KTFA Members "News and Views" Friday 6-26-2020

KTFA:

Samson:  By the end of this year, we will suffer a financial deficit of 40 trillion dinars

10:00 - 26/06/2020
Between a member of the Parliamentary Finance Committee Haneen Al-Qaddou, that Iraq will suffer from a budget deficit by the end of this year to reach 40 trillion dinars, stressing at the same time the need to control non-oil imports such as ports, taxes and collection to reduce the deficit to the natural limits.

Al-Kiddou said to "Information", "There are expectations that the government will present the budget on June 30 to the House of Representatives in order to vote on it."

He added, "There are speculative figures related to operating expenses, imports for each month, expenses for the coming months, employee salaries and ruling expenses, as we will suffer at the end of this year from a financial deficit of 40 trillion dinars."

And he stated that "overcoming the financial crisis must be through applying pressure on the border outlets, collecting electricity, taxes and other imports to reduce the financial deficit to normal limits." 

LINK

Edna:  This is Powerful. ..Just like Frank said. MM laid out a beautiful analysis a few posts ago on the determination of Iraq to monitor it's Ports, Tariffs, Boarder Crossings etc, and to possibly implement these (Mechanisms) July 1. Seems to be the common tread many of these Financial articles. Control of Boarders etc. Couple that with the above article :"expectation the budget could arrive by months end"...wow. So IMO what they do at the Boarders, Ports, and with Taxes and Tariffs on July 1 just might. ....just might. ...be a BIG DEAL...

YoungSC:  By law they cannot send the budget after june 30th. A law that was passed earlier this month in parliament to have them vote and pass the budget no later then june 30th imo.

GodLover:  Samson or Don...…..can you provide this article young_sc is referring to by chance?  

Samson:  Post 111 2nd June

Parliament binds the government to a specific date to send the budget law

The House of Representatives voted, on Wednesday, to oblige the government to send the budget law no later than the end of this month.

A parliamentary source told Mawazine News that "the House of Representatives voted on the formula for the following decision: The government should expedite sending the federal budget bill for the year 2020 at the latest by 6/30/2020."

The Speaker of the House of Representatives directed the General Secretariat of the Council, earlier today, to address the General Secretariat of the Council of Ministers for the purpose of sending the budget law for the year 2020.   LINK

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Samson:  Al-Kazemi on the strategic dialogue with America: It was confirmed for the first time the recognition of national sovereignty

26th June, 2020

Prime Minister Mustafa Al-Kazemi commented on the strategic dialogue between Iraq and America, indicating that the assertion was made for the first time to recognize national sovereignty.

Al-Sharq Al-Awsat newspaper quoted Al-Kazemi in response to a question about the strategic dialogue between Iraq and the United States. Held on June 11th, he said that "the strategic dialogue that took place between Iraq and the United States achieved important goals, as it was emphasized for the first time through this dialogue to recognize national sovereignty, which is important in terms of the nature of the future relationship with the Americans."

He added, "During the dialogue, the withdrawal of the American forces was scheduled, which is an important development in terms of how to deal with this presence."

He continued: "The forces that remain will be negotiated in the future," indicating that "Iraq really needs security and military support; but it has no military adventures, and I will not allow that."

LINK

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Samson:  Deputy: The reform paper will save more than 20 billion dollars

26th June, 2020
Member of Parliament, Riyadh Al-Masoudi, confirmed that the comprehensive reform paper that the government intends to prepare will save more than $ 20 billion in non-oil revenues.

Al-Masoudi said: "The comprehensive reform paper is expected to reach parliament within 60 days," noting that "this paper aims to prepare an integrated strategy in the direction towards the real development of industrial and agricultural projects, in addition to the development of the communications sector."

He added that "the House of Representatives voted on the borrowing law, as there is no alternative to it at the present time, and among the conditions of the parliament was to fulfill the government by preparing a government reform paper."

Prime Minister Mustafa Al-Kazemi had previously discussed with the Parliamentary Economic and Investment Committee the prospective reforms paper to face the challenges facing the country and the discussion of the white paper prepared by the Cabinet, which includes economic, financial and administrative reforms, plans and strategies to meet the challenges facing the country.   LINK

Don961:  The central bank governor comments on the concept of foreign currency reserves and its uses

Economie 2020/06/25 22:31 284    Baghdad today - Baghdad

Iraqi Central Bank Governor Ali Mohsen Ismail commented, on Thursday, about what some are deliberating regarding the uses and concept of foreign currency reserves (cash, deposits, bonds, gold).

Alaak said in a statement, "Unfortunately, some people understand the foreign reserves of the Central Bank as a surplus invested abroad ... the real financial surplus the government has from surplus funds that invest in various forms such as sovereign funds, investment funds, and generational funds, among others."

He added, "As for the reserves at the central bank, they correspond to the dinar issued to the government or others. It is a cover for the local currency and it must not be less than a level of adequacy determined by international principles, otherwise the value of the local currency (the dinar) will collapse as happened in the previous system."

And the relationship continued, "As for how the reserve is managed in terms of the type of currencies and the type of instruments, they are governed by internationally recognized rules and in all central banks, and we follow the same rules and in the subject complex and broad technical details."

It is noteworthy that when the government borrows internally, it is tantamount to withdrawing from foreign reserves because the dinar that it borrows is pumped into the market and turns into a demand for mostly imported goods and goods and the payment of foreign liabilities, and it (the government) does not place a dollar in exchange for it to lead to the withdrawal and reduction of foreign reserves. For more details about the above statement, please click on the link below: Click here   LINK

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Samson:  Parliamentary Finance: Iraq suffers from "two ends of corruption" that have accused its bounty over the years

10:52 - 26/06/2020

Member of Parliamentary Finance Committee Jamal Kujer affirmed on Friday that Iraq suffers from both sides of corruption, accusing its goods of long years.

Cougar said in an interview with the "information", that "corruption in Iraq is large and varied and has taken on great proportions in the past years, but the two most dangerous sides are in local governments and ministries, as they take a large part of Iraq’s annual budget to finance development and service projects."

Cougar added, “Iraq’s financial crisis calls for bold decisions in the framework of facing corruption and reforming the economic structure and ending the file of abuses on the windows that constitute significant revenues for the state treasury with its various addresses indicating that without real reform in Iraq the financial crisis will be more serious despite financial borrowing in order to alleviate the budget and give flexibility in financing salaries without any problems.” 

Iraq suffers from an acute financial crisis for months after the collapse in crude oil prices, whose revenues constitute about 90% of the country's annual budget.   LINK

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Samson:  Integrity seized, accused of embezzlement of 300 million dinars in the Oil Products Distribution Company in Diwaniyah

13:20 - 26/06/2020

The Federal Integrity Commission announced the appointment of an employee of the Oil Products Distribution Company - Diwaniyah branch; For having, along with other defendants, embezzled the amount of (300,000,000) million dinars.

The commission said in a statement received / information /, that "the investigation department in the commission, and in her talk about the process of seizure carried out by the team of the commission's investigation office in the province; According to a judicial seizure memorandum, she indicated that the team was able to seize one of the employees responsible for embezzling gas rents amounts of (300,000,000) million dinars from the amount of gas supplied to a private factory.

And the department explained that "all filing forms that were corrupted and forged were seized by the officials responsible for the pieces, as well as seizing the seals of a branch of a government bank in the province."

She added, “A fundamentalist minutes of the seizures were organized in the process, and it was presented to Mr. Diwaniya Court Judge, who specializes in the integrity cases, who decided to arrest the accused, and prevented the travel and seizure of the money of another accused fugitive.”   LINK

Don961:  The most attractive dollar despite trillions pumping ... The yuan is hostage to Beijing and Washington ties

- 14 Hours Ago

The eyes of investors in the global exchange markets began focusing on the second half of this year and the prospects for an economic recovery with the gradual opening of international borders, the operation of economies, and the end of social isolation.

Experts believe that the ability of countries to curb the spread of the Corona pandemic and healthy coexistence with it will be one of the main factors that will determine the currency trends during the current year. This is simply because this will determine the speed of the economy returning and recovering from the pandemic. The strength of exports usually determines the demand for the currency.

In this regard, the currency expert at the Dutch bank, "ING", Francisco Pisol, expressed optimism about the economic future during the second half, saying "strong economic data raised hopes for a rapid return to global economies after the isolation and closures ... but investors will monitor the new outbreaks of the Corona pandemic and its repercussions On the operation of the facilities, ”according to the CNBC channel. The cases of the disease as of Wednesday, more than 9.2 million cases.

But it seems that the question that dealers face in the exchange markets at the present time is whether the dollar will be dealt with on the basis that it is a "safe haven currency" or not, amid growing concern about the return of the pandemic after its recession in the past month.

"The dollar will weaken against the major currencies in the event of an increase in corona cases in America," said Samir Gul, currency expert at the German bank "Deutsche Bank", in comments to CNBC.

But so far, the largest dealers in the exchange market from banks and companies prefer to buy dollars over other currencies, for fear of a crisis of shortages in dollars.

The Bank for International Settlements estimates in the report the size of the global shortfall in dollars at about $ 13 trillion, and therefore exchange experts expect that this massive shortfall in the dollar will support the green paper’s exchange rate on the short level, even if the US government continues to pump other trillions into the American market to support economic growth.

In terms of the Chinese yuan, which is linked to a limited movement margin at the dollar exchange rate, Gul believes that the yuan has become stable in recent weeks and is not subject to major shocks in the offshore areas, as happened during May.

The Chinese yuan will benefit from price stability from the signing of the initial trade agreement between Beijing and Washington, as well as from positive economic data released from China.

Usually, major investors in bets on the Chinese currency fear the Chinese central bank, which usually interferes strongly in the market buying and selling, as it has huge dollar reserves of more than 3 trillion dollars.

Therefore, its intervention could cause huge losses for exchange dealers. It is also mentioned that the statements of Jerome Powell, President of the Federal Reserve Board, at the beginning of this month in which he confirmed that he would maintain a low interest rate on the dollar for a long time in order to support the financial markets, contributed to the yuan exchange support, as it is linked to the movement of the bank interest. On the dollar.

However, the yuan's exchange rate remains hostage to the trade relations between Beijing and Washington amid fears of a financial embargo on Chinese banks and preventing them from using the dollar.

Experts expect that the results of the US presidential elections in November will have a major impact on the yuan exchange movement. Donald Trump's chances of winning the risk are likely to raise the risk to the yuan, if it goes ahead in the opinion polls.

As for the British currency, analysts believe that the British pound has become a "dangerous currency" due to the great fluctuation in its price against the dollar and the euro. Consequently, it began to lose its appeal to international exchange dealers.

The British are suffering from the British government's reluctance to open the economy and decide on an agreement on a trade relationship that delineates a clear picture of the fees for its imports and exports to the European bloc, Britain's largest trading partner. The Boris Johnson government is still negotiating with the European Union over the form of trade and economic relations after Brexit.

"We see a lot of turmoil in the exchange rate of sterling compared to other major currencies such as the US dollar, Japanese yen, euro, and Swiss franc," said Kathleen Brooke, currency analyst at British Minerva, on Wednesday.

As for the European currency, analysts believe that the positive data published yesterday about the optimism in business sentiment will support the demand for the euro, and thus will rise against the dollar.

The euro exchange rate depends on the directions of the German economy, which usually leads the recovery machine in the euro area, and on Germany's foreign exports, which determines the global demand for the euro.

According to Reuters, the Ifo Economic Institute said, on Wednesday, that the institute's business climate index rose for the second consecutive month in June due to companies believing that the worst possible harm as a result of the public isolation that aims to contain the Corona virus has passed.

New Arab   LINK

MilitiaMan and KTFA Members "They Are Ready to Go" 6-25-2020

KTFA:

MilitiaMan:  Mechanism for opening government documentary credits with private banks

24th June, 2020

Mechanism for opening government documentary credits with private banks ...

Banking Supervision Department 97/30  2020/9/23: NO: Date: Ministry of Finance/Financial
Accounting Department Opening governmental documentary credits with private banks is a
good greeting ..

Based on the decision of the Cabinet of Ministers of Economic Affairs
Committee numbered (113) on 2019/2/12 and the confirmation of the Minister of Economy
in its sixteenth session held on 2019/7/ 5 Concerning the issue of opening current accounts
in banks, a mechanism for the self and central funding departments to use them for
the  purposes of opening documentary credits exclusively without the mediation or
approval of the  Ministry of Finance or the Iraqi Trade Bank, with a ceiling of (50) million,

And with reference to Article (49) of the Financial Management Law Federal No. (6) for the
year 2019 including the following (allowing the unity of the agreement or self-funded
administration to open a current account with the opinion of a government or private bank
and good credit rating of the bank determined by the Central Bank of Iraq).

To see click here   LINK

MilitiaMan: I am revisiting this one for to make a point. A Documentary credit or "Letter of Credit" is to facilitate trade payments internationally. They are used to make sure things are fair and run smooth.. Being internationally accepted in the world requires countries to play on a level playing field.

They also have rules with strict enforcement's that come with the D/C or L/C, if you will. As noted above, they address the exchange rate and time frame for clearing.

If they don't clear within the 5 day window they will have consequences that can halt their ability to trade for 6 months.  Most will understand that and they will act  and proceed accordingly.  

Lets keep in mind they are using 1200 as their reference to the exchange rate. Well that is because imo they have to..

They cannot give out the international exchange rate with out properly announcing they are Article 8 compliant by actually raising the value of the exchange rate.

