Petra and KTFA Members "Much is Afoot Today" Tuesday 11-10-2020
.KTFA:
PETRA: Much is afoot today with all the great articles from Samson and Don. THANK YOU!!!
So we see several articles today discussing the vote by Parliament for the Finance Deficit Law to which they agreed to pass and then pay the salaries. Post 42, 75, 79, 100, 113 all have to do with this law tomorrow.
So many articles focused on one object...passing the law and paying salaries. They key point is the sense of urgency now being presented that they must get this law passed. Why?
Well, first of all the citizens are irate and want their money. Ok, got that. But look what else is happening with all this focus on the Finance law....Post 49 speaks of Netherlands coming into Kurdistan. Post 52, SA signed agreements for 13 items including Ports, Boarders, Oil/Gas, Education/Industry, TRADE, and agriculture.
The CBI Governor of Iraq and the CB of SA governor was there yesterday as well. And reportedly, the Crown Prince is to be coming to Iraq today as well. Why? Something important I'm sure.
KTFA:
PETRA: Much is afoot today with all the great articles from Samson and Don. THANK YOU!!!
So we see several articles today discussing the vote by Parliament for the Finance Deficit Law to which they agreed to pass and then pay the salaries. Post 42, 75, 79, 100, 113 all have to do with this law tomorrow.
So many articles focused on one object...passing the law and paying salaries. They key point is the sense of urgency now being presented that they must get this law passed. Why?
Well, first of all the citizens are irate and want their money. Ok, got that. But look what else is happening with all this focus on the Finance law....Post 49 speaks of Netherlands coming into Kurdistan. Post 52, SA signed agreements for 13 items including Ports, Boarders, Oil/Gas, Education/Industry, TRADE, and agriculture.
The CBI Governor of Iraq and the CB of SA governor was there yesterday as well. And reportedly, the Crown Prince is to be coming to Iraq today as well. Why? Something important I'm sure.
Post 60...South Korea getting in the game and now we know China is engaged. All at once....why? (wink)
Now, the CBI is opening a branch in the new Port of Abu Flus...wouldn't that make a statement of being International?
So many great things are happening and now they are in a hurry. IMO, it is because there are performance clauses in the agreements that require an international rate. Again, IMO.
So, what is the timing of the vote. See Post 100...it's first on the agenda, not second, or third...FIRST! So when will they pay salaries? One Post (75) says in the coming hours. Well, if you look then at post 113 it says after 2 days which would be Thur/Fri after banks are closed which "could" mean the first banking opportunity would be Sunday. Again, IMO.
But, things are moving quick as the citizens need payment and the CBI needs liquidity. Secondary markets.....here comes Iraq!!! All IMO! PETRA
Samson: Planning: More than 6,000 projects stopped, needing $ 100 billion
10th November, 2020
The Ministry of Planning warned, on Monday, that 6,250 projects face risks of stopping due to the current financial crisis, noting that the completion rates of these projects vary and need about $ 100 billion to complete them
Ministry spokesman Abdul Zahra Al-Hindawi said, "The financial crisis that is going through the world in general and Iraq in particular due to the Corona pandemic and the drop in oil prices threatens to stop about 6,250 projects in various sectors," noting that "the sums we need to complete these projects amount to 125 trillion dinars, what Close to 100 billion dollars". He added that, "in light of the financial crisis, the ministry will focus on completing projects with advanced completion rates (60% or more) because they need small sums, with priority given to service projects in the health, education, roads, sewage and water sectors. And whose stoppage causes a loss of security, services, job opportunities and service. The Citizen
Regarding the upcoming budget, Al-Hindawi explained that "funds have been allocated towards strategic projects, especially projects that have intertwined with more than one sector, such as the agriculture sector, which is related to industry, transportation, and wide employment of manpower in addition to projects in the industrial and tourism sector, as Iraq has many qualifications and can employ shrines and monuments. His legacy in this field opens a new door to financial revenues apart from oil
He added that "Iraq, which has been dependent on oil as a source of funding for its budget for decades, is not easy for it to move to another resource quickly, as the productive sectors need multiple stages of infrastructure, human resources and expertise to prepare them and prepare them as a financial resource that can finance the budget
Al-Hindawi emphasized that "the private sector is the common denominator in activating the economy, and the Ministry of Planning is going ahead with forming a council for the development of the private sector to be run by the private sector itself, to contribute to drawing economic policy and real participation in achieving development LINK
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Samson: The Minister of Planning reveals that the Iraqi-Chinese agreement will enter into force within days
10th November, 2020
Minister of Planning Khaled Najm Al-Battal revealed, on Tuesday, that the Iraqi-Chinese agreement concluded by the previous government headed by Adel Abdul-Mahdi has entered into force during the next few days, while denying the existence of a similar agreement with Egypt
"During the past three days, there was a discussion with the Chinese ambassador in Iraq regarding the agreement signed with China," Al-Battal said in an interview with the official Al-Iraqiya channel and followed by Al-Iktissad News
The Minister of Planning added, "The Chinese agreement includes two parts, the first is the accounting agreement and the second is the oil agreement
And on the existence of a similar agreement with Egypt, Al-Battal stressed, "There is no Egyptian agreement in this regard LINK
Samson: Iraq and Saudi Arabia reach an agreement of 13 items
10th November, 2020
The Iraqi Ministry of Foreign Affairs said that the Political, Security and Military Committee of the Iraqi-Saudi Coordination Council held its meeting on Monday and agreed on 13 items.
In a statement received by Shafaq News Agency, the Foreign Ministry stated that the Political, Security and Military Committee of the Iraqi-Saudi Coordination Council held its meeting, headed by Minister of Foreign Affairs Fuad Hussein on the Iraqi side and the Minister of Foreign Affairs of the Kingdom of Saudi Arabia Prince Faisal bin Farhan Al Saud on the Saudi side by visual communication and in the presence of members The Commission.
The two sides discussed issues on the committee's agenda, in a way that enhances the development of joint cooperation between the two countries and in various fields.
The statement stated that the two sides agreed on the following:
Continuing cooperation and coordination in political, security and military issues.
- Work to develop a common vision of the most important issues of concern to the two countries in various fields.
Providing support for the opening of the Kingdom of Saudi Arabia's Commercial Attaché in Baghdad.
Expediting the opening of the Arar border crossing, due to its importance in enhancing trade cooperation between the two countries.
Facilitating procedures for granting entry visas to businessmen in both countries.
Study the possibility of signing a memorandum of understanding to exempt holders of diplomatic, service and special passports from entry visas for both countries, except for the Hajj season.
Consultation and coordination regarding mutual support in international forums.
- Enhancing security and intelligence cooperation with regard to combating crime and smuggling.
- To speed up the signing of a memorandum of understanding for security between the ministries of interior in both countries.
- Cooperation in the military fields by holding joint exercises within the framework of a memorandum of understanding concluded between the two countries in the military field, opening military attachés in both countries and exchanging training courses and experiences in the field of studies and strategic planning.
Continued support for Iraq's efforts in cooperation with the International Coalition to Combat ISIS terrorist organization.
- Work to develop a common vision towards the issues of the region (the Palestinian issue, Syria, Turkey, Libya, Yemen).
- Securing the protection of the trade route linking the two countries.
The Iraqi-Saudi Coordinating Council has been holding meetings since yesterday, Sunday, with the aim of strengthening relations between the two sides and entering Saudi companies to invest in Iraq. LINK
DeepWoodz: Imo. And BOOM there is Saudi!!!
Iobey777: Well, alrighty then!! Didn’t FRANK just tell us that when we saw Saudi Arabia come to Iraq, it would be Game Over?!! IMO, yes, yes he did!!
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Legal expert: The Iraqi - Saudi agreements do not require the approval of Parliament
10th November, 2020
A legal expert said, on Tuesday, that the Iraqi-Saudi agreements that were signed a few days ago do not require them to be presented to the Iraqi parliament.
The legal expert, Tariq Harb, wrote in a statement that he published on a social media application and seen by Shafaq News Agency; "All the Saudi-Iraqi agreements that were agreed upon between the Saudi and Iraqi parties on (November 10, 2020) do not fall within the competence of Parliament and do not require its approval."
Harb explained that these agreements "are nothing but commercial contracts in reality and are not of political or sovereign issues and are not considered agreements or treaties that need approval or approval by Parliament in accordance with the Treaty Contract Law No. 35 of 2015 and Article 61 of the Constitution on them which specified what must be approved by Parliament." .
The Saudi delegation arrived in Baghdad on Sunday morning (November 8, 2020) to hold a meeting of the Iraqi-Saudi committee. The delegation includes officials from the ministries of energy, electricity, oil, industry, environment and a number of important Saudi companies.
On November 8, 2020, Oil Minister Ihsan Abdul-Jabbar affirmed the government's keenness to strengthen bilateral relations with Saudi Arabia in all fields, including economic and investment, in a way that serves common interests. On October 31, 2020, the State of Law Coalition called on the official authorities to "halt the project of granting Saudi Arabia lands for investment in the Badia of Iraq (Karbala, Najaf, and Muthanna)," considering this matter "has serious repercussions on the security and sovereignty of the country, as well as that it is It contributes to damaging Iraq's strategic reserve of underground water."
On November 2, 2020, a Saudi Foreign Ministry official accused those he described as "Iran's agents in Iraq" of refusing Saudi investments in order to continue Iran's interests. LINK
Don961: The Iraqi Economists Network announces its fourth digital symposium in cooperation with the World Bank to present and discuss the report of the Economic Monitor for New Iraq, focusing on the implications of the Corona pandemic and the low oil prices on the situation of poor families in Iraq
The Iraqi Economists Network is pleased to invite you to attend our fourth webinar in cooperation with the World Bank. A representative of the World Bank will be presenting the new edition of Iraq Economic Monitor, This report is entitled:
“ Protecting Vulnerable Iraqis in the Time of a Pandemic, The Case for Urgent Stimulus and Economic Reforms ” and special focus on “ Impacts of COVID-19 and weak oil prices on household poverty in Iraq . ”
After the presentation the floor will be open for question & discussion
The session will be held in English with instant translation to Arabic
Moderator: Dr Barik Schuber
Date: 11 th of November 2020
Time: 20:00 Baghdad Time, 17:00 GMT
Direct access Zoom Link https://us02web.zoom.us/j/84541467650?pwd=bHQ1K05JVzlxUUF5U0VrK3JwdldHZz09
Meeting ID: 845 4146 7650
The Iraqi Economists Network has the honor to invite you to attend our fourth digital symposium, where a representative of the World Bank will present the new version of the report of the Economic Monitor for Iraq under the title “Protecting vulnerable groups in Iraq in the time of the Corona pandemic: calling for urgent action and economic reforms” with a focus on the repercussions of the Corona pandemic and oil prices Poor status of poor families in Iraq.
After the presentation, there will be room for discussion and questions by the attendees.
Presentation and dialogue will be held in English with simultaneous translation into Arabic.
Moderating the session: Dr. Bareq Shubr
Date: November 11 20 20
Time: 8:00 pm Baghdad time, 5:00 GMT
On the Zoom platform , the direct entry link to the symposium :
https://us02web.zoom.us/j/84541467650?pwd=bHQ1K05JVzlxUUF5U0VrK3JwdldHZz09
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Samson: Parliament Discusses A Treaty To Accelerate Cooperation Between The Governments Of Iraq And South Korea
10th November, 2020
The House of Representatives prepares at the end of next week to ratify the treaty to accelerate cooperation between the governments of Iraq and South Korea, after the relevant committees participate.
"The Presidency of Parliament postponed voting on this agreement during last Saturday's session, in order to involve other committees with the Relations Committee, which is the Economy and Investment Committee," said Malhan Al-Muktar, a member of the Foreign Relations Committee.
In addition, a government source said: “Iraq is in the process of ratifying an agreement between Iraq and South Korea, which provides for the export of more than 250 thousand barrels per day to South Korean oil companies, even if force majeure occurs in the global oil market,” indicating that “the agreement South Korean companies give priority to buying Iraqi oil, whatever the circumstances. ”He stressed that“ the agreement provides for the sale of a barrel of oil at the international price.”
