MilitiaMan and KTFA Members "Something is afoot-now" 7-30-2020

KTFA:

Samson: What is the truth about Al-Kazemi's travel to Washington next week? LINK

Ryan1216:  Kazemi conducting dialogue with Washington through closed-circuit television would be perfect. The meeting would happen quicker and he can quickly turn around and announce the new rate to the people. All IMO  

MilitiaMan:  That is a very good eye you have! I have the same perception as well. Teams spoke of the very subject this morning. The muddy waters in that he is coming, was to come early, not accurate as to a date when he is coming, etc.. Having a closed circuit meeting makes sense, saves time money and possibly lives. This is getting oh so good. now.. imo As it has happened in the first round.. lol !~ MM

MilitiaMan:   They are on the right track. Imagine if they were not a program rate anymore..(smile)

Samson:  Customs announces that its monthly revenues have reached 70 billion dinars

30th July, 2020

On Thursday, the General Customs Authority confirmed that exemptions granted in accordance with the law contribute to the loss of two thirds of the imports available to the state

"The commission called for a reduction in the volume of exemptions granted, as it causes approximately two-thirds of the revenue available to the state to be lost, especially since some agencies take advantage of these exemptions and multiply the goods entering their account," said Khaled Salah El-Din, director of the commission

Salah al-Din added, "The commission suggested that all exempted goods be drawn and paid for, which contributes to achieving a revenue jump and limits the possibility of using the exemption law to introduce double goods without paying the fees

He continued, "The revenues achieved by the authority are now estimated at 70 billion dinars per month as a result of the intensification of control procedures at the outlets, considering the returns are good in conjunction with the confusion of global trade and economic conditions," noting that "the customs revenue for the Kurdistan region is still not transferred to the center, and that the officials there reported The Center continues to work under the applicable customs tariff law, and there are correspondences between its department and officials there

He explained that | the Authority, and to ensure that the non-drawn goods were not infiltrated, deployed its employees outside the official working hours to audit the goods entering from the northern region   LINK

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DeepWoodz:  From previous thread, post 121, Tim and Osmosis asked about why these huge payouts to the USA and others. Well, for whatever reason A thought came to mind about foreign currency reserves. Something I probably read here some time in the past I don’t remember. But it makes sense to me.. check this out.  

What Are Foreign Exchange Reserves?

Foreign exchange reserves are assets held on reserve by a central bank in foreign currencies. These reserves are used to back liabilities and influence monetary policy. It includes any foreign money held by a central bank, such as the U.S. Federal Reserve Bank.

Foreign exchange reserves can include banknotes, deposits, bonds, treasury bills and other government securities. These assets serve many purposes but are most significantly held to ensure that a central government agency has backup funds if their national currency rapidly devalues or becomes all together insolvent.

It is a common practice in countries around the world for their central bank to hold a significant amount of reserves in their foreign exchange. Most of these reserves are held in the U.S. dollar since it is the most traded currency in the world. It is not uncommon for the foreign exchange reserves to be made up of the British pound (GBP), the euro (EUR), the Chinese yuan (CNY) or the Japanese yen (JPY) as well.

I was thinking that maybe the other countries would possibly be the ones perhaps in the SDR basket with Iraq. Also, Frank said repeatedly to think about the value. I am probably totally wrong here but this is my best guess. P. S. I’m an electrician so forgive my ignorance

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Samson:  European Council: We can save Iraq from the domination of Iran and America

30th July, 2020

A report by the European Council on Foreign Relations said that Europe can play a pivotal role in reducing Iraq’s dependence on its two conflicting allies, the United States and Iran

The report, which was published by the council on its website, added that "Iraq faces serious political, economic and security challenges, including the return of the ISIS terrorist organization, and the escalating tensions between America and Iran. He pointed out that the choice of Mustafa Al-Kazemi as prime minister in Iraq, after widespread popular protests, led to breaking the political deadlock, and opened the door to a “small” window of reform in the country

The report emphasized that the drop in oil prices and the effects of the Corona pandemic, shed light on the fragility of the financial position of Iraq, as economic pressure threatens to create a new situation of instability, and opens the door for the return of the terrorist organization "ISIS", which escalates its attacks in the Iraqi rural parts, especially Territories: Diyala, Kirkuk, and Salah al-Din

Al-Kazemi's independence

The report pointed out that “Mustafa Al-Kazemi’s urgent mission will be by trying to restore some stability to the state, avoid economic collapse, and prevent American-Iranian tensions from igniting on Iraqi soil again. He pointed out that "it is not realistic to expect major political, economic and security reforms under the current circumstances, yet pulling the country away from the edge of the abyss will be a major achievement for Al-Kazemi, but he needs the support of Europeans

The report stressed that “Europeans must support Mustafa Al-Kazemi’s government, and cross the American-Iranian conflict, while improving the economic and political situation, which will help the Iraqi Prime Minister achieve greater independence from two major external players, the United States and Iran. He added that "Europe has many cards through which it can support the Iraqi government and prevent economic collapse, and can also play a role in the security file, and reduce Iraq’s dependence on America and Iran

The report noted that at a time when the Europeans must emphasize the rule of law in Iraq, especially the protection of the right to peaceful protest, this is expected to have a greater impact on efforts to support the economic and security sectors, and this would give the new Iraqi government greater momentum to address Political issues

Technical support

According to the report, European technical support can play a role in strengthening the competencies of local administration in basic services and financial management, and this support can be provided by deploying advisers to increase capacities in ministries and service directorates, and Europe can also be helpful in Iraq obtaining the IMF loan , Which is expected to be requested by Baghdad, with emphasis on the optimal use of this loan in achieving progress in economic reforms. The report also stressed that European governments should play a pivotal role in maintaining the international focus of mobilizing and securing financial support to stabilize Iraq, in light of the deteriorating economic conditions in the country

A source in the Iraqi government said that through economic and security communication, Europe should encourage the United States to invest in the support that will push Iraq to stand on its feet, and America will err if it does not allow Iraq to continue importing electricity from Iran, in light of the urgent Iraqi need for electricity, then This decision will undermine the efforts of Prime Minister Mustafa Al-Kazemi to restore stability to Iraq   LINK

MilitiaMan:  Get the International Rate live, and there can be the ability to finance many things through the IMF.. The IMF and WB have all the tools to help Iraq go into a social market economy. The world knows it now and especially the big boyz and girlz.. lol ~ MM

Samson:  Iraqi government implements wide-ranging security and other measures to secure border crossings

30th July, 2020

Iraq’s Joint Operations Command announced that it was deploying military forces to Iraq’s land border crossings and sea ports.

The deployment follows a pledge by Prime Minister Mustafa Al-Kadhimi to assert the authority of the state over all of Iraq’s border crossings to root out corrupt practices, stop the loss of billions of dollars in import duties and impose the rule of law.

The military forces have been deployed to the Um Qasr and Khor Al-Zubair sea ports, and to the Shalamcheh, Abu Flus, Badrah, Al-Mundhiriyah, Al-Shayb and Zarbatiyah land border crossings with Iran. Forces were also deployed to Safwan land border crossing with Kuwait, Al-Qaim border crossing with Syria, Trebil with Jordan and to Arar border crossing with Saudi Arabia.

Iraq’s Ministry of Defence also announced that Basra Operations Command is securing the perimeter of the Shalamcheh border crossing with Iran by constructing a trench and other barriers to prevent smugglers from using unofficial entry points near the border crossing to evade the official customs post.

Restoring the rule of law

 During a visit to Mendali border crossing with Iran in Diyala Province in July, the Prime Minister said that it was time to end corrupt practices at Iraqi border crossings and to confront what he described as the “shadowy figures” who intimidate and threaten Iraqi business people and citizens.

He added: This is a message to the corrupt: today we began restoring law and order. The time when public money was being wasted under different guises is over. Today we started a new phase, as we promised we would, with regard to border crossings, which have become a den, a conduit and a foothold for the corrupt. Iraq’s customs posts will be under the protection of military forces.

Later, during a visit to the city of Basra, the Prime Minister specifically addressed corruption at Iraqi sea ports and reiterated his determination and that of the Iraqi government to end corrupt practices and the waste of public money at the ports:

The ports of Basra must be under the authority of the state. Billions of dollars have been wasted at the ports which went to the pockets of the corrupt.

While in Basra, the Prime Minister ordered eight senior customs officials to be removed from their posts at Um Qasr ports.

Modernising customs operations

 The Prime Minister said that securing the customs posts and border crossings was the first step, to be followed by other measures including the modernisation of customs operations through the introduction of automation and streamlining procedures to combat corruption, end the waste of public money and improve revenue collection.

Wide-ranging reforms

Iraq’s Deputy Prime Minister and Minister of Finance Dr. Ali Allawi underscored, soon after coming into office, that this Iraqi government identified the diversification of the sources of state revenues, through ending the waste of public money, tackling corruption and increasing income from customs, as a top priority.

Dr. Allawi said that the new Iraqi government is committed to submitting a White Paper to Parliament in September 2020 which will set out a roadmap to reform the Iraqi economy, combat corruption, encourage investment and grow the private sector.

As I outlined when I came into office, this @IraqiGovt is determined to tackle corruption at Iraq’s customs posts, introduce automation and streamline procedures as part of our broader agenda to reform the economy and diversify revenues.#EconomicReformshttps://t.co/ScxewhBlkW

— Ali Allawi (@AliH_Allawi) July 30, 2020    LINK

MilitiaMan:  I like the Past Tense component in this article. I also want to reiterate White Papers are a work in progress and develop and change over time..  They have apparently secured the borders and are actively increasing revenues and put the corrupt on notice. WE just read where they have 70 billion Dinars worth a month. The re instate that number is going to explode.. imo.. ~ MM

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Samson:  Parliamentary Finance: The salaries of employees are insured according to the Borrowing Law

08:50 - 07/30/2020

Parliamentary Finance Committee indicated that the salaries of employees are secured after Parliament voted on the borrowing law, pointing out that the government will not present any budget for the current year as it will suffer from a deficit of up to 60 percent.

Committee member Jamal Ahmed told Al-Maalouma that the government has borrowing orders after the parliament voted to do so, and it can provide employees salaries without delay after what happened in the salaries of last June. He added that "the salaries of employees need $ 5 billion a month, while the current oil prices cannot provide these amounts, which is what called for parliament to pass the borrowing law."

Cougar ruled out that the government will present the budget for the current year, especially that it will suffer from a deficit of up to 60%," noting that "the government is currently busy with the budget of 2021."  LINK

MilitiaMan:  I recall the borrowing law had stipulations that required changes.. Lets see what they do.. Imo there is something afoot.. now.. They have new  new instructions or orders if you will.. Oh ya.. imo ~ MM

KTFA Members "News and Views" Thursday PM 7-30-2020

KTFA:

Bravo13:  just listened to (Wed Night) Franks update that was after the Wil's call, sounds like huge amounts of IQD moving into the USA as well as other countries.  I thought Frank said this was for some payment?   Confused here, guess I just dont understand the significance or the purpose. Perhaps once this goes international this money can be used to support the redemption of our funds, ie IQD. Not sure, would appreciate if someone has a good explanation of this. ??? Thanks in advance  

DeepWoodz:  I am a simpleton when it comes to economics but I have a thought. I read something a while back about countries having reserves of foreign currencies in their respective treasuries. Especially of the American dollar I guess because of the solid value. I assume to back up other countries currencies as if it were gold……maybe this is respective of the value the iqd will have when it sets off. Which could mean a very good solid international value. Frank kept saying it represents the value and not the quantity. Imo

Wed Night CC PLAYBACK : 605.313.5153  / PIN: 319183#

7-FA:  U.S. Embassy Baghdad

The U.S. Embassy in Baghdad wishes Muslims in Iraq and around the world a blessed Eid al-Adha. May the values and spirit of this special occasion extend to all the people of Iraq during these challenging times.