So they use the example of the program rate. imo. Keep in mind they are telling us they are going to use the D/Cs. That means they are telling us they are about to change the value of the exchange rate to be internationally accepted and imo that will cease the Multi Currency Practices (MCPs) they have been using.  

They told us they have a new mechanism  to come for the customs and borders. We see above they use the word mechanism in respect to the D/Cs. Shipping comes in to the ports, which are borders too. So the new PM has been telling us even today that they have a system in place now.

We were also told on our around 06/01/2020 that there will be adjustments at the borders for taxes, fees and or tariffs.. The system is block chain oriented for transparency. 

They want the money to make to the Federal level and not into gangs or mafia pockets.  So, the timing of this is by design. Telling us they are ready to go imo. ~ MM

DELTA: GREAT JOB MY BROTHER .......AS USUAL ONE OF THE BEST....

Don961:  Clarification on foreign reserves in the Central Bank of Iraq

June 25, 2020

The real financial surplus is the government’s revenue that is represented by the Ministry of Finance, which exceeds its public expenditures during a fiscal year. If the Ministry of Finance achieves revenues (crude oil sales in general) with a value greater than its expenditures (investment spending and current spending), it will achieve a budget surplus.

That the government invest it, either internally or externally in the form of sovereign funds or investment funds, etc., and vice versa if public revenues are less than expenditures and then achieve a real deficit that requires its financing, either by searching for additional revenues, enhancing existing revenues, or resorting to internal borrowing and / or Outer.

Here it is necessary to clarify that the foreign reserves held by the Central Bank are not surplus funds, but rather accumulate as a result of a specific mechanism in which the Central Bank conducts what is called the process of monetization, as the Ministry of Finance sells the largest part of its dollar revenues to the Central Bank with a view to obtaining the Iraqi dinar Issued by the Central Bank of Iraq to implement its domestic spending, and as long as the Central Bank of Iraq adopts a fixed price to exchange the Iraqi dinar against the US dollar, and it seeks through the window of selling the currency to maintain this constant value of the dinar, so the Iraqi dinar holder has a right to foreign reserves, which is a cover for the local currency .

We can refer here to the concept of foreign reserves according to the balance of payments guide and the international investment situation issued by the International Monetary Fund (are the external assets that are at the disposal of the monetary authority and are subject to its control to meet the needs of the balance of financing payments or interference in the exchange markets to influence the exchange rate of the currency, or other Related purposes (such as maintaining confidence in the local currency and forming a basis for external borrowing) and the reserve assets must be assets in foreign currency and assets that already exist, and excluding potential assets.

The concept of reserve assets is based on the concepts of “control” and “accessibility” With regard to monetary authorities, based on the definition of foreign reserves above, the following can be installed:

1. It provides a cover for the local currency and an instrument to support the exchange rate.

2. It is the primary tool of the central bank to intervene and adjust imbalances of the balance of payments structure. 

3. It provides an important element in setting the country's creditworthiness, and enhances the country's credit rating in international transactions.

The optimal level of foreign reserves - that is, the minimum value of foreign reserves that the monetary authority must possess and that is calculated according to internationally approved standards - represents the ability of the monetary authority to defend the local currency exchange rate. The most important of these standards (the money supply standard, which represents the adequacy of foreign reserves to cover the supply of the local currency, and the trade standard, which represents the number of months in which foreign reserves can finance the country's imports of goods and services) and adopt these standards assuming a shock that affects the accumulation of foreign reserves almost Exactly.

With regard to managing foreign reserves, there are internationally accepted rules that depend on managing foreign reserves in terms of their liquid assets (securities, deposits, gold ...) and it envisions geographical distribution, currency diversification and other factors that reduce exposure to risks and provide returns that ensure sustainability These reserves.

It should be noted here that for internal borrowing by the government, whether funded by the Central Bank of Iraq directly any direct deduction of securities issued by the Ministry of Finance - which is prohibited by the Law of the Central Bank of Iraq - or indirectly by deduction in favor of local commercial banks, for both A negative impact on foreign reserves if we assume that the government’s priority is to finance that part of the expenditure represented by workers ’compensation, as this part is reflected in consumer spending, which is mainly met by imported goods and services, which in turn will generate a derivative demand for foreign currency and hence the exit of a portion Of foreign reserves to finance these imports, and this effect will continue until the date of maturity of the securities.

While external borrowing will positively reflect on the accumulation of foreign reserves, as long as the Ministry of Finance will monetize it for the purpose of obtaining the local currency, and handing the foreign currency to the central bank to be added to the foreign reserves.   link

MilitiaMan:  This is not talking about the program rate we are at now. It is talking about the future imo.

It is talking about what will be done when the exchange rate is internationally accepted.. It will be a time for them to act accordingly and they give the examples on how they are going to do it.

 They will have the ability to defend their new exchange rate as they have tools to or mechanisms to do so. They will do it in their local currency, hence, they'll need to defend the new rate with those tools. They will also monetize their new currency, whereby, it derives an income to help with payments.. 

This article ought to be one we all smile about.. Because they are not doing this now at a program rate. imo.. They are gearing up to use the tools for a new exchange rate and it appears they are ready to act on a moments notice.. imo.. This is timed accordingly..

The 60 day time frame the PM mentioned is not about this part of the reforms. They told us about the border crossings and adjustments in respect to shipping contracts, taxes, fees, tariffs, etc..

That is to be for 07/01/2020. I have not seen or heard of them pushing the borders or adjustments out. In fact it appears with all the articles out the mean to implement on time.. imo. jmtc  ~ MM

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JJimmyJJ:  Truth!! Until the last 30-45 days when things started being done on time,  when have we seen this happen before? NEVER. 

IMO, if you want to see the biggest pattern- breaker of all,  I think this urgency and respect for timing and deadlines has to be in the running. 

Security and stability? Check

A govt who are interested in something other than stealing? Check

The int'l world being happy with Iraq? Check

Iran on the sidelines? Check

Sudden respect for deadlines and actually completing what they talk about in the GOI and CBI? CHECK

IMO, they sure seem like they're ready,  packed,  and anxious to start this RI adventure. And,  that's good,  because this adventure has almost killed me.

KTFA Members "News and Views" Thursday Afternoon 6-25-2020

KTFA:

Samson:  Deputy: Al-Kazimi's visit to Washington will be a formal one and will not touch on the Americans' exit schedule

19:42 - 24/06/2020

On Wednesday, the independent deputy, Bassem Khashan, described the upcoming visit of Prime Minister Mustafa Al-Kazemi to the United States of America as a formal one, while noting that the visit would not touch on scheduling the departure of American forces from Iraq.

Khashan said in a statement to "Information", that "Al-Kazemi agreed with Washington that US forces will remain before assuming the functions of prime minister," noting that "his upcoming visit to Washington will be a formal and a blessing for him to assume the position of prime minister only."

He added that "Al-Kazemi will refrain from touching on the scheduling of the exit of American forces from Iraq during his visit to Washington," noting that "the discussions that started between the Iraqi and American government have no value and merely highlighting political muscles."

Yesterday, Tuesday, Foreign Minister Fouad Hussein confirmed that Prime Minister Mustafa Al-Kazemi will visit Washington next month.   LINK

Dan:  Must be humiliating to still have a worthless currency.
1 USD is = to  576.125 in Somalia

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Goldenboy:  Asking you all questions you should ask yourself!

How are you going to keep your blessing?
Do you have an attorney and CPA?
Do you know what a trust is and how it can save your assets?
Did you know you can buy a single premium whole life insurance plan that can grow into another nest egg in case you do exhaust your other assets?
Do you plan on investing your blessing?
Do you know how much you can gift to your loved ones and not pay taxes on?

We have had so many Conference calls on many of these topics here to address it.
Many advisors like myself want you to keep what God saw fit for you to receive!

IMO, do the following,  Make a check list of everything mentioned above and follow it. Don’t have regrets, have plans. People don’t plan to fail, they fail to plan!

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Samson:  Al-Rafidain Bank announces the harnessing of all capabilities to provide banking services to citizens

25th June 2020

The Rafidain Bank announced that its branches in Baghdad and the provinces have harnessed all their capabilities to provide banking services to citizens.

The bank’s media office said in a statement that “due to the circumstances that the country is going through as a result of the outbreak of the Coruna virus, the bank has taken all capabilities and efforts to provide banking services to its customers on a daily basis.”

He pointed out that "the bank directed its branches to implement the instructions and procedures of the Ministry of Health to prevent corona virus."   LINK

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Samson:  Saleh stresses the need to support the government's reforms and implement its program

4/26/2020 23:55:31

 Today, Wednesday at the Baghdad Palace, President of the Republic Barham Salih received a delegation of the Islamic Virtue Party headed by Secretary-General Abdul-Hussein Al-Mousawi.

During the meeting, according to the statement of the Information Office of the Presidency of the Republic, from which the Euphrates News received a copy, "they discussed the developments of the political and security conditions in the country, and the implications of the Corona pandemic on the decline in oil imports and their impact on the living conditions in the country."

It was stressed, "The necessity of supporting the government's reforms and implementing its program to achieve the aspirations of citizens in a free and dignified life."    LINK

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Ryan1216:  Iraq keeps dragging their feet. We're now halfway through the year. I pray Kazemi comes through now on his word  

MilitiaMan:  Don't be discouraged. As they are not stopping the progress on the reforms..

Samson:  Oil prices continue their losses due to the increase in US stocks and Corona fears

25th June, 2020

Oil prices continued to decline on Thursday after tumbling more than five percent in the previous session, as the record increase in US crude inventories and the rapid spread of Covid-19 cases cast doubt on the recovery of fuel demand

US West Texas Intermediate crude futures fell 22 cents, or 0.6 percent, to $ 37.79 a barrel by 0532 GMT, after falling $ 2.36 on Wednesday

Brent crude futures fell 30 cents, or 0.7 percent, to $ 40.01 a barrel, after falling $ 2.32 on Wednesday. On Tuesday, Brent contracts were traded at their highest levels since early March, before the public isolation measures due to the Corona pandemic and the Saudi-Russian price war in markets hit

"Prices fell after the EIA data showed that stocks increased by a lot more than expected," said Avtar Sandu, commodities director at Singapore-based Philip Futures Corporation but analysts say the 1.4 million barrel increase was due to a series of Saudi shipments that were booked by US refiners when prices fell in March. Those shipments are slated to decline soon

Analysts said that concern about a second wave of cases of Covid-19 was expected to keep in many US states where general isolation measures and the rapid spread of disease in South America and South Asia have been reduced, fuel demand is limited

In an additional reminder of the problems facing a recovery in demand, Australian airline Qantas said on Thursday that it did not expect a significant recovery in international travel before at least July 2021, while reducing its fifth workforce and stopping 100 aircraft   LINK

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Samson:  Parliamentary Finance: The Borrowing Law passed by Parliament allowed the government to borrow until the end of this year

25th June, 2020

Member of the Parliamentary Finance Committee, Abdul Hadi Al-Saadawi, confirmed on Thursday that the borrowing law passed by Parliament yesterday allowed the government to borrow until the end of the current year (for six months only and cannot after that).

Al-Saadawi said in a radio interview followed by "The Economy News", "The borrowing law passed by Parliament allowed the government to borrow until the end of this year (for six months only and cannot after that), and with amounts confined by $ 5 billion for external loans and $ 15 billion for internal loans", considering it "the worst move the government has made, but it is embarrassing because of the financial crisis."
 
He added, "These loans will address several topics, the first of which are the salaries of state employees, retirees, and the social protection network, so that they will be safe (without deduction) until the end of the year. In addition to them, those appointed to permanent owners within the owners' movement in the past year will be added to them, as their salaries will be secured because many of them did not receive them Despite the issuance of orders to appoint them since 2019." He pointed out that "contracts will be contracted by the Ministry of Health with graduates of the past year who have not yet begun their work, for the purpose of benefiting from those energies in light of the need for health cadres as a result of the outbreak of the epidemic, in addition to supporting the health sector by providing the required liquidity and authority to the Minister of Finance to face any emergency that passes The country is in the midst of a pandemic."

Noting that "the loans will include addressing the ongoing development projects in the regions so that they do not disappear."

Al-Saadawi warned, "From a personal point of view, I believe that the government is unable (after the approval of the borrowing law) to send the budget in 2020 to Parliament, in which case the Ministry of Finance and the concerned authorities will prepare to prepare the budget for the next year."

A member of the Finance Committee said, "The worst step the government committed is the borrowing process - but it is embarrassing because of the financial crisis that is ravaging the country - because the World Bank announced in the Kuwait Conference clearly and explicitly that the continuation of the government of Iraq in external borrowing will lead the country to the collapse of the currency and the financial market alike

The Finance Committee has stopped foreign borrowing completely in last year's budget, "indicating that Iraq will go through its worst stages as these loans will have profits and benefits and the country must sell oil to meet those benefits and profits."   LINK

Edna:  So does this mean what I hope it Doesn't mean, That Iraq just bought or more appropriately  (borrowed)....more time?  

PattyCakes77:  I really don't think so. To much going on. Stay positive. We are there.

Popeye7:  There it is!... Ensured the signing of this happened expediently... Awesome!...

Today is supposed to be payday for Iraq.. Are they paid the last Thursday of every month?... They mentioned in an article last week I believe that there would be a delay in payment this month? IMO.. Please correct me if I am wrong!.. Did they happen to mention just how long it would be before being paid?...

Anyway, as Frank, and his teams declared... This borrowing law would not be happening were it not for agreement already having been made in order to ensure that the monetary reform is completed, and Iraq's currency is given a rate that is fair...imo.

