "Prime Minister Mustafa Al-Kazemi may issue a decision to cancel the directive of the former prime minister regarding stopping transfers or excluding retirees from that directive." LINK
MilitiaMan: If we take note we can see the pressure mounting and if they are going to go digital and have the platform to do so ready behind the scenes we may be in for a very big surprise. The salaries need to get paid and the demonstrations suggest the heat is on and the heat is going to increase too! They suggest they payments will not be prolonged past or to tomorrow. If that is an indicator or not is sure looks like one!! ~ MM
The Patriotic Kurdistan: demonstrations in the region are evidence of the failure of the plans of the Barzani government LINK
Samson: Decisions of the first session of the Council of Ministers headed by Al-Kazemi
05/9/2020 17:16:33
The Council of Ministers held its first regular session, today, Saturday, May 9, 2020, headed by Prime Minister Mustafa Al-Kazemi.
A statement issued by his office, which was received by {Al Furat News}, stated that "at the beginning of the session, the Prime Minister welcomed the members of the government, calling for serious work in the service of their people." "The value of our work is achieving success in the difficult situation and turning the crisis into an opportunity and hope," Al-Kazemi said.
On the issue of the elections, Al-Kazemi stressed that "one of the priorities of this government is to secure safe and sound conditions for the conduct of the elections, and we support the work of the Independent High Electoral Commission, which is a true partner of the government to reach fair and fair elections."
"The cabinet also discussed its working mechanisms, economic and health conditions, and issues prepared for its agenda, and the cabinet approved the following decisions: -
First: Empowering the Prime Minister and the Minister of Finance to release the salaries of retirees.
Second: Revoking the previous Cabinet Resolution No. (97) for the year 2020 on the subject of stopping the financing, in addition to approving the draft domestic and foreign borrowing law to finance the fiscal deficit for the year 2020 and referring it to the House of Representatives in accordance with the provisions of constitutional articles.
Third: The Ministry of Transport and Culture to renegotiate with hotel managers for the purpose of reducing room rates in hotels, and the food rests with the Ministry of Health to accommodate returnees from abroad for the purpose of booking them in those hotels.
Fourth: Requesting the House of Representatives to complete the vote on the new election law and send it to the Presidency of the Republic for the purpose of bringing it into effect after its publication in the Official Gazette.
Fifth: Providing logistical support and providing all the capabilities available to the Independent High Electoral Commission to enable it to hold elections after fixing their date.
Sixth: The ministries and entities not affiliated with the Ministry of Cooperation with the Independent High Electoral Commission by providing human staff to carry out the electoral process.
Seventh: Amending the Law on Parties to lead to the regulation of the legal status of parties’ work on democratic national foundations that guarantee political pluralism and democratic transformation.
MilitiaMan: The new PM is focused just like we talked about yesterday. Look at item #1. Salaries. #2 Borrowing Law and #3 is adjusting pricing.. Now if I didn’t know better, digital adjustments can be done quickly and efficiently for items #1-3.. as for the borrowing law I am curious if that is to allow the country if qualified to be SDR qualified. They sure are not now. Will they be once they go digital? Imo They will be!! Pricing will need to be adjusted accordingly to and from the looks of it they are expecting a flight to home from citizens abroad!! Looking so very good these days! Imo ~ MM
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Samson: With the money from surplus currency reserves, the industry is building up trade markets and museums of culture for Iraqis to work
9th May, 2020
Dear Prime Minister Mustafa Al-Kazemi, this article is based on an integrated idea about the possibility of investing the surplus of the Central Bank of Iraq from ((gold and currency reserves that amount to (81) billion dollars), as what the Iraqi currency needs as a reserve is the amount of (52) billion dollars.
According to a rule (130%) of the total issued cash, which must be equivalent to gold and foreign currencies, and since the total issued cash in Iraq is (48) trillion Iraqi dinars, which is equivalent to (40 billion dollars x 130% = 52 billion dollars), which creates a surplus of (29) One billion dollars, which allows the investment of approximately (25) billion dollars in reserves, which are unnecessary in maintaining the values The Iraqi currency)).
It is worth noting that many countries hold a balance of gold and currencies equal to or less than the value of the currency, and it is a country that maintains its currency in its stable value due to the base of an increase of 30% mainly from the amount of cash issued.
The Iraqi government can gradually transfer these amounts to:
The ages and renovations of the Iraqi Ministry of Industry companies, which number approximately (78), are a major company, each company owns several branches with hundreds of warehouses spread in Iraq, and authorization of construction and construction companies, including the task of building and reconstructing the Iraqi central markets, amounting to (72) central markets in Iraq, as well as reconstruction ( 68) A ruined palace of the former regime and turning it into museums for a dark era in the history of Iraq (such as museums of the neighboring countries that belong to the previous eras of these countries), which will achieve high profits for the Iraqi state, and authorize other industry companies (textiles - oils - food - electrical appliances - and other companies) Ministry of Industry Proof) launched its products Iraqi central markets after building them and opened, and the Iraqi people will meet the call of generations to support the national producer of these markets.
It is worth noting that a contract was concluded during the last period with the investment of five central markets, namely (the people, the authority, the worker, justice and Al-Mustansiriya) for the investing company after signing the investment contracts with it and obtaining the licenses of the National Investment Commission.
And that "the investment period for each site is (30) years and in the system of modern malls," but no reconstruction process has started so far in these sites. The Iraqi government can invest the remaining central markets before selling them to other investors.
With this safe investment in (industry, trade and culture), the Iraqi state will once again have the reins of the diversified Iraqi economy that provides work to more than (a million) new job degrees funded by the profits of industry, trade and culture, in addition to that the state budget will get rid of the weight of the salaries of approximately (500) One thousand employees at the Ministry of Industry and Trade receive current grants without success from their jobs.