Samson: Al-Kazemi's spokesman sets a conditional date for the payment of salaries
10th November, 2020
Ahmed Mulla Talal, spokesman for the Prime Minister, expressed his hope on Tuesday that the borrowing law will be passed so that salaries can be paid after two days.
"We hope to pass the borrowing law in a session on Wednesday, so that the government will start releasing the salaries of employees next Thursday," Talal said in a press conference followed by Shafaq News, noting that "the law on financing the fiscal deficit will secure salaries for the coming months."
Talal denied "canceling the agreement with China," noting that "the current government promotes the successful steps of previous governments."
"The current government has specific criteria for openness with countries, the most important of which is the interest of the Iraqi people," said the prime minister's spokesman. LINK
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Samson: The Iraqi Parliament announces the disbursement of salaries in the coming hours
10th November, 2020
A member of the financial committee, Ahmed Mazhar Al-Jubouri, announced on Tuesday that the salaries of last October will be spent in the coming hours, indicating that the salaries of the current month are at the end.
Al-Jubouri said in a statement today, that it was agreed during our meeting yesterday with the Prime Minister and some officials to pass the borrowing law in the amount agreed upon within the committee and passed by Parliament. He added that the government must present its plans to maximize the resources of the next year and not rely on a single resource that is rapidly affected by any international developments , stressing that the delay in salaries is an incorrect negative case, and we will never accept the delay again.
And the political blocs, especially the Shiite ones, have increased pressure on the federal government with the aim of not relying on borrowing to provide salaries, which has turned into a dilemma that is difficult to solve in light of the continued decline in oil prices in global markets, and the impact of the Corona pandemic. The government headed by Mustafa Al-Kazemi hopes that the Iraqi Council of Representatives will accelerate the passage of the fiscal deficit bill that would allow it to borrow in order to disburse salaries during the current year.
Until now, the employees have not received their salaries, despite the passage of many days from the specified date in a scene that the Iraqis are not accustomed to in the regions of Iraq after 2003, with the exception of the Kurdistan region. Last week, Minister of Finance, Ali Abdul-Amir Allawi, announced that the salaries of employees will be paid directly in the event that Parliament approves the borrowing law, and set a two-week deadline for the payment of salaries last October in the event that this law is not passed.
The Cabinet Secretariat sent a draft law on financing the fiscal deficit to the House of Representatives, relating to internal and external borrowing. The draft fiscal deficit bill stipulates that the federal government borrows a huge amount of 41 trillion dinars, and this is what raised the reservations of the Finance Committee in the Iraqi Parliament.
Iraq is considered one of the countries with a rentier economy, as the country relies on oil sales revenues to finance up to 95 percent of state expenditures. Iraq resorted to borrowing months ago to secure the salaries of state employees, following the decline in oil prices due to the Corona pandemic that paralyzed world economies. LINK
Monday KTFA CC with Frank26 and Team "Copecetic" 11-9-2020
KTFA Monday Night CC 11-9-2020
NEW UB2B WITH THE IQD UPDATE
PLAYBACK IS: 605.313.5163 PIN: 156996#
Frank26: 11-9-20....COPACETIC
THE FOLLOWING IS ALL IN FRANK'S OPINION
Frank26: What does copacetic mean?
Tink: Excellent order.
Frank26: Yes…everything is on an even keel….going along very nicely.
Frank26: Our investment with the Iraqi Dinar is extremely copacetic.
KTFA Monday Night CC 11-9-2020
NEW UB2B WITH THE IQD UPDATE
PLAYBACK IS: 605.313.5163 PIN: 156996#
Frank26: 11-9-20....COPACETIC
THE FOLLOWING IS ALL IN FRANK'S OPINION
Frank26: What does copacetic mean?
Tink: Excellent order.
Frank26: Yes…everything is on an even keel….going along very nicely.
Frank26: Our investment with the Iraqi Dinar is extremely copacetic.
Listen to replay for news from Walkingstick and more………
KTFA Members "News and Views" Monday 11-9-2020
.KTFA:
Samson: Parliamentary Finance: The monthly salaries of employees and retirees amount to 3.3 trillion dinars
8th November, 2020
A member of the Parliamentary Finance Committee, Ahmed Haji, announced that next Thursday, a second borrowing law will be passed to cover the salaries of employees
Hajji said, in a tweet to him on Twitter, "Today, the government's financial statements were discussed in order to pass the deficit financing law, and the first paragraph agreed upon by all is the salaries of employees and retirees, which amount to 3.3 trillion dinars per month
He added that the total salaries will be 10 trillion dinars, so the law will be approved next Thursday, and the government has no excuse not to pay the salary
KTFA:
Samson: Parliamentary Finance: The monthly salaries of employees and retirees amount to 3.3 trillion dinars
8th November, 2020
A member of the Parliamentary Finance Committee, Ahmed Haji, announced that next Thursday, a second borrowing law will be passed to cover the salaries of employees
Hajji said, in a tweet to him on Twitter, "Today, the government's financial statements were discussed in order to pass the deficit financing law, and the first paragraph agreed upon by all is the salaries of employees and retirees, which amount to 3.3 trillion dinars per month
He added that the total salaries will be 10 trillion dinars, so the law will be approved next Thursday, and the government has no excuse not to pay the salary LINK
Samson: Source: Finance issues a strongly worded directive to banks regarding salaries
11/09/2020 14:10:08
The Ministry of Finance sent strongly worded notifications to government banks, warning employees not to sit-in to demand their salaries.
A banking official said, "The Ministry of Finance has directed the general departments of banks to submit a report to the ministry with the names of all employees who resort to sit-ins or protest to demand the delayed monthly salaries."
He stated that "the Ministry of Finance considered the sit-in during the official working hours as economic sabotage and called for providing public administrations and the minister's office with the names of employees who demonstrate to demand salaries."
Hundreds of government employees in several governorates began, since yesterday, Sunday, an open-ended strike, to protest the delayed payment of their salaries by the government. The strike is taking place at the initiative of the employees of the various governmental institutions, including health, oil, service and educational institutions.
Iraq suffers from a severe financial crisis due to the decline in oil prices in global markets, as it is customary for the government to pay employees' salaries from the 15th to the 25th of each month.
Last month, the government sent a draft domestic borrowing bill worth 41 trillion dinars (about $ 34 billion) to parliament for approval, with the aim of paying employees' salaries, but severe parliamentary objections to the law. And Iraq, the second largest producer of crude oil in the "OPEC" after Saudi Arabia, has a daily average of 4.6 million barrels in normal conditions, as it depends on this production to provide more than 90 percent of its revenues. LINK
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Samson: The Kurds reject a "Shiite proposal" to delete Article 140
8th November, 2020
The head of the Kurdistan Democratic Party bloc, Vian Sabri, announced on Sunday that the Kurdish representatives rejected a proposal by Shiite blocs to cancel Article 140 of the constitution.
Sabri told Shafaq News, "The constitution amendment committee held its meeting today, Sunday, regarding Article 140 of the constitution, and at the meeting a number of members of the committee from Shiite blocs suggested deleting the article."
She explained that "the Kurdish deputies rejected the proposal completely, and as a result the meeting was postponed to next Wednesday, and the heads of parliamentary blocs will attend."
Article 140 provides for the removal of demographic policies conducted by Saddam Hussein's regime in the disputed areas in favor of the Arabs at the expense of the Kurds, and then counting the population before the last step, which is to hold a referendum whereby the residents determine whether they wish to join the Kurdistan Region or remain under the administration of Baghdad.
The implementation stages of the article were to be completed until the end of 2007, but security and political problems prevented that. The Federal Supreme Court ruled in 2019 that Article 140 of the Constitution of the Republic of Iraq remains in effect, confirming that this will continue until its requirements are implemented and the goal of its legislation is achieved. LINK
Samson: Al-Kazemi meets tomorrow with the Saudi Crown Prince
11/09/2020 14:22:17
An informed source revealed that Prime Minister Mustafa Al-Kazemi and Saudi Crown Prince Muhammad bin Salman will hold a meeting tomorrow, Tuesday, via a closed electronic circuit.
A high-ranking Saudi delegation visited the capital, Baghdad, on Sunday, within the framework of strengthening bilateral relations between the two brotherly countries in various fields. The Saudi delegation, headed by Abdul Rahman Al-Fadhli, the Minister of Environment, Water and Agriculture, met Prime Minister Mustafa Al-Kazemi, as well as Parliament Speaker Muhammad Al-Halbousi.
Al-Kazemi confirmed last August that Saudi Arabia is a true partner for Iraq, and that Iraq is looking forward to building distinguished relations in order to achieve a better future for the two countries. He also stressed that the Gulf states are the "strategic depth" of Iraq.
According to the Saudi Press Agency, the delegation’s visit comes within the framework of preparations for the fourth session of the Saudi-Iraqi Coordination Council, as well as a prelude to an upcoming meeting between Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, and Prime Minister Mustafa Al-Kazemi. LINK
DeepWoodz: The Arabs are getting excited for the prosperity that’s coming! Imo
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The governor of the Central Bank and his Saudi counterpart are discussing increasing the number of Iraqi banks in the Kingdom LINK
DeepWoodz: Imo...just WOW
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Edna: Two words for you and everyone else in the room concerning elections: Sting Operation!...enjoy the show
Cornhusker: They have been sitting this up since the 2016 elections. You're right a big sting.
Edna: You can't TELL The people about corruption, you must SHOW The People for them to believe. Think about it, Republicans Gained seats in the Senate AND GAINED seats in the House, and the media is trying to convince the world these same people voted in a Democrat for President??...Lol..See! they think we're stupid!!..
TRUMP is exposing the election fraud that has gone on for decades, he's not fighting Joe Biden, he's fighting an entire corrupt system, but he need The American people to WAKE UP!!..and many have, the man has over 70 million votes, That's The most any candidate has ever received IN U.S HISTORY!!...That's a FACT!
The Media Cannot determine who is president!! But they are desperately try to convince the American they can..don't fall for it, the Justice Department is required to wait 10 days after the election before They Make their moves...
TRUMP was on the golf course the other day. does he seem worried? He's NOT GOING Anywhere! Sting Operation..Enjoy the Show
P.S..This is NOT just another four year election, we are at WAR..Information War..This is a fight for our very Republic, loose it and we become Venezuela, Nazi Germany, Communist Russia, China. You can kiss your Constitution good bye, It's a question if one likes Trump or not, the question is do you love America or Not.
The Art of War: Appear weak when you are strong.
Samson: The Prime Minister of Kurdistan begins a European tour that includes several countries
9th November 2020
The Prime Minister of Kurdistan Regional Government, Masrour Barzani, left the capital, Erbil, on Monday, for a European tour that includes several countries.
The Prime Minister began his European tour at the head of an official delegation, where he will hold a series of meetings with senior European officials in these countries to discuss with them the strengthening of diplomatic relations, in addition to strengthening bilateral ties in other areas, especially in the commercial and economic fields.