Samson:  Putin calls for a summit of leaders of the five nuclear powers .. and reveals its agenda

25th June 2020

Russian President Vladimir Putin called the leaders of the five nuclear powers have a summit meeting.

In his speech during the 75th anniversary of the victory over Nazism in World War II, which was held yesterday in the Red Square in the Kremlin after a major military parade, Putin said: “Our colleagues - Messrs Xi Jinping {Chinese President}, {Emmanuel} Macron, And Donald Trump {US President}, {Boris} Johnson {British Prime Minister} - support the Russian initiative for a meeting of the leaders of the five nuclear powers - permanent members of the Security Council, we thank them for that and expect this personal meeting to take place at the earliest opportunity.

"What is the agenda for the upcoming summit? First, in our opinion, it is desirable to discuss steps to develop collective principles in world affairs, speak out about peacekeeping, enhance global and regional security, define strategic weapons, and joint efforts in countering terrorism, extremism, and other Urgent challenges and threats." He pointed to "a separate topic on the agenda of the meeting is the situation in the global economy, and to overcome in the first place the economic crisis caused by the epidemic of coronavirus."

"Our countries are taking unprecedented measures to protect people's health and lives, to support citizens who have found themselves in difficult living conditions. But the seriousness of the consequences of this epidemic, and how quickly the global economy emerges from the recession, depends on our ability to work together and together, like real partners," Putin said.  "Moreover, it is unacceptable to turn the economy into a tool of pressure and confrontation, among the topics required to protect the environment and combat climate change, in addition to ensuring the security of the global information space," he said.

Putin noted that "the agenda of the next summit of the five" proposed by Russia is very important and relevant to our country and the world at large, and in any case, we have specific ideas and initiatives.

He stressed that "there can be no doubt that the Summit of Russia, China, France, the United States and Great Britain will play an important role in finding common answers to modern challenges and threats and showing a shared commitment to the spirit of the alliance, to those high human values ​​and values ​​that fathers fought for forefathers." "And based on a shared historical memory, we can and must trust each other.

This will serve as a solid foundation for successful negotiations and concerted actions to enhance stability and security on this planet, for the prosperity and well-being of all countries. Without exaggeration, this is our duty and responsibility," he said. Common to the whole world, for present and future generations.”   LINK

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Samson:  China begins the steps to dispense with the US dollar

25th June, 2020

A Russian website that specializes in economic affairs has monitored Chinese steps that pave the way to stop dealing in the American currency, pointing out that Beijing is storing gold for strategic purposes.

In this context, the "expert" website mentioned that the Chinese gold mining companies carry out large-scale activities in the field of gold mining, and accepts the purchase of other mining mining industries around the world with remarkable activity. 

The report monitored the latest Chinese deals in this field, noting that the Chinese company “Zijin Mining Group” bought in early June the “Guyana Goldfields” Corporation, a medium-level gold producer mainly engaged in exploring, developing and exploiting deposits in Guyana, located in South America, in exchange for 323 million Canadian dollars.

This company last year produced about 150,000 ounces of gold, and the China Mining Company insisted on taking it, despite its high price of 35% due to competition from another company. And the Chinese company itself acquired last March the mining company "Continental Gold Inc", which owns "Puerto Rica", which is one of the largest projects of gold production in the world with high-quality reserves estimated at 3.7 million ounces, and paid for it 1.3 billion Canadian dollars.

The report concluded that now that China has acquired these new foreign assets, it is the largest producer of "yellow metal" in the world, noting that this behavior indicates that Beijing is storing gold for strategic purposes. The competent website stated that China has been sending signals to the world that the dollar's dominance must end, and this trend has gained new strength in light of the confrontation with the United States, and Washington's threat to impose sanctions on Beijing.

Statements by Chinese officials warning that the United States will soon be able to impose severe and real sanctions have increased recently, and perhaps this is what prompted Fang Haixing, vice chairman of the China Securities Regulatory Commission, to say that China's dependence on the international financial system based on the dollar makes it vulnerable At risk.

The report said that China appears to have plans to change the global financial system to another based on the gold standard, which will allow the implementation of the main geopolitical goal of China, which is to get rid of the system of settlement of transactions in dollars.

China expects that in the future gold will become a reserve currency, and on its base in particular, the global financial system will be built, which will take the place of the current system.   LINK

KTFA Members "News and Views" Wednesday PM 6-24-2020

KTFA:

DELTA: GAME OVER

Don961:  Customs takes measures to maximize the country's imports

Wednesday, June 24, 2020  Baghdad / Tariq Al-Araji

The General Customs Authority has initiated procedures that contribute to doubling the volume of revenue and controlling the movement of goods and goods entering the country through all border outlets, while confirming its endeavor to automate customs work through certified international companies to contribute to supplying the state treasury with additional amounts and reducing corruption and customs evasion.

The director of the General Customs Authority, Khaled Salah El-Din, said in a special statement to “Al-Sabah”: After the general orientation of the government, especially after the drop in oil prices and interest in controlling revenue from taxes and customs, and as far as the matter relates to the authority, I have prepared plans to achieve this, especially as customs revenues that were previously received It was not the required level due to many problems, noting the directness to dismantle a large part of it during the past few period and focusing on the automation of customs work properly and the management of work in this way will achieve customs revenue up to three times what it is now and reduce waste of public money and reduce Corruption.

He added that the authority and to implement the automation of customs work, and through its attachés in the Iraqi embassies abroad, began to send invitations to specialized companies that have experience and practice work in countries that have similar conditions for Iraq in order to prepare the necessary infrastructure projects for the success of this issue so that there is no disruption in the procedures for detecting goods and imposing customs duties , Confirming that a large number of companies came to work, but after checking the offers, four of them were chosen, but the Iraqi side cautioned that the companies should adopt tracking the goods from the outlets of the country of origin, and therefore this matter requires approaching other companies that can achieve this issue, which will be applied to three Ports as a first stage and then move to other ports if the experiment is successful.

Salahuddin stressed that the implementation of the automation project will be implemented after four months from the date of contracting with the executing company that will adopt the implementation of infrastructure projects in the port, pointing out that sonar devices, scales and warehouses will be installed and accordingly, it will be in control of the customs work in full, indicating that the authority is keen To achieve this project, especially with a large government interest in it to ensure doubling the volume of imports that are now inconsistent with the volume of goods entering the country, in addition to this matter due to reasons including the large number of customs exemptions and the lack of control over the country's border entry, smuggling and other matters that are not reduced. Except at work Customs and non-control of the country's border entrances, smuggling and other matters that are not reduced without automation Customs and non-control of the country's border entrances, smuggling and other matters that are not reduced without Customs automation . 

He continued that in the event the automation is applied, he will have prior knowledge of the type of goods and their quantities, which will help to compare the sums received from the merchant from the currency auction of the Central Bank and the amount and type of goods received, and therefore the movement of the currency will be controlled through a joint operations room with the central bank in the authority,

Moreover, tax accounting operations will also be controlled, revealing the resort to an alternative plan followed by the authority until the implementation of the automation system, which requires the marketing of goods and goods from the outlet to warehouses belonging to the central markets that were leased from the Ministry of Trade so that the checks on goods are accurate to reduce From customs evasion operations, indicating that the authority will generalize this experiment if it succeeds on all outlets, especially as this experience has contributed to providing additional job opportunities in the outlets, explaining that the other procedure followed by the authority is to publish detachments for its employees on the roads in coordination with the customs police to monitor cases of evasion Tariff Customs duties, thwarting smuggling operations, and taking measures to guarantee the rights of the district and the state Negligent.   LINK

Ryan1216:  Did the borrowing law get passed by Parliament today? 

RNoble:  Yes... with an ammendment included..!

Ryan1216:  Thank you. Hopefully we get the budget and rate now

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Don961:  Welcome Al-Kazemi {white} paper and assurances of the importance of its application

Wednesday, June 24, 2020 Baghdad / Omar Abdul Latif

Parliamentarians and economic experts revealed that the "white reform paper" launched by Prime Minister Mustafa Al-Kazemi supports the gradual departure from the rentier economy of the state and maximizing its non-oil resources to support the budget, as well as operating idle factories since 2003 and creating an appropriate environment for investment away from financial corruption, while they stressed that "the paper" "Applicable during the next phase; 

They set conditions for its success, the first of which is seriousness and will, as well as not to hinder its steps by political blocs and influential people.

A member of the Economy and Investment Committee, Mazen Al-Fili, told Al-Sabah: “The committee’s meeting with the Prime Minister touched on the need to gradually move away from the rentier economy and go to the multiplicity of state resources to support the budget, including operating factories that have been idle for years and supporting the local agricultural product, and the need to close the borders to Imported products, and how to create an appropriate investment environment in which there is fair competition for reducing red tape, which closes the doors of bribery and the coming of many investors.

Al-Fili added, "The Prime Minister desires to serve the people of the people and get out of the economic and health crises that the country is experiencing at the present time, despite the pressures exerted on it, whether by the political blocs or from the street." They will make it obligatory to apply to all institutions, "criticizing" the previous policies that caused inflation in the number of employees, who numbered 4 million due to electoral compliments and propaganda. "

Al-Fili stressed that "the prime minister should be given an opportunity to reform without objecting to the steps he is taking, whether it is on the economic, financial or health level."

Committee member Saad Al-Khazali stated that "the House of Representatives has stipulated that the Prime Minister, from the beginning of his assumption of office, treat the economic and health crises in the country," noting that "the government has started taking such measures at this time."

Khazali added, in an interview with Al-Sabah, that "dependence on oil in support of the budget has been going on for 17 years," noting that "governments have forgotten the existence of revenues for border ports, customs, and the revitalization of other economic sectors."

He stressed that "the current government announced earlier that it will go towards internal borrowing despite the absence of any liquidity in banks, and it remains before it only external borrowing that caused the collapse of the Iraqi economy, as it has many negative effects, including high interest rates and the state's restriction of many things, including Lack of appointments or confirmation of contract owners. "

In addition, the economist, Dr. Abdul Rahman Al-Mashhadani, stated, "The white reform paper will be binding for everyone, as it is one of the conditions of the International Monetary Fund for Iraq since 2016."

Al-Mashhadani added to “Al-Sabah” that “the monetary fund contributed to the development of this paper, as it indicated at the time that it is necessary to address the conditions of 250 thousand people who are paid more than 3 salaries, since most of them are from special grades costing the state annually more than $ 18 billion.”

Al-Mashhadani stressed, "Iraq does not need the fund’s loans, which amount to about 3 - 5 billion dollars, granted over five years, with periodic reforms, and then release about 600 - 700 million dollars every six months when implementing these reforms.

Rather, it needs to sign an agreement with The fund provides guarantees that allow Iraq to borrow about $ 20 billion from major countries such as Britain, which has promised loans of up to $ 14 billion in addition to France, Canada, and Italy, to go to the investment fields and not to the salaries, noting that "Iraq needs these guarantees and with which the application requires Those reform conditions. "

As for the head of the Asia Center for Economic Studies, Diaa Al-Mohsen, he stated, "Iraq needs a major revolution to reform its economic system."

Al-Mohsen added in his interview with Al-Sabah that Iraq needs to hit the big corruption heads that have wasted public money for 17 years, and legislate laws that can support the investment side in it, reduce unemployment levels, and take advantage of the economic experiences that exist in the country that can To give solutions and guarantees to reform the economic system during the next stage. "

Al-Mohsen emphasized that "this paper cannot be applied unless it is accompanied by decisive decisions towards the economic mistakes that were committed during the last stage and put the economic reality in the country on the right track."   LINK

Samson:  Speaker Of The Lebanese Parliament: The Collapse Of The Lira Requires The Declaration Of A "State Of Emergency"

24th June, 2020

Lebanese Parliament Speaker Nabih Berri said that "the collapse of the lira exchange rate against the dollar forces the government, the central bank and the Association of Banks to declare a financial emergency."

He pointed out, according to what was reported by a local media on Twitter, that the collapse of the exchange rate of the lira necessitates a review of all measures taken to protect the national currency.

Regarding the IMF negotiations, he said: “Anyone who thinks that the IMF or any other donor can provide assistance is not mistaken if we do not implement the reforms, especially electricity.”