Eid_al_Adha #USEmbassyBaghdad #StayAtHome

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Samson:  The President of the Republic congratulates the Iraqi people and the Islamic nation on the occasion of Eid Al-Adha

30th July, 2020
Today, Thursday, President of the Republic Barham Salih stressed the importance of holding early legislative elections.

Saleh said in a presidential statement to the Iraqi people on the occasion of Eid al-Adha, "With the advent of the blessed Eid al-Adha, I extend my sincere congratulations and blessings to our people and to the entire Islamic nation, asking the Most High, the Mighty, to make this holiday a good opening, blessing, security and peace for our country."

He added that "this blessed occasion calls us today to synergy and cohesion and unite efforts to face the challenges that our country is going through in light of the outbreak of the Corona Virus pandemic and its implications for the economic and health conditions."

Saleh stressed, "The national responsibility and duty calls on all political forces and blocs to join hands and work together to meet the demands of our people in a capable and sovereign state, to establish the foundations for reform, fight corruption and provide the necessary services to all citizens, and create job opportunities for our conscious youth and ensure their vital participation in building Iraq." And create a decent future for our generations."

The President of the Republic stressed that, "holding early elections and restoring confidence to all Iraqis in ensuring that their electoral rights are exercised in a fair manner is an irreversible demand, hoping to create the appropriate atmosphere and requirements needed to contribute to building a state of citizenship, equality and justice."  LINK

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Samson:  Thirty years since Iraqs invasion of Kuwait: "We forgive ... and do not forget."

30th June, 2020

Thirty years ago, Saddam Hussein invaded the neighboring state of Kuwait and declared it "the 19th governorate" for Iraq. Today, his opponents, who are in power, have restored relations with the strategic neighbor, but the wounds of the second Gulf War remain for Kuwaitis and Iraqis.

From Baghdad to Basra, and from Kirkuk to Babylon, Iraqis agree that the invasion that began on August 2, 1990 and the occupation of Kuwait that ended on March 6, 1991 with the intervention of an international coalition led by Washington "was the beginning of the end."

Umm Sarah, a retired school from Baghdad, says that "since the invasion of Kuwait, we have seen neither stability nor security," as the list goes on starting from the blockade, through the American invasion, civil war and sectarian violence, until the Islamic State invaded the country.

It all started four days after the Iraqi forces entered Kuwait. At the time, the United Nations declared a blockade, from which Iraqis did not escape until after the Americans invaded the country in 2003 and toppled Saddam Hussein's regime.

And the Iraqi dinar, which was once worth three dollars, was divided into nine thousand.

Jassim Muhammad, a teacher in the city of Kut, south of Baghdad, was equal to "the price of a chicken in the market". Therefore, on some days, "we ate everything in the siege, so that the animal feed we turned into food," according to Yasser al-Saffar, 44, who was a witness to the years of the siege.

War ... live.

"The siege is not the ethics of society, and it was the first step to creating financial and administrative corruption in the country," which Muhammad ranks today in the list of the most corrupt countries in the world.

Hisham Mohamed lived through the low class level of his father, who was one of the major importers of construction equipment.

Muhammad al-Baghdadi, fiftieth, says, "After entering Iraq in a severe siege, the currency collapsed, and the importation stopped completely, my father lost his business and all the money he had in cash, approximately one hundred thousand dinars, which was equivalent to three million dollars, and suddenly became worthless."

Other classes of society flourished at the time, namely the "find in existence" or "manage yourself" layer, and they were those who knew how to renew a perforated tire, or convert turbines without spare parts, and who reused the gas lamps with no electricity, or used worn clothes For hundreds of times. As for the army, it lost everything, and in full view of the cameras of the whole world that was accompanying the "Desert Storm", the first of the wars transmitted directly on the air.

Sarmad Al-Bayati, who was an officer in that era, saw soldiers returning to Iraq on foot! Upon their return, "they were engaged in small businesses while on vacation to make ends meet."

As Iraq plunged into recession, Kuwait prospered. But many families still inherit their dead and missing, and former prisoners still talk of torture. Also, last summer, bodies found in mass graves in southern Iraq were returned to Kuwait.

The Ahmed Qabazard family, one of the faces of the "Kuwaiti resistance" who was tortured and executed, turned the house, which was partially destroyed by the Iraqis, into a small museum of the horrors of the occupation.

Despite rebuilding the house today, his seven-year-old daughter, Shurooq, said at the time: "I cannot say that I am reconciled with myself in my feelings with the Iraqi people, but this is not their fault. We discovered after years that the Iraqis were suffering from repression and suffered from the tyrant Saddam. Hussain".

Ghaida Al-Amir also felt "joy" when the fall of Saddam Hussein's regime in 2003. 20 years ago that day, her sister was hanged "by an electric cord after the Iraqi forces took her (...) because of her joining the Kuwaiti resistance."

- Debt outstanding -

Kuwait recorded all the destruction, killings, torture, and imprisonment, determined its losses, and the United Nations submitted the bill to Iraq.

During thirty years, Baghdad paid 51 billion dollars, and Iraq, which is experiencing the worst economic crisis in its history today, remains in debt of about four billion dollars.

It took 20 years to repair relations between the two countries. The United Nations did not lift the sanctions imposed in 1990 until 2010, that is, seven years after the fall of Saddam Hussein.

Nevertheless, border disputes remain, as Iraq recognizes the land borders established by the United Nations in 1993, but considers that its maritime borders prevent it from reaching the Gulf, which is vital for its economy. Therefore, the Kuwaiti Navy regularly arrests Iraqi fishermen.

As for the missing, they are still in the thousands on both sides. According to the International Committee of the Red Cross, only 215 Kuwaitis and 85 Iraqis have been returned.

But in the bigger picture, relations between the two countries improved dramatically. In 2018, Kuwait hosted a donors' conference to rebuild Iraq, and was the first to contribute $ 2 billion. But Shorook Qabazard notes that "I cannot forget the invasion."

"The invasion is the most important stage for my generation (...) We can tolerate and reconcile, but we cannot forget what happened," she added.    LINK

Samson:  Trump is carrying out his threat to Germany, withdrawing more than 12,000 soldiers, and turning them over to other European countries

30th July, 2020

Pentagon officials said that the United States will withdraw 12 thousand soldiers from Germany, and will return about 6400 of them to the country, while 5400 will be transferred to other countries in Europe.

General Todd Walters, the top commander of US forces in NATO in Europe, said that the United States will transfer the headquarters of the US forces mission in the European Union from Germany to Belgium, noting that the headquarters of the US forces operating in Africa "Africom" may move to a location that is Select it as well.

"We also plan to reassign three brigade-sized headquarters, an air defense artillery battalion, an engineering battalion to Belgium, and two smaller support forces to Italy," Walters told reporters at the Pentagon.

The senior US military official indicated that an F-16 fighter squadron will be transferred from Germany to Italy, and two battalions will be transferred from Germany to Italy as well.

And US President Donald Trump issued the decision, which will be implemented in years, and will cost billions of dollars, due to Berlin's refusal to raise the budget for its military spending in NATO from 1.38% of the country's GDP to 2%, although military spending in Belgium Less than that is 0.93%, while Italy spends 1.22%.

Last month, US President Donald Trump said that Germany was one of the countries that refused what it was supposed to spend in NATO. "So let them pay, we will withdraw our soldiers, we will reduce the number of soldiers to about half, we'll see where we are headed."

The head of the German parliament's Foreign Relations Committee Norbert Reutgen, a staunch ally of German Chancellor Angela Merkel, criticized the US decision, and wrote in his tweet on Twitter: “By withdrawing 12,000 soldiers from Germany, the United States is achieving the opposite of what US Defense Secretary Mark Esper announced, of strengthening NATO alliance, saying that the American move "will weaken the alliance. The military influence of the United States will not increase, but will decrease, with regard to Russia and the Near and Middle East.

The Governor of Bavaria, a member of the Merkel bloc, expressed regret over the US government’s decision, adding, “Unfortunately, this is seriously damaging to German-American relations. No military benefit can be seen, "confirming that the US decision weakens NATO and the United States itself."

The German Ministry of Defense issued a short press release on the withdrawal, confirming that it had been informed of the action by the Pentagon, and that it would "work closely with the affected German states, as well as the US government and NATO in its implementation." Defense Secretary Mark Esper said that the United States will establish a combat squadron of the US Army in Poland as soon as a defense cooperation agreement is concluded between Washington and Warsaw.  LINK

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Samson:  NASA launches first helicopter on Mars

7/30/2020 13:32:54

 Today, the American Space Agency "NASA" launches a small spacecraft equipped with a helicopter; In order to explore the possibility of life on Mars.

The "Presence" vehicle is launched on a United Launch Alliance Atlas V missile from the Cape Canaveral base in Florida, and is scheduled to reach Mars in February 2021, according to the British newspaper "Daily Mail".

The spacecraft is scheduled to land on the Jerzo Crater area, which is believed to have been a lake site 3.5 billion years ago, if it successfully lands on Mars. The spacecraft will search for any samples that indicate past microbial life, as well as collect rock samples in thin metal instruments that will be temporarily stored on Mars to be recovered in 2026 while returning to Earth. The spacecraft will not make the trip alone, as it will be accompanied by an Ingenuity helicopter, the first time in history that an air plane has flown on another planet.

Matt Wallace, deputy director of the project at the Jet Propulsion Laboratory, said: "For the first time, we are looking for signs of life on another planet, and for the first time we will be collecting samples in the hope that they will be part of the first sample to come from another planet."

It is reported that Viking 1 and Viking 2 were the first two spacecraft to land on Mars and landed in 1976 to search for signs of life. Although a new view of the surface of Mars was presented, they failed to reveal evidence of life.

Commenting on this, Kenneth Farley, a project scientist and professor at the California Institute of Technology said that Viking vehicles were not equipped with the best technology, and compared to what we know today, they had no advanced understanding of how to actually look for life. And "NASA" had sent a number of shuttles to Mars, which allowed it to find the "Jerzo Crater", and it is said that the huge hole flowed with water and it was filled with carbonates and water silica.

The carbonates at the inner edge of the nozzle keep fossils alive on Earth for billions of years, and hydro silica is known for its ability to conserve vital elements.  LINK

KTFA Members "Wednesday News" 7-29-2020

KTFA:

Samson:  The Cabinet Secretariat announces the suspension of official working hours next week

28th July, 2020

The General Secretariat of the Council of Ministers announced the suspension of official working hours in government institutions during the coming week on the occasion of Eid Al-Adha, in conjunction with the rise in temperatures in countries that exceeded the fifty-degree Celsius mark.

The Secretariat of the Council of Ministers said in a statement that "the permanence of the suspension will be in line with the vacation approved by the Supreme Committee for Health and National Safety {Combating the Corona Virus Pandemic], which starts from next Thursday, July 30 and until August 8, 2020."

The Supreme Committee for Health and National Safety decided to impose a comprehensive curfew on the days of Eid Al-Adha, provided that the ban would be reviewed after the Eid holiday, while obliging citizens to follow all preventive measures.   LINK

Samson:  The suspension of official working hours in Kurdistan 5 days, starting from Friday

29th July, 2020

Today, the Kurdistan Regional Government announced a 5-day official holiday, starting from 7-31-2020, until Tuesday 4-8-2020.

A spokesman for the Kurdistan Regional Government, Gutiar Adel, said in a statement, that the holiday includes all official institutions in the region, as it will resume work next Wednesday.

The statement called on citizens to adhere to preventive measures, during the days of Eid, to confront the Corona pandemic.

Yesterday, Tuesday, the General Secretariat of the Iraqi Council of Ministers announced the suspension of official working hours on the occasion of Eid Al-Adha, coinciding with high temperatures.   LINK

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Don961:  An economist talks about what controls the dollar exchange rate in Iraq

Economie 7/20/2020 19:41 441    
Baghdad today - Baghdad

Economist, Humam Al-Shamaa, on Tuesday (28 July 2020), talked about what controls the dollar exchange rate in Iraq and the effect of internal factors on it.

