KTFA Members "News and Views" Thursday 1-28-2021

KTFA:

Don961:  {Arab Monetary} signs a new agreement for dollar settlement services

Thursday, January 28, 2021   Baghdad: Following up on the morning

the Arab Monetary Fund has signed a cooperation agreement with the Global Bank "GB Morgan", according to which the bank will provide settlement of payments in US dollars through the "Buna" Arab Payments platform, affiliated to the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Fund, according to a circular.

To the Arab Monetary Fund, followed by Al-Sabah, that “the inclusion of the US dollar as a settlement currency in the“ Buna ”platform for Arab payments in the list of settlement currencies listed on the platform, in cooperation with the bank, represents an additional achievement in“ Buna’s ”journey to be the chosen payment platform in various Arab region markets.

He added, "The cooperation will enhance the value provided by the" Buna "platform and the advanced services it provides for clearing and settling payments, thus contributing to supporting opportunities for developing intra-Arab trade and investments and linking with the main trading partners of Arab countries.

He pointed out that this cooperation "provides an added value to all eligible banks operating in the Arab countries and abroad to participate in the" Bunaa "platform for Arab payments, because the platform provides these banks with the ability to make transfers in US dollars in a safe, reliable and highly efficient manner. 

It should be noted that it was previously announced that settlement of payments in Iraqi dinar, Emirati dirham, Saudi riyal and Egyptian pound was provided through the "Buna" platform for Arab payments.  LINK

KBC:  So are they reversing the move towards a non multi-currency platform??? 

DELTA:  NO....... THEY ARE ADDING $$ TO THE GROUP...

SCollie:  Each sovereign country will have their own sovereign currency.  And it will be settled on the BUNA Blockchain Payment platform for cross border remittances.....more than likely there will be a digital bridge currency to help facilitate that FX exchange.  But that’s a whole other topic.   However, to your point.  Each country will have their own sovereign currency inside their borders...hope this helps! 

DeepWoodz:  Imo...OK, so two milestones have recently been reached. BUNA & 4G…..Could these be what we are waiting for?

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Samson:  Finally, the 2021 budget is ready for approval in Parliament

28th January, 2021

A representative source said, on Thursday, that the draft General Budget Law for 2021 is ready for voting in Parliament.

The source told Shafaq News Agency, that  “the budget law has become ready for voting in the House of Representatives after amendments were made to some articles of the law and the deficit was reduced by 50% after it was 71 trillion dinars."

He added that "the Parliamentary Finance Committee will, next week, distribute copies of the revised draft of the Maronite law to the heads of political blocs 24 hours before the date of the voting session on the budget law."

The source pointed out that "next Monday is the day set for resuming parliamentary sessions and voting on the budget law."

Next Tuesday falls on the second of February, the last day of the legislative term of the House of Representatives after it has been extended for a month, and that Wednesday is the first day of the start of the legislative recess of the House of Representatives, and the House has not announced whether it will extend the separation to vote on the budget or enter the holiday.    LINK

Iobey777:  Let's pray they do it this time!!!

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Samson:  Parliamentary services have opened corruption files in projects that have not been completed since 2012

28th January, 2021

The Parliamentary Services Committee has opened corruption files for unfinished projects since 2012, while it revealed the existence of 6000 lagging projects, most of which belong to the Ministry of Construction, Housing and Municipalities.

Committee member Abbas Al-Atafi said, in an interview with Al-Sabah newspaper, which was seen by Al-Iqtisad News, that “the most important strategic projects are lagging in the Ministry of Construction and Housing,” indicating that “the committee had a serious follow-up of water projects, foremost of which is Basra Water, which is a phrase.

Five stages, Al-Faw water, Al-Kut water, Al-Islah, Al-Samawah and Al-Nahrawan water project, in addition to other projects scattered in some governorates, all of which are lagging projects, most of which have been 10 years ago.