On his position on Caesar’s law, he stated: “The principled position of the Amal movement on Caesar’s law, which targets Syria, is the position of the loyal ally of those who stood by Lebanon.”   LINK

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Close to Al-Kazemi: Washington pledges to conclude agreements with Baghdad to achieve a condition

24th June, 2020

 A source close to the Iraqi Prime Minister, Mustafa al-Kazimi, revealed on Wednesday the date of the latter's visit to the United States, noting that Washington had pledged to conclude new agreements with Baghdad to achieve a condition

The source, who requested not to be named because of the sensitivity of the information, told Shafaq News that "the prime minister will conduct a visit to the United States of America, next July 24

He added that during the visit, Al-Kazemi will meet with US President Donald Trump, and a number of officials in the American administration, for the purpose of completing dialogue and negotiating a strategic dialogue between Baghdad and Washington

The source indicated that "the American administration has informed Iraq that it will not sign or conclude any new agreement with Baghdad, except after Donald Trump's victory in the presidential elections

"Everything that is going on between the two sides, only dialogue and negotiation without any real agreement on the ground," he added, adding that "Trump's victory in the elections will prompt the signing of new agreements with Baghdad, and otherwise, it remains for the new American administration

Baghdad and Washington held the first round of "strategic dialogue" on June 11th, and they agreed to reduce the size of US forces in Iraq

It is expected that the coming rounds of the strategic dialogue will resolve the fate of the strategic framework agreement signed between the two countries in 2008, which paved the way for the exit of American forces from Iraq at the end of 2011 after eight years of occupation, as well as the nature of relations between the two countries at various levels

The said agreement regulates the relations of the two countries at various political, security, economic, cultural and other levels. The dialogue will also resolve the issue of the presence of American forces in Iraq, as Iran presses its allies in Iraq to remove the American forces from the country  LINK

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Samson:  Oil prices continue to lose losses and Brent crude falls by about 7% to less than $ 40 a barrel

24th June 2020

Brent prices fell by about 7% to break the $ 40 a barrel barrier, as investors worried about high record crude stocks and feared that the second wave of the coronary virus pandemic would halt the reopening of global economies and reduce fuel demand

Brent crude fell 2.75 dollars, or 6.8%, to 39.9 dollars a barrel, a day after reaching its highest levels since prices began to decline in March. WTI dropped $ 2.74, or 6.7%, to $ 37.67 a barrel

Citing the increase in production, the Energy Information Administration said that US crude inventories swelled by 1.4 million barrels last week, exceeding analysts' expectations in a Reuters poll of 299,000 barrels

The Energy Information Administration said that US gasoline stocks fell 1.7 million barrels to 255 million barrels

The increasing incidence of coronavirus in the United States, China, Latin America and India has raised investor anxiety and oil price pressure   LInk

KTFA Members "Tuesday News" 6-23-2020

KTFA:

Samson:  Finance Minister: Al-Kazemi's government has a clear project in the process of economic and financial reform

23rd June, 2020

The Iraqi Finance Minister, Ali Abdul-Amir Allawi, said that the current government has a clear and ongoing project in the process of economic and financial reform

In his speech at the IRAQ FINANCE EXPO and followed by Al-Iqtisad News, Allawi stressed that the Ministry of Finance will present the reformative white paper to the Council of Ministers and Representatives in the coming days and will include large and broad reform packages in all economic and financial sectors

He added that the Ministry of Finance will play a role in encouraging and creating the appropriate and incubating environment for the advancement of the new Iraqi economy, especially in the financial and insurance aspects, indicating that we will focus on financial markets and try to raise the obstacles that exist in front of investors

Allawi pointed out that the new reforms packages will give incentives to Iraqi and foreign investors to contribute to the advancement of the Iraqi economy, noting that there are new plans for the tax and customs system as well as what is related to state real estate   LINK

Samson:  Al-Handal calls on the government to cooperate with the private sector to advance the Iraqi economy

23rd June, 2020

The head of the Iraqi Private Banking Association, Wadih Al-Handal, called on the Iraqi government to cooperate with the private sector to develop an appropriate climate that will drive the advancement of the Iraqi economy

The head of the Iraqi Private Banking Association, Wadih Al-Handal, said in his speech at the "IRAQ FINANCE EXPO" conference, which was viewed by the "Economy News", that "the serious repercussions resulting from excessive dependence on oil and the adoption of inflexible economic policies, led Iraq to a tragic situation so requires to move away from solutions The patchwork that will lead to dangerous social repercussions leads the country to the unknown

He added that the current government requires it to cooperate with the private sector in creating the appropriate climate to lead the wheel of advancing the Iraqi economy at a faster and more effective pace, explaining that economic reform must be based on the digital economy and activating the private sector’s participation in basic sectors such as food industries, electricity, agriculture, gas and others   LINK

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Don961:  Parliamentary support for the Prime Minister's economic and reform steps
Tuesday 23 June 2020

Baghdad / Muhannad Abdul-Wahab 

Members of the House of Representatives confirmed their support for the reform steps of Prime Minister Mustafa Al-Kazemi, by seeking to establish an investment fund for future generations, stating that “the Prime Minister’s reform steps are moving in the right direction, the most important of which is the transfer of oil revenues to development projects.”

Member of Parliamentary Committee for Economy and Investment Nada Shaker Jawdat told: "Al-Sabah": "Iraq needs to activate non-oil imports and rely on them in proportions commensurate with the size of its investment budget," stating that "the idea of ​​establishing an investment fund for future generations; It will enhance citizens' confidence in the state and send a message of reassurance to future generations and achieving social justice, and it is possible to achieve work on this project, because Iraq has a lot of imports in various fields and it is possible to do a lot to invest it.

The youth pointed out that "the prime minister's insistence on carrying out reforms is important and sends an important message that the country is developing, and therefore everyone should support the prime minister's reform steps, especially in supporting the Iraqi economy."

He pointed out that "one of the most important reform measures is to activate the work with non-oil resources, including border crossings, and strategic planning for the establishment of large factories through investment to employ manpower and eliminate unemployment in the agricultural and industrial sector, which is one of the most important sectors that can generate resources for the treasury."  link

Samson:  The Central Bank of Iraq announces the success of its efforts to reform the economic environment and achieve stability in prices

23rd June, 2020

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that the Central Bank of Iraq has succeeded in reforming the economic environment and stabilizing prices

In his speech at the IRAQ FINANCE EXPO and followed by Al-Iqtisad News, Al-Alaq said that the Central Bank of Iraq made efforts for the purpose of reforming the economic environment based on its goals contained in its law, which aims to achieve stability in local prices and work to maintain a stable financial system based on competition In the market, sustainable development, job creation and economic prosperity

He added that the Central Bank worked as an independent professional institution to prepare its monetary policies and strategic plans that included dozens of different initiatives that resulted in the stability of the Iraqi dinar exchange rate and the decline and stability of annual inflation within low limits is less than 1% in addition to the stability of the interest rate monetary policy of 4%, which is Indicative price that banks can use to determine the debt or credit interest rates that they pay or charge for the credit provided by them

He emphasized that the Central Bank, in cooperation with the National Investment Commission, prepared instructions to enter the capital of foreign investors into Iraq for investment purposes and was put into practice, which contributed to the establishment of many investment projects in Iraq

He noted that the management of foreign reserves in accordance with the standards issued by the International Monetary Fund and work to use them efficiently to serve the requirements of the Iraqi economy and the need of different citizens, which is to cover the issued currency and expected imports within the standards used internationally

He pointed out that the Central Bank of Iraq launched a major initiative to support the housing sector, as it amounted to more than 2 trillion funded through the Housing Fund and the Real EstateBank

He pointed out that the central bank has carried out a series of procedures in light of the financial crisis caused by the Corona virus, including reducing the legal reserve ratio from 15% to 13%, opening an account for the Ministry of Health to donate by all entities and providing an amount of 30 billion dinars in addition to 14 billion donated by banks and payment companies Electronic and exchange for the purpose of providing the requirements to cope with the epidemic of Coron LINKa  

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Samson:  The foreign minister reveals the date of Al-Kazemi's visit to Washington

06/23/2020 19:30:50

Foreign Minister Fouad Hussein met with the representative of the Secretary-General of the United Nations and head of the United Nations Assistance Mission for Iraq (UNAMI) Jenin Hennes-Blackshart at the Ministry's headquarters in Baghdad; To discuss a number of issues related to international organizations operating in Iraq.

The Minister commended the role and efforts of UNAMI, and other special missions and agencies of the United Nations to assist the government in achieving security, stability, and welfare for the Iraqi people in various fields, especially in the area of ​​providing humanitarian assistance to the displaced. The Minister expressed his desire to hold meetings with all these missions; To discuss the development of working mechanisms, and effective coordination.

The Minister affirmed the importance of respecting the sovereignty of the country by neighboring countries, enhancing the principles of good neighborliness, and pursuing diplomatic channels to meet the challenges and resolve crises. He expressed his rejection and condemnation of any breach or attack on Iraqi territory.

 In reference to the aerial bombardment by Turkey on some sites inside Iraqi territory in the past few days, calling for the necessity to stop such violations from the Turkish side, usually it violates international covenants and laws. The Minister noted that the government is keen to pursue a balanced policy in establishing relations with all, especially the neighboring countries, revealing that his first foreign visits will be to Tehran and Riyadh; To enhance bilateral relations, and open horizons for cooperation in the pursuit of common interests.

The two sides also discussed the strategic dialogue round that was held between Iraq and America, and its importance in promoting the interests of the two countries, and its reflection on the security and stability of the region, pointing to the visit of Mr. Prime Minister next month to the capital Washington to complete the dialogue.

The two sides discussed a number of regional issues, including: the Palestinian issue, and the Minister renewed the expression of Iraq’s consistent position to achieve peace and security, an end to the Israeli occupation of the Palestinian territories, and the right of the Palestinian people to establish their independent state. Iraq has expressed these positions in all regional and international forums.

 Including: The speech delivered by the Minister at the last meeting of the Human Rights Council on the situation of human rights in Palestine and the occupied Arab territories.    LINK

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Samson:  The International Islamic Bank signs a contract with the Electronic Industries Company to finance solar water pumps for farmers

23rd June, 2020

The International Islamic Bank announced the signing of a contract with the Electronic Industries Company to finance water pumps operating in the solar energy system for farmers, indicating that financing farmers with amounts amounting to one billion dinars within the initiative of the Central Bank of Iraq, one trillion dinars

The bank said in a press release to the Iraqi Stock Exchange and seen by "The Economy News", "The International Islamic Bank contracted with the Electronic Industries Company in the Ministry of Industry and Minerals to finance water pumps operating in the German solar system type Lorentz according to Islamic contracts (Murabahah contract) within the initiative of the Central Bank of Iraq One trillion dinars, where farmers will be funded with amounts up to one billion dinars

The bank stressed that signing this contract is for the sake of the advancement of our country's economy, developing agriculture and supporting Iraqi farms and creating an agricultural renaissance, and in order to support and employ young people to eliminate unemployment, and to achieve sustainable development through cooperation between the private banking sector and the public sector, and to achieve the government's goals by benefiting Of domestic funds and local product

LINK

KTFA Members "Monday News" 6-22-2020

KTFA:

Don961:  FROM THE CBI SITE ...

The central bank signs a banking arrangement document with the World Bank

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   LINK

Samson:  Corona may prompt the Iraqi parliament to hold unprecedented sessions

16:27 - 22/06/2020

MP Amjad Al-Uqabi confirmed, on Monday, that a number of members of Parliament were infected with Corona virus, but they recovered, noting that this week will witness a vote on the borrowing law.

Al-Aqabi told Al-Maaluma that "a number of members of the legislative authority have recovered from Corona after contracting the virus during the past few days." Without disclosing their names.

He added, "Next Wednesday will see a vote on the law on external and internal borrowing," noting that "the oil and gas law will be included in the upcoming sessions."  LINK

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Samson:  An economist comments on Al-Kazemi's procedures and reveals the lost amounts

22nd June 2020

Economist Kovind Sherwani confirmed on Monday that Prime Minister Mustafa Al-Kazemi's measures and financial reforms will bring more resources to the state, noting the loss of $ 500 billion in treasury money from the country since 2003

Sherwani said in a press statement that Digital Media received a copy of RT, today (June 22, 2020), that "the presence of an empty treasury in a country like Iraq is a clear indication of mismanagement and corruption of governments for 17 years

He explained, "The sum of the funds of the Iraqi budgets since the change in 2003 amounted to one trillion and two hundred billion dollars, 500 billion of which are classified as lost, according to some estimates

He added, "Two types of financial resources are physically present in Iraq, the first of which is the central bank’s financial reserves, estimated at $ 67 billion, and these were untouched, and the second is what the state treasury has

He continued, "The government of former Prime Minister Haider al-Abadi says it has handed over the previous government $ 17 billion, while Mustafa Al-Kazemi's government has given only empty treasury

And, he said, "We believe that the reforms that the Al-Kazemi government has begun to implement, including preventing double salaries, reducing expenses and allocating special grades, and these will provide large sums that the state will assist with the expected external loans to ensure that salaries continue to be paid  LINK

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Samson:  Ministry of Finance: There is no budget for the current year and 2021 will witness the formulation of an integrated economic plan

21st June, 2020

The Parliamentary Finance Committee revealed today, Sunday, that there is no budget for the current year, indicating that the government is working to provide salaries, while it will depend on increasing revenues and not relying on selling oil.

Member of the Committee, MP Haneen Al-Qaddou said that "Finance Minister Ali Abdul-Amir Allawi has informed us that there is no budget in the current year and that the government will work in accordance with the law on state administration."

He added that "the government will provide the salaries of employees during the next five months by borrowing and reducing public overheads, as well as seeking to increase revenues."

Al-Kiddu pointed out that "the Minister of Finance stressed the possibility of formulating an integrated economic plan during the budget of 2021 in order to provide salaries for employees and retirees and reduce dependence on oil in the budget." Continuous."

The Speaker of the Parliament, Muhammad al-Halbousi, had asked the government to send the semi-annual general budget to parliament for discussion and approval, warning of an economic catastrophe unless proper standards were set for disbursement.   LINK

Samson:  Syrian Minister: The exchange rate will stabilize soon

20:43 - 21/06/2020

The Syrian Minister of Internal Trade and Consumer Protection Talal Al-Barazi said, "The exchange rate of the lira will stabilize soon," and that the country is going through a phase of the decline of the dollar and an improvement in the status of the lira today.

Al-Barazi added in a meeting held today Sunday with Damascus merchants that the government knows the harmful dimensions of fluctuations in the exchange rate, and realizes that what ultimately matters to any trader is price stability.

The Damascus Chamber of Commerce page said that Al-Barazi “acknowledged that there are real problems with the issue of the exchange rate, and he wished that Damascus merchants postpone delving into this matter until a meeting with them is now being coordinated with the governor of the Central Bank of Syria, where he will answer various questions in this regard.”