Al-Shamaa said, in an interview with (Baghdad Today), that "the exchange rate of the dollar in local markets has nothing to do with the exchange rate of the dollar in global markets towards other currencies."

He added, "What controls the dollar exchange rate in global markets are expectations, oil prices, gold prices and a relationship with the euro. As for Iraq, the relationship between the dollar and the dinar is controlled by internal factors related to the demand and supply of the dollar."

And Al-Shamaa said, "The decrease leads to higher prices, inflation and more problems for the poor classes, because the devaluation of the dinar means an increase in the value of commodities."

The price of gold reached record levels yesterday, with a new drop in the price of the dollar in the global market at a time when investors rushed to buy it as a safe haven, amid concern about the tension between the United States and China and the rise in the number of cases of Covid-19 again around the world and the lack of progress in Washington on a new package To stimulate the economy.

After months of improvement in stock markets, driven by the trillions of dollars of support from governments and central banks, investors are rethinking the long-term economic implications of the emerging corona virus.

And at a time when the wide easing measures imposed by the Federal Reserve monetary dollar push the dollar against most of the other currencies, gold rises significantly, reaching a record level of $ 1944.71, which is much higher than the previous record level recorded in 2011 and reached $ 1921.18.

The focus is on the next meeting of the Federal Reserve to discuss its policies this week, as some expect that more measures will be imposed to boost the economy (probably negative interest rates), which is expected to increase pressure on the dollar and raise the price of the gold ingot to more than two thousand dollars.

There is also concern that recording worse-than-expected results in US gross domestic product for the second quarter of the year will cause major selling to the dollar, and while the weak dollar has been a major driver of the high price of gold, the matter is also driven by the attractiveness of the metal as a haven in times of turmoil, especially in light of the deterioration The relations between the United States and China day after day.

Gavin Wendt, chief resource analyst at MineLife Consulting, said: “Strong gains cannot be avoided at a time when we are entering a stage similar to the atmosphere that prevailed in the aftermath of the global financial crisis as gold prices rose to record levels as a result of large amounts of Federal Reserve funds being pumped into Financial system, "and the dollar fell again against other currencies, while the euro reached its highest level since September 2018.  LINK

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Samson:  Saudi Arabia loses half of its financial revenues due to the collapse in oil prices

28th July, 2020

Saudi Arabia recorded a fiscal deficit of 109.2 billion riyals ($ 29.12 billion) during the second quarter of this year, with the public treasury affected by the drop in oil prices

According to the Reuters news agency, oil revenues for the world's largest oil exporter fell by 45% year-on-year in the second quarter, recording $ 25.5 billion

The report of the Ministry of Finance on the quarterly performance of the budget showed that the country's total revenue fell by 49% to about $ 36 billion. Total expenditures also decreased by 17% year on year to about $ 65 billion

And Saudi Arabia revealed, last week, plans to finance the budget deficit, and the Minister of Finance, Mohammed Al-Jadaan, said on Wednesday that the kingdom is considering selling assets in sectors that the country was not considering privatizing earlier

He added that privatization operations will likely bring in more than fifty billion riyals ($ 13.3 billion) in the next four or five years, explaining that the most important target sectors are education, health care and water

He continued, "The kingdom is likely to have to borrow about 100 billion riyals more than was planned for this year." Saudi Arabia also plans to take advantage of the global debt market at least again in 2020 after selling $ 12 billion of international bonds so far

Saudi Arabia is trying to support its economy from the double strike of the Corona virus and the drop in crude oil prices. The economy is expected to contract by 6.8% this year, according to the International Monetary Fund, which will be the deepest contraction in more than 30 years   LINK

Samson:  Iraq loses 90% of border crossing revenues due to "Corruption"

28th July, 2020

Iraq loses 90% of border crossing revenues due to "Corruption" Shafaq News / Member of Parliamentary Finance Committee Jamal Kojar stated today, Monday, that Iraq is losing 90% of border crossing revenues as a result of "corruption".

"Corruption at the border crossings is very large and reaches 90%, as we get no more than a billion dollars," Kojar said in an interview with Shafaq News agency, "at least 11 billion go to the pockets of the corrupt." He continued, "despite the great benefit of Iraq from these outlets, the work of the border crossings is still primitive compared to neighboring countries. There is no electronic system or accurate laboratories in them, although 14 ministries operate it."

Kojar clarified, "there are some corrupt people who intend to keep these ports without developing or installing electronic systems because developing them means-ending corruption."

Mazen al-Feyli, a member of the Parliamentary Committee on Economy and Investment, said that the border crossings in Iraq achieve annual financial revenues of 10 billion dollars, but only one billion are earned.

On July 25, the Joint Operations Command of the Iraqi Army announced the allocation of security forces to ten land and four naval outlets and confirmed that all of those outlets are now protected by those forces.

Al-Kadhimi announced launching a new campaign against corruption at the border customs points, saying that the country lost millions of dollars due to poor taxation of imported goods. Al-Kadhimi said in a visit to Mandali border crossing with Iran in Diyala on July 11, said that the government will pursue "ghosts" that were transporting cargo trucks across the border without paying customs duties.

Iraq, whose budget depends mainly on oil revenues, is going through the worst economic crisis in its history. Despite being the second-largest oil producer in OPEC, it failed to diversify the economy and find alternatives to black gold. Iraq, due to theft and embezzlement, had lost over 450 billion dollars in the past 17 years.   LINK

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Deputy: A number of judges stand behind corruption and waste of state funds

11:20 - 7/29/2020

Between the independent deputy, Basem Khazaal, that a number of judges were and are still part of the theft and waste of state funds, pointing out that many cases were submitted to the judiciary, but to no avail.

Khazal said to "Information", that "Iraq suffers from a major problem with judicial investigations into corruption files, and the judiciary should have been the true guarantor of the rights of Iraqis, but it was found that the judiciary is the guarantor of the rights of those who violate the rights of Iraqis."

He added that "a lot of corruption cases were submitted to the judiciary, but it turned out that a large part of the state's wasted money finds that the judiciary has a great imprint on it."

And that "the judiciary is an essential part of wasting state funds," explaining that "what is meant by this are a number of judges who were and are still part of wasting and stealing state funds."  LINK

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Samson The US Army announces a high alert at Al-Adeed and Al-Dhafra bases

29th July, 2020

Reuters news agency reported that the US military announced a high alert in Al-Adeed and Al-Dhafra bases due to the Iranian maneuvers in the Gulf waters

The Iranian Revolutionary Guards detonated an embodiment of a US aircraft carrier with missiles on Tuesday during military exercises in the Gulf, which the United States described as reckless and irresponsible

It should be noted that the exercises took place near the Strait of Hormuz, the main sea lane for one-fifth of the world's oil production, due to the impact of increased tension between Iran and the United States. Video footage of the exercises showed that the Revolutionary Guards' air and naval forces were preparing to launch an offensive off the coast in the southwest of the country   LINK

Monday Night KTFA/Frank26 CC and more ......7-27-2020

KTFA:

Monday Night KTFA CC

Frank26: GREETINGS FAMILY

TONIGHT IS OUR IQD UPDATE CC WITH SPECIAL GUESTS – DELTA, MM AND PETRA!

I WILL DO AN INTRO TO THE CC ON YOUTUBE JUST BEFORE THEY START THE CONFERENCE CALL. WE WILL BE RECORDING THE ENTIRE CALL ON YOUTUBE THIS EVENING.

PLAYBACK IS: 605.313.5163 PIN: 156996#

KTFA CC: 7-27-20...YOU COME TO US WHEN YOU ARE DONE

https://www.youtube.com/watch?v=ePiXsaZNYs0

Samson:  What is the fact that the permanence of official hours is suspended? 

7/27/2020 17:23:41

The General Secretariat of the Council of Ministers revealed today, Monday, the fact that official working hours are suspended due to the high temperatures in the country.

The secretariat said in a brief statement received by {Al Furat News} that "we have not issued any decision regarding the disruption of official working hours due to the high temperatures so far." LINK

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Samson:  The Iraq Stock Exchange suspends its activities for 12 days

27th July, 2020

The Iraq Stock Exchange announced, on Monday, that it will suspend its activities for 12 days on the occasion of Eid Al-Adha and a curfew.

The market said in a statement received to Shafaq News, "In compliance with the timing of the official holiday declared in Iraq, the market administration decided not to organize trading sessions for the days of July 29 and for a period of 12 days to coincide with the Eid al-Adha holiday."

And the market added, "The first trading session in the Iraq Stock Exchange will be as of Sunday, 9/8/2019."

It is noteworthy that the Iraq Stock Exchange has used electronic trading systems and central depository since 2009 and seeks to launch an online trading system for investors, and organizes five trading sessions per week from Sunday to Thursday, and it includes 105 Iraqi joint stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment and tourism And hotels.   LINK

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Samson:  The government and parliament are considering approving two budgets

27th July 2020

A member of the Parliamentary Finance Committee revealed, on Monday, that an upcoming meeting will be held between the committee and the Minister of Finance to discuss the approval of the budget law this year.

Committee member Sherwan Mirza said, "The committee is awaiting a meeting with the Minister of Finance in the Federal Government, Ali Abdulamir Allawi, to discuss a number of files between them, the file of the public budget."

He added, "The committee should discuss with the Minister of Finance my two draft legal budgets for the current year and the next year," expressing his belief that there will be no federal budget law for the year 2020, and the government will complete this year according to the Financial Management Law and disburse the ratio (1/12) per month According to the budget law for the past year.

He indicated, "The Finance Committee is currently awaiting a date for the meeting with the Minister of Finance," noting that "the meeting will most likely take place after the Eid Al-Adha holiday."  LINK

KTFA Members "News and Views" Monday 7-27-2020

KTFA:

Samson:  Central Bank of Iraq: deduction of transfers of up to 9 trillion dinars to secure the salaries of the months of June and July   LINK

Deepwoodz:  What exactly does a deduction of transfers mean really?  

DELTA:  DISCOUNT ........

MilitiaMan: Lets hope that the discount is from Trillions to Billions.. And that the new instructions that the CBI mentioned are used in the payments for July. Lets also hope the distribution has been recommended to be changed and will execute this week..

Imo.. They mean they secured the money back in May ($5 bln USD/15 Trln IQD) and now can deduct from those monies to pay out. The interesting thing is they say they have distributed / will distribute / begins distributing / have started distribution electronically the salaries for July.

I feel that this payment(s) may be different than the ones in June though. Don't forget the payments in June were staggered for some reason or another, too..?? Has the restructuring been completed noted above and is a change now warranted? Did we not see the CBI tell the banks to hold up and await for new instructions? I think so. ~ MM

StephenMac63:  From Bad, to Worse, to Better, to Best.

     Lets pretend you just got yourself hired on to be Minister of Finance for Iraq and your sole job was to disburse funds for the month of July that you received from the CBI. Ok, sounds simple, a couple of clicks on the keyboard and done for the day. So you hope.

     Upon you taking this job you will probably use the same system as the last payments were made. You discover that you have a country of  40 million-plus people.

https://www.worldometers.info/world-population/iraq-population/#:~:text=The%20current%20population%20of%20Iraq,of%20the%20total%20world%20population.

     Then you discover that you also have to send money to the Minister of Defence so he can pay his troops. You notice that the Minister of Defence is putting in a claim for 80 thousand troops located out in the middle of nowhere as well as many other troops scattered throughout the country for "sovereignty defense and Isis control". These troops have been in existence since 2003 and were greatly enlarged after the Mosul Incident. You also notice there is a footnote on the request for the fund that says "Give funds to Hakeem only". And since Iraq doesnt deal with cheques, its all cash....for 80000 troops and Hakeem will disperse the funds.