The Kurdistan Regional Government seeks to benefit from the experiences, experiences and capabilities of European countries to advance the economic reality, including promoting investment and advancing development in the region. LINK
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Samson: The Association of Banks is a continuous march in support of economic reform
8th November, 2020
The Iraqi Private Banks Association is a civil society organization that was established in 2004 and organized in its membership most of the private banks, whose number as in 2020 (72) commercial and Islamic banks and branches of Arab and foreign banks operating in Iraq
The association, according to its bylaw, is strictly implemented in partnership and cooperation with the Central Bank of Iraq to strive to develop and develop the private banking sector in a way that contributes to supporting the national economy and sustainable development through the development of microfinance projects, rehabilitating young people and creating an appropriate and stimulating environment for entrepreneurship despite the complex conditions and economic crises that have passed In Iraq during the years since the establishment of these banks in 1991 and up to the present time, the difficulties and challenges it faced, especially during the period of ISIS’s occupation of some governorates in 2014, but it was able to develop and catch up with global banking development through the technical and banking developments planned by the Central Bank Al-Iraqi and supervised and adopted by the Association and implemented by the banks with great interaction
Focusing on strict adherence to international standards in accounting, compliance regulations and rules, combating money laundering and terrorist financing and banking risk management
The steps, procedures and activities of the Development Association in cooperation with the Central Bank have contributed to improving the performance efficiency of most banks and the issue of governance and good management was in accordance with the Governance Manual issued by the Central Bank and the fruitful cooperation with the competent international institutions led to the development of clear policies for monitoring banks and companies supporting the banking business, which include maintenance The rights of boards of directors and shareholders, achieving transparency, disclosure and separation of ownership from the executive management
As well as training and qualifying banking human resources, focusing on young people and recent graduates, and training up to 4000 trainees in capacity development training courses in coordination with the Banking Studies Center at the Central Bank, based on the goal of investing in human capital in specialized courses in governance, compliance and international standards in all areas of banking and combating money laundering and terrorist financing, international accounting standards, Islamic banking and financial inclusion
Despite the Corona crisis, the drop in oil prices, the shutdown of the global economy, the slowdown in economic growth in all countries of the world, and the Iraqi economy affected by the above repercussions, the Association continued to daily follow-up of banking activity and the commitment of private banks to the instructions of the Central Bank of Iraq through their contribution to economic activities that have a direct developmental impact on achieving sustainable development
And based on our keenness as a private banking sector that constitutes the first basic link in the economy, the association’s administrative body, its president and its executive management affirms the continuation of its strategy for the next five years to enhance the role of private banks in sustainable development and rehabilitate young people, based on the objectives of reform and strategic development contained in the white paper and trying to address the risks identified In the recent World Bank report on the advancement of the Iraqi economy from a state of fragility LINK
Samson: Al-Kazemi advisor: The commission has resumed biometric registration to include all Iraqi voters
11/09/2020 10:46:06
The Prime Minister’s Advisor for Elections Affairs, Hussain Al-Hindawi, considered that President Barham Salih’s approval of the new election law “represents a positive, decisive step towards holding the upcoming elections on time,” stressing that holding early and impartial elections Minister Mustafa Al-Kazemi.
Al-Hindawi said in a press statement, "Coordination is progressing at a good pace between the government team to support the elections and the Independent High Electoral Commission, to ensure that the next elections will be held as scheduled on June 6 of next year." For its mission in Iraq (UNAMI)."
Al-Hindawi praised the holding of several joint meetings with representatives of a number of European Union countries in Baghdad to discuss ways to enhance their countries' support for the upcoming electoral process in Iraq, praising the great European interest in the success of the upcoming Iraqi elections, pointing to the progress of joint work to establish mechanisms for cooperation with ministries, institutions and departments Governmental problem to support government, as well as UNHCR.
He added, "The commission has already begun work on preparing the systems, procedures and instructions that organize the electoral process, and preparing a schedule of operational tasks and times of sufficient time for the completion of the electoral process as well as the processes of distributing the biometric voter card and resuming the biometric registration for the Iraqi voters to have access to voter data."
The Prime Minister’s advisor praised the cooperation of several ministries with the commission, including the ministries of communications, planning, sports and youth, as well as the Supreme Judicial Council, stressing the importance of forming a higher committee for media education on early elections that includes directors of media departments in all ministries and state departments, and inviting official media to allocate "Mobilizing electoral programs that take into account political and regional diversity."
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Samson: The resignation of the Turkish Finance Minister after the collapse of the lira
8th November, 2020
Turkish Finance Minister Berat Al-Bayrak and the Turkish president's son-in-law submitted his resignation from his post on Sunday, according to what he announced in a statement on his Instagram account.
Al-Bayrak attributed the reason for his resignation to health reasons, according to the statement. He indicated that he would allocate more time to his family after he submitted his resignation.
Two spokespersons for the ministry confirmed the validity of the account on which the resignation was published, but they could not confirm or deny what was announced, according to the Bloomberg report.
This comes a day after Erdogan, the central bank governor, was dismissed from his post and former Finance Minister Naji Iqbal was appointed in his place, after the Turkish lira's value fell to a record low.
This comes after the exchange rate of the pound fell to exceed the barrier of 8.5 for the dollar, as the currency lost 30% of its value since the beginning of the year and about 10% in the last two weeks only.
"Sunday News" Posted by Samson 11-8-2020
.KTFA:
Samson: Iraq's possession of gold represents 8.5% of the rest of its other currencies
8th November, 2020
The World Gold Council announced, on Sunday, that Iraq's possession of gold represents 8.5% of the rest of its other currencies
In November, the Council published a table of the world's most recent gold holdings, which Shafaq News Agency reviewed, that "Iraq has 96.3 tons of gold, which represents 8.5% of the rest of its other hard currencies," indicating that "this percentage decreased compared to other currencies for the previous month, which was 8.8%
She added that "the last purchase of gold for Iraq was in 2018, which amounted to 6,450 tons," noting that "Iraq still maintains the fifth place in the Arab world and the 38th globally among the 100 countries listed in the table
KTFA:
Samson: Iraq's possession of gold represents 8.5% of the rest of its other currencies
8th November, 2020
The World Gold Council announced, on Sunday, that Iraq's possession of gold represents 8.5% of the rest of its other currencies
In November, the Council published a table of the world's most recent gold holdings, which Shafaq News Agency reviewed, that "Iraq has 96.3 tons of gold, which represents 8.5% of the rest of its other hard currencies," indicating that "this percentage decreased compared to other currencies for the previous month, which was 8.8%
She added that "the last purchase of gold for Iraq was in 2018, which amounted to 6,450 tons," noting that "Iraq still maintains the fifth place in the Arab world and the 38th globally among the 100 countries listed in the table
The council noted that "the amount of gold holdings of countries amounted to 35.106 thousand tons. America is at the forefront of these countries with the most precious metal in the world, with an amount of 8,133 tons, followed by Germany, with an amount of 3,362 tons, and Italy comes third with 2,451 tons
It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world LINK
Samson: The Central Bank adopts more advanced steps in the anti-money laundering systems of exchange companies
8th November, 2020
Based on the supervisory role of the Central Bank of Iraq, this bank decided to adopt more sophisticated steps commensurate with the nature of services provided by exchange companies incorporated under category (A) operating in Iraq, in the current and future anti-money laundering and terrorist financing systems.
This bank calls upon the merged exchange companies under category (A) to work on adapting their logistical and technical conditions within a period not exceeding 12/31/2020 in accordance with the new instructions.
Central Bank of Iraq
information Office
08/11/2020 LINK
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Samson: We will not work for free" .. Angry demonstrations are sweeping Iraq against delayed salaries
8th November, 2020
Hundreds of state employees demonstrated in several Iraqi governorates today, Sunday, to protest the delayed payment of their salaries for the past month of October, with the expiration of a week in November.
In the capital, Baghdad, dozens of employees demonstrated in front of the Finance Ministry building located in Bab Al-Moazam district in central Baghdad to protest the delayed payment of salaries for the month of October. Shafaq News correspondent said, that a number of demonstrators organized, this morning, a protest stand in front of the Ministry of Finance, demanding that it pay their back salaries, indicating that the demonstrators confirmed that the justifications offered by the ministry for the delay of salaries are not convincing and they are not entitled to delay their payment.
Our correspondent explained that the demonstrators threatened to continue the escalation and strike in the event of failure to exchange, indicating that the demonstrations included employees from various Iraqi ministries. In Al-Muthanna governorate, the Shafaq News Agency correspondent reported that dozens of health personnel in Al-Muthanna announced a partial strike due to the delay in paying salaries.
Our correspondent added that dozens of medical staff in Al-Muthanna organized a partial strike in the governorate's hospitals, in protest against the delay in paying salaries, indicating that the strike came against the background of a public call, to strike, and there are escalatory measures in the event that salaries are not paid. Babylon also witnessed demonstrations by a number of employees who went out and held a sit-in in front of their institutions in the governorate, refusing to "work without salaries."
Shafaq News correspondent said, that dozens of employees of Babil departments have declared a strike permanently due to the delay of their salaries, strongly rejecting any delay in paying salaries because it is one of the simplest legitimate rights for them, and they called on all honorable Iraqis to stand against the injustice in Iraq. He added that the demonstrators threatened an escalation in the coming days if the government continued its approach by delaying salaries and not distributing them quickly during the next two days.
In Maysan, dozens of health workers' employees took to the streets to protest the delay in salary distribution, as our correspondent indicated that the health workers in the governorate announced a protest stand in front of the health directorate in the governorate to protest the delay in salary payments. He added that the demonstrators considered that the government had neglected its duties towards health personnel in particular and employees in general, and what they do daily to fight Corona disease and expose them to a fatal risk because of that, considering that providing salaries is the simplest right that the state offers for this segment. He stressed that the demonstrators will continue their protest if the state does not implement their demands quickly, indicating that these protests will turn into sit-ins if this happens again.
The Al-Kazemi government is facing increasing criticism for its inability to secure sufficient liquidity to pay the salaries of state employees, which could expose it to tremendous pressure in the coming months . The Iraqi government is struggling to secure employee salaries and other operating expenses due to the collapse in oil prices due to the Corona pandemic, which has crippled large sectors of the world economy. LINK
Samson: Parliamentary Finance reveals the details of her meeting with Allawi on Monday
8th November, 2020
The Parliamentary Finance Committee revealed the details of the meeting scheduled for tomorrow, Monday, with Finance Minister Ali Abdul Amir Allawi.
Committee member Shirwan Mirza said, in a press statement, that the committee will hold a meeting tomorrow, Monday, with the Minister of Finance to determine the amount that the government will borrow . “It is likely that the agreement is to borrow an amount of {12-15} trillion dinars on a monthly basis.” LINK
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Samson: Economist: The government has money to launch last month's salaries
8th November, 2020
The economist, Dr. Safwan Qusai, confirmed that the first borrowing law covers the salaries of employees until the end of this year
Qusay said that the salaries of last October, the government is ready to pay, because the cash is at the Ministry of Finance
He added that the current confusion caused the reduction of spending by citizens, which led to a decline in the contraction in the private sector, noting that monetary policy is working to avoid Iraq, the region of deflation, and to pump money through loans LINK
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Samson: A parliamentary committee submits 10 proposals to maximize revenues ... What are they?
8th November, 2020
A member of the Parliamentary Economic Committee, Mazen Al-Faily, presented 10 proposals to maximize revenues, while indicating the need to reduce borrowing amounts and go to maximize revenues and combat waste and corruption.
Al-Faily said, in a press conference: "We affirm the need to reduce the amounts required in the Deficit Financing Law to reduce borrowing to the lowest possible level, in order to guarantee the necessary allocations of salaries, retirement, ration card and a social welfare network, which does not exceed seven trillion for the remaining three months of the year 2020 in the highest reports."
Al-Faili added: "It is important that the government's measures are directed towards maximizing non-oil revenues and combating waste and corruption in many areas that are important in providing revenue, including:
. Monitoring the currency auction, which drains hundreds of millions of dollars every week as profits for parasitic banks that do not provide service to the economy and its development and do not contribute to providing job opportunities or productive projects for the national economy. Rather, most currency auction transactions go to a limited group of influential people and their partners. The duty is to prevent the rise in the exchange rates of the dollar, because the large price difference between selling the central bank and selling in the market goes into the pockets of opportunists.
. Completing the procedures for collecting customs and tax by electronic means to ensure effective control that closes all outlets for corruption and manipulation of these large financial resources. And the inclusion of all ports by handing over their revenues to the federal authority.
. The collection of financial dues, taxes, debts and fines related to the owed by mobile phone companies, which are not less than three trillion in the lowest reports.
. Activating the measures to protect the national agricultural product, which is sufficient to meet the local need in many of its articles if these measures are tightened and prevent the loss of hard currency in import.
. Unifying the salary scale according to a unified, fair standard that eliminates the outrageous and provocative privileges and differences for the Iraqi people.
. Avoiding the huge expenses that are spent on importing and purchasing energy from abroad and from the local investor by allocating amounts equal to the value of what is paid annually for import and purchase. It is monitored for the purchase of equipment and maintenance of national stations and their transfer to work from the simple cycle to the combined cycle, as it saves more energy than imported and purchased, knowing that paying That money is only one time.
. Collecting revenues from oil sold domestically for refining petroleum products and derivatives and registering them as general state revenue, which is not less than a trillion dinars per month at low oil price levels.