He added that "the volume of lagging projects in all governorates reaches 6000 projects, most of them are lagging," noting that "the committee continues to host the concerned officials and specialists, in addition to opening project files that are tainted by suspicions of corruption."

And he indicated that "there are many projects that the committee has opened corruption files, including Al-Kut water, reform, main roads and bridges in Basra, as well as project No. 1 for building schools, which is referred by the Ministry of Education and these projects have not been completed since 2012."  LINK

Samson:  For the second year in a row, Iraq is on the list of the most corrupt Arab countries

28th January, 2021

Iraq ranked sixth in the list of the most corrupt Arab countries, while it ranked 160 globally in the world's most transparent countries for the year 2020.

Transparency International stated in a report today, Thursday, and seen by Shafaq News Agency, that "New Zealand and Denmark ranked first with the least corruption and most transparent countries in the world with 88 points, respectively, followed by Denmark, Finland, Switzerland, Singapore and Sweden, which all got second place with 85 points. Then Norway is ranked third with 84 points.

According to the report, "Iraq ranked sixth in the most corrupt Arab countries, ahead of Libya, Sudan, Yemen, Syria and Somalia, while it ranked 160 globally out of 180 countries listed in the table in the most transparent countries, with 21 points ahead of Burundi and the Congo."

Somalia, South Sudan, Syria, Yemen and Venezuela got the highest ranks in corruption, occupying the last ranks on the table, according to the report.

The organization publishes an annual report on corruption, which is an assessment on a scale from zero to 100 that ranks countries from most to least corrupt, and the report is based on data collected by the organization from 13 international bodies, including the World Bank and the World Economic Forum.

LINK

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Samson:  Explaining the details of the Iraqi delegation’s visit to Kuwait .. * Al-Kaabi office: The Iraqi delegation achieved many positive results during its visit to Kuwait 

28th January, 2021

Commenting on what was circulated by some social networking sites and pages of the section on exchanging gifts during a tribal invitation in the State of Kuwait .. The Media Office of the First Deputy Speaker of Parliament would like to clarify a number of related issues in the recent visit to neighboring Kuwait.

The visit of the Iraqi delegation headed by the Speaker of Parliament, Mr. Muhammad al-Halbousi, came in response to the official invitation from the Speaker of the Kuwaiti National Assembly, and this is not the first time for an Iraqi representative delegation to visit Kuwait, and it is part of the diplomatic norms followed between sisterly and neighboring countries.

The Iraqi delegation was received by the highest levels in the State of Kuwait, “National Assembly Speaker Marzouq Al-Ghanim, the Emir of Kuwait Nawwaf Al-Ahmad Al-Jaber Al-Sabah, the country's crown prince and prime minister, and the Minister of Foreign Affairs. The visit resulted in good results, including the claim to postpone the debts owed by Iraq after the confrontational invasion of Kuwait to alleviate the severity of the financial crisis and the economic situation that our country is going through.

The activation of the joint Iraqi-Kuwaiti ministerial committee for border demarcation, which has been suspended for more than two years, was also discussed, and a joint parliamentary committee was formed to follow up and accelerate government procedures in the field of investment, trade and the common free market, open land borders to residents of Kuwait and facilitate the granting of entry visas to businessmen. And merchants from both countries.

As for the “video clip that was spread through the means of communication,” we would like a statement that it took place during an informal session in which the Iraqi delegation was invited by Iraqis residing in the State of Kuwait and Kuwaiti tribal sheikhs who have good relations with their cousins ​​from the Iraqi tribes, since it is a tribal session, not an official one. The exchange of gifts is considered an Arab custom rooted in the tribes, and gifts were the phrase “an Arab costume”. 