     Thats a lot of people and you dont question because its been going on for years but there's something nagging about that so you decide to investigate as you have been given the powers to justify the payouts. You then call the Minister of Defence and inform him that you will need to go to the last known location of the troops to verify existence. The Minister pauses for a moment then gives you a location, of which takes a day and a half to get there and upon arrival, you discover 5 guys out in the middle of nowwhere and you ask "Where is everyone?" They reply "Oh, they pulled camp last night and are out on maneuvers". Uh Huh.

     Upon returning to Baghdad you are informed that the Minister of Defence has complained to the PM about your activities. You are only to be a paymaster, "thats all", the minister says.

     You then figure out who the Defence Minister was, Maliki by proxy. All the way up until he was placed in forced retirement. He's been getting monthly payouts for many ghost troops of which is why he never had a Defence Minister, didn't want to share.

     The above scenario was posted to introduce the problem with Liquidity. Liquidity is defined as available cash. https://www.myaccountingcourse.com/accounting-dictionary/liquidity

     The problem you see is that the Monetary figures state that there are, at this moment, 80 billion dinars
https://tradingeconomics.com/iraq/money-supply-m0

You have some, I have some, Central Banks around the world have some but the country itself doesnt have liquidity? I realize that Iraq likes to stuff mattresses due to distrust of the banking system. The question remains.....where is it. Didn't up and vanished, it's somewhere.....it is physically somewhere.

     Actually, imo, its all over the world, in accounts, real estate properties but for the most part it's in Iran. The 80000 troop's wages went to Iran to support the Shia Cause. And that's just with the example of the 80k troops as there are many other areas of pilfering that Iran took advantage of. Pilferaging at the ports, extortion to release imports to iraq businessmen. Ect.

     When you took on the job as Finance Minister, the CBI also gave you a head start due to previous problems of former management. Ya need to clean up a mess before you can start anew. The CBI knew of the liquidity problem (money disappearing from circulation) and came up with a way to solve the liquidity issue for once and all......by going "Electronic". No need for expenses relating to producing cash for circulation. Other benefits include no counterfeiting and with the citizens encouraged to open accounts. The value of a dinar on a debit card has the same value as cash, yet the debit card provides identification and easier census counts.

     I know that this posting is "preaching to the choir" but there are actually folks to this day that have been in this spec investment for a long time yet can't grasp why does it take so long to pay wages. Right at this moment, I believe that the CBI and Finance Minister are about to wrap up the organization structure of being able to not only provide wages but to plan ahead in the future for the next finance minister to be able to go to work, bang a couple of clicks on the keyboard and go home....because everything will be accountable. We really are in a Great place.

IMO, Of Course

Don961:  A source close to the prime minister sets the date of his visit to Washington .. and analysts: Karisma Al-Kazemi leads the dialogue with "Iraq, the state", not "Iraq the square"

7/25/2020 9:39:25 AM  Baghdad / Obelisk:

A source close to Prime Minister Mustafa Al-Kazemi told Al-Masala, Saturday, July 25, 2020 that Al-Kazemi’s visit to Washington will most likely be at the end of July or during the month of August, confirming that The deadline has not yet been set, while analyzes indicate that Karisma Mustafa al-Kazemi will lead the discussions to a dialogue with "Iraq, the state," not "Iraq, the square."

Sources indicate that Al-Kazemi will address in his meetings with the White House the relations between the two countries, while the issue of completing the strategic dialogue will have priority in the visit program, which will be at the head of a high-level ministerial delegation that will also discuss with US officials, supporting Iraq to get out of the financial crisis. As well as security, political and economic files.

And the second round of the Iraqi-American negotiations is still continuing, after its first round, which started on the eleventh of this month.

The White House is preparing to receive Al-Kazemi, after he expressed reluctance to receive the former Prime Minister, Adel Abdul-Mahdi.

The joint statement between the two countries, after the first session of the dialogue, had adopted a number of understandings, including reducing the number of American forces in Iraq. 

According to analyzes heard by the obelisk, that the meeting of Prime Minister Mustafa Al-Kazemi with the American President, Donald Trump, is a major turning point in regaining confidence in the relations between the two countries, where indications of Al-Kazemi’s policies indicate that he will seek to establish a balanced and balanced relationship away from interference in the affairs of Internal Iraq, and that Iraq should not be a battleground for regional conflict, noting that Al-Kazimi seeks to understand the White House, that the view on Iraq must be based on the position of it as "Iraq is the state" not "Iraq the square."  LINK

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Don961:  Member of Parliament Finance warns the government: People will boil over the door if not all salaries are distributed before Eid

Economie 7/26/2020 18:17 343    
Baghdad today - follow up

Member of the Parliamentary Finance Committee Jamal Cougar, the government and the central bank, cautioned against not completing the process of distributing the salaries of employees before the Eid, and confining them to categories without the other, indicating that they will face the people if any retreat occurs.

Cougar said in a televised interview I followed (Baghdad today) "We are at the beginning of the week and there is time for waiting to send a notice from the Ministry of Finance to banks to pay salaries to all employees: "

The central bank announced last month that it had secured the salaries of June, July and August, and it should be Liquidity is available and the government has the borrowing law and it resorted to it and borrowed from the inside and therefore there is no justification for delaying the payment of salaries because liquidity is available. ”

He pointed out that“ the central bank is responsible for implementing its obligations to the people and the people should be reassured on a solid basis and we believe that lack of commitment It will bring people to a boil and put the government up against the people. "

On Sunday (July 26, 2020), the Rafidain Bank announced that it would begin distributing the salaries of the ministries and institutions of the endemic country, their salaries with the bank for the month of July through electronic payment tools.

The media office of the bank stated in a statement received (Baghdad today), that "the salaries of employees of state ministries and institutions have been commenced from those who have received sukuk, financing their salaries and financial allocation with the bank."

The bank indicated that "employees can receive their salaries from anywhere they are."

Earlier, economist Rasim al-Aqidi, on Sunday, put forward an option that would be an alternative to external and internal borrowing and achieve five benefits for Iraqis, the most prominent of which is the continuous provision of salaries.

Al-Aqidi said in an interview with (Baghdad Today), that "45% of Iraqi money is chunky in homes due to the lack of trust among citizens in government and private banks, in addition to the fact that government banks still adopt very traditional frameworks in depositing deposits and withdrawing them, making the citizen away from depositing His money. "

He added, "The financial liquidity hoarded in the homes of Iraqis can be paid to deposit in banks by liberalizing the interest rate to mobilize savings and up to 10%, which will push many to deposit in banks, pointing out that this cash block will give the state flexibility in securing payment of salary dues without Any problems in addition to that it will give profit margin to civilians and reduce the repercussions of theft and give flexibility to the movement of markets because the banks will have a large liquidity for lending and project financing. "

Al-Akidi said, "Most of the countries of the world adopt the automatic payment method and have paid to settle the salaries of their employees through current accounts in banks, meaning that the process of carrying cash is very limited and payment is made through automated payment cards as it will lead to legalizing the transfer of funds and prevent the financing of terrorism and the smuggling of money And reduce the windows of corruption. "  LINK

KTFA Members "News and Veiws" Sunday 7-26-2020

KTFA:

Samson:  Parliamentary Integrity: Half of the political class will be extinct by applying the penal code

19:07 - 07/25/2020

Parliamentary Integrity Committee confirmed, on Saturday, that more than half of the political class in Iraq will disappear if the Iraqi Penal Code is applied and deactivated bills are done in the Council.

Member of the Integrity Committee, MP Jawad Hamdan, told / "Information" that "there are bills that were blocked by the political blocs in the parliament regarding amendments to the penal laws that do not serve their interests."

He added that "the next stage requires the application of the penal code, the adoption of discontinued amendments in the House of Representatives, and the work of the judiciary away from political interference."

He explained that "by ensuring the implementation of the Iraqi Penal Code, more than half of the current political class who have indicators of corruption and accused of stealing public money and protecting the corrupt will disappear."   LINK

Samson:  Al-Rafidayn begins distributing the salaries of employees for the month of July

26th July, 2020

On Sunday, the Rafidain Bank announced that it would begin distributing the salaries of the ministries and institutions of the endemic country their salaries to the bank for the month of July through electronic payment tools

The media office of the bank said in a statement, "Economy News" received a copy of it, that "the direct salaries of employees of ministries and state institutions from those who have received sukuk, financing their salaries and financial allocation with the bank have been started
 
He added, "Employees can receive their salaries from anywhere they are   LINK

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Dave:  IMO I trust that Frank was just weeks ahead of the news when he said after Prime Minister Mustafa Al-Kazemi arrived in Washington then Secretary of State Pompeo would be in Iraq and it would be on a Tuesday that would be the signing ceremony for international trade status including a new rate and most likely a new pay scale schedule for the salaries supposedly at the end of this month. 

Could it be this coming week hence the silence of Frank26 for the time being until we see something?  Only looking back in retrospect but Frank's silence speaks volumes in my opinion. 

I imagine waking up in the early morning hours with Frank's big smile I'm going to take a screen shot to save forever to see a UB 2B video announcement with  Frank wearing his Golden suit.  Next week? That would be awesome but you know how Iraq is, what's been the hold up?

Well last week we saw trade deals with Iran using IQD and now more trade deals opening shipping lines through the Mediterranean.  I like what I'm seeing

Ross:  IMOO  we learned the highest intel known to man from the last CC…F26 said that people already know the date and rate…IMO he implied that among those “in the know” are probably bankers like WS, and therefore he proffered the motto “loose lips sink ships” in holding that intel confidential. 

Old timers would have noticed a dramatic change in the CC  in that F26 actually talked about rate and date as if it was about to be revealed and stated how it would be announced on the Forum. He stated that the monetary reform was actually crossing the finish line and that the value has already been lifted.

Don’t know how much more direct Mr. Frank could be.  Time to put some trust in what has been presented based if nothing else upon an unblemished track record of “knowing/dreaming” about  things in advance. 

Samson:  British report marks the Iraqi economy receiving a "devastating" strike

26th July, 2020
British Financial Times newspaper warned of the high rates of poverty in Iraq, while it saw that the drop in oil prices leaves the Iraqi government with only a small "space" for maneuvering.

"The financial situation in Iraq, the second largest oil producer in OPEC, has been dealt a devastating blow as crude oil prices have fallen by more than half compared to last year, " said Chloe Cornish, Middle East correspondent for the Financial Times.

The author is based on the Oxford Institute for Energy Studies in Britain, when referring to the decline in Iraqi revenues from oil exports, from 6.1 billion dollars in January to the lowest levels at 1.4 billion dollars in April.

And the report on Iraq points out that the poverty rate in the country is expected to rise to 31.7 percent this year, from 20 percent in 2018, as the Corona pandemic is pushing 4.5 million Iraqis to fall below the poverty line, according to a new joint calendar for the government and the United Nations. The World Bank and Oxford University.

The writer says that low oil prices leave the government with little room to maneuver.

The author relies on the words of analysts who said that the government can take advantage of $ 68 billion in foreign reserves to cover dollar bills, such as imports and debt service, and is expected to borrow $ 18 billion from home and abroad to cover government wages for the next few months.

The writer quotes from an interview with the Iraqi Minister of Finance Ali Allawi, who said that "the issues that were buried because of the high and growing oil revenues are taking shape now", referring to the inflated spending and a monthly bill of $ 5 billion. This includes payments to an estimated 300,000 "ghosts" or fanciful employees, according to the author, quoting Allawi as saying that Baghdad was no longer able to rely on current oil prices.

She highlighted his saying that Iraq "has been holding regular and very intense discussions with the International Monetary Fund for some time now," explaining that Baghdad "may apply for some budget support."