. Reviewing the licensing rounds that cost Iraq nearly a third of its oil revenues, according to current international oil prices
. Reducing the proportion of Iraq's commitment in the relevant OPEC agreement that prevents us from exporting one million barrels per day, whose revenues are estimated at more than (1.4) trillion dinars per month.
. Presenting the final accounts for previous years because of their importance in uncovering the fate of the funds spent and clearly identifying the resources of corruption and waste, which is an important entry point for combating corruption and recovering public funds." LINK
Samson: Under Egyptian supervision .. A move to establish the Iraqi-Jordanian economic zone
8th November, 2020
Anbar Investment Commission, is heading towards establishing the Iraqi-Jordanian economic zone under Egyptian supervision.
The head of the commission, Mahdi Saleh Al-Numan, said, "This area, whose area is estimated at 10,000 dunams, will be half of it on the Jordanian side, and the other on the Iraqi side," noting that “Prime Minister Mustafa Al-Kazemi, in his visit to Jordan two months ago, stressed the need to establish this area and complete its requirements." Al-Noman considered this area to be one of the most promising areas, pointing out that "a law for this region was prepared, and its board chairman was chosen after the formation of the board of directors."
For his part, the economist Abdul Rahman Al-Mashhadani stressed the importance of these areas for the countries in which they are established, and said that "the advantage of these areas, especially if they are joint, is to establish various industrial facilities, to be one of the most important trade exchange areas to exempt their products from taxes and customs duties, and to stimulate Investors and businessmen to establish various industrial projects."
Economic cities are one of the pillars of modern countries, but when planning them, they must provide services, infrastructure and superstructure such as water, electricity, road networks, and good and safe transportation. LINK
KTFA Members "News and Views" Saturday 11-7-2020
.KTFA:
Samson: Constitutional amendments reveal disagreements regarding Article 140
12:51 - 11/07/2020
A member of the Parliamentary Constitutional Amendments Committee revealed, on Saturday, aspects of disagreement over the amendment of Article 140, as well as the exclusive powers of the region.
Kanna said in a statement to "the information", that "the main points of contention in amending the constitutional articles related to exclusive powers are from the authority of the federal government or the regions."
He added, "Parliament will decide these articles during the coming sessions," noting that "the most complex contentious article is Article 140, and the Kurds have requested that there be a session of their own and that the article does not change at all."
KTFA:
Samson: Constitutional amendments reveal disagreements regarding Article 140
12:51 - 11/07/2020
A member of the Parliamentary Constitutional Amendments Committee revealed, on Saturday, aspects of disagreement over the amendment of Article 140, as well as the exclusive powers of the region.
Kanna said in a statement to "the information", that "the main points of contention in amending the constitutional articles related to exclusive powers are from the authority of the federal government or the regions."
He added, "Parliament will decide these articles during the coming sessions," noting that "the most complex contentious article is Article 140, and the Kurds have requested that there be a session of their own and that the article does not change at all."
He pointed out that "some MPs demanded the amendment of Article 140 to meet the ambitions of the other components that extend from Rabia to Sinjar and Mandali, passing through the Nineveh Plains and Kirkuk," noting that "these articles remained until there is agreement on them by the higher political authorities." LINK
Samson: 13 billion dinars of counterfeit money seized and a money printing press in Baghdad
7th November, 2020
Yahya Rasul, spokesman for the Commander in Chief of the Armed Forces, announced on Saturday that at least 13 billion Iraqi dinars had been seized, and a printing press for counterfeiting money, in one of the areas of the capital, Baghdad.
Major General Rasoul said in a statement received by Shafaq News that the detachments of the Baghdad Intelligence and Security Directorate, in coordination with a joint security force, were able to seize a counterfeit money printing press in the Shaljia area.
He added that inside it were found fake money estimated at 13 billion Iraqi dinars and twenty-three thousand US dollars in addition to special tissue paper and a machine used in the process of coloring and cutting currency. LINK
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Samson: Representative agriculture: Iraq is a gold mine that needs to banish the corrupt and the urgent
11/07/2020 13:16:39
The head of the Parliamentary Committee on Agriculture, Water, and Marshlands, Salam Al-Shammari, affirmed, on Saturday, that the development of the various sectors in the country, especially the agricultural sector, is in need of specialists, away from favoritism.
Al-Shammari said in a press statement, that "the vast areas of non-reclaimed lands must be invested and distributed to specialists, especially agricultural engineers, to increase the cultivated areas and increase self-sufficiency."
Al-Shammari added, "Iraq is an inexhaustible gold mine, and it needs specialists to build and develop it and keep the corrupt and emergency from any project that contributes to increasing its revenues." Iyad working from engineers and specialists." LINK
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Samson: Parliamentary defense confirms that the final draft of the law to combat cyber crimes will soon be prepared
7th November, 2020
Today, Saturday, the Parliamentary Defense Security Committee confirmed that the final draft of the Anti-Cyber Crime Law will soon be prepared.
A member of the committee, Representative Adnan Al-Asadi, said, "The Security and Defense Committee discussed with the general directors of the National Security Agency and other security agencies the issue of protecting the national cyber, as well as protecting the citizen through the Anti-Cyber Crime Law," noting that "this law is in its final touches and that five Committees regarding amendments to the draft law."
Al-Asadi pointed out that "the aim of enacting this law is to protect the citizen and his privacy, protect moral issues and prevent extortion by some intruders, in addition to protecting funds, documents, national security and national information." He added that "the committee held meetings with most of the security and judicial authorities." LINK
Samson: Iraq's Economic Crisis ... A Problem That Future Generations Will Pay For
7th November 2020
The financial crisis and the deteriorating economic situation are nothing but the accumulations and products of previous years of financial mismanagement and the absence of serious planning to manage the economy, as well as the subordination of financial policy to the interests of parties and entities.
Those who bear this deficit are all previous governments with the current addition of the partner political classes accused of ruining the economy, which depends entirely on oil without adding other resources.
Oil has been subjected to a decline in demand and a decrease in its prices for reasons the most important of which is the decrease in fuel consumption rates due to the pandemic that the world has witnessed since the beginning of this year. This led to a decrease in revenues that do not cover the state’s expenditures, and we do not have other sources of production, and it is the backbone of the economy as its revenues constitute more than 90% of the country's revenues.
As well as the job momentum in the institutions at the expense of the general budget represented by the presence of more than 4 million employees in addition to high salaries.
The rampant corruption in all the state’s joints and institutions is one of the most important repercussions of the decline in the economic crisis, which continues to afflict the treasury’s body and is not stopped.
In order to find ways out of this reality, the political system must have an integrated vision to build an economic system, a real will, and the accreditation of experts who make future extrapolations to find effective and urgent solutions in order to save the economy, while if this is not done, there are expectations of negative impacts on the future of future generations if solutions are found And the country sank in debt. LINK
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DeepWoodz: Very interesting outlook on sovereignty........
”Egypt's sovereign rating reflects confidence in the stability and robustness of the Egyptian economy”
especially since they may be in the currency basket. imo
B rating....An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation.
Iraq currently is B-
Samson: Standard & Poor's Affirm Egypt's Credit Rating
7th November, 2020
The Standard & Poor's Corporation maintained the credit rating of Egypt in both local and foreign currencies, as it is unchanged at level B while also maintaining a stable outlook for the second time in six months in 2020.
Mohamed Maait, the Egyptian Minister of Finance, said that fixing Egypt's sovereign rating reflects confidence in the stability and robustness of the Egyptian economy and its ability to positively deal with the repercussions of the "Corona" pandemic and overcome all external and internal shocks resulting from it.
He explained that the report of the Standard & Poor's Corporation predicts the ability of the Egyptian economy to achieve positive growth rates despite the challenges of the Corona pandemic at a rate of 2.5 percent in 2020/2021, reflecting its estimates of the expected negative global growth during the current fiscal year as well as the negative growth rates estimated for most countries.
He pointed out that the Standard & Poor's Corporation expected the Egyptian economy to return to strong growth rates of up to 5.4% by 2022 with the recovery of tourism activity, the return of strong growth in the energy and manufacturing sectors, and an improvement in the business environment due to the completion of structural reforms. LINK
MilitiaMan "Straight From the Horse's Mouth" Friday 11-6-2020
.KTFA:
MilitiaMan: A couple things here to take note of.(See articles below) They are specifically saying they are using modern electronic technologies to pay salaries.
We have been told that the Vote in the Borrowing Law is needed in order to send out text messages in regard to notifications the money is cleared imo..
EFT and or ACH payments can and appear to have been sent out already, that suggests they are distributing salaries.
That doesn't meant the salaries are cleared yet, though. They'll get a text message electronically all at the same time or at least real close when the money is cleared. They told the citizens to have their receipts to support they have the accurate funds coming to them.
Now the second thing I see is and it is huge imo.. Look at who is going to meet next week. Sunday starts their week. imo.
KTFA:
MilitiaMan: A couple things here to take note of.(See articles below) They are specifically saying they are using modern electronic technologies to pay salaries.
We have been told that the Vote in the Borrowing Law is needed in order to send out text messages in regard to notifications the money is cleared imo..
EFT and or ACH payments can and appear to have been sent out already, that suggests they are distributing salaries.
That doesn't meant the salaries are cleared yet, though. They'll get a text message electronically all at the same time or at least real close when the money is cleared. They told the citizens to have their receipts to support they have the accurate funds coming to them.
Now the second thing I see is and it is huge imo.. Look at who is going to meet next week. Sunday starts their week. imo.
We have been told the Borrowing law would be set for tomorrow "Saturday". We have been told the committee needs the exchange data prior to the vote.
Also, don't forget that we were also told that if the vote didn't happen, the salaries would get paid regardless, next week.
But, now in the top article the CBI and PFC tell us the story. They are to discuss the deficit law next week. They tell us they are to deal with reducing the money ceiling.
Well, if that doesn't make you smile I don't know what to say.
By raising the exchange rate data, they will be reducing the amount of debt. That is from the CBI.. The horses mouth.. Mr. Ed has spoken!! lol
Lets see what they do next week or in the coming hours even.. lol I bet the text messages will blow up the citizens phones fairly quickly now.. lol imo!! ~ MM
""The Finance Committee will hold a meeting next week with the Central Bank and the Ministry of Finance to discuss the fiscal deficit financing law," noting that "the meeting will deal with reducing the money ceiling within the law to the real extent that the government needs in Payroll insurance.
Samson: A parliamentary committee reveals an upcoming meeting with the Finance and Central Bank for this file
19:54 - 11/05/2020
On Thursday, the Parliamentary Finance Committee revealed an upcoming meeting between it, the Finance Ministry and the Central Bank to discuss the fiscal deficit financing law.
Committee member Shirwan Mirza said in a statement to "the information", "The Finance Committee will hold a meeting next week with the Central Bank and the Ministry of Finance to discuss the fiscal deficit financing law," noting that "the meeting will deal with reducing the money ceiling within the law to the real extent that the government needs in Payroll insurance.
He added that "the meeting will be followed by the presentation of the law in the House of Representatives for a vote and passage," indicating that "next week the law may be passed completely."
Today, Thursday, the Parliamentary Economic Committee revealed that the government has determined the financial need of the Kurdistan Region by three times its basic need within the fiscal deficit financing law.
The deputy of the Fatah Alliance, Qusay Abbas, confirmed, on Wednesday, that the financial crisis that the country is going through will continue for the next year. LINK
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Samson: Al-Rafidain Bank: Completion Of The Distribution Of Retirees' Salaries For The Month Of November
6th November, 2020
Al-Rafidain Bank announced that it has completed distributing the salaries of retired civilians and military personnel for the month of November.
The media office of the bank said in a statement that Al-Mustaqila received a copy of it today, Friday, that “the bank has mobilized its capabilities to disburse the salaries of retirees after the arrival of financing and salary lists, and used its modern electronic technologies to raise salaries on the electronic card.”
The statement called on retirees who did not receive their salaries to go to the nearest office to receive their financial dues. LINK
MilitiaMan and KTFA Members "Timing is Perfect" 11-5-2020
.KTFA:
DeepWoodz: IMO.....So MilitiaMan was correct (I had no doubt). This will be the final reading and the vote this coming Saturday. If I don’t have my laws confused. And then salaries immediately released.