And the duration of this project in the event that the real will to work is available, it does not exceed 3 years as a maximum .. It is a safe investment that is not feared and is almost equal to its security. Keeping money in the Central Bank of Iraq to no avail and letting Iraqis without work. LINK
MilitiaMan: Notice they have been working on this.. They know they will have plenty of money and they know it is time to release it and get the re construction up and running. Yesterday there was talk of the Kuwait Conference agreements are again on the table. Watch Al - Kazemi bridge the gap.. The man has hit the ground running.. imo ~ MM
GodLover: I would like the opinions from MM & 2cents please & thank you.
As we all know, EO 13303 expires on May 20th.
If EO 13303 is not renewed... how does that effect our investment?
Executive Order 13303 also terminates sanctions specified in EO 12722, EO 12724, EO 13290, as it applies to the development fund.
EO 12724 relates to our investment in holding their currency imo.
It seems kind of odd to me how the law was written imo. The EO 13303 is legal protection for the DFI for rebuilding Iraq.
Since EO 13303 terminates EO 12724.... would EO 13303 really even need to be renewed as far as our holding their currency is concerned?
MilitiaMan: I read they signed it on a May 22nd, but, close enough..
If it is not renewed Iraq would lose protection from creditors and that could be a bad thing.
As for them allowing this to get that far to lose protection for us? I don't think for a minute there will be any worry about that, as the UST has a vested interest as we do.
Today, I see Al-Kazemi has passed a law that allows for internal and external borrowing.. That suggests he has a way to pay off debts and that is where it gets good for us.. I still think that is related to the huge article from the IMF and World Bank talking about other currencies getting into the SDR basket, as the time would be now per the article. imo..
So, they'll need to have finances all sorted before they have the need to extend 13303 again. imo So, I am not worried about it being an issue.. ~ MM
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Don961: Economic problems require supporting productive investments
Friday 08 May 2020Baghdad / Hussein Thagab
The voices calling for supporting investment and creating an ideal environment attractive to the effort to enter the Iraqi labor market are increasing, as investment is the most important entry point for the economic problems that the country suffers from, which requires the cooperation of all concerned parties to make the country a kiss for local, regional and international capital and employ them towards a direction that serves sustainable development.
The economist, Thamer Al-Heims, said that "the stage requires that efforts go towards creating an ideal investment environment that promotes the economy, addresses its problems, and achieves financial returns for the general federal budget," stressing that "the investment portal represents urgent solutions to the declining economic performance in the country for all its sectors, productivity and service."
Approved projects
Al-Heims warned that "there are investment projects that have been licensed for years but the intersections and the lack of vacating the place caused a delay in their implementation, including in Baghdad and several other places, for example an investment project in the central Tuesday market, which is expected to develop into a large commercial center that achieves many benefits." For the country, as it provides job opportunities for a large number of the workforce in the qualification stages and beyond, and it is also a national center for displaying locally manufactured products, and this is important to support the national industry and agriculture, as well as providing the state budget with large sums of money during one month, but this project Need To coordinate with the Ministry of Interior, which occupies a part of it for the purpose of executing handed over to the company. "
Productive projects
He added that "this mentioned project is one of several projects that can absorb unemployment and benefit the federal budget, and when it provides support to the investment sector, we will find productive projects in various sectors and other services", pointing out that "the field of work in Iraq is large and wide and absorbs the local and regional effort"
And the international, as Iraq is characterized by the presence of great wealth and a privileged location on the globe that provides renewed job opportunities and this is almost unique to the country.
Local voltage
Heims pointed out that "the local and international effort is waiting for the appropriate opportunities to enter the local labor market, due to the country's need for projects in all regions, as well as for investment in industry, agriculture and tourism, and these sectors are able to transfer the national economy to a new stage, and here we need the national administration that All efforts are harnessed to promote investment and make Iraq a kiss for all investments, "and" the investment portal represents urgent solutions to the declining economic performance in the country in all its sectors, productivity and service. "
Investment market
And the expert in the investment affairs, Qassem Al-Bahdali, had stressed that "the Iraqi economy must move to a new work stage, as the reality requires moving the investment market in Iraq to reduce the aggravation of the economic problems that Iraq suffers from and that can only be overcome through the portal of investment investments that bring benefit to Iraq." ".
He added that "activating the investment is not a complicated matter, but rather it needs to have the will to achieve that." He pointed out that "the investment is characterized by the freedom to transfer funds across the countries of the world and can be settled in any place that has the appropriate conditions, and that foreign capitals enter Iraq and employ them to serve the sectors." Productivity".
Al-Bahadly stressed "the importance of the state entering in certain proportions in speaking investment projects that achieve an integrated economic feasibility without delay and reserves the project to the central bank and here it realizes resources to the general budget and the investor and in the long term and uses the investments to be a financial supporter of the budget in the Remote term . " LINK
MilitiaMan: Well well well.. They have to raise the value to do this.. The Borrowing law is passed. Al-Kazemi has bridged that gap.. imo.. Watch for it.. lol ~ MM.
"ACTIVATING THE INVESTMENT IS NOT COMPLICATED" "THE INVESTMENT IS CHARACTERIZED BY FREEDOM TO TRANSFER FUNDS ACROSS THE COUNTRIES OF THE WORLD AND CAN BE SETTLED IN ANY PLACE THAT HAS THE APPROPRIATE CONDITION, AND THAT FOREIGN CAPITAL ENTER IRAQ AND EMPLOY THEM TO SERVE THE SECTORS."