"There is now a growing recognition that we are moving to an environment with relatively low oil prices. We really have to find an alternative to restructure our public finances, to take account of this new normal," Allawi added.   LINK

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Don961:  In the forefront of which are Russia, China and Iran ... US intelligence warns of the opponents of the United States seeking to influence the elections

- 15 Hours Past

Within 100 days of the US presidential election, the director of the National Intelligence Center to counter spy William Ivanina issued a statement warning Americans that there are many parties seeking to influence the course of the US elections, and he called them to be vigilant.

The statement focused on the dangers posed by China, Russia and Iran in particular, and Ivanina said that the opponents of the United States seek to penetrate the contacts of the American electoral campaigns, and those related to the candidates, in addition to their attempts to penetrate "cyber networks", including those related to the management of the elections.

The statement warned that foreign countries are taking advantage of social media to try to influence the choices of the American voter, which threatens to undermine confidence in the electoral process, and thus the entire American democracy.

The report said that China has been expanding its efforts to shape the political environment in the United States and negatively influence political figures who see it as incompatible with its interests.

He stated that Russia's goal is to weaken the United States and influence its global role, stressing that it continues to spread misleading information in America; With the goal of undermining confidence in American democracy.

As for Iran, the statement said that it publishes misleading information on social media, and re-publishes everything that is anti-American.

The statement urged Americans to verify the source of the published information before republishing or sharing it, and to promptly inform the authorities of any suspicious election-related activity.

Al Jazeera     LINK

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Don961:  American Intelligence defines "goal number one"

 The world  ,   7/22/2020 10:39   Baghdad - Iraq today:

The director of the US National Security Agency, Paul Nakasone, announced that the United States will respond to the attempts of foreign countries to interfere in the presidential elections through cyber attacks, considering that goal number one.

"We will act when we see that our opponents are trying to interfere in our elections," Nakasone, who also heads the Pentagon's cyber leadership, told a military meeting on Monday.

He added, "Our number one goal and our number one mission ... is to ensure the security and safety of the 2020 elections."

Nakasone noted that the NSA's efforts to protect the presidential election include expanding partnerships with other intelligence agencies and examining the techniques and methods of "adversaries" of the United States.

He stressed: "We seek to know our opponents better than they know themselves."

Speaking of 5G communication technologies, Nakasone said: "We are in the era of competition between the major countries and we see this every day in the cyber domain."

The United States has more than once accused other countries of malicious activity in the cyber domain. Before the last presidential elections in the United States, Washington had accused Moscow of trying to influence the election results through cyber attacks, but Russia has denied any connection to the attacks that the United States has spoken of.   LINK

Don961:  After coming close to collapse, a rescue fund is pulling the European Union out of the Corona financial crisis

- 10 Hours Ago

The beginning of the third millennium was the culmination of the efforts of European countries for nearly 50 years, as the transition from the stage of the European market to the European Union, and the issuance of its single currency, the euro, the experiment remained praised and invited to the rest of the regional entities to benefit from the experience.

But crises come to test the experience of the European Union, and it was the first experience at the end of the first decade of the 21st century, when the global financial crisis afflicted European countries and accumulated debts on some of them, especially in Greece, which experienced a severe financial crisis that lasted for more than 5 years.

At that time, the expectations for the possibility of the European Union abandoning the economically weak countries that suffer from a debt crisis and a deficit in public budgets have gone away, but the European Union has violated these expectations and established a so-called “rescue fund”, whose capital amounted to nearly half a billion euros, to provide loans at Low interest, to help countries with high public debt.

In fact, many European countries benefited from the rescue fund, so that Greece, which was threatened with bankruptcy, was unable to pay its foreign debt obligations and called its financial crisis in 2018.

Corona threat

With the beginning of the spread of the Corona virus during the first quarter of 2020, European countries experienced a state of panic, as infection rates in European countries were the largest among the countries of the world, in Italy, Spain and France, yet the European Union was not treated as an entity Regional with the event at the desired or desired level.

This prompted many writers to expect the Corona crisis to be one of the reasons for the collapse of the European Union experience, especially in light of the behavior of some citizens in Italy who burned the European Union flag and removed it from some buildings, with the start of the flow of Chinese medical aid to Italy.

One of the most prominent findings of the Corona pandemic was the weakness of the health insurance system in the European Union, where health institutions were unable to face the crisis in a manner that preserves human wealth, while other countries such as China were able to control the crisis and overcome it from a medical point of view, and were even able to provide their assistance Of medical supplies for European countries.

And it helped some people believe in his expectations of the collapse of the European Union, the British determination to leave the union, and start arranging Britain's economic and financial conditions in light of a new reality, to create individual economic and financial relations with many countries.

Likewise, the analyzes that the post-Corona world is different from before it went to increase the possibilities for the disintegration of the European Union, especially in light of raising many important issues at the global level, such as trade war, and the need for a new global economic and financial system.

European experience

Unlike many different regions of the world, the European case represents a distinct performance after the Second World War, as the efforts of European countries crystallized to reach solutions to problems, and they are not allowed to be a cause of division, so Europe was more coherent in the face of the challenges imposed by the economies of Globalization, from the beginning of the nineties until the beginning of the global financial crisis in 2008.

This experience was evident, as well, in dealing with and withstanding the negative repercussions of the Corona pandemic, and the media image that dealt with the reactions of some citizens, and statements by officials of European Union member states, suggests that the experience of the Union is just around the corner to reach the stage of disintegration and collapse.

But during the past few days, the European Union went out to announce the adoption of its new budget in addition to 750 billion euros to form a rescue fund to help the countries affected by the Corona crisis, so that the step represents a case of management based on common interests, so the weak is not left to collapse among the countries of the union, and does not take One of the parties, grant and aid without gratification, but loans at low interest rates, or conditional grant and aid.

As published from the details of allocating 750 billion euros to combat the negative effects of Corona, the bulk of it will be conditional grants, about 500 billion euros, while allocating 250 billion euros in loans, and the fund’s plan focuses on caring for health care projects and supporting economic recovery.

It was not an easy matter to reach this plan to create a rescue fund, as negotiations between the European Union countries on this plan have been going on since March 2020, and there has been strong opposition between France and Italy on the one hand, and Germany and Belgium on the other hand, on how to finance this box.

France and Italy’s proposals regarding the possibility of issuing joint bonds in the name of the European Union were rejected, and the idea of ​​crowdfunding for the fund’s needs was approved, with each country bearing the responsibility for the funds it received, and here the responsibility in crisis management appears.

Where passion was spared, as happened in the financial crisis in Europe in 2010, yes there is a crisis, but its treatment must not be for the account of one party in the interests of another party, so the money of every country that you pay as a share in the rescue fund is the taxpayer money, and every government is asked in front of its people How to dispose of tax funds, and therefore whoever receives financing in the form of grants or loans provides his plan for rescue and is responsible for achieving positive results, as well as payment of the money received.

The plan to create a rescue fund required many negotiations between the countries of the European Union (Reuters) It will not be the last.

The Corona crisis will not be the last crisis facing the European Union as a regional entity, but what is important is the way to deal with crises and provide solutions that help the entity remain and even lead to Strengthening its role, interests here are the forefront of emotions.

The financing package, in the European financial crisis in 2010, as well as in the Corona 2020 crisis, touched an urgent need to prevent the economies of countries struck by crises, and thus members feel that the European Union entity has already found common interests, not only for the benefit of adults, or for the depletion of the wealth of the young.

The most important thing about the survival of the European Union is the civilized dimension on the one hand, as Europe considers itself as a single civilized entity, and it faces real challenges that may affect the survival of its civilization, and therefore the presence of the European Union represents a civilized necessity.

In addition to the importance of an inclusive union that includes Europe in light of the two-decade-old conflict between America and China, which is expected to escalate during the coming period, and the aspirations of emerging countries in the global system will undoubtedly be an opponent of one of the major parties, and Europe cannot face this challenge And its countries are separate, but it is better to remain in one entity.

Europe has learned the lesson from its historical experiences prior to the Second World War, that the problems must be solved, and that the cost of solving them in a collective form is better than the individual confrontation of each country separately, and we can now imagine the reaction of the European street to the rescue plan compared to its reaction in the beginning of a crisis Sk.

Source: Al-Jazeera   LINK

MilitiaMan and KTFA Members Saturday Night 7-25-2020

KTFA:

AnotherMailman:  With all of the salaries to be paid before the beginning of Eid (July 31st), we don't have long to wait to find out if they will be paid at a program rate or a new rate. I always thought Eid was a time of gifts to the citizens. Maybe the gifts will be their regular pay with the same purchasing power or increased purchasing power with the HCL included for the citizens! That would be nice! IMO

Ryan1216:  That's a great way of looking at it. We'll find out shortly...... Hopefully the salaries will be paid with a new rate.

OlLar:  “The Iraqi government may suspend official hours this week with a comprehensive ban” Is it me or does this seem very convenient and a little coincidental.

Samson:  Ministerial Roundtable discussions express support for Iraqi government economic reforms

Reforms White Paper

At the start of the discussions, Dr. Ali Allawi outlined the nature and scale of the financial and economic crisis in Iraq.

Dr. Allawi told participants that this Iraqi government is revisiting all past decisions that have encumbered Iraq’s economy, allowed it to be wholly dependent on oil, and stifled the ingenuity and creativity of Iraqis.

Dr. Allawi said that the new Iraqi government is  committed to submitting a wide-ranging White Paper to Parliament in September 2020 which will set out a roadmap to reorient the Iraqi economy and grow the private sector so that it can play its natural and leading role in the economy.  LINK

GodLover:  This is another article that clearly supports what I have been stating for a couple of months imo. I think it was in May when they first started talking of the reform paper (white paper) imo. Since then....per articles they had stated numerous times that PM K has 60-90 to submit the white paper, AFTER the approval of the borrowing law which was approved on June 24th per articles imo. 90 days would end roughly Sept 24th.....60 days is roughly end of August......imo. And again, although salaries have yet to be completely paid, this is how Iraq functions....none the less salaries are secured by the borrowing law for 3 months...per articles imo.  Delta had stated iho that Sept. looks good. However, per articles salaries are secured for Sept...imo. I will stick my my original theory of them aligning this with the US fiscal year 2021 on Oct 1st imo.  

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MilitiaMan:  I see that this is suggesting a wide ranging White Paper. There is nothing specific in that. The borrowing law was first reported ti be rejected on 06/14/2020. But, pay attention to the reasons why they need the White Papers.

The world bank has a lot to say about what Iraq was in need of doing around or in early May 04, 2020. Both items are in the links below. Depending on who suggests what the accurate time frame for the clock to have been started for Iraq to have reforms underway "White Papers are in 60 - 90 days", imo, the World Bank has more weight in the matter and that was guidance in early May, not so much as the Borrowing Law being rejected in mid June.

The world bank signed an understanding with the CBI to manage Iraq's assets. Managing is to give guidance on critical matters and important ones too. Al-Nasseri wrote a paper to the new PM when he first took office and provided a copy of his paper with emphasis that past administrations were silent on the matters.

White Papers are known to be about what needs to be done and when things are done, they are reported into the White Papers and then checked off for future additions to the paper to be added from what has been completed. Completions beget new beginnings. As when steps are accomplished more steps are added, an so on. 

Take note in the above. It speaks of WIDE RANGING WHITE PAPERS... That means they are a work in progress, imo. They are not the end all, as it seems to some to suggest.

They need to establish the rate of the IQD for to promulgate  it to the world.

The World Bank states that Iraq will have issues with out getting the reforms done. They say borrowing is going to be difficult for Iraq to fund expenditures. Then today we see proof of that and with a qualification that they can get the monies through FINANCIAL REFORMS.. This is not theory. This is what they can do and it is coming from the Finance Committee.

The reforms will allow the money to flow, imo, that money will require an international rate.

 Financial Reforms are not at a program rate for pete sake.

They have told us time and time again where they can get money. That is from the Reforms.

Reforms get Iraq into the secondary markets to do just that, hence they say it. They will use financial reforms to do so. Imo.