Samson: Staff Salaries ... The Minister Of Finance Sets The End Of Next Week To Launch
4th November, 2020
Finance Minister Ali Allawi set an expected date for the payment of employees' salaries for the month of October, while the minister pledged not to repeat the delay in case the borrowing law was approved.
"We will be able to pay salaries by the end of next week if the borrowing law is approved," the Iraqi news channel quoted the minister as saying, in breaking news.
KTFA:
DeepWoodz: IMO.....So MilitiaMan was correct (I had no doubt). This will be the final reading and the vote this coming Saturday. If I don’t have my laws confused. And then salaries immediately released.
Samson: Staff Salaries ... The Minister Of Finance Sets The End Of Next Week To Launch
4th November, 2020
Finance Minister Ali Allawi set an expected date for the payment of employees' salaries for the month of October, while the minister pledged not to repeat the delay in case the borrowing law was approved.
"We will be able to pay salaries by the end of next week if the borrowing law is approved," the Iraqi news channel quoted the minister as saying, in breaking news.
Earlier, an informed source said, Wednesday (November 4, 2020), that the House of Representatives will vote on a bill to finance the fiscal deficit, next Monday. The source stated that "the fiscal deficit law, or the so-called (borrowing law), will be passed next Monday within the House of Representatives."
He added, "The disbursement of salaries will take place on the same day that the vote on the law submitted by the Ministry of Finance is done." He pointed out that "these data come after the government and parliament agreed to proceed with the legislation of the law and solve the crisis of late salaries," without disclosing the conditions for passing the law, or the exact amount for borrowing.
The House of Representatives will hold its session next Saturday, after the inclusion of a discussion and reading paragraph of the Fiscal Deficit Financing Law on its agenda.
The Minister of Finance, Ali Allawi, confirmed, earlier, that when parliament votes on the borrowing law, employees' salaries will be paid directly, but if the law does not pass, the salaries will likely be distributed after two weeks. On Tuesday, Ahmed Mulla Talal, a spokesman for the Prime Minister, Mustafa Al-Kazemi, said that the latter had contacted the political blocs in order to complete the vote on the borrowing law, so that salaries would be paid. LINK
Samson: After being late for days ... the launch of the salaries of retired people in Iraq
5th November, 2020
Today, Thursday, the Ministry of Finance announced the release of retirement salaries for the month of November, after they were delayed for several days.
"The salaries of civilian and military retirees were released for the month of November and through official exchange channels (banks and electronic payment channels)," a ministry statement said.
The statement called on the retirees to "verify the amount received and the salary invoice before leaving the exchange outlet."
MilitiaMan: Interesting they want them to verify the invoice before leaving the exchange outlet. Something seems different about that statement. Why would they be asking them to check and verify the payments if it is same old same old, same old? It is like they are purposefully pointing to something different with this particular payment. imo ~ MM
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Samson: The Central Bank and international organizations discuss mechanisms to enhance financial inclusion
5th November, 2020
The Central Bank of Iraq announced the organization of a workshop to prepare a strategy for financial inclusion in Iraq, in cooperation with the World Bank
The Central Bank said in a press release received by Al-Iqtisad News, “In cooperation with the Central Bank of Iraq, the World Bank organized a workshop to discuss steps for preparing a financial inclusion strategy in Iraq and the requirements for international support, as well as the role of partners from the public and private sectors in developing and implementing it, within the directions of the Central Bank. Iraq in the transformation towards financial inclusion and the development of the financial and banking sector, and the initiative of the Arab Monetary Fund to strengthen this strategy in the Arab countries
He added that the workshop comes within the framework of the Arab Financial Inclusion Initiative organized by the Arab Monetary Fund in cooperation with the Global Alliance for Financial Inclusion and the German Organization for International Development, where the workshop discussed the importance of collecting data related to financial inclusion indicators from the supply and demand sides
According to the statement, the workshop was attended by a number of representatives of banks and payment companies, heads and members of the sub-committees emanating from the Supreme Committee for Financial Inclusion Explaining that the Central Bank of Iraq has taken a number of measures in recent years to enhance financial inclusion, which contribute to facilitating the preparation of this strategy LINK
Scollie: Wonder if these mechanisms are poster boards and examples of the NSCN’s of even possibly Digital Wallets on their phones for Digital Money??
MilitiaMan: To enhance financial inclusion is to get people into the banks. With what? Mechanisms are tools, as is a currency. Per a source in Iraq, that is in fact going on now and it has been.
The citizens are going in and opening accounts. The members involved are clearly international.
The AMF in cooperation with a Global Alliance (G7 ?) and the German Organization for International Development are all involved.
Today they are telling us they are paying retirees salaries and for them to make sure they verify the amounts and get a receipt. imo All very interesting they are reminding them to do that.
They told us about the borrowing law was to be voted on today, then we were told they would delay to Saturday, then the vote was said to be for Monday, now today they moved it up to Saturday again .. lol Banking hours are over now apparently and don't reopen until Sunday...
So keeping this all mind, the large entities noted above would know the mechanisms by now.. imo ~ MM
Samson: Parliamentary Finance: Releasing the salaries of retirees after a delay of days confirms the absence of government transparency
16:55 - 11/05/2020
The Parliamentary Finance Committee returned, on Thursday, that the government announced the release of the salaries of retirees after a delay of several days, which reflects the extent of the government's confusion in financial policy and the lack of transparency in its dealings.
"The government announced that it was unable to release salaries without a loan last month, and it suddenly launched it without a loan, and today the same scenario is repeated, and after a delay of several days, the salaries of retirees are released," Abdul-Mahdi Saadawi, a member of the Finance Committee, said.
He added, "These steps play with the citizen's strength, and reflects the extent of the confusion in the government's financial policy and the lack of transparency in its dealings, which calls for Parliament to stop the real reasons behind delaying the release of salaries if the funds are available."
The Ministry of Finance announced, today, Thursday, the launch of the salaries of retirees for the month of October.
Earlier, a spokesman for Prime Minister Ahmed Mulla Talal confirmed that the salaries of employees would be released after the approval of the loan by the House of Representatives. LINK
MilitiaMan: They have muddied the waters. This one states they launched the salaries for the month of October. It looks like however, the monies may not clear or get released until they get approval of the loan by the HOR. Well that is not yet voted on. That is rescheduled for Saturday. imo This really looks good... imo ~ MM
Humble1: Hey MM, this is talking about the retirees pensions, not the salaries of the employees, the retirees always get paid at the beginning of the month, while they pay the employees at the middle to end of the month, retires have already been paid for the month of October, per articles last month, but the employees have not, this article talks about the pay of the retirees, as per article last week where K told the FM to get these people paid this week, IMO, all in articles in last few months of articles
MilitiaMan: It is talking about both retirees and employees. imo I does suggest both.. The also suggest they will have to vote on it too.. That has been changed back and forth to now be Saturday. The text messages are to be the trigger so it seems.. imo ~ MM
The Ministry of Finance announced, today, Thursday, the launch of the salaries of retirees for the month of October.Earlier, a spokesman for Prime Minister Ahmed Mulla Talal confirmed that the salaries of employees would be released after the approval of the loan by the House of Representatives.
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Samson: Rasheed Bank announces raising the salaries of retirees
11/05/2020 17:37:07
Today, Thursday, November 5, 2020, the media office of Al-Rasheed Bank announced that it will start raising the salaries of retirees.
And he called on all civilian and military retirees to review its branches in Baghdad and the governorates and electronic payment offices when text messages arrive to receive their financial dues. LINK
MilitiaMan: They are going to notify them by text message for payments electronically.. This is so very good. The timing is perfect.. imo.. Wow!~ MM
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Samson: The Central Bank announces the establishment of the Islamic Sukuk and Advisory Funds session for the period 11/17/2020/2020 LINK
MilitiaMan: This is not new and we have talked about it in the past, but, it surely is welcomed now to see this. This will be an on going process. Sukuk being taught, is very supportive of a large change is to come.. Hence, now the accounts are being opened in large with the citizens.. imo ~ MM
MilitiaMan and Samson at KTFA Wednesday 11-4-2020
.KTFA:
Samson: Finance Minister: We will pay the salaries at the end of next week with this condition
11/04/2020 16:05:26
The Minister of Finance, Ali Allawi, announced that the ministry "will be able to pay salaries at the end of next week if the borrowing law is approved in the parliament session next Monday."
Allawi said in a press statement, "We pledge not to repeat the delay in paying salaries if the borrowing is approved by the House of Representatives."
KTFA:
Samson: Finance Minister: We will pay the salaries at the end of next week with this condition
11/04/2020 16:05:26
The Minister of Finance, Ali Allawi, announced that the ministry "will be able to pay salaries at the end of next week if the borrowing law is approved in the parliament session next Monday."
Allawi said in a press statement, "We pledge not to repeat the delay in paying salaries if the borrowing is approved by the House of Representatives." LINK
Samson: Parliamentary Finance sets a condition for approving the borrowing bill
11/04/2020 14:09:58
The Parliamentary Finance Committee has set a condition for approving the draft law on financing the fiscal deficit {borrowing} in the House of Representatives.
Committee member Shirwan Mirza said in a press statement, "The approval of the bill depends on agreement with the government regarding the exact amount for borrowing in the law," indicating that "the law may be approved next week."
He added, "After the second reading, we take notes and will meet with stakeholders in the Ministry of Finance and the Central Bank, to determine the amount," stressing that "the Council refused to approve the amount of 41 trillion dinars specified by law."
Mirza pointed out that "the most correct opinion in the Finance Committee is that the amount is between 10 to 15 trillion dinars, and the maximum limit is 20 trillion dinars, in order to cover the necessary salaries and expenditures, but unnecessary expenditures are included in the draft budget law for 2021." LINK
MilitiaMan: After the second reading? 06/24/2020 was said to be the first one. imo.
So the more recent first reading per the articles would have been number 2 reading and this next one to determine the amount would be third, imo.
Why, would the CBI be there for a program rate? It is not their job to pay salaries. It is the GOIs, is it not? The only need for the CBI to be there is if there is an amount (rate tbd) that is different that needs there expertise?
Not sure but. imo it looks promising.. Why did they push the vote out to the same day the Donors are to arrive? Don't know. All very interesting though.. imo ~ MM
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Samson: An economist asks about the fate of $ 26 billion lost in 2019 ... defective data, money smuggling, or what
3rd November, 2020
Manar Al-Obeidi, revealed, on Tuesday, November 3, 2020, that $ 26 billion was lost during the year 2019.
Al-Obaidi told Al-Masalla that the lack of coordination between the parties related to import, which is the Central Bank, the Ministry of Finance and the Ministry of Trade, led to the waste and loss of 26 billion dollars during the year 2019, and therefore it is very necessary to review the performance of import and transfer operations and link all departments related to this issue into one database. It allows creating a closed circuit for the movement of money in and out to Iraq.
He added that the Central Bank transferred $ 44 billion for import purposes while only $ 18 billion worth of merchandise entered. This difference of more than $ 26 billion must be traced to its path, and whoever went wondering: Is the defect in the central bank’s data or in the import data or is it The amount of $ 26 billion was smuggled and was not recorded in customs data or import licenses.
And the Central Bureau of Statistics announced that the value of imports of materials to Iraq for the year 2019 amounted to a total of 21 trillion dinars, equivalent to 18 billion dollars.
On the other hand, the Central Bank announced in its reports on foreign transfers and appropriations for the purpose of import that they reached 44 billion dollars in 2019. LINK
Samson: New details about stopping the salaries of more than 16 thousand people in Kurdistan Region
4th November, 2020
The Deputy Chairman of the Finance and Economy Committee in the Kurdistan Regional Parliament, Hifidar Ahmed, revealed on Wednesday new details regarding the suspension of salaries of more than 16,000 people of dual nationality by the regional government.
Ahmed said in a post on "Facebook" today, that 16,505 people of dual nationalities are distributed as follows: 1,138 people receive two salaries for jobs, and 3,891 people receive two salaries for jobs and retirement.