On the meeting today, Chamber Chamber board member Mohammed Al-Hallaq said, in a statement to RT, that Al-Barazi promised to meet with merchants weekly to discuss the obstacles and how to overcome them, especially in light of the recent developments, including activating the American "Caesar" law and other sanctions imposed by the American administration on the country.

Al Hallaq explained that the merchants offered a number of proposals during the meeting, the most important of which was the issue of the frequency of import and the continuity of the availability of materials in the markets, adding that prices relate to several things, the most important of which is the availability of materials and competitiveness. Profitability.”

Hallaq added that what the merchants touched is that the government approach is to reduce the exchange rate first-hand "in addition to measures that will give its results." He pointed to a number of obstacles that make this task difficult, including the impact of the Lebanon crisis, in addition to what is related to measures to limit the spread of the Corona epidemic. , And the "Caesar" Law.

On the role of merchants in the unprecedented rise in prices today, Al Hallaq said that the government is fully aware that merchants sell at the lowest profitable margins possible in order to maintain a continuous pace of work, adding that there are a number of factors that determine prices, the most important of which are the cost of the product multiplied by the exchange rate in addition to customs duties and burdens. The other.

The Damascus Chamber of Commerce page stated that the meeting was held with the aim of "studying the reality of commercial markets and ensuring the flow of goods and price stability in a manner that guarantees the interest of the state, merchants and citizens", noting that the Brazilian minister focused on three main issues: helping the citizen with low incomes, and combating unknown sources (smuggled) ), And the exchange rate.    LINK

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Samson:  Oil is falling and demand fears overshadow supply tightness

22nd June, 2020

Oil prices fell on Monday as concerns about a recovery in fuel demand stalled as Coronavirus infections increased worldwide, overshadowing supply cuts from two major producers

And Brent crude hit 11 cents, or 0.3 percent, to 42.03 dollars by 0505 GMT, while the US crude recorded 39.69 dollars per barrel, losing 14 cents, or 0.4 percent. The two contracts rose nearly nine percent last week

In Canada and the United States, the number of oil and gas rigs operating fell to a record last week even as high oil prices encouraged some producers to resume drilling

The OPEC + group, which includes OPEC and its allies, including Russia, has not decided to extend production cuts of 9.7 million barrels per day for the fourth month in August

Iraq and Kazakhstan pledged to improve compliance with the cuts during an OPEC + committee meeting on Thursday

Oil prices were supported by a recovery in global fuel demand, as countries around the world resumed economic activity. 

Oil had fallen sharply in April and May during the interruption of activities due to the Corona virus but the World Health Organization announced a record jump in injuries worldwide, adding that the largest increase was recorded in North and South America    LINK

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Samson:  A high-ranking Iraqi military delegation explores the Turkish bombing areas in the Kurdistan Region

22nd June, 2020

An Iraqi military delegation visited, on Monday morning, the border region between the Kurdistan Region and Turkey, on the sidelines of a military operation launched by Ankara

A local official in Dohuk told Shafaq News, that the delegation is headed by Lieutenant General Hamed Abdullah, commander of the Iraqi border guards, and is inspecting border areas that have witnessed an aerial bombardment and Turkish artillery for several days, specifically the villages of Dasht Takht, Sir Zir, and other border areas and villages)

He added that the visit was carried out in advance with the Kurdistan Region, to assess the field situation in the border areas and to know the size and distance of the Turkish incursion into Iraqi territory

The Turkish planes bombed the border village in Zakho district of Dohuk governorate, causing panic among its residents without any casualties.

Turkish aircraft and artillery have been heavily bombing border areas in the Kurdistan Region since last week, in attacks it says are targeting anti-Ankara PKK fighters. Turkish forces also carried out airdrops of commando forces in areas within the region.

The attacks resulted in human and material losses in the border villages inside the Kurdistan Region, which sparked the condemnation of the Kurdistan Regional Government.  LINK

Samson:  The Arab Parliament rejects and condemns the attack on the sovereignty of Iraq

20:37 - 21/06/2020

On Sunday, the Arab Parliament rejected and condemned the violation and aggression against Iraqi sovereignty.

The Media Office of the President of the Parliament, in a statement received / information /, stated that “Speaker of Parliament Muhammad Al-Halbousi received a phone call from Arab Parliament Speaker Meshaal bin Fahim Al-Salami, where during the call the President of the Arab Parliament expressed the position of the president and members of the Arab Parliament rejecting and condemning the attacks on the rule of Iraq, which is inconsistent with international laws and norms, and threatens regional security and stability.”

Al-Salami indicated that the Arab Parliament expresses its full support for Iraq, stressing the preservation of Iraq’s sovereignty and its full support for its people.  LINK

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Samson:  Economist: Iraq has several options to punish Turkey for its attacks

09:08 - 22/06/2020

Economist Ihssan Al-Kinani stressed that Iraq has several options to punish Turkey for its repeated targeting of the country's lands in the Kurdistan region, pointing out that closing the border crossing points with Turkey is the best punishment for it.

Kanani said in a statement to the "information", that "Iraq has border crossings with Turkey through which various goods enter and engage in various commercial activities, and despite the use of Iraq from them, Turkey is the first beneficiary of that."

He added that "Iraq has the option to close the border crossings with Turkey and punish it for its repeated attacks on Iraqi territory, as it will lose many commercial activities, especially that Iraq is one of the first importers of its goods."

He said, “Turkey receives a lot of goods through Iraq is coming from various countries of the world, especially Asia, where it is possible to download Ankara large financial losses in the event that goods are not allowed to reach through Iraq.   LINK

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Samson:  A banking expert recommends switching to a digital economy

22nd June, 2020

Member of the Board of Directors of the Federation of Arab Banks and Chairman of the Board of the International Development Bank, Ziad Khalaf, when participating in the virtual financial conference organized by Frontier Exchange Company, presented a detailed analysis of the reality of the Iraqi economy and ways to advance the reality of the Iraqi economy and bring it to safety.

Khalaf said during the conference, which witnessed wide international participation via an electronic circuit: “The world and our Arab region live in an exceptional situation in light of the spread of the Corona virus and its wide effects on most economic sectors, according to the reports of the World Bank and the International Monetary Fund, which is expected to shrink The world economy increased by 5.2%, and the Iraqi economy increased by 4.7% during the year 2020.

It is expected that this deflation will represent the most severe recession since the Second World War, and one of the main reasons for this deflation is the decrease in oil prices by about 50% to reach the lowest level in 20 years as a result of the decline in oil production and restrictions on travel and the movement of individuals due to stone and closure, in addition to the decline in interest rates to zero levels And negative in some global central banks, as well as the decline of the main stock indexes to more than 35%, and its impact on the performance of global financial markets.

Decline in oil exports

He added, "On the level of Arab economies, the implications can be summed up in the impact of the exports of Arab countries by the decline in global demand by at least 50 percent, which is responsible for generating about 48 percent of the gross domestic product, as well as the decline in oil and non-oil exports, in particular it will be affected Arab economies are slowing demand by a number of their trading partners, as the countries affected by the Corona virus are currently considered one of the most important trading partners of the Arab countries as they absorb 65% of Arab exports.

Most of the world experts

A representative of the company, "Forintir Exchange" Ahmed Al-Jadir explained that "Iraq is an important economic center and this is something that all global economies realize, as most of the world experts assert that Iraq can be a tiger economy eighth in the world and this is not a complicated or inaccessible matter in light of the availability Natural and human resources.

Economic sectors

Khalaf went back to clarify, "The Arab countries were affected by a partial halt to local production in a number of economic sectors, the most important of which are the productive services sectors, especially the tourism, transport and internal and external sectors. These sectors collectively are responsible for generating about 40 percent of the GDP, and certainly the Arab oil exporting countries were affected. From the decline in foreign exchange receipts in light of a possible decline in export levels as a result of the spread of the virus, and the decline in remittances of workers abroad that contribute to rates exceeding 10 percent of the GDP in some of these countries. To 40 million citizens, in addition to the impact of this small and medium-sized pandemic, and therefore things combined will necessarily lead to an increase and deepening the budget deficit for most Arab countries.

Digital economy

He emphasized that "the role of the private and public banking sector comes to coordinate with the national units of partnership between the public and private sectors so that our first goal is to proactively provide support to the Iraqi economy through three main axes represented in the transition to the digital economy with Iraqi leadership in light of the Iraqi government's tendency to play a leadership role in Creating regional economic integration, which will lead to a reduction in the commercial cost and the creation of new jobs by 2% and an increase in the volume of commodity trade. This can only be achieved through the establishment of strong infrastructure that includes 4 main networks: electronic trading companies, banking and financing institutions, Insurance companies and technology companies. These four pillars collectively form the basis of the true digital economy.”

And he added, "This is what we have worked on in our group since its founding to develop a strategy through the adoption and operation of the latest advanced practical technologies from systems, devices, means of communication and protection, and at the same degree employing the latest systems related to laws and compliance laws and institutional governance, in the forefront of which the International Development Bank adopted the latest practical applications And global in this area, which supports his ambitions and strategic goals in leadership.

Crisis Management

And that Iraq possesses the ability to play a pivotal role in leading an economic renaissance through its adoption and sponsorship of the transition to the digital economy, which leads to congruence and economic integration, and to work on real partnerships between the public and private sectors aimed at managing crises and recovering from their effects to support projects, especially faltering and To prevent their stumbling, pointing to the necessity of supporting the health sector and its development and supporting the pharmaceutical industry, the truth is that Covid 19 revealed the major gaps in the health system not only at the level of Iraq but also at the level of the whole world and the negative impact of that on the economy and public health.

The medical section

He emphasized that “within the IDB’s strategic plan to sponsor investment projects in various sectors, the most important of which is the health sector through the Memorandum of Understanding signed between the International Development Bank and the International Finance Corporation IFC, one of the World Bank’s arms for the purposes of financing foreign trade operations and providing banking products and solutions to Iraqi companies in the face of Challenges and changing conditions in our Iraqi economy, and it is worth noting that in April 2020, the World Bank’s Board of Executive Directors approved the launch of a first set of emergency support operations for developing countries around the world, using the assistance of facilitating rapid and ad hoc funding to tackle a virus Corona Novelty. ”

The strongest pillars

Khalaf focused on "the importance of the transition to industrial and agricultural economics in order to be an effective penalty in the economy. The industry is one of the most powerful pillars of the Iraqi economy to get it out of a rentier economy to a productive economy, as it is the cornerstone that can be built on to launch a vital economy with positive effects that have a fundamental impact on other sectors, so that they are a factor of attracting and attracting funds and securing job opportunities and moving the growth wheel, and this is what has been done Work on it by the International Development Bank through its effective contribution to the initiative of the Central Bank of Iraq in financing small and medium projects.  LINK

Delta and KTFA Members Late Sat PM./ Early Sun. AM

KTFA:

DELTA:  "IRAQ AND GCC AGREE TO ACTIVATE MEMORANDUM OF UNDERSTANDING BETWEEN THE TWO SIDES"

GodLover:  Nice! The Gulf Cooperation Council (GCC) is a political and economic alliance of six countries in the Arabian Peninsula: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

DELTA:  "ACTIVATE THE DECISIONS OF KUWAIT CONFERENCE"

JJimmyJJ:  IMO, they're not just activating agreements,  they're declaring they have liftoff. 

"Iraq RI and transition to market economy, this is Cape Canaveral.  You have cleared the pad all engines look good".

Don961:  Fouad Hussein: Our foreign policy aims to expand cooperation with the Gulf

2020.06.20 - 22:18   Baghdad - people  

Foreign Minister Fouad Hussein stressed on Saturday that one of the priorities of Iraqi foreign policy is to expand cooperation with the Gulf states.   

Hussein said in a post that “Nass” (June 20, 2020) followed, “In a phone call with the Secretary-General of the Gulf Cooperation Council, Mr. Nayef Al-Hajraf, I emphasized that one of the priorities of Iraqi foreign policy is to expand cooperation with the Gulf countries and the Gulf Cooperation Council in various fields in particular. Economic and security. "  

He added, "This is done on a balanced basis and respect for sovereignty and non-interference in internal affairs, and I affirmed that Iraq’s policy is based on adopting the language of dialogue and understanding to build balanced relations that serve common interests."   LINK

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Coco:  There is a site that sells Dinar (which will remain nameless in accordance with KTFA policy) which has never been out of stock completely of dinar.  I've been checking this site everyday to see availability for years.  Today was the first day they had no denominations available what so ever.  I found this very interesting.

JJimmyJJ:  Thank you. It sure seems that lots of things we've been waiting to happen for years are suddenly happening,  doesn't it?

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Samson:  Deputy for Al-Fateh: The government has other untapped sources of funding

08:55 - 21/06/2020

The deputy of the Al-Fateh Alliance Fadel Al-Fatlawi stressed the need to use non-oil resources to cover the financial deficit and eliminate the current crisis, pointing to the importance of the telecommunications sector in providing the country with the necessary money to overcome its crisis.

Al-Fatlawi said to the "information", that "the revenues generated from the telecommunications sector in addition to the amounts obtained from the border outlets are able to enrich Iraq with the money it needs to eliminate the financial deficit that it suffers from the low oil prices."

He called for "opening the files of communications and border outlets to control their revenues and put them at the disposal of the government to be a main tributary in the budget and reduce dependence on oil in preparing the country's budget." 