The GCC in post #100 are even discussing it today. (see below for the reason why they won't devalue. Devalue is to print more money. Same goes for Iraq. They are not going to print more money to devalue to pay salaries. It makes no sense and they have beat that drum plenty!!)

This is a bigger picture than just Iraq.. imo So the theory of being out into September is not being supported yet imo one bit.. If you have links to support the view they will extend reforms out to September with fresh information, then please bring it in. Love to see it.

In the mean time, we are imo watching the live progress on many fronts, not just Iraqs.. It supports they have financial reforms to pay salaries imo.. Peace. . ~ MM

" Parliamentary Finance Committee, Dill, asked the Ministry of Finance to keep its promises to pay salaries during the current month and the next three by making funds available through some financial reforms, increasing oil prices and internal borrowing, indicating that the government's borrowing procedures are still slow.

MilitiaMan:  Take note too, that International investors at the 2018 KW conference are still waiting on the IQD to spring forth into action. Just as the courting of fresh investors we see on the Iraq Gov. web site and at length over the last few days.

Economic reforms are all over that site and in the World Bank links below I provide. Investments are all over in the news and energy businesses are all over the news as well. So, might want to rethink where we are.. imo As a more gradual approach for the GCC is in order per Fitch.

 As in let the IQD GCC rise with the tide on the new international rate of Iraq. The GCC has Alak coming to the AMF when his workd is done.. imo. All good.. ~ MM 

https://www.worldbank.org/en/news/press-release/2020/05/04/iraq-structural-reforms-critically-needed-to-manage-a-multi-faceted-crisis

LINK

The agency said, "The devaluation will only return with a few competitive advantages over the countries of the Gulf Cooperation Council due to the nature of their economies not diversified resources."

Social concerns are also likely to cause governments to refrain from devaluing currencies, as they may lead to higher costs of living.

"A potentially violent social response is a risk to both currency devaluation and fiscal rationalization, but fiscal policy may better be accommodated by a more gradual control," Fitch said.

The Arabs   link

Don961:  An economist warns of a "scenario" that will limit the Iraqi economy

Economie 07/25 2020 13:22 377 Editor: am   
Baghdad today - Diyala

The economic expert, Rasim al-Akidi, warned today, Saturday, of a scenario that is being adopted by neighboring countries to obtain the dollar from Iraq, while he indicated that this scenario contributes to restricting the Iraqi economy to foreign policies.

Al-Aqidi said in an interview with (Baghdad Today), that "most neighboring countries adopt a similar scenario for several years, which is the payment of Iraqi merchants to pay money to buy their goods in dinars."

The economist pointed out that "these countries currently possess at least 35% of the Iraqi monetary block, and this is extremely dangerous."

He added, "Countries are investing their Iraqi monetary block in buying dollars through auctions from the central bank, through private banks."

He pointed out that "this scenario is not being talked about, and there are many parties that turn a blind eye to him despite his danger in transferring hard currencies abroad," explaining that "the Iraqi economy will be restricted to foreign policies."  LINK  

MilitiaMan:  Sounds to me like they are serious about there being transferring of hard currency abroad. The Iraqi economy will be restricted to foreign policies. That last  part, is what the IMF has told us they were to do, as in stopping the auctions.. Another key indicator that there are things afoot to support a change to the IQD is coming.  They talked about the change in early June, and now again the late July, as they want the corruption gone. It also reflects that it wasn;t enough to date.. They suggest now the pressure is coming from foriegn policy makes it necessary to do so and now.. We shall see..  imo ~ MM

LINK

In the documents, the Central Bank proposes to transfer the currency auction to the Ministry of Finance

4/6/2020 13:26:37

The Central Bank of Iraq renewed its proposal that the Finance Ministry take over the sale of the dollar to the market directly for exchange in Iraqi dinars to cover budget expenditures without the central bank’s mediation.

The Central Bank attributed its proposal in its letter to the three presidencies, {Euphrates News Agency} obtained a copy of it until it “devotes itself to carrying out its tasks, which are numerous and important for financial stability and economic stimulus, and in order to get the bank out of the confusion that this issue causes.”
It is said that suspicions of corruption are continuously raised on the auction sale of the currency of the Central Bank of Iraq, most recently its support for Arhab.

LINK

After Coming Under Heavy Criticism ... The Central Bank Stops The Currency Auction

FA # 169

7. Adopting verification and control mechanisms on the currency auction to ensure the maintenance of hard currency from fraudulent fraud on the one hand and the collection of taxes efficiently and accurately to contribute to supporting the revenues of the general budget   

KTFA Members "Saturday News" 7-25-2020

KTFA

Samson:  The Iraqi government may suspend official hours this week with a comprehensive ban

25th July, 2020

The crisis cell in the Iraqi parliament revealed today, Saturday, a government proposal to disrupt official working hours, this week.

"The Iraqi government is currently studying the issuance of a decision to completely disable the official working hours this week, because of the high temperatures at record rates, all over the country, with large interruptions of electricity," said cell member, MP Abbas Aliwi, to Shafaq News.

And Aliwi said, "The other reason for this proposal is to control the non-rise of infections with the Corona virus, especially with the approaching Eid al-Adha, and people roam a lot in the markets." The decision will be officially issued, and perhaps this will happen during the coming hours, as this is expected.   LINK

Samson:  Ministerial Roundtable discussions express support for Iraqi government economic reforms

24th July, 2020

The Iraqi government and the International Energy Agency (IEA) hosted a virtual Ministerial Roundtable event to discuss reforms of the Iraqi economy and explore new models to encourage long-term investment in Iraq.

The focus of the discussions was the energy sector, particularly Iraq’s electricity and natural gas.

The meeting brought together senior Iraqi Ministers and officials, Ministers from IEA member countries, CEOs and leaders of energy companies as well as international financial institutions.

The Iraqi side was represented by the Deputy Prime Minister and Minister of Finance Dr. Ali Allawi, the Minister of Oil, Mr. Ihsan Ismail, the Minister of Electricity, Mr. Majid Hantoush, and the Prime Minister’s Adviser on Investment, Ms. Suha Najjar.

The event, co-hosted by the IEA’s Executive Director, Dr. Fatih Birol, was joined by senior government officials from other countries, including the US Secretary of Energy, Mr. Dan Brouillette, and the UK’s Minister of State for Business, Energy and Clean Growth, Mr. Kwasi Kwarteng.

Business leaders taking part included the CEOs of Siemens Energy, GE Gas Power, Total, Eni and others.

Reforms White Paper

At the start of the discussions, Dr. Ali Allawi outlined the nature and scale of the financial and economic crisis in Iraq.

Dr. Allawi told participants that this Iraqi government is revisiting all past decisions that have encumbered Iraq’s economy, allowed it to be wholly dependent on oil, and stifled the ingenuity and creativity of Iraqis.

Dr. Allawi said that the new Iraqi government is  committed to submitting a wide-ranging White Paper to Parliament in September 2020 which will set out a roadmap to reorient the Iraqi economy and grow the private sector so that it can play its natural and leading role in the economy.

Dr. Allawi said that reforms are necessary to drive growth and development:

Iraq reforming its economy is not a matter for debate. It is essential, and it is vital that reforms are comprehensive and timely. The meeting today with the IEA highlighted the Government of Iraq‘s seriousness in its endeavour to fundamentally reform its economy, including the energy sector, which we want to be a driver of growth and development.

Modernising the electricity sector

In his contribution, Iraq‘s Minister of Electricity, Mr. Majid Hantoush, outlined the challenges facing the electricity sector in Iraq which impede delivering a service that meets the expectations of the Iraqi people.

Mr. Hantoush underscored that the Iraqi government is determined to update plans to rehabilitate and modernise the electricity sector, and to rehabilitate and expand transmission network.

He reiterated that this Iraqi government will adopt the principle of partnership to encourage investment in this vital sector.

Oil and gas

Iraq’s Minister of Oil, Mr. Ihsan Ismail, stressed the important role Iraq played in helping to stabilise the global oil market, despite the very exceptional and difficult challenges the country is facing, by fulfilling its commitment to implement the OPEC + and G20 agreements.

The Minister of Oil gave a briefing on the impact of the pandemic, the reduction in oil prices and the financial crisis, on the plans to develop the natural gas and oil sectors.

He added that the burning of associated gas is unacceptable, and stressed that the Iraqi government plans to end the burning of associated gas, and that this will contribute significantly to achieving the economic goals of the government.

International support

The Executive Director of the IEA, Dr. Fatih Birol who opened the ministerial roundtable discussions, said electricity and natural gas sectors are critical to growing the Iraqi economy and to the creation of jobs for Iraqis.

Dr. Briol told participants that the new Iraqi government should be supported as it embarks on introducing what he described as “deep and urgent” structural reforms to revitalise the Iraqi economy.

Dr. Briol reiterated his organisation’s continued support for Iraq, saying:

The IEA has been a steadfast supporter of Iraq’s reforms, and we are especially encouraged by the Government’s clear-sighted and comprehensive vision for economic development.  The energy sector will be a crucial linchpin here – stable and affordable electricity can spur the private sector growth that Iraq needs to diversify.

In his contribution, the US Energy Secretary, Mr. Dan Brouillette, thanked Iraqi ministers for what he described as their “frank analysis” of the current challenges facing Iraq and reiterated the US support for the Iraqi government and its reforms programme.

The UK’s Minister of State for Business, Energy and Clean Growth, Mr. Kwasi Kwarteng welcomed the Iraqi government commitment to reforming and diversifying the economy, saying that the UK will continue to support Iraq across several areas, including economic reforms and called on other countries including those in the region to support Iraq.   LINK

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Don961:  Continuing to link Gulf currencies to the dollar depletes monetary reserves

- 5 Hours Ago

Analysts unanimously agree that maintaining the majority of Gulf currencies are pegged to the US dollar, which has become a heavy burden on the financial conditions in the countries of the region, in light of the decline in global oil prices and the repercussions they have been caused by the closure and foggy restrictions that still hover over the growth of the global economy.

DUBAI - Money market analysts acknowledge that Gulf countries are still able to weather their current crises with the help of their large financial reserves, especially after frequent measures in recent years to rationalize spending, reduce government support, and increase budget revenues.

This impression is coupled with the continued Gulf governments, with the exception of Kuwait, in pegging their currencies to the US dollar, but keeping that may drain more of their cash reserves in light of the Corona virus, which struck most of the vital sectors of the recession.

The sharp decline in crude oil prices has led to a growing belief that the Gulf countries, especially Saudi Arabia, may be forced to abandon the riyal peg to the dollar, after maintaining that policy for decades.

The economic repercussions of the epidemic have prompted Gulf governments, which rely mainly on oil sales to collect foreign currencies, to bite off part of those reserves to support the private sector and citizens.

Fitch Ratings Ratings experts ruled in a recent report that the Gulf countries, whose fiscal deficit is exacerbated by the drop in oil prices, will devalue their currencies, although continuing to link them to the dollar may lead to the depletion of foreign assets and debt accumulation.

Technically, pegging the currency to another currency means fixing its value and not leaving it to supply and demand in the market as it happens with some countries when you are in the process of floating the currency.

Analysts confirm that the reserves of any of the central banks in the Gulf countries are necessary to maintain the peg price and maintain it at the desired level so that the economy does not shake or be affected by external shocks as is the case at the present time.

Policymakers in the oil-exporting region have long said that pegging the dollar to the dollar is in their economies’s heavy dependence on oil and gas, but the fall in crude prices this year has added pressure to a number of pegged currencies.

"We do not expect any change in the exchange rate regimes pegged to the Gulf Cooperation Council countries in the medium term," Fitch said in her report. But she added that continuing to link "will entail a significant depletion of foreign assets or debt accumulation."