He added that 5,743 people receive two salaries for retirement, at the same time 5,042 people receive two salaries from the Ministry of Labor and Social Affairs.
Ahmed added that they will not receive salaries in the future, and they have been cut off, revealing that the next future step will include announcing the salaries of "alien" ones.
The term "aliens" is used locally for those employees who do not adhere to the official working hours, or have never attended government departments and institutions despite their affiliation with them, and receive salaries for that.
On Tuesday, the Supreme Committee for Biometric in the Kurdistan Regional Government announced that the salaries of more than 16,000 people would be suspended because they had received them illegally. LINK
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Samson: The White Paper for Economic Reform:
- Lays out a roadmap to address the financial crisis and a 3 to 5 year plan to reform the economy
For more on the White Paper: https://t.co/RYK1CeG7c1#EconomicReform #WhitePaper pic.twitter.com/wN2yUeroZ5— Government of Iraq - (@IraqiGovt) November 4, 2020
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Samson: Iraq's debts exceed $ 68 billion in 2020
4th November, 2020
The "Global Finance" magazine, specialized in classifying countries according to the fiscal policy, revealed that Iraq's debts amounted to more than 68 billion dollars in 2020.
According to statistics published by the magazine and seen by Shafaq News Agency, "Iraq's external debt increased to 68 billion and 265 million dollars during the year 2020 compared to the previous year, in which the debts reached 46 billion and 885 million dollars." She added that "Iraq's debts for the year 2018 amounted to 48 billion and 885 million dollars," indicating that "Iraq's debts for the year 2015 were 32 billion and 862 million dollars."
The magazine pointed out in its report that "the highest indebtedness to countries in the world during the year 2020, Japan ranked first, with its debt reaching 266 billion and 176 million dollars, followed by Sudan and then Greece."
In the Arab world, Sudan ranked first in the world’s most indebted countries during the year 2020, at 259 billion and 385 million dollars, followed by Eritrea with 185 billion and 890 million dollars, and then Lebanon came third with 171 billion and 666 million dollars, and then Bahrain came fourth with 128 billion and 282 million Dollars".
The magazine noted, "The world's debt has increased dramatically after the outbreak of the COVID-19 pandemic , as it has threatened on a scale unprecedented for more than 100 years the lives and livelihoods of millions in all regions and to preserve the economy amid closures and other disease-fighting measures. Governments have to borrow and borrow heavily." She pointed out that "some economists believe that the negative effects on economic growth begin as soon as the national debt reaches about 60% of GDP in developing and emerging economies and about 80% in developed countries, while others say that 40% and 60% respectively."
The International Monetary Fund said in its report issued by the Financial Monitor last September that the financial expenditures paid by the epidemic amounted to 11.7 trillion dollars worldwide. This figure - along with all the complementary economic stimulus measures already in the pipeline - is expected to push total public debt worldwide to a record high of around 100% of GDP. LINK
Samson: Parliamentary warnings of a popular explosion and the return of demonstrations due to delayed salaries
11:44 - 11/4/2020
MP Kata Al-Rikabi criticized, on Wednesday, the white paper presented by the government of Prime Minister Mustafa Al-Kazemi, while warning against the return of popular demonstrations.
"Delaying salaries in Iraq for periods of up to 40-50 days has negative repercussions on the street and may lead to the emergence of large popular demonstrations," Al-Rikabi said in an interview with "the information", pointing out that the need for the government to realize that there are large groups depends mainly on salaries in keeping with its life affairs, especially retirees and the elderly, and social welfare.
Al-Rikabi added, "The white paper presented by the government does not represent immediate solutions to the economic and financial crisis in the country, but solutions beyond 3-5 years, and this is what must be taken into consideration and strive to find alternatives that contribute to supplementing the budget, especially to maximize non-oil revenues, whether taxes or customs."
Al-Rikabi noted that “the auction of selling the currency in Iraq represents an exceptional case in the Middle East by selling 150-200 million dollars in an auction solution, and specific banks are the beneficiaries of it, stressing the necessity of reconsidering this framework and seeking to maximize financial revenues because the tight financial situation must not last and cannot be relied upon to what Infinite on financial loans.” LINK
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Deputy for Al-Fateh: It is ridiculous that the government is not able to pay employees' salaries
08:43 - 11/04/2020
MP for the Al-Fateh Alliance, Fadel Jaber, said that it is funny and shameful that the government is unable to pay the salaries of employees, pointing out that many resources exist and can be used in the best and correct manner to fill the financial deficit.
"Iraq is experiencing an economic crisis, but it is able to finance the salaries of employees, and it is ridiculous that the government cannot provide the necessary money for this segment, as it is difficult for the citizen to believe the government’s statements regarding the ability to pay salaries," Jaber said.
He added that "Iraq exports crude oil, worth more than 4 trillion dinars, as well as other financial resources such as border ports, airport taxes, customs and the sale of oil derivatives, in addition to other large resources."
And that "the communications file is able to finance the budget in large sums amounting to 13 trillion dinars annually, while the government did not enter it from communications except for 250 billion dinars, and therefore it is shameful and shameful to talk about a deficit and borrowing to pay the salaries of employees." LINK
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Samson; The House Adviser Discusses With The Russian Ambassador The Activation Of The Memorandum Of Understanding Signed Since 2015
4th November, 2020
The Parliament's Adviser for Foreign Relations, Muhammad al-Ta'i, met with the Russian Ambassador, Maxim Maximov, to discuss activating the Memorandum of Understanding signed between the Iraqi Parliament and the State Duma, according to the Information Department of the House of Representatives.
This meeting comes within the framework of the House of Representatives’s efforts to strengthen relations with all countries with which Iraq has strong bilateral relations.
In this meeting, they discussed the activation of the Memorandum of Understanding signed between the two sides since April 2015 regarding the activation of parliamentary understandings, and the exchange of field visits to serve the interests of the two councils and strengthen relations between them.
Ambassador Maximov expressed his desire to activate the memorandum and put it into effect, wishing the bilateral relations between the two countries further development and progress to serve the interests of the two friendly peoples. LINK
MilitiaMan and KTFA Members "Looks Like They Know Something!" 11-3-2020
.KTFA:
Samson: Tweet from Sec. Pompeo: In Indonesia and Vietnam I had the opportunity to meet with the leaders of these nations and engage with important community organizations.
They are all playing an important role in supporting our goals and vision for a more peaceful and prosperous #IndoPacific. pic.twitter.com/Xnk5UnGjER
— Secretary Pompeo (@SecPompeo) November 2, 2020
KTFA:
Samson: Tweet from Sec. Pompeo: In Indonesia and Vietnam I had the opportunity to meet with the leaders of these nations and engage with important community organizations.
They are all playing an important role in supporting our goals and vision for a more peaceful and prosperous #IndoPacific. pic.twitter.com/Xnk5UnGjER
— Secretary Pompeo (@SecPompeo) November 2, 2020
Samson: Iraq is preparing to receive donor countries next week
3rd November, 2020
The General Secretariat of the Council of Ministers announced that the ninth of this month will witness the presence of donor countries to support and finance projects in the liberated areas, while the United Nations Development Program said that it “carried out hundreds of service and humanitarian projects in the liberated governorates, and are continuing to rehabilitate and implement projects in the liberated governorates.
He referred to “implementing 271 service and humanitarian projects in Salah al-Din governorate and rehabilitating 20,000 residential homes in Anbar Governorate.” The United Nations Development Program also announced the implementation of “1754 service projects in Nineveh Governorate.” LINK
MilitiaMan: Looks like they know something.. Monday next, donor countries are coming into support and finance projects.. Well wouldn't that mean they are coming in as an international IMF Article 8 compliant countries. Surely they are not going to show up and finance in the trillions of Dinars. As that is not an article 8 compliant rate now is it? lol nimo.. ~ MM
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Samson: Parliamentary Finance : We will oblige the government to borrow internally after reducing the deficit in the public budget
3rd November, 2020
The Presidency of the House of Representatives decided to host the Minister of Finance and the directors of customs, taxes and national retirement agencies to discuss the reform white paper and the financial deficit, while the Parliamentary Finance Committee confirmed the House of Representatives’s directive to oblige the government to borrow internally after reducing the loan amount required to finance the deficit in the general budget.
Cougar, to “Al-Zawraa”: “The House of Representatives will make a number of amendments to the draft law on financing the fiscal deficit“ borrowing ”sent from the government, the first of which is to reduce the amount required for the loan and to be an internal borrowing exclusively from the central bank and government banks.”
He added that “the Finance Committee is in the process of inquiries from government banks and the Board of Directors of the Central Bank about the possibility of borrowing and securing these sums or not. Indicating that "the committee discussed with the Minister of Finance the details of the government loan and the real exchange sections for the required numbers."
On the other hand, the Parliamentary Services and Reconstruction Committee warned of a popular explosion as a result of the delay in salaries of employees, and said that their disbursement was mortgaged by borrowing evidence of the failure of the financial policy. The wrong financial practices followed, which caused a widening gap of mistrust between citizens on the one hand and those fighting the financial decision in the country on the other hand.” He added, “The country has some sources of revenue, which makes it ranks among the rich countries, but corruption and poor planning were the most important factors that led to The local economy becomes vulnerable to collapse at any moment.” Noting that the mortgage payment of salaries of employees and retirees with borrowing indicates the failure of the financial policy of the country. LINK
MilitiaMan: Reducing the the loan amount required to finance the deficit. How do they do that? Well, it look like they need to adjust the required numbers in the "real exchange section".
Well right there they are talking a rate. A rate is a required number is it not? It sure is, imo.
If you owe 1 trillion Dinars and reduce that amount by taking 3 zeros off the exchange rate, it becomes Billions.. Therefore, it reduces the amount owed.
Look who they are talking with too. The directors of customs, taxes and national retirement agencies. All very important entities. They all of a stake in the process, whether it is collection and or payments.. All need the same thing. imo ~ MM
Samson: The governor of the Central Bank visits exchange companies and promises to study their proposals
11/03/2020 13:47:32
Today, Tuesday morning, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, conducted a field visit that included a number of brokerage firms buying and selling foreign currencies on both Karkh and Rusafa sides in Baghdad.
A statement by the bank’s media, of which the Al Furat News Agency received a copy, stated that "the governor had a committee specialized in auditing companies from the banking supervision department at the central bank."
Mukhaif informed "the workflow of these companies and their dealings with the beneficiaries of the citizens. I also listened to the notes and suggestions of the owners of the companies and promised to study them by the bank and activate their outputs, which would positively affect the work of the Iraqi financial and economic sector."
The statement pointed out that "this visit comes from his keenness to see directly the actual reality of the work of these companies in order to develop the services provided by them."LINK
Clare: VERY TIMELY IMO
MilitiaMan: Agreed Clare, very timely and to key issues too. Currency trading. Buying and selling foriegn currency. The Governor is viewing the reality of what these firms do and live, real time. He is going to study the suggestions and then activate there work into actual reality. Can't say it much clearer that that. ~ MM
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Samson: Deputy: Iraq's economy is going through its worst stages, and we fear that it will be the beginning of the end
12:59 - 11/03/2020
A member of the House Services Committee, Manar Abdul Muttalib, warned, on Tuesday, that the Iraqi economy is going through the worst phase ever, indicating that it is afraid that it will be the beginning of the end.
Abdul-Muttalib said in an interview with "the information", "The situation of the Iraqi economy after the financial crisis has reached a very critical stage, especially with the accumulation of crises and mistakes over the years."
She added, "If the House of Representatives agrees to borrow for the second time without any government solutions looming on the horizon in maximizing internal revenues and creating liquidity to pay salaries at least without any problems, then we are facing the beginning of the end for the economy."
She pointed out that "the Ministry of Finance is the first responsible for the current crisis as it represents the general framework for managing the country's financial policy, and it must have immediate solutions that contribute to extricating us from the current situation through a road map.
And Abdel-Muttalib pointed out that "until now, we do not know the number of state employees in the ministries and institutions and the number of so-called aliens who represent a real and serious problem in the body of the national economy due to the amount of money wasted." LINK
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Samson: Mass Demonstrations In Front Of The "Ministry Of Finance", Road Blockages And Clashes Over Salaries
3rd November, 2020
Hundreds of workers in the Ministry of Electricity on contracts and daily wages gathered today, Tuesday, in front of the Iraqi Ministry of Finance building to demand their financial entitlements that have been suspended for more than eight months.