And that "a lot of resources are still untapped, such as agriculture and industry, as many countries depend on them as a primary source in financing their budgets."  LINK

Samson:  Parliamentary Finance reveals the details of its meeting with the Minister of Finance

10:52 - 21/06/2020
Member of the Parliamentary Finance Committee in the House of Representatives Haneen al-Qaddu revealed on Sunday the most important discussion during the committee's hosting of Finance Minister Muhammad Allawi, indicating that the meeting was attended by the first deputy speaker of Parliament, Hassan Al-Kaabi.

Al-Kiddu said in a statement to "Information", that "the meeting of the Parliamentary Finance Committee with the Minister of Finance Muhammad Allawi was agreed on the legislation of the internal and external loans," noting that "the two sides agreed to stipulate that the new internal and external loan law be parallel to the established lending law."

He added that "it was agreed to find ways to treat the appointees at the Ministry of Education and that the government should bear the payment of their salaries, in addition to cooperation between the committee and the Ministry of Finance by submitting a reform paper in order to legislate the law on internal and external loans and diversify the state's resources."

Al-Kiddu pointed out that "the deficit in the budget for the current year amounted to 40 trillion, five of which are internal loans and 35 external." LINK

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Samson:  Iraq is witnessing the eclipse of the sun .. "The Ring of Fire" shines in the sky

21st June, 2020

On Sunday morning, Iraq and the Arabian Peninsula regions witnessed an annular eclipse of the sun, which is the second in 6 months. This coincides with the first days of summer and the longest day of the year, the day that is called the summer solstice, as the sun reaches its maximum mile north

This event is represented by the phenomenon of the eclipse of the sun, which is characterized this year as an annular eclipse, which is called the "ring of fire", during which the sun appears more like a golden ring, as the moon covers most of its parts from the middle

This annular eclipse in the region is the second after the annular eclipse witnessed by most countries of the Arabian Peninsula on December 26, 2019

What is a ring of fire or annular eclipse?

The eclipse is a natural astronomical phenomenon that occurs when the moon passes at the same level between the Earth and the sun. On Sunday, June 21, many countries of the world will witness either a partial or annular eclipse with the moon appearing in front of the sun relative to the Earth

An eclipse occurs when the moon is at its maximum point in its orbit around the Earth, which is astronomically known as the "height of the moon", which means that it will not be able to completely block the sun in some regions, and thus the "ring of fire" phenomenon is formed

The eclipse begins in the Emirates at around 07:45 am in Abu Dhabi, and its climax is at 10:40 am, to be seen partially in most regions of the country

The annular eclipse track begins near the city of Imbuganda in the north-eastern part of the Republic of the Congo at about 08:47 am Emirates time, then goes east through the Democratic Republic of the Congo, southern Sudan, Ethiopia and Eritrea, before moving to Yemen and southern Saudi Arabia and cutting the Sultanate of Oman heading east to the Pacific, To end up at 12:32 pm Emirates time after a journey of 3 hours and 45 minutes

During its course, an annular eclipse is observed in the regions it passes by up to 98 percent, while the adjacent areas on both sides of the path are partly eclipse  LINK

Frank26 Video, MilitiaMan and more Friday Night 6-19-2020

KTFA:

MilitiaMan:  They are not talking about devaluation. They are talking valuation. WOW!! Get ready.. Alak is talking on a FRIDAY!!!!! Whooo whoooo. imo  This is HUGE!! imo ~ ALAK talked on the holy day.. think about it..MM

Samson:  : Al-Alaq: The devaluation of the dinar should not be the first line of defense to confront the financial crisis

19th June, 2020

The Governor of the Central Bank of Iraq, Ali Al-Alaq, stressed that the devaluation of the dinar against foreign currencies should not be the first line of defense to confront the financial crisis and bridge the budget deficit

In a letter addressed to the former Assistant Secretary-General of the League of Arab States, Legal Adviser to the Prime Minister, Dr. Fadel Muhammad Jawad, and obtained by Al-Iqtisad News, Al-Alaq said that “by virtue of the central bank’s responsibility for monetary policy, the study and review of the exchange rate is an ongoing matter from Before formations of the bank and its board of directors based on in-depth studies that take into consideration all factors and variables, indicating that" the exchange rate is not a sacred matter so that it cannot be compromised

He added that "the devaluation of the dinar against foreign currencies should not be the first line of defense, nor should it be a means to bridge deficits, shortcomings and failures in the performance of other financial, commercial, investment, tax and customs policies", explaining, "easy solutions that achieve a financial value must not be used Limited at the expense of damage to all segments of society caused by inflation, especially the fragile and poor segments

He stressed that "we note the inaccuracy of the (some) account of the dinar reduction achieved from resources to the public budget, as the correct calculation is that we subtract from the total dollar revenues the share of oil companies, which amounts to 14 billion dollars annually and the payment of debts, interest and external liabilities amounting to more than 5 billion Dollars, in addition to the supplies and materials imported by the government, such as oil derivatives, ration materials, etc., the net of this amount hits the new price of the dinar, ”noting that if the dinar’s value is reduced to 1500 dinars for every dollar, the difference that the Ministry of Finance obtains from the difference is 5 trillion dinars

He noted that "the devaluation of the dinar against the dollar will lead to protection and stimulation of the local product is something that many notes suffer because this measure is used by some countries to encourage exports and in the case of Iraq the goal is to provide ingredients to stimulate domestic production and protect it from dumping policy practiced by exporting countries, especially neighboring countries, This goal will not be achieved by reducing the value of the dinar because the price difference is because of the dumping policy or because of the depreciation of the currency of these countries in a very large way

Al-Alaq called for controlling random imports and stopping dumping policy by controlling border crossings, as the number of informal border crossings is more than official and strict application of customs duties is an effective application of laws to protect the producer, consumer and anti-dumping LINK

Chappy86: I like the blatant use of "the net of this amount hits the new price of the dinar. Telling us a new rate is coming.  

Clare:  WOW! ...........COME ON SOMEBODY!!

Edna:  Yeah, I must agree this a "sneekey powerful" article. What I get from is Alak saying to the citizens and the world " No! we will NOT raise the value of the Dinar because doing so would Contribute to Inflation and cheep exports, this is the opposite of what we are trying to achieve, We want to attract Imports and domestic growth while meeting our annual expenses, hence, The New Value of the Dinar. He went on to say: We Not following the policy of Dumbing exports into the world economy which has a negative effect on our exchange rate, but seek to increase investment and imports. IMO

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BearCinnabar:  KTFA, remember this chart brought to us by Newshound Samson, it helps to look at the numbers from Iraq and the numbers from the United States:  IMO 

IQD/USD FOREX RATE CHART:  

When we finally see the IQD listed on FOREX you won't see it as a dollar amount.  You'll see a "factor" and it requires a simple math step to get to what we want to know - how many $'s we get for each Dinar.
All FOREX listings are listed in pairs - comparing the USD to some other currency.  They will all show a different numerical factor against the USD.        USD/CAD, USD/EUR, USD/IQD

Using the program rate of 1190 you would divide $1 by 1190 = .00084 
So you will see it on FOREX listed as  USD/.84       $1 divided by .84 = $1.19
And.......
USD/0.537 = $1.86          ($1 divided by .537 = 1.86)
USD/0.400 = $2.50          ($1     "       "  .400 = 2.50)
USD/0.333 = $3.00          ($1     "       "  .333 = 3.00)
USD/0.243 = $4.11          ($1     "       "  .243 = 4.11)  

Also ....$ RATE = WHAT YOU WILL SEE ON FOREX….WHEN IT RI’S / RV’S… (Reinstates / Revalues):  See:  the #'s decrease, but with gained value as the exchange rate in american dollars:

$.86   = 1.162…….. 

$1.00 = 1.000……… 

$1.17 = 0.854………. 

$1.86 = 0.537…….. 

$2.00= 0.500……… 

$2.50 – 0.400……..

$3.00 = 0.333……

$3.22 = 0.310….. 

$3.46 = 0.289…….. 

$3.50 = 0.285 ……… 

$3.86 = 0.259…….. 

$4.00 = 0.250……… 

$4.10 = 0.243…….. 

$4.40 = 0.227………

$5.00 = 0.200……..

Frank26:  6-19-20....THEY GAVE NOTICE

THEY GAVE NOTICE !!! DID YOU NOTICE? ...SMILE...

This video is in Frank’s opinion

Special Report from MilitiaMan

https://www.youtube.com/watch?v=mmYKx94LdRg

MilitiaMan Thursday Evening "Iraq is on the Fast Track" 6-18-2020

KTFA:

Samson:  Details .. Iraq and Iran announce a financial agreement and the exchange of basic commodities 

17th June, 2020

President of the Central Bank of Iran, Abdel Nasser Hamti, stressed the expansion of monetary and banking cooperation between his country and Iraq, revealing the use of a joint mechanism to accelerate the supply of basic commodities.

Hamti, who arrived in Baghdad this morning, Wednesday, to discuss joint monetary and banking cooperation between the two countries and during his meeting with the Director of the Iraqi Central Bank, Ali Al-Alaq, "We have reached during the previous visits to good and constructive agreements through proposals that have been put forward by both sides, and it was agreed to use the resources we have in Iraq to buy goods that are not part of the economic sanctions, and we also reached a good understanding during our visit." 

He added, "Currently, the two countries have the desire and desire to implement this agreement quickly."

For his part, the Governor of the Central Bank of Iraq, Ali Mohsen Ismail Al-Alaq, pointed to the understandings that were agreed upon during the past year between the two central banks, which were signed by both sides, saying that "this memorandum of understanding, which relates to financial and banking matters between the two sides and the way to benefit from the sources of the Iranian Central Bank It was discussed in a transparent manner, and today it was agreed to activate the necessary procedures accordingly." 

The meeting was attended by representatives of the ministries of Industry, Minerals and Trade (silence), and the head of the Iranian National Gas Company in addition to the President of the Iranian Central Bank. It was also agreed between the heads of the Iranian and Iraqi Central Bank during this meeting, on the mechanism for implementing this agreement.

The head of the Iranian Central Bank confirmed that Iran is determined to take advantage of its external sources to import basic commodities into the country and benefit from them, including medicine. "After the agreement that was made today with the President of the Central Bank of Iraq, we will start working with Iraq on this platform from today," he said, who is currently visiting Baghdad, in a press statement after his meeting with Al-Alaq. He added, "The Islamic Republic has good financial resources in Iraq, and it was agreed and the decision was made to import a portion of the basic commodities that we need in our country from this neighboring country."

Hamti pointed out that "an agreement was signed on the mechanism of financial payment last year between Iran and Iraq, and the exploitation of Iranian resources in Iraq was part of this agreement." He stressed that "the Islamic Republic is keen to expand financial and banking relations with Iraq through the Iranian Central Bank and the rest of the banks operating in this country." The head of the Iraqi Central Bank, Ali Al-Alaq, said, "The largest part of these Iranian financial sources that are in Iraq is related to energy (gas and electricity), and therefore, according to the new agreement, these resources will be utilized."

Ali Al-Alaq pointed out that "the meeting today resulted in the signing of the understanding that took place during the past year on the mechanism of financial work between the Iraqi Central Bank and the Iranian, and this agreement was discussed and an agreement was reached on the implementation of parts of it, including the export of basic commodities to Iran."  

In response to a question, is it possible that this agreement between the two countries could be affected in the event of an external intervention, he said, "All parties agreed to this automated and financial agreement and it was carried out in complete transparency." 

Al-Alaq stressed that this agreement took place at an international level and was agreed upon. The head of the Iranian Central Bank, Abdul Nasser Hamti, arrived in Baghdad at the head of a high-level delegation this morning, Wednesday.
---------------------------
Prime Minister Mustafa Al-Kazemi decided, on Wednesday, to keep the head of the Popular Mobilization Authority, Faleh Al-Fayyad, the governor of the Central Bank, Ali Al-Alaq, and the director of the retirement board, Ahmed Abdul-Jalil, to continue working in their positions.
 
According to documents issued by Al-Kazemi’s office obtained by Al-Akhbariya, according to the approval of the Prime Minister, it was decided to continue assigning Faleh Al-Fayyad to continue running the affairs of the Presidency of the Popular Mobilization Authority.

In a separate document, it was also decided, and will continue, on the relationship to manage the affairs of the Governor of the Central Bank, as stated in another document, which decided to continue assigning Ahmed Abdel Jalil to conduct the affairs of the retirement board.   LINK

DELTA:  FAMILY I DID READ THE DOCUMENTS IN ARABIC ...ALAQ WILL STAY AND WILL HAVE THE FULL POWER OF CBI... BUT ONLY UNTIL 07/15/20..........LIKE I SAID ON THE PAST CC.........THEY NEED HIM UNTIL RI IS DONE.....SO IMO.......RI SHOULD TAKE PLACE IN BETWEEN ........AMAZING......GAME OVER...

MilitiaMan:  I hope everyone understands that Iran is always going to be a trading partner with Iraq.  The international level they speak of is imo with the likes of the USA, WB, IMF, UST, UK, EU, etc..

They have an agreement done and they agreed on the mechanism to facilitate it.. They have started the work on the platform yesterday.. The meetings apparently were necessary to have and to be successful. From the looks of it they were successful and had to be done to get where we are going. This imo is flat out huge for us all! 

Let that bit sink in. Alak has been involved the whole time. The PM has had meetings with him and here we see his tenure is through 07/15/2020.. He will be the one that gets credit for the Monetary Reform of a Re In-statement of the IQD. imo That high level delegation was or is in conjunction with the aforementioned international entities...