The agency stressed that Saudi Arabia, the United Arab Emirates and Qatar have sufficient resources to maintain their interconnection systems, while external support remains important to Bahrain, which its wealthiest Gulf allies pledged $ 10 billion in 2018 to avoid a credit crisis.

In the case of Oman, which has more foreign reserves than Bahrain, the fenders dissipate quickly, and future large debt payments may undermine confidence in the peg.

And Saudi Arabia’s reserves fell last April about 20 billion dollars, as the net foreign assets of the Saudi Monetary Agency (the central bank) fell to 443.7 billion dollars, compared with March.

As for the UAE, which comes in second place among the Gulf countries, its foreign reserves reached $ 110 billion, including cash and assets, compared to about $ 125 billion last September.

The rest of the Gulf countries are considered to be in an exportable situation, as Qatar has cash reserves of about 56.3 billion dollars, and Kuwait has a stock that does not exceed 39 billion dollars.

As for Oman’s reserves of foreign exchange and gold are estimated at 16.6 billion dollars, and finally Bahrain, which recorded a cash reserve of 3.5 billion dollars at the end of last February, without calculating its reserves with the International Monetary Fund or special drawing rights.

Gulf countries cut spending this year and rearranged its priorities, and Saudi Arabia, the region’s largest economy, increased value-added tax to boost revenues.

Fitch experts stressed that the structure of Gulf economies is appropriate to control their finances through rationalization of spending, not devaluation of their currencies.

The agency said, "The devaluation will only return with a few competitive advantages over the countries of the Gulf Cooperation Council due to the nature of their economies not diversified resources."

Social concerns are also likely to cause governments to refrain from devaluing currencies, as they may lead to higher costs of living.

"A potentially violent social response is a risk to both currency devaluation and fiscal rationalization, but fiscal policy may better be accommodated by a more gradual control," Fitch said.

The Arabs   link

Samson:   Oil prices are rising, supported by positive economic data

25th July, 2020

Oil prices rose, supported by some positive economic data, but tension between the United States and China limited the gains

Brent crude futures were settled up three cents to $ 43.34 a barrel. US West Texas Intermediate crude futures rose 22 cents to settle at $ 41.29 a barrel

On a weekly basis, Brent increased 0.5 percent, while US crude added 1.7 percent

US business activity rose to a six-month high in July. However, American companies recorded a decline in new orders with the acceleration of cases of Covid-19

The number of Americans applying for unemployment benefits reached 1.416 million last week, rising unexpectedly for the first time in nearly four months

The bank reduced its forecast for the oil market surplus for 2020 to an average of 2.5 million bpd from 3.5 million bpd previously

According to data from Baker Hughes Energy Services, the number of oil and gas rigs in the United States, an indicator of future production, fell by two rigs to an unprecedented low of 251 in the week ending July 24 but energy companies added one oil rig in the first weekly increase since March

Putting pressure on prices, China has ordered the United States to shut down its consulate in Chengdu, in response to a US request this week that Beijing shut its consulate in Houston and renewed tension between the world's top oil consumers has added to concerns about fuel demand   LINK

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Samson:  Mexico is moving toward launching the world's largest oil hedge

25th July, 2020

Mexico has asked the largest banks on Wall Street to bid for its massive oil hedging program, while options for trading in crude oil are growing this week ahead of the giant deal. According to Reuters sources

A source with direct knowledge of the matter said that the Ministry of Finance asked banks for quotations, indicating the start of the hedging implementation process

Every year, Mexico buys financial contracts amounting to one billion dollars, which is the largest oil hedging program in the world, to protect its oil revenues. 

Bankers and officials on both sides of the deal expect a lower hedge this year because the options used to protect oil profits are more expensive than last year   LINK

Samson:  Public Perception Of Debt Transparency

25th July, 2020

Senior debt specialist in the global practices sector for macroeconomics, trade and investment

In the context of high levels of public debt, debt transparency has become critical for several reasons: creditor institutions should fully assess the potential borrowing countries’ debt burdens, citizens need to be able to hold their governments accountable for the debt they borrow, and borrowing countries should design strategies based To have a clear understanding of the level and costs / risks of their debts.

One of the pillars of debt transparency is to publish accurate, comprehensive and timely data. In order to obtain a complete picture of the extent to which countries have succeeded in these measures, the World Bank has prepared a colorful graphic map displaying public debt data dissemination practices in IDA-eligible countries. In this framework, we monitor hundreds of national authorities' websites that are available to the public on the Internet to assess countries' performance according to key indicators such as access to debt statistics, their coverage, their frequency, the existence of a debt strategy and an annual borrowing plan. This colorful graph is updated every six months to enhance countries’ efforts to improve their publishing strategies.

The results of the evaluation conducted in April 2020 show that nearly half of the countries surveyed publish a medium-term debt strategy although less than 10% of these countries translate this strategy into annual borrowing plans. But gaps still remain: debt disclosure standards are still very weak in 36% of IDA-eligible countries, and data is either not available, insufficient, or too old to be reliable (before 2018).

This is the first in a series of tools the World Bank is introducing to shape the debt transparency agenda. The following workshops will address the transparency of domestic debt issuance frameworks and the integrity of legal debt management frameworks. Follow us for the latest developments!

To learn more about debt management and transparency tools, see   the World Bank Debt and Public Finance Risk Manual    LINK

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Samson:  Deputy: Iraq is the only country able to defuse the war between America and Iran

13:40 - 07/25/2020

The deputy of the Al-Fateh Alliance Fadel Jaber affirmed on Saturday that Iraq is the only country capable of playing the role in defusing the war between Iran and America as well as Saudi Arabia, noting that Al-Kazemi's visit revealed the depth of relations between the two countries.

Jaber said in a statement to the "information", that "the visit of Prime Minister Mustafa Al-Kazemi to Tehran revealed the depth of relations between the two neighboring countries and that the two countries are determined to develop relations in all aspects because of their many shares."

He added, “The call of Iranian President Rouhani to reject his country from making Iraq arena of conflict confirms to us that Iran is willing to develop its economic and trade relations with us."

Jaber pointed out that "the visit implicitly confirmed that Iraq is the only country in the region able to fuse the war between Iran and America, as well as Saudi Arabia."   LINK

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Samson:  Iranian official reveals the embezzlement of at least $ 22 billion in foreign currency

24th July, 2020
President of the Iranian Fars Province Chamber of Commerce, Jamal Razzaky, said on Friday that at least $22 billion in foreign currency has been embezzled.

Razaky confirmed that "at least $ 22 billion of the Iranian currency has disappeared under the sanctions, under the pretext of allocating the government currency for import."

Razaki did not explain how and when these sums disappeared, but he pointed out that this "corruption" resulted from the granting of hard currency at a government price (42 thousand against the dollar) to importers and traders.

The Iranian official also saw that "the government should cut off the allocation of the currency supported by 4,200 tomans due to corruption and patronage, but instead should allocate those resources in the form of coupons, in order to increase workers’ wages and support the Relief Committee and the health care organization."   LINK

KTFA and X22 Reports Friday Night 7-24-2020

KTFA:

Samson:  Watch: Video highlights of the high-level virtual Ministerial Roundtable discussions hosted by the @IraqiGovt and the @IEA on diversifying and reforming the Iraqi economy, expanding the role of the private sector and encouraging investment:#EconomicReforms #InvestIraq pic.twitter.com/XqRt9RiaE2— Government of Iraq -(@IraqiGovt) July 24, 2020

Bravo13:  who is the gov official top right in video for the us, not pompeo, interesting meeting, this is good to see. Thanks for bringing this samson.

Samson:  IEA and Iraq will host high-level Ministerial Roundtable on investment and economic reforms

The International Energy Agency and the Government of Iraq will host a high-level Ministerial
roundtable on Thursday focused on investment and economic reforms in Iraq, especially in
the country’s electricity and gas sectors.

The virtual round-table meeting will bring together senior Iraqi Ministers and policymakers,
Ministers from IEA countries, CEOs and leaders of energy companies as well as international
financial institutions, who will explore how to ensure that Iraq’s energy sector can continue
its recovery at a time of constrained government budgets and tighter financing environments.

Participants will include Mr. Ali Allawi, Iraq’s Minister of Finance; Mr. Ihsan Ismaeel, the
Minister of Oil; Mr. Majid Hantoush, the Minister of Electricity; and Ms. Suha Najjar, an
advisor to the Prime Minister.

The roundtable will also hear from several other top government officials, including Mr. Dan Brouillette, the U.S. Secretary of Energy;Mr Kwasi Kwarteng, Minister of State for Business, Energy and Clean Growth of the United Kingdom; Ambassador Francois Delattre,Secretary-General of
France's Ministry of Europe and Foreign Affairs; as well as CEOs of Siemens Energy, GE Gas Power, Total, Eni and others.

The meeting follows a call in May between Iraq’s Prime Minister, Mustafa Al-Kadhimi, and
the IEA’s Executive Director, Dr Fatih Birol, agreeing to work together, particularly in the
area of electricity and gas reform.

The discussions will review the role that the new Iraqi government sees for
the private sector in developing the country’s electricity and natural gas sectors,
as well as measures needed to spur investment by energy companies.

The meeting is the latest in a series of top-level engagements that the IEA has
undertaken in support of the Government of Iraq in recent years. Last year, the IEA
published an in-depth analysis of the country’s energy sector, examining the problems
affecting Iraq’s power sector and offering recommendations to address the situation,
including the potential role of renewables. The report,  Iraq's Energy Sector: A
Roadmap to a Brighter Future, also took a detailed look at the country’s oil and gas
industry and its prospects for the next decade.
 
Since then, the drop in oil prices due to the Covid-19 pandemic has severely curtailed
the government’s ability to spend on critical infrastructure. As a response to the
economic and financial strain, the new government is exploring avenues to fundamentally
reform its economy to reduce the burden on state finances, incentivize private sector
growth, and make the economy more resilient to future oil price movements.

“The IEA has been a steadfast supporter of Iraq’s reform plans, with the country’s
vast energy sector at its heart,” said Dr Birol. “The IEA believes that the energy
sector is a fundamental enabler for the country’s reforms. We hope that this
meeting will help get a better understanding for the government’s vision as
well as share the experience of the private sector on ways to spur private
investment.”   LINK

Samson:  The meeting will bring together senior Iraqi Ministers and policymakers, the Executive Director of the @IEA, Ministers from a number of @IEA member states, CEOs of global energy companies and leading international financial institutions. #EconomicReforms #InvestIraq

— Government of Iraq - (@IraqiGovt) July 23, 2020

The Economic Hammer Was Just Dropped, Funding Shifts Away From Globalist System - Episode 2232a

X22 Report:   Jul 24, 2020

The economy has been primed and we can see from other countries that once businesses open up and they are full capacity the economy will bounce back quickly.

Watch gold, it is now moving up quickly. New home sales smash expectations, the V economy is now complete in housing.

The hammer drops on other countries, funding is being cut off.

https://youtu.be/UMp6ukM7JUY?t=3

Message Received, Flags Out, Treason, Sedition Arrests Coming Soon - Episode 2232b

X22 Report:   Jul 24, 2020

The [DS]/MSM is now struggling with events, they are now be called out and people are waking up quickly.

Trump decided to cancel the convention in FL, watch what happens next.

More declass info has been dripped out, treason, sedition arrests are coming soon.

The message is clear, the silent majority is ready to stand up, flags out, message received, thats a-lot of flags.

https://youtu.be/-sFPCPJi6Kc?t=2

MilitiaMan and KTFA Members "There is Money Moving" Wednesday Night 7-22-2020

KTFA:

MilitiaMan:  I have a feeling everyone that is getting the jest that there is money moving, we can see it in the precious metals. Gold and Silver are money. They have been for thousands of years and now there is it talk that they will be even more so sooner than ever, imo..