The protesters set up girders to block a road near the ministry’s headquarters, and a clash took place with the security forces in front of the ministry’s building, resulting in injuries. LINK
Samson: Israeli Intelligence Minister Reveals Five Countries On "Normalization" Agenda
2nd November, 2020
Israeli Minister of Intelligence revealed today, Monday, that "Saudi Arabia, Qatar and Morocco are among the countries that are scheduled to establish relations with Israel within the framework of a regional rapprochement launched by US President Donald Trump."
"Saudi Arabia, the Sultanate of Oman, Qatar, Morocco and Niger are on the agenda," Eli Cohen told "Ynet" television, indicating that "these are the five countries. If Trump's policy continues, we will be able to reach additional agreements."
Saudi Arabia implicitly accepted the UAE and Bahrain agreement with Israel, but did not go so far as to declare its support for them and hinted at its unwillingness to take such a step. In 2002, Riyadh proposed a peace plan between the Arabs and Israel calling for an Israeli withdrawal from the occupied territories to clear the way for the establishment of a Palestinian state. Qatar, which has ties to Iran and the Hamas movement that runs the Gaza Strip, ruled out normalization before the establishment of a Palestinian state.
In contravention of the Israeli reservation in commenting on the US elections that will take place tomorrow, Tuesday, the Israeli intelligence minister considered that “the conclusion of more normalization agreements will depend on the extent of the “determination” of the next US president to confront Iran.
Democratic candidate Joe Biden wants to return to the Iran nuclear deal signed in 2015, from which Republican President Donald Trump withdrew and his move was welcomed by Israel and some Arab Gulf states.
Trump focused on his policy in the Middle East during the election campaign, and in response to a question last week about countries that might follow the example of the UAE, Bahrain and Sudan, Trump said, "We have five confirmed countries." Although he did not explicitly declare a preference for one American presidential candidate over another, Cohen said, "Trump's policy has pushed Arab and Islamic countries to rapprochement with Israel."
Cohen said that the next president "if he does not show decisiveness in confronting Iran, they will take their time and will not be in a hurry and will not choose one side without the other." LINK
KTFA Members "News and Views" 11-2-2020
.KTFA:
Clare: BROUGHT FORWARD PER FRANK.......THIS IS MENTIONED ON THE CC SUNDAY NIGHT
Samson: Al-Rafidain launches lucrative offers for Iraqis to deposit their money in the bank
1st October 2020
The Rafidain Bank announced, on Sunday, that it will continue to open accounts for Iraqis of all classes to deposit their money in the bank in exchange for financial benefits described as positive
The bank’s media office said in a statement received by "Al-Eqtisad News", that the bank continues to open accounts (savings and current) for citizens and deposit their money in exchange for interest
The statement called on citizens to visit bank branches for the purpose of viewing the special instructions and placing their money in the bank and not hoarding it in homes in light of the positive benefits set by the bank in return for that
KTFA:
Clare: BROUGHT FORWARD PER FRANK.......THIS IS MENTIONED ON THE CC SUNDAY NIGHT
Samson: Al-Rafidain launches lucrative offers for Iraqis to deposit their money in the bank
1st October 2020
The Rafidain Bank announced, on Sunday, that it will continue to open accounts for Iraqis of all classes to deposit their money in the bank in exchange for financial benefits described as positive
The bank’s media office said in a statement received by "Al-Eqtisad News", that the bank continues to open accounts (savings and current) for citizens and deposit their money in exchange for interest
The statement called on citizens to visit bank branches for the purpose of viewing the special instructions and placing their money in the bank and not hoarding it in homes in light of the positive benefits set by the bank in return for that
NOVEMBER 1 KTFA PRAYER AND INTEL CALL https://fccdl.in/1jBwIkcOPJ
Clare: BROUGHT FORWARD PER FRANK.... THIS IS MENTIONED ON THE CC SUNDAY NIGHT
Samson: Includes self-financing companies .. Financial stops launching salaries of all employees
1st November 2020
A source in the Ministry of Finance stated, on Sunday, that the salaries of all employees for the month of October will be suspended in state institutions.
The source said in an interview with (Mawazine News) that "Finance has issued instructions to stop the release of salaries for the month of October, until further notice."
He added, "The decision also includes self-financing companies that are supposed to be financially independent according to Companies Decision 21-22." LINK
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DELTA: AWESOME NEWS... AMAZING SAMSON THANK U ......FAMILY ....CBI GETTING READY TO GO INTERNATIONAL AND OPEN MARKET ECONOMY.....
Samson: The Central Bank opens an account with Euroclear to develop the performance of foreign reserves
2nd November, 2020
With unremitting efforts by the administration of the Central Bank of Iraq in developing the management of foreign reserves, this bank opened an account with (EuroClear Foundation), which is the most important custodian institution that provides securities custody services as well as other services, including the ease of conducting investment operations without the need for a contract Agreements with issuer of securities, low cost of custody and ease of tracking.
This bank indicates that soon, the process was carried out by central banks and correspondent banks that impose additional commission on keeping these papers as well as the limited investment due to the multiplicity and complexity of procedures in the presence of the intermediary.
This step is important in the work of the Central Bank of Iraq, as it simulates international practices in the process of investing foreign reserves, and is an important achievement that this bank adds to its set of achievements in reserve management and international transactions.
The Central Bank of Iraq, the second of November 2020 LINK
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Samson: The Central Bank Issues New Standards For The Classification Of Iraqi Banks
1st November, 2020
The Central Bank of Iraq announced that it would take a new step in updating its policy by issuing new standards for the classification of banks operating in Iraq.
And the Central Bank issued a package of administrative reforms that included classifying banks into 4 categories, and this would be the control and criterion for entering the window of currency sale, as well as forcing banks to improve the quality of customer services and participate in the real development of the national economy.
And the Central Bank has approved 13 new standards for the sake of controlling and improving banks, and by applying this classification, the bank will be able to diagnose the default and faltering banks, and study the wrong policies for the sake of advancing the banking and financial sector in general.
Experts in economic affairs indicated that this step is complementary and congruent with the plan drawn up by the governor, Mustafa Ghaleb, to draw up the central bank’s policy, after the bank’s management took it over.
And the experts whose views were surveyed considered that, a change in the pattern of the work of the Central Bank of Iraq in front of the economic reality and in line with the requirements of the current circumstances and find solutions to them. LINK
Don961: The three presidencies receive an "alternative plan" for the white paper that addresses the financial crisis and saves $ 23 billion annually .. A "huge" tax package and deductions
2020-11-02 Yes Iraq: Baghdad
The Iraq Center for Legal Development (ICLD) presented 11 solutions to the current financial crisis to the three presidencies, including the imposition of a tax on the salaries of two groups, the sale of state buildings and lands, as well as taxes on telecommunications companies, airport departure fees for citizens, and an auction for the sale of currency, which is considered an alternative For the white paper, which the center described as containing paragraphs difficult to apply.
"These proposals deal with solutions and beneficial treatments for the current financial crisis that the country is going through as a result of low oil prices and the contraction of the global economy as a result of the continuing threat of the Corona pandemic and the negative impact of all of this on Iraq," the center said in a statement.
The Center addressed “the three presidencies in an official book explaining solutions to financial problems and their implications for the various state facilities in accordance with legal and constitutional visions,” stressing “the typical white paper for economic and financial reform, and the difficulty of implementing many of its paragraphs at the present time and the need for most of the consequences of implementing its paragraphs to long time".
The center recommended, according to its statement, to “deduct 10% of the sums transferred through private banks resulting from the auction selling the currency, as tax and customs guarantees, and to take advantage of the price difference by selling the dollar to banks by (1250) dinars to the dollar, and following up imports of oil derivatives sold by The Ministry of Oil for public and private fuel stations, imposing an airport departure fee of $ 100 per person, imposing tax insurances on mobile phone companies at a rate of 20% in advance, and on oil companies at a rate of 10%, and privatizing all companies of the Ministry of Industry, ”indicating that“ the sum The state's savings as a result of the above measures amount to more than (23) billion dollars annually.
Below are the proposals presented by the Iraqi Center to the three presidencies
1- The currency auction carried out by the Central Bank is the only window to provide liquidity in the national currency, and despite the many observations that accompany this process, which we are not dealing with now, and despite the new management of the bank addressing some of the problems, we suggest that a 10% be deducted Tax and customs guarantees for the sums transferred through private banks, and after reviewing the approximate estimates that the aforementioned bank sells through this window, it will reach the state treasury up to six billion dollars annually.
2- To prevent speculation in hard currency and the state benefiting from the difference in price, we suggest that the dollar be sold to banks at a rate of (1,200) dinars per dollar, thus providing the state up to three billion dollars annually.
3- Follow up on imports of oil derivatives (gasoline and gasoline) sold by the Ministry of Oil through public and private petrol stations, whose fate has not been known for many years, and many former Iraqi representatives and officials have warned of this, and those imports are estimated at up to five billion dollars annually.
4- Imposing a tax on the salaries of employees and retirees whose salaries exceed (500) five hundred thousand dinars at a rate of 10%. This measure is expected to save the state treasury five billion dollars annually.
5- Imposing a fee to leave the airport, and this is what is applied in most countries of the world at the rate of (100) one hundred dollars, which increases the state’s imports up to five hundred million dollars annually.
6- Imposing tax insurances on mobile phone companies at a rate of 20%, paid in advance, and settled at the end of the fiscal year, and according to the data available to us, it will enter the state treasury one billion dollars annually.
7- Imposing tax insurances on oil companies at a rate of 10%, and according to the data available to us, it will enter the state treasury up to three billion dollars annually.
8- The privatization of all the companies of the Ministry of Industry through investment or participation with exclusively Chinese companies, as it is the only one operating in Iraq in such circumstances, and thus it is possible to employ idle labor on one side, and to preserve hard currency after issuing a decision preventing the import of goods produced on the other side.
9- Preventing the import of all agricultural products, thus encouraging Iraqi agriculture and its prosperity and preserving hard currency.
10- The use of human resources for all ministries, especially the defense, the interior and the popular crowd, to build roads, bridges, irrigation projects and residential complexes, and the experience of the Republic of Egypt is the best proof of this, especially as everyone knows that the surplus of these resources reaches at least 50% in each ministry.
11- Selling all state buildings and lands that are not utilized by the state within cities, especially commercial ones. LINK
Samson: Parliament Renews Its Refusal To Pass The Borrowing Law And Confirms The Deficit Of 11 Trillion Dinars
2nd November, 2020
The Parliamentary Legal Committee renewed, on Monday, its refusal to pass the financial borrowing law, indicating that the budget deficit in the past months amounted to 11 trillion dinars, while the government estimated during the next two months more than 40 trillion dinars.
A member of the committee, Hussein Al-Aqabi, said in a press statement, "The borrowing law cannot be passed easily in the House of Representatives because it contains many inaccuracies and suspicions of corruption."
"The financial deficit amounted to about 11 trillion dinars during the last 10 months of the year, while the government estimates the fiscal deficit for the next two months at about 41 trillion dinars," Al-Uqabi added.
He pointed out that "the estimates indicate the government's inability to provide a trillion and a half trillion during the payment of salaries, and it does not need huge sums of such a large amount." LINK
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Samson: The discovery of a surprise regarding the "normalization" of Iraq with Israel
2nd November, 2020
The Iraqi politician close to the US administration, Mithal Al-Alusi, revealed on Monday new details, which carried a surprise, regarding the discussions held by an Iraqi government delegation during its recent European tour regarding normalization between Baghdad and Tel Aviv.
Al-Alusi told Shafaq News, "The official Iraqi delegation, which recently conducted a European tour, listened and discussed the issue of normalization between Iraq and Israel." He added, "This matter is surrounded by high secrecy, especially after this matter was revealed before it happened through the media."
Al-Alusi revealed a surprise in this regard, saying, "The official Iraqi delegation sent a message to the world that we want normalization between Baghdad and Tel Aviv, but the time is early for this, especially with the financial and security crisis and the electoral crisis in Iraq." He concluded by saying, "This normalization may soon see the light."