They all know the mechanism now too. They had to agree on it.. What is a mechanism you might ask? Here is an example of one..  So, the meetings last week and the follow up this week is powerful and should have everyone smiling.. imo ~ MM

JJimmyJJ:  I know that Iran doesn't like Iraq throwing off their dependance on Iran,  but having Iraq go international can be a huge advantage for Iran.

Since Iran is an international pariah, having Iraq next door with no import/ export sanctions and an internationally- traded currency gives Iran access to goods and hard currency they couldn't access otherwise. 

Getting out of the way and allowing Iraq to RI allows Iran to steal in new and exciting ways. And, from the US side,  I'd imagine giving up some organized crime is preferable to having Iran run Iraq as a vassal state. 

It isn't perfect,  but it allows all sides to get some of they want... and Iraq can always arrest the Iranian crooks later. …….My 2 cents.

Don961:  Disclosure of American pledges to help Iraq overcome the financial crisis

Policy 2020/06/18 20:43 416    Baghdad today - Baghdad 

Member of the Parliamentary Finance Committee, Sherwan Mirza, confirmed today, Thursday, that the United States of America has expressed its readiness to help Iraq overcome the current financial crisis.

Sherwan Mirza said, in an interview with (Baghdad today), that "the American Secretary of State announced his country's readiness to provide sums of money to help Iraq overcome the current economic crisis," noting that "he did not announce his country's terms for that assistance in the event that it is achieved."

Mirza added, "The Ministry of Finance is negotiating with the International Monetary Fund and the World Bank to obtain financing, but it has not reached any agreement yet."
And a member of the Finance Committee in Parliament stated that "the government seeks to borrow in order to secure the salaries of employees, and not to secure the investment budget, but we stressed in our meeting with the Minister of Finance that part of those loans go to investment."

The head of the  in the strategic dialogue with Washington, had revealed earlier, the content of US pledges to assist Iraq in the energy and financial crisis.

Hashem said, in an interview with the program (Shortest Roads) presented by the media, Dr. Nabil Jassem on Al Sharqiya News Channel that

"Iraq presented a description to Washington regarding the financial crisis and the Corona pandemic, and the American delegation expressed its willingness to assist Iraq directly in the financial aspect through certain mechanisms and influence the International organizations, including the cash box, to help Iraq or American companies to push them to invest in us, and urge friendly and neighboring countries to Iraq to help them also in this file. "  LINK  

MilitiaMan:  Iraq is on the fast track! They have done what they have needed to do lately in regard to many files. The new PM and his Deputy the FM have everyone's attention now.

The meetings over the last couple weeks and days, have apparently been on target. They have the attention of the USA directly,  and who if you'll notice speak of mechanisms; along with payments, agreements, transparency (trust), all related to fixing a crisis and quickly I might add.

When high delegations meet they have an agenda.  In this case it is to help Iraq with their new beginning in coming out into a market economy..

Notice that in the event of external intervention things can be affected.. Well when and if the USA intervenes, things can get affected.. lol imo..

Also not that they have an automated financial agreement and the platform started yesterday from the writing above. So whereby they have the mechanisms to facilitate the opening and all within this month, imo..

The focus is on the financial crisis and energy.. Don't think for a moment that there is massive deals gearing the start a new..

With the USA having influence the investors will come and help, just as the neighbors are too. Even Iran is and was at the table too.. Apparently that went very well too.

Exciting times.. imo Lets see what the CBI has to say or even Allawi... imo ~ MM

Don961:  Zain prepares for an era of encrypted transactions and codes by joining Hedera Hashgraaf's Board of Directors

Economie 06/16 2020 12:41 349 Editor: hr   
Baghdad today - Baghdad

Zain Group (Kuwait Stock Exchange: Zain) announced that it has joined the Board of Directors of Hedera Hashgraph, a network targeting the enterprise sector, and that is based on distributed ledger technology or "Distributed Ledger Technology" (DLT) that includes blockchain technology.

Zain Group revealed in a press statement that it is the first company in the region to join this project, in order to participate the largest community of innovators in the world, as Hedera Hashgraph Board of Directors includes international companies from all sectors: Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Swisscom Blockchain, Tata Communications, University College London, and Wipro.

Zain, which owns and operates 8 advanced telecom networks in the Middle East and Africa markets, explained that the tasks of the work of the Board of Directors (Hedera Hashgraaf) is to develop practical plans to ensure the reliability of work and lead decision-making, as Hedera Hashgraph provides the next generation of distributed accounts, which is Faster and safer than traditional blockchains.

The group stated that the project provides a new way for communities of individuals and companies whose members do not know each other or trust each other to cooperate safely and interact online without the need for a reliable broker, indicating that it is through this cooperation that it will gain innovative insights in its digital operations on trends and applications in areas Distributed Account Book (DLT), where you will be able to evaluate opportunities for future development of its products.

Zain stressed that as a leading international institution in the digital services sector, it is constantly looking for the best technological options that can provide new solutions for its individual and corporate customers, and that the (Hedera Hashgraaf) patented platform addresses environmental issues of global importance as Its energy system is extremely efficient, given that part of the energy used by the blockchain platforms is used. This trend is in line with Zain Group’s membership and commitment to the Carbon Early Detection Project, which provides a reporting framework to address climate change.

Its vision aims to focus on addressing four basic challenges of adopting a distributed book of accounts (DLT): technology, security, stability, and governance. In order to achieve this vision, it is required to be governed by a wide range of different sectors, distributed over geographical regions.

Distributed Account Book (DLT) technology uses a consensus algorithm based on hashgrave to allow multiple branches of blocks instead of one chain, according to a digital system for keeping records of owners of specific assets, and to ensure the balance of accounts, and this technology works in place of the centralized system used and recognized, This technology also allows everyone within this mechanism to view and approve transactions, as the system saves data dated for all transactions in the encrypted ledger record.

The Vice Chairman and CEO of the Zain Badr Group Nasser Al-Kharafi expressed his happiness for the Zain Group joining the Board of Directors (Hedera Hashgraaf) in which a list of the most innovative companies in the world is participating. Able to facilitate payments and file storage and support smart contracts, needed by the development of the digital economy. "

He continued, "We also hope that our participation in (Hedera Hashgraaf) will contribute to advancing technological innovations and areas of electronic commerce and the enterprise and business sector in the markets of the Middle East region, and also enhance our initiatives on the interface of our applications, through which we provide financial technology, e-health, The Internet of Things, fifth-generation applications, as well as drone solutions, are all areas of sophistication and improvement with distributed notebook technology. ”

 For his part, Chief Executive Officer of Hedera Hashgraph Mans Mans Harmon said, "We are delighted to join Zain Group in the company's board of directors, due to its long track record of initiatives and innovations in the Middle East and Africa markets, where it possesses a rich balance of services and advanced products in the digital services sector."

It is worth noting that the Board of Directors of Hedera Hashgraph will work on drawing the technical roadmap for the network, and will provide commercial expertise to manage commercial operations, the necessary expertise in the fields of economics and currency markets to manage cryptocurrencies, in addition to legal expertise to help navigate the evolving regulatory environments in the global markets. Management to build decentralized governance of distributed notebook technology.

LINK  

MilitiaMan:  The word is out.. The country of Iraq is opening to a market economy. This company may lead the charge in TRANSPARENCY!!! .........................TRUST!!!  Oh ya.. imo ~ MM

"It was discussed in a transparent manner, and today it was agreed to activate the necessary procedures accordingly." 

""All parties agreed to this automated and financial agreement and it was carried out in complete transparency."   LINK

Delta and KTFA Members "News and Views" Thursday 6-18-2020

KTFA:

DELTA:  Our valued customers ..

The Administration of the Iraqi Trade Bank would like to inform you that the new schedule of prices for bank commissions will be implemented as of  07/01/2020.

To request the new price schedule, please visit one of our branches. So it required notice ...

The Iraqi Trade Bank

MilitiaMan:  They are giving notice, like the notice that was given out recently for border fees, taxes, etc., and for shipping lines.. imo  ….With a similar time frame? Isn't that interesting. I suspect they'll need those prices changed prior to or at least when they re instate their new currency.. The interesting thing is they have the new pricing now, from the looks of it.. lol ~ MM

Samson:  By documents .. Al-Kazemi decides to keep Al-Fayyad and Al-Alaq in their posts

18th June, 2020

Prime Minister Mustafa Al-Kazemi decided, on Wednesday, to keep the head of the Popular Mobilization Authority, Faleh Al-Fayyad, the governor of the Central Bank, Ali Al-Alaq, and the director of the retirement board, Ahmed Abdul-Jalil, to continue working in their positions.

According to documents issued by Al-Kazemi’s office obtained by Al-Akhbariya, according to the approval of the Prime Minister, it was decided to continue assigning Faleh Al-Fayyad to continue running the affairs of the Presidency of the Popular Mobilization Authority.

In a separate document, it was also decided, and will continue, on the relationship to manage the affairs of the Governor of the Central Bank, as stated in another document, which decided to continue assigning Ahmed Abdel Jalil to conduct the affairs of the retirement board.   LINK

DELTA:  FAMILY I DID READ THE DOCUMENTS IN ARABIC ...ALAQ WILL STAY AND WILL HAVE THE FULL POWER OF CBI... BUT ONLY UNTIL 07/15/20..........LIKE I SAID ON THE PAST CC.........THEY NEED HIM UNTIL RI IS DONE.....SO IMO.......RI SHOULD TAKE PLACE IN BETWEEN ........AMAZING......GAME OVER...

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DELTA:  The United States negotiating delegation presented Iraq with the idea of using economic and financial experts to help the government develop the economy and move towards a market economy, which led the Iraqi government to agree."(wink)

"Iraq has begun negotiations with the International Monetary Fund (IMF) to borrow $5 billion to support the budget and correct the economy through a strong reform package (wink) similar to the credit readiness agreement Iraq signed with the IMF in 2015." 

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Samson:  A source reveals a recent visit by "Al-Kazemi" to America

17th June 2020

A well-informed source revealed, today, Wednesday, a close visit of Prime Minister Mustafa Al-Kazemi to the United States in the middle of next July

The source told "Gilgamesh Press", "Prime Minister Mustafa Al-Kazemi to the United States of America in the middle of next July at the head of a high-level ministerial delegation to resume the second round of Iraqi-American negotiations that started its first round on the eleventh of this month

He continues, "Prime Minister Mustafa Al-Kazemi will be at the head of this delegation, which will negotiate with the American side, and he will be met in the dialogue by the American Vice President with the Foreign Minister."   LINK

Don961:  Zain prepares for an era of encrypted transactions and codes by joining Hedera Hashgraaf's Board of Directors

Economie 06/16 2020 12:41 349 Editor: hr   
Baghdad today - Baghdad

Zain Group (Kuwait Stock Exchange: Zain) announced that it has joined the Board of Directors of Hedera Hashgraph, a network targeting the enterprise sector, and that is based on distributed ledger technology or "Distributed Ledger Technology" (DLT) that includes blockchain technology.

Zain Group revealed in a press statement that it is the first company in the region to join this project, in order to participate the largest community of innovators in the world, as Hedera Hashgraph Board of Directors includes international companies from all sectors: Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Swisscom Blockchain, Tata Communications, University College London, and Wipro.

Zain, which owns and operates 8 advanced telecom networks in the Middle East and Africa markets, explained that the tasks of the work of the Board of Directors (Hedera Hashgraaf) is to develop practical plans to ensure the reliability of work and lead decision-making, as Hedera Hashgraph provides the next generation of distributed accounts, which is Faster and safer than traditional blockchains.

The group stated that the project provides a new way for communities of individuals and companies whose members do not know each other or trust each other to cooperate safely and interact online without the need for a reliable broker, indicating that it is through this cooperation that it will gain innovative insights in its digital operations on trends and applications in areas Distributed Account Book (DLT), where you will be able to evaluate opportunities for future development of its products.

Zain stressed that as a leading international institution in the digital services sector, it is constantly looking for the best technological options that can provide new solutions for its individual and corporate customers, and that the (Hedera Hashgraaf) patented platform addresses environmental issues of global importance as Its energy system is extremely efficient, given that part of the energy used by the blockchain platforms is used. This trend is in line with Zain Group’s membership and commitment to the Carbon Early Detection Project, which provides a reporting framework to address climate change.

Its vision aims to focus on addressing four basic challenges of adopting a distributed book of accounts (DLT): technology, security, stability, and governance. In order to achieve this vision, it is required to be governed by a wide range of different sectors, distributed over geographical regions.

Distributed Account Book (DLT) technology uses a consensus algorithm based on hashgrave to allow multiple branches of blocks instead of one chain, according to a digital system for keeping records of owners of specific assets, and to ensure the balance of accounts, and this technology works in place of the centralized system used and recognized, This technology also allows everyone within this mechanism to view and approve transactions, as the system saves data dated for all transactions in the encrypted ledger record.

The Vice Chairman and CEO of the Zain Badr Group Nasser Al-Kharafi expressed his happiness for the Zain Group joining the Board of Directors (Hedera Hashgraaf) in which a list of the most innovative companies in the world is participating. Able to facilitate payments and file storage and support smart contracts, needed by the development of the digital economy. "

He continued, "We also hope that our participation in (Hedera Hashgraaf) will contribute to advancing technological innovations and areas of electronic commerce and the enterprise and business sector in the markets of the Middle East region, and also enhance our initiatives on the interface of our applications, through which we provide financial technology, e-health, The Internet of Things, fifth-generation applications, as well as drone solutions, are all areas of sophistication and improvement with distributed notebook technology. ”

 For his part, Chief Executive Officer of Hedera Hashgraph Mans Mans Harmon said, "We are delighted to join Zain Group in the company's board of directors, due to its long track record of initiatives and innovations in the Middle East and Africa markets, where it possesses a rich balance of services and advanced products in the digital services sector."