The articles suggest that they (Iraq) have an urgency to support their local currency. They have regular intense discussions with the IMF.. Lol No kidding. They IMF and WB have stated at least twice there was a need to add currencies to the SDR Basket.. They even gave the reason for it. That reason is in the charts.

They need the value associated with the effects that would or will bring when adjustments are made to global currencies.

The effects will imo be the catalyst they need to fix the international monetary system. (Their words not mine.) Above that, the system may even go through a massive structural change in the way the currencies are backed by assets, silver and gold are exactly that.

Backing them with precious metals will or can support the ability to defend them in the secondary markets.. 

IMO the charts are screaming there is money movements and that can't be denied by the recent up trends we can clearly see to have broke out.!

The call to have GOLD in the mix is to suggest that not only will the IQD have a gold component, but, others will need to be on a level playing field as well.

That may start to resonate to those that see currency shortages even in the USA. Why have currency shortage at a time like now, and there wasn't before? This is an apparent precedent I have not seen in my life time. Why have they not met demand? Or is the supply side cut off for the lack of need for presently coins?

Won't need the old, lets just get them off the street for something new? We shall see.

But, be sure, this time is not a normal time frame that I have ever seen and with gold tapping world wide highs? One has to sit back and think about the broader picture. I like what I am seeing!! ~ MM

Samson:  Central Bank: Launching July salaries before the holiday and in one payment

7/22/2020 15:33:50  

The Central Bank of Iraq announced the insurance of employee salaries for the month of July.

The central bank stated, "The salaries will be released in one payment before Eid al-Adha."  LINK

LarryH:  Got to like that news. Maybe compliance to international standards. Everyone gets paid on the same day. Wow. IMO is that with the New Rate.

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Samson:  Sistani's office sets the first days of Eid al-Adha

21st July, 2020

The Office of the Supreme Shiite Authority in Iraq, Ali Sistani, announced that tomorrow (today), Wednesday, will be the first day of the month of Dhu al-Hijjah al-Hijra

The office said in a statement received by Shafaq News, that "tomorrow, Wednesday (7/22/2020), will be the beginning of the month of Dhu al-Hijjah al-Haram for the year 1441 AH

Thus, Friday, July 31, will be the first day of Eid Al-Adha

Saudi Arabia had announced in turn that tomorrow, Wednesday, is the first of the month of Dhu al-Hijjah

LINK

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Samson:  Parliamentary Finance: Control of border crossings will add about $ 10 billion to the treasury annually

14:30 - 21/07/2020
Member of Parliamentary Finance Committee Jamal Kujer confirmed on Tuesday that control of border crossings will add about 10 billion dollars to the state treasury annually.

Cougar said in a statement to "The Information", that "according to the statement of the head of the Parliamentary Finance Committee, that only 5-9% of the revenue from the border outlets reach the state treasury annually, which is estimated at one billion to one billion and 200 million dollars, and the rest goes to the pockets of the corrupt."

Cougar added, "The imposition of control over the border outlets will add about $ 10 billion to the state treasury, confirming that the revenue from the outlets is the largest after the revenues from the sale of crude oil, which shows its impact on the Iraqi financial file."

Cougar pointed out that "huge amounts of money went in the past years to the pockets of the corrupt who seek to hit the national economy." The border outlets suffer from high levels of corruption, according to many observers and economic experts, and the control of influential circles over them. 

LINK

Samson:  Global site: The number of souls in Iraq reached more than 40 million people in 2020
22nd July, 2020

The American "Worldometer" website revealed, on Wednesday, that the total population of Iraq during the year 2020 reached more than 40 million people

The website on population in the world stated, "The total population of Iraq during the year 2020 amounted to 40,255,989,989, compared to the year 2019 in which it reached 39,309,783

He added, "The growth rate in Iraq reached 2.32%, and the population density represents 92 people per square kilometer", noting that "Iraq currently constitutes 0.52% of the number of the world's souls and is ranked 36 among the other countries of the world

He explained, "Iraq ranks fourth in the Arab world in terms of population after each of Egypt, which has a population of 102 million and 402 thousand people, followed by Algeria with 43 million and 878 thousand people, then Sudan with 42 million and 885 thousand people

"Worldometers" is supervised by an international team of developers and researchers with the aim of providing global statistics. The site is owned by "Dadax", and was voted as one of the best free reference sites by the American Library Association (ALA), the oldest and largest library association in the world

The Ministry of Planning announced, on the twenty-fourth of January of this year, that the population of Iraq exceeded 39 million in 2019, while it indicated that primary school enrollment rates rose to 93% LINK

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Samson:  America provided more than $ 46 million in aid to Iraq to tackle Corona

22nd July, 2020

The United States embassy in Baghdad announced on Wednesday that its country has provided more than $ 46 million in aid to Iraq to tackle the new Corona virus.

The embassy said in a statement today that the aid includes more than 33.1 million dollars for health and humanitarian aid that helps in the preparation of laboratories, noting the implementation of a public health emergency plan for points of entry.

The statement added the funding includes more than $ 13 million in humanitarian assistance to the MRA Foundation to assist the vulnerable during the epidemic.  LINK

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Don961:  In his meeting with the Iraqi Prime Minister .. Khamenei vows to strike the Americans in response to the killing of Soleimani

- 19 Minutes Ago

Iranian Supreme Leader Ayatollah Ali Khamenei said that his country would deal a blow to America in response to the killing of the prominent commander of the Revolutionary Guards, Qassem Soleimani, adding that his country would not interfere in Baghdad's relationship with Washington.

Khamenei made his threat in Tuesday's meeting with Iraqi Prime Minister Mustafa al-Kazemi, according to the official website of the Iranian guide.

Khamenei told the Iraqi Prime Minister - who is visiting Tehran - that his country will not interfere in Baghdad's relationship with Washington, but he warned that the American presence on the Iranian border is causing security chaos.

Al-Kazemi met Khamenei in Tehran on Tuesday during his first official visit abroad since he took office in May.

Khamenei said that "Iran will not interfere in Iraq’s relations with America, but expects Iraqi friends to know America and realize that its presence in any country causes corruption, destruction and destruction."

He continued, "The Islamic Republic expects to abide by the decision of the (Iraqi) parliament to expel American forces, as their presence is a reason for insecurity."

America and Iran

Khamenei indicated that Soleimani was killed in an American air strike by a plane near Baghdad airport at the beginning of the year, after which the Iraqi parliament requested the withdrawal of American forces. "They killed your guest in your house and rudely admitted that," he said.

He added that Iran "will never forget this and will certainly strike a retaliatory blow to the Americans."

Tehran responded to the killing of Soleimani by launching ballistic missiles at bases used by American forces in Iraq, knowing that Trump refused to respond militarily to this strike.

The missile attack targeting the al-Asad base in western Iraq did not result in deaths among US forces, but it wounded soldiers with brain tremors.

Khamenei said that Iran opposes "what weakens the Iraqi government," contrary to Washington, which he said does not want "an independent and strong Iraqi government elected by popular vote."

Source: Agencies  link

Samson:  International Monetary: The dollar's dominance in trade and finance is a threat to the global economy

13:25 - 07/22/2020
A study conducted by the International Monetary Fund said that the US dollar's dominance in trade and finance in the world could exacerbate the economic impact of the Covid-19 epidemic.

The study added that strengthening the dollar’s ​​strength will exacerbate the decline in global trade and economic activity in the short term. In addition, developing countries are unlikely to be able to benefit from the weakness of their national currencies to stimulate the economy, as export prices are set in dollars. The weakness of the currencies of other countries against the dollar leads to higher prices for imported goods, and hence lower demand for them.

Earlier, experts said the United States could pull the whole world down, because ineffective resistance to the epidemic is slowing the global recovery. Many countries depend on the United States, the country with a share of about a quarter of global GDP. But some analysts believe that during the crisis the dollar began to lose value, the euro strengthened and began to turn into a new "safe haven" for investors.

Stephen Roach, the former president of Morgan Stanley Asia, said that the dollar will collapse amid a growing deficit in the US budget and globalization abolition.    LINK

Bravo13:  IMO the tide is falling away from the US dollar as the stable world currency, many countries would like nothing better than to see us fall, this is why americans need to buy american made products and support patriotic american companies. This is a whole other subject and a scary one that should be paid attention to. I just hope the IQD revalues and america can pay down some of it"s debt before the Poop hits the fan. Pray DT wins in november or our country is going to be in serious trouble. ALL IMO

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Don961:  Minister of Finance: 300 thousand "space" employees in Iraq

Yesterday at 09:17   Rudaw Digital

  The Iraqi Finance Minister, Ali Allawi, reported that there are about 300,000 "space" employees in Iraq, warning that economic problems may spark a state of insecurity in the country.

  And the Financial Times quoted Allawi as saying that radical reform is the only way to avoid a "catastrophe" for the oil-dependent country, noting that all that can be done is to refer to the "catastrophe" facing the country, if the path continues.

  Allawi has previously studied at Harvard University, and has taught at the Massachusetts Institute of Technology (MIT).

  The Iraqi Minister of Finance, warned of "grave security consequences" in the event that the country's economy is not radically restructured, at a time when the crisis of the Corona Virus is struck, and its reflection on commercial activities and the damage of the collapse of oil prices to state revenues, indicating inflation spending and a monthly wage bill The value of $ 5 billion for the massive public payroll.

  Concerning "space" employees, that is, those who do not exist in the state’s departments, while these influential people receive salaries, Allawi explained that the issues that were buried because of the large and growing oil revenues are now evolving, and this includes payments for an estimated 300,000 "ghost" or fictional employee " ".

  The price of crude oil has fallen to more than half compared to last year 2019, as it dealt a blow to the financial position of the second largest producer in OPEC, "Iraq".

  Allawi believed that the economy, if not radically restructured in a highly coherent and well-implemented medium-term program, could have truly severe security consequences.

  According to the Oxford Institute for Energy Studies, Iraq's revenue from oil exports fell from 6.1 billion dollars in January, to their lowest levels at 1.4 billion dollars last April.

  While the collapse of world oil prices has harmed the Iraqi economy before, Allawi says that Baghdad "can no longer" rely on prices to bounce again, arguing that this may spur reforms, confirming that there is an "increased recognition" that the country is moving to an environment with prices Oil is relatively low, and an alternative to restructuring public financial resources should be found to take into account this new normal.

  The 73-year-old minister is part of a transitional government appointed to steer Iraq toward new elections, after mass protests against the institution toppled the previous government. 

  The country's poverty rate is expected to rise to 31.7 percent this year, from 20 percent in 2018, as the Corona pandemic crisis pushes 4.5 million Iraqis below the poverty line, according to a new joint assessment by the government, the United Nations, the World Bank, and Oxford University.

  According to the World Bank, if oil prices remain below $ 30, Iraq will shift from a fiscal surplus to a deficit equal to more than a quarter of its gross domestic product.

  Analysts said the government can take advantage of $ 68 billion in foreign reserves to cover dollar bills, such as imports and debt service, and is expected to borrow $ 18 billion locally and abroad to cover government wages for the next few months.

  On the subject of the loan, Allawi said that Iraq has regular and intense discussions with the International Monetary Fund, adding that Baghdad may apply for some budget support, describing the bill of "inflated wages" is to some extent a "legacy of Iraq's recent violent history", and that 40 To 45 percent of public sector employees in the vast Iraqi security forces.   LInk

KTFA Monday Night CC 7-20-2020 "The Exchange Rate is The Key"

KTFA:

TONIGHT IS OUR IQD UPDATE CC WITH SPECIAL GUESTS – DELTA, MM AND PETRA!

FRANK WILL DO AN INTRO TO THE CC ON YOUTUBE JUST BEFORE THEY START THE CONFERENCE CALL. WE WILL BE RECORDING THE ENTIRE CALL ON YOUTUBE THIS EVENING.

PLAYBACK IS: 605.313.5163 PIN: 156996#

7-20-20....THE EXCHANGE RATE IS....”THE KEY”

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