The Iraqi government delegation headed by Mustafa Al-Kazemi conducted a European tour last month that included France, Germany and Britain.
Shafaq News Agency revealed from its own sources that the Iraqi delegation will discuss normalization with Israel before the start of the tour. And Israel concluded agreements to normalize the situation with each of the Emirates, Bahrain and Sudan in the past few weeks. Iraq considers these agreements a "domestic affair" for these countries. LINK
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Samson: Eleven solutions to the current financial crisis in Iraq ... What?
2nd November, 2020
The Iraq Center for Legal Development, icld, on Monday morning presented eleven proposals in which it addressed solutions and beneficial treatments to the current financial crisis that the country is going through as a result of low oil prices and the contraction of the global economy as a result of the continuing threat of the Corona pandemic and the negative impact of all this on Iraq.
The Center addressed the three presidencies in an official book seen by Mawazine News, in which he explained solutions to financial problems and their repercussions on various state facilities in accordance with legal and constitutional visions, stressing the model of the white paper for economic and financial reform, and the difficulty of implementing many of its paragraphs at the present time and the need for most of the consequences. On the implementation of its paragraphs for a long time.
The Center recommended “deducting 10% of the sums transferred through private banks and resulting from the auction selling the currency, as tax and customs guarantees, and taking advantage of the price difference by selling the dollar to banks at the rate of (1250) dinars to the dollar, and following-up on imports of oil derivatives sold by the Ministry of Oil.
For public and private fuel stations, imposing an airport departure fee of (100) dollars per person, imposing tax insurances on mobile phone companies at a rate of 20% to be paid in advance, and on oil companies at a rate of 10%, and privatizing all companies of the Ministry of Industry, indicating that the sum provided to the state As a result of the aforementioned measures, it has reached more than (23) billion dollars annually.” LINK
DeepWoodz: Ok. We are in the process of weeding out bogus salaries which in the last couple years has grown to such a level as to literally break the bank. Next, the ports are beginning to pay off big time with all the imports being taxed. Speaking of taxes, there is fixing to be income taxes when salaries are re-instated.
Soon, instead of flaring, Iraq is working on a plan to use their massive amounts of natural gas for profit and power production. Also, they have consolidated their licensing for businesses and projects and are making revenues from that.
Also, agriculture is making big gains, especially with soybeans. Also, just using their airspace is now a source of revenues. Also, diversifying their oil by-products. Also, mining and phosphates. Also, phone company fees. Etc, etc, etc....
Finally to quote Frank and tonight’s call....article 62 is ELECTRIFYING!!! Yet another source of income. You know everyone is looking at salaries,,,,maybe just maybe that is the distraction and new sources of income is the REAL NEWS!!! If so, things are looking GREAT!
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Don961: Iraq's budget is 5 times bigger than the UAE! .. Manar Al-Obeidi
2020-11-01
The economist Manar Al-Obaidi wrote:
The UAE approves the 2021 budget at a value of 58 billion dirhams, equivalent to 16 billion dollars
Iraq's proposed budget for 2021 will not be less than $ 85 billion
Iraq's budget is 5 times larger than the UAE budget
The UAE is the highest Arab country in terms of economic competitiveness and ranked 25th in the world, and Iraq was not mentioned in the global competitiveness reports
The problem is not the amount of the budget. The problem is in managing the budget for building developed countries
MilitiaMan and KTFA Members "The Pressure is On!" 11-2-2020
.KTFA:
Don961: Finance Minister: The salaries of the employees will be paid within two or three weeks
Posted 2 hours ago
Al-Mustaqilla / - The Minister of Finance, Ali Abdul-Amir Allawi, set the date for the employees ’salaries to be disbursed, and while noting that there are no job grades in the next year's budget, he revealed the size of Iraq's internal and external debts .
Allawi said in an interview with the official agency, which was followed by the independent today, Sunday, that “the financial crisis that the country is going through is not a result of today, and it is the result of the decline in oil prices and the consequent reduction in production that affected Iraq's revenues in a large way due to reducing Iraq's share of exports Indicating that the reduction in oil exports caused an increase in the fees of contracting and licensing companies.
KTFA:
Don961: Finance Minister: The salaries of the employees will be paid within two or three weeks
Posted 2 hours ago
Al-Mustaqilla / - The Minister of Finance, Ali Abdul-Amir Allawi, set the date for the employees ’salaries to be disbursed, and while noting that there are no job grades in the next year's budget, he revealed the size of Iraq's internal and external debts .
Allawi said in an interview with the official agency, which was followed by the independent today, Sunday, that “the financial crisis that the country is going through is not a result of today, and it is the result of the decline in oil prices and the consequent reduction in production that affected Iraq's revenues in a large way due to reducing Iraq's share of exports Indicating that the reduction in oil exports caused an increase in the fees of contracting and licensing companies.
The financial crisis
He added, "The options to maximize revenues quickly and in the short term in order to bridge the deficit are almost impossible," noting that "increasing revenues from other sources through taking measures that require in the short term from 3 to 6 months, especially since the state was dependent on oil from Without paying attention to other sources for years.
He pointed out that "the current government faced the crisis without financial liquidity, so there is no choice but to borrow internally in the short term," noting that "external borrowing, which amounted to $ 5 billion, cannot be used to fill the deficit, but is allocated to finance projects.
Staff salaries
He continued, “The House of Representatives set a ceiling for the first internal borrowing, which reached 15 trillion, despite our objection, which was not enough to meet the salaries and expenses until last September, which forced the ministry to request a new borrowing with a higher ceiling of 41 trillion so that we could fill the deficit in salaries and related ruling expenses. By importing electricity, fuel, foreign debts, the ration card and supporting farmers, ”indicating that“ the amount included in the new borrowing covers salaries and expenditures for the remainder of the current year and the first two months of next year. ”
He emphasized that "the House of Representatives has the right to demand a reduction in the amount contained in the borrowing law, but this is the country's financial reality," stressing the difficulty of controlling expenditures entirely in light of the state building on a financially unstable base and expenditures based on unrealistic assumptions such as high oil prices.
He explained that the mechanism for repaying internal borrowing is through the revenues generated from oil and the benefits arising from hypothetically through an understanding with banks and the Central Bank without being subject to market controls.
He added that the government has taken short-term measures to maximize revenues and has an integrated plan for the purpose of facing the economic crisis.
He pointed out that the salaries of employees for the month of last October will be paid, perhaps within two or three weeks, in the event that the borrowing law is not approved, but in the event of voting on it, it will be launched directly.
He warned that "the monthly revenues from exporting oil with the funds in the Ministry of Finance are not sufficient to cover the salaries of all employees, but need some kind of scheduling," noting that "without resolving the basic crisis will remain accumulated and the delay in salaries will persist."
And that "oil revenues constitute 93% of the general budget and the remainder of non-oil revenues such as customs, ports, taxes and others."
He pointed out that "there is a decline in customs revenues for various reasons, including defects in the method of obtaining them, abuses, smuggling and thefts," stressing the importance of controlling customs in order to increase revenues, but they do not constitute 15% of oil revenues in addition to taxes that are difficult to work on. Increase it in light of the economic recession. ”
Activation of collection
He pointed out, "There is a strong trend to activate the collection of electricity by installing electronic meters to control it and covering part of the volume of allocations to the electricity sector, which amounts to about 14 trillion."
He stressed the necessity of spreading culture among the general public by paying the resulting taxes, stressing work to encourage investors in the sectors of generation, distribution and transportation.
Debts of Iraq
Allawi revealed the size of Iraq's debt, although it is not large, according to him, pointing out that "the foreign debt is estimated between 60 to 70 billion dollars."
He pointed out that "external debts, half of which are inherited, and the other added after 2003 for various purposes, including financing projects," explaining that "internal debts are also estimated at 60 trillion."
White paper
Allawi pointed out that "the white paper presented by the government needs time in order to change the method of work and the economic structure, and another needs legal or legislative change," indicating that "the white paper needs a complete institution that oversees the implementation and implementation process."
He explained that the mechanism for implementing the White Paper will be presented to the Council of Ministers and perhaps also to the House of Representatives for approval, indicating that “the process of pivotal change in the Iraqi economy requires persistence and continuous follow-up, and this needs a specialized body for follow-up, as well as working to change some laws, legislation and contexts over a period of years and not limited to a government. She is six months or a year old. ”
2021 budget
He pointed out that "the 2021 budget will be presented this month that includes a plan based on the medium term and basic changes to be implemented in the first phase of the white paper."
He pointed out that "the price of oil was based on $ 41 in the budget for next year," indicating that the majority of employees are not included in the proposed deduction in the allocations, which is under discussion in the budget, "indicating that the deduction from the allocations includes specific categories without prejudice to the nominal salary."
He emphasized work to reduce the GDP from 25% to become from 10 to 12 during the next three years.
Allawi warned that there are many proposals, the most important of which is the implementation of the main objectives of the White Paper without prejudice to the poor classes and the majority of employees and work to support them.
He pointed out that the 2021 budget does not include functional degrees, but there is the possibility of investing in the degrees of deletion and creation.
He announced the existence of large projects for public works, support for projects with a social aspect, moving contractors, and launching various projects, including paving roads, in addition to supporting small projects.
Retirement of the private sector
Allawi revealed that there is a tendency to collect the retirement pension of workers in the private sector with the National Retirement Authority and work on guarantees and conditions for organizing work with the private sector covering the conditions applied in the public sector in terms of unifying the years of retirement referral, deductions and so on. “.
Regarding Resolution 315, the Minister of Finance emphasized the difficulty of implementing it in the absence of the budget law.
The post Minister of Finance: salaries of employees will be paid within two or three weeks appeared first on Independent Press Agency. LINK
MilitiaMan: There you have it. They are confirming that the salaries have a time frame to be paid. It all hinges on the rate at which to pay them, imo.
Take note that they are saying that if the borrowing law is passed they will be paid directly. If not and it is not passed they have an auto pay scenario of within two to three weeks.
Well, even that is going to not sit well with the citizens, imo. The below is why the pressure is on.
They state not paying the salaries is a crime against humanity. Well, if that is not pressure, I am not sure what. is.. Regardless they have given us a time frame. There words not mine.. Huge..
The rate has to be exposed to vote on the law and then that can pay the salaries, in that order. imo. ~ MM.
Samson: Learn about the legal articles that the government has violated by delaying payment of salaries
18:12 - 02/11/2020
Legal expert Ali Al-Tamimi revealed, on Monday, the legal articles that the federal government violated during the delay in paying employees' salaries for the month of October.
Al-Tamimi said in a statement to / al-Maalimah /, that “the delay in paying salaries contravenes Articles 3, 23 and 25 of the Universal Declaration of Human Rights and Articles 2, 6 and 7 of the Charter of the International Covenant and Economic and Social Rights which affirm the right to live and the state’s duty to provide wages for work.”
Pointing out that “the Iraqi constitution affirmed in Articles 15, 22 and 33 the right to work and the right to live and the state’s obligation to do so, the relevant laws, including Law 24 of 1960 Law of Civil Service and Law 22 of 2008 Law on Payroll and Unified Pension Law 45 of 2009 amended which are similar to the laws of the world Which confirms that salaries are paid every 30 days, which is what has been the case for decades.
He added, "It is not the responsibility of the employees to have a financial deficit, and the continuation of this will lead to crimes against humanity that devastate society," noting that "delaying the payment of salaries is a violation of human rights."
The Parliamentary Finance Committee confirmed, today, Monday, that the government is concerned with paying the salaries of employees and not the Parliament, while it indicated that Parliament will vote on the borrowing law to pass salaries and medicine only. LINK
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Samson: Hoshyar Abdullah: The Government That Is Unable To Pay Salaries Should Go
2nd November, 2020
MP Hoshyar Abdullah attacked the government because of its delay in paying the salaries of employees and retirees.
Abdullah said in a tweet that he posted today on his personal account on Twitter: “Delaying salaries is a purely political issue between the government and parliament.
"On the other hand, more than once they stated that salaries are secure, and after that they retracted their statements, if you cannot pay the salaries, leave." LINK