It is worth noting that the Board of Directors of Hedera Hashgraph will work on drawing the technical roadmap for the network, and will provide commercial expertise to manage commercial operations, the necessary expertise in the fields of economics and currency markets to manage cryptocurrencies, in addition to legal expertise to help navigate the evolving regulatory environments in the global markets. Management to build decentralized governance of distributed notebook technology.  LINK

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Don961:  Al-Kazemi is in a "critical situation" .. Iraq needs a "miracle"

Free / Private - Washington June 17, 2020

In the darkest conditions that passed in Iraq, there was always abundant money flowing in the hands of the government, often used to boost security spending or create jobs, which would later lead to stability, albeit shaky, of the situation.

However, according to economic and security professionals who spoke to Al-Hurra, the "current crisis is very dangerous" and threatens countries that have not known long-term stability, perhaps since the 1950s.

"When there is money in the hands of people, other problems are more likely, but the economic threat is what makes people make desperate choices," economist Pioneer of Tribulation told Al-Hurra.

At this time, the government of Mustafa Al-Kazemi, which many expected to be a rescue government, faces very big problems, perhaps the most important of which is the decrease in Iraq's financial imports and the pressure that the private sector is exposed to due to the procedures to confront the Corona virus.

"This is a global problem," says the ordeal, "but in Iraq the situation is more dangerous. Years of dependence on the rentier economy and the lack of revitalization of the economy and the adoption of an appointment policy in order to silence people paralyzed any ability of the Iraqi economy to face challenges."

Over the past years, many small investments have been closed under pressure from import subsidies that the state was indirectly doing, because of its support for dollar prices.

Now, thousands of hectares of farmland have been lost, thousands of small factories closed, and craftsmen have closed their stores due to import, "everyone relied on the government salary," says the ordeal.

Building an economy from scratch is an almost impossible task even in countries that enjoy stability and resources, and the task is more difficult in Iraq, whose government appears to be the weakest player in it.

"Any initiative to impose security will collide with the will of parties and militias, and with corruption, which are often one thing," says security journalist Abdullah Al-Muhammadi.

According to al-Muhammadi, "parties and militias control border crossings and ports, and run an active smuggling trade that is devastating to the Iraqi economy and security, and that weapons and people pass through the outlets for amounts of less than $ 200 per person."

And Muhammadi adds to the "free", the government can not impose security "by using its army torn allegiances, or by using its police, which is controlled by militias and parties, especially since the prime minister who used popular officers to manage security centers, may himself become a hostage of those officers who protect him" From the power of the militias that threaten him. "

Al-Kazimi was subjected to serious accusations and threats by the militia even before he was voted on in Parliament, as he was accused of facilitating the American bombing that led to the killing of Qassem Soleimani and Abu Mahdi Al-Muhandis in early January, near Baghdad airport.

Political analyst Samer Saad told Al-Hurra that “the decisions that Al-Kazemi must first need to be studied in depth, and it is clear to Al-Kazemi through recent decisions that he does not like this type of decision and prefers decisions that have media repercussions.”

According to Saad, "Al-Kazemi does not face opposition in parliament, but he also does not have support in him. He does not have the papers that allow him to win this support, and he may be thinking about a political future for this, so critical options may not be presented at this time."

"In addition to this, the media machine of Shiite parties and militias harnesses its capabilities to attack it and it does not have the support of civilians and secularists even though it is accountable to them, so it is in a critical situation," Saad said.

Iraq is currently facing a stifling economic crisis and a very large health crisis, in addition to its "chronic" security and political crises.

"We need some kind of miracle," says political analyst Samer Saad, "but unfortunately miracles usually happen late."

Free / Private – Washington   LINK

Don961:  Two political analysts respond to the announcement of the "empty treasury" that Abd al-Mahdi left ... One of them holds Al-Kazemi responsible for his escape

Policy  ,   06/1920 2020 04:47     Baghdad - Iraq today:

When Hisham Dawood, Adviser to the Prime Minister, Mustafa Al-Kazemi, revealed that the new government received from the previous government of Adel Abdel-Mahdi, an empty treasury in which there is only $ 300 million, and this came in a tape recorded by a press conference, in which he reported information that Adel Abdel-Mahdi And his government, they left the state treasury empty, and the country needs everything, especially as it has a serious global epidemic, and it has many requirements, as it is waging a fierce war against terrorism.

Many elites, political experts and bloggers commented about this dangerous disclosure, as some of the specialists praised the government's initiative to disclose and announce what is in the treasury, where blogger and activist Walid Al-Taie considered it a good thing, because this is the first time that the government reveals what it has in the treasury, which is In fact, it reveals that Al-Kazemi’s government is confident in itself, and in its plan that I have planned for the next job.

As political analyst Ehsan al-Shammari said in a tweet to him, "It is only Abdel-Mahdi who has accomplished (the empty treasury) who can bear what the financial situation has reached at present."

As for the former adviser to Abd al-Mahdi, who left when Abd al-Mahdi was prime minister, writer and politician Laith Shubbar, he has another opinion, where he said in a tweet, through which he addressed al-Kazemi, saying: “Your predecessor gave you an empty treasury and rewarded him with praise, a huge pension, and let him flee To Arbil instead of being imprisoned by him and his aides, for the crimes he committed, his mismanagement of the state and the loss of Iraqi money. "   LINK

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Samson: Parliamentary Integrity: Iraq has property and real estate abroad, of which nothing is known

17th June, 2020

Member of the Parliamentary Integrity Committee, Abdul Rahim Al-Shammari, confirmed today, Wednesday, that the Parliamentary integrity has documents about financial waste in state properties, in addition to Iraq owning property and real estate abroad, nothing is known about.

Al-Shammari said in a statement to "Degla Satellite TV," that "the border crossings outside the control of the state and corruption are dominated by them," noting that Iraq has properties and real estate abroad unknown about anything and there are no things whose nature can be inferred because of the corrupt, although we addressed the Ministry Foreign, but did not respond."

He described the government's attempts to prejudice the salaries of employees and retirees as "unfair", stressing "the need to find alternatives to other alternatives to prejudice the salaries of employees and retirees." He pointed out that "many MPs have opened the file of state real estate, which is in the hundreds and has been granted to the parties at low prices", wishing Al-Kazimi to "take care of this important file and work on it."

Al-Shammari believed that "if the border ports and airports are used correctly and without corruption, they are considered an approach to oil in terms of financial resources, but unfortunately there is widespread and widespread corruption in the file of the ports."  

It is reported that Prime Minister Mustafa Al-Kazemi has pledged his government program to eliminate corruption and hold corrupt people accountable.  LINK

KTFA Members "Wednesday News" 6-17-2020

KTFA:

Samson:  Deputies expected a comprehensive and final agreement between Baghdad and Erbil this week

14th June 2020

The decision of the Parliamentary Finance Committee, Ahmed Al-Saffar, revealed today, Sunday, that a delegation from the Kurdistan region will visit Baghdad this week, noting that "the negotiating paper includes discussion on all outstanding issues as the two parties work hard to conclude a final and comprehensive settlement."

Al-Saffar said in a televised statement, "The date of the delegation's visit is related to the government's decision, but it is assumed that the visit will take place during this week, because this last opportunity and there are only 8 days left from the end of the previously scheduled date to reach an agreement, indicating that the meetings will be held with the ministries of finance and planning. And oil to resolve differences under one package."

He explained: "In our last meeting with the Ministers of Finance and Planning and the Central Bank during their hosting in Parliament last Wednesday, they asked the House of Representatives to agree to foreign and domestic borrowing, and when I asked about the share of the Kurdistan region, the response was that this matter does not include Kurdistan, and that it must be addressed through Concluding a separate agreement, and indicated that the parties prepared their papers and will meet during this week to reach the agreement, and they were optimistic about the possibility of reaching an agreement.

He continued that the negotiating paper includes all areas, including oil, employees, customs, issues mentioned in the constitution and the Financial Management Law No. 6 of 2019, to determine the competence of each party, stating: “If the debts in each side are calculated in the interest of the other, then this will create a problem and will not lead us to any As a result, so they decided not to go back, but to start again, and the two parties are working hard to conclude a final and comprehensive settlement."

He stressed that "these meetings will not be the first of its kind. Rather, since the beginning of the formation of the government, the head of the Kurdistan Regional Government, Masroor Barzani, visited Baghdad and expressed his readiness to solve the differences. The delegation also visited the Iraqi capital several times, and there reached very good agreements signed by the two parties but The resignation of the previous government and the outbreak of protests prevented its implementation, "explaining: "

Therefore, the delegations of Baghdad and Erbil will meet this week to conclude the final agreement, given that the Iraqi government asked the Kurdistan Regional Government to provide some data and information, which was approved by the Kurdistan Region, and I believe that this upcoming visit is sufficient to reach a final result."

In response to a question about the date of sending the Kurdistan region's share of the budget, Al-Saffar stated that "Iraq is currently unable to pay the salaries of its employees, as the operating expense is 6 trillion and 500 billion, while the current revenues do not exceed 2 trillion and 500 billion, meaning that the deficit reaches 4 trillion."  LINK

MilitiaMan:  This might be of some encouragement. 2019 FML is something to have close to the chest. They are keeping this tight! imo It is what we are all waiting on .. As is everyone in Iraq and around the world.. imo ~ MM

Don961:  Video .. Shocking statement from Al-Kazemi’s advisor: There is only 300 million dollars in the Iraqi state’s treasury

2020-06-17

Yassin Iraq: Baghdad

Hisham Dawood, adviser to the Prime Minister, Mustafa Al-Kazemi, said that the new government received from the previous government of Adel Abdul-Mahdi an empty treasury with only $ 300 million in it.

"Adel Abdel Mahdi and his government have left the state treasury in this vacuum, and we are facing a country that needs everything and has a grave global epidemic, and we have many requirements and are fighting a war against terrorism," Dawood said in a recorded tape from a press conference, shared with "Yass Iraq".

video link

My discontent

Elites and political experts close to the ruling administration in Iraq commented on the file handing over the previous government of Abdul-Mahdi the treasury of the empty state to Al-Kazemi.

The political analyst, Ihsan al-Shammari, said in a tweet shared with “Yassin Iraq” that “Adel Abdel Mahdi, the accomplished (empty treasury), is the only one who bears what the financial situation has reached at the present time.” 

As for the former close associate of the Abdul-Mahdi government and later departed from it, Laith Shbar, in a tweet addressed by Al-Kadhimi, confirmed, “Your predecessor gave you an empty treasury and rewarded him with praise and a huge pension and left him to flee to Erbil instead of saying goodbye to him and his associates because of the crimes he committed and mismanagement For the state .. and the loss of Iraqi money.  link

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Samson:  Within 15 days, thousands of accused and wanted persons were arrested in Rusafa

17th June 2020
Today, Wednesday, the Baghdad Police Command announced a bi-monthly tally of its activities within the Rusafa police sector, while referring to the arrest of thousands of accused and wanted persons.

"During the past 15 days, Baghdad police station in Rusafa arrested 5327 accused according to various legal articles, as well as arrested 71 wanted persons according to Article 406 killed," Major Director of Relations and Media flags Major Aziz Nasser said in a statement.

She added, "The detachments also arrested a group of defendants who attempted the so-called tribal deck, as well as a group of those accused of terrorism cases."   LINK

Samson:  Experts Discuss IBBC's 'Iraq 2020: a Country at the Crossroads'

17th June 2020
IBBC Advisory Council's discussion goes public on the white paper 'Iraq 2020: a country at the crossroads.'

Today over 300 people signed up the IBBC Advisory Council's public discussion on the white paper - Iraq 2020: a country at the crossroads, sponsored by Iraq Business News ( IBBC media partner)  and in conjunction with Chatham House and IRIS at AUIS.

With a full panel of 6 advisors and commentators, including Ms Maya Gebeily of Agence-France Presse, Mr Ahmed Tabaqchali of IRIS at AUIS, and the key advisory panel members led by Professor Frank Gunter of Leigh University, Dr Renad Mansour, Fellow at Chatham House, Mr Hani Akkawi of CCC and Professor Mohammed Al-Uzri, University of Leicester University. Mr Christophe Michels, MD of IBBC chaired the discussion.

The key points were delivered by Professor Gunter, including, the necessity to provide:
1. Strong cross-party political support to GOI for its initiatives;
2. Transparency to build support and trust among the people and to stop corruption up and down the system.
3. GOI acceptance of the limits of its ability to control and centralise economic activity - and afford to make space for the Private sector.

Dr Mansour made critical points about the importance of the political economy and the requirement to listen and understand the needs of the protestors and conversely the protestors ability and requirements of government to make changes, along with the difficulty in enacting reforms while the public sector has too much invested in its continuation.

Mr Hani Akkawi, made an unmissable point about the opportunity for areas of industry to be returned to the private sectors, such as electricity, water, fertiliser and transport, that would not only raise finance, but help efficiency and productivity.

Underpinning the report are 5 key action points and a further 38 recommendations that the GoI may be able to make to address the economic crisis that faces the country, including; business deregulation, inclusion of the informal business sector into legal acceptance, ending subsidies on electricity and water production, an improved banking system with credit for private sector businesses, an anti-corruption drive and dealing with COVID-19 without jeopardising the private sector.

1.5hr video in English -  Please see the full webinar here

Click below to read the full paper:

Iraq 2020: a country at the crossroads - English   LINK