What we care about and must focus on is strengthening the relationship between our country and the neighboring country Kuwait, which must be at its best and it is now, and what we have seen is that there is a great fraternal desire on the Kuwaiti side to start a page of constructive relations and support comprehensive bilateral cooperation based on permanent dialogue and good neighborliness. Good deed.   LINK

KTFA Members "Wednesday News" 1-27-2021

KTFA:

Don961:  Iraq is preparing to launch a passport with international specifications

January 27, 2021 3:08 am |  View Count: 0Author: alzawraapaper

Baghdad / Al-Zawra: The Directorate of Passports Affairs in the Iraqi Ministry of Interior is preparing for the process of issuing a new Iraqi passport with international specifications. The Director of Passport Affairs at the Ministry of Interior, Major General Ahmed Abdul Sattar, said in a press statement: “The Passports Directorate will start work on issuing the new passport in the second half From this year.

 ”Abd al-Sattar added that“ the new passport carries international specifications and includes a sim card chip, ”confirming the agreement with the Ministry of Communications to complete all specifications after the arrival of the printers and changing the programs.

 The Minister of Interior, Othman Al-Ghanmi, confirmed, earlier, the work On changing the Iraqi passport and making it with international standards befitting the status and stature of Iraq. link

Don961:  Conscious / Deputy: A request to the Presidency of Parliament includes 6 amendments to the 2021 budget

8 Views

 Conscious / Baghdad / h. G

Today, Tuesday, a member of Parliament, Ammar Tohme, submitted a request to the Presidency of Parliament, which included 6 amendments to the 2021 budget, including a demand to reduce the exchange rate to 1,300 dinars and cancel deductions for certain categories of employees.

And (Iraqi Media News Agency / INA) obtained a document for the request of Deputy Ammar Tohme, addressed to the Presidency of the Council, which included a request to reduce the exchange rate to 1,300 dinars, and to cancel deductions for employees with salaries below a million and a half.

Tohme’s request was supported by 113 deputies in the House of Representatives.   LINK

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Samson:  Dagher: $ 6.5 billion in loans were wasted in two years

27th January, 2021

Economist Mahmoud Dagher revealed a waste of 6.5 billion dollars that occurred during the years 2015 and 2016

Dagher said in a televised interview followed by "Al-Eqtisad News" that Iraq obtained loans from the International Monetary Fund and the World Bank worth 6.5 billion dollars during 2015 and 2016 that were supposed to "go to fill the budget deficit and repair the electricity system

Dagher added that these loans were completely wasted and not invested, as we still suffer from a great shortage in the supply of electric power

He emphasized that the problem is not with the loan donors, but rather with the administration of these loans and the way they are spent by the Iraqi government

He pointed out that "if these loans were spent on supporting local factories and farmers, we would not need more loans   LINK

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Samson:  The Iraqi parliament proposes two options regarding Kurdistan's share of the budget

26th January, 2021

Two Kurdish sources in the Iraqi Parliament (Parliament) revealed, on Tuesday, the details of the discussions between the Kurdistan Regional Government delegation and the Parliamentary Finance Committee in the Iraqi parliament.

During the past 24 hours, the regional government delegation held two rounds of talks with members of the Parliamentary Finance Committee regarding the region's share in the federal financial budget for the current year.

Jamal Cougar, a member of the Parliamentary Finance Committee, said in a statement to Shafaq News that the Parliamentary Finance Committee had put two options on the table for discussions before the region’s delegation, namely: handing over 250 thousand barrels per day or the entire oil file to the federal government.

He added that the Kurdish delegation expressed its agreement to deliver 250 thousand barrels of oil per day in addition to half of the internal revenues and the crossings to Baghdad, but the parliamentary blocs in the Iraqi parliament did not decide on including any of the two options in the draft budget.

Cougar pointed out that the two parties agreed to assign the head of the Parliamentary Finance Committee to address the parliamentary blocs to find out which of the two options they wish to include in the budget law instead of the formula received by the federal government. 

According to the agreement concluded between the governments of Baghdad and Erbil and contained in the draft budget law, the region’s share is about 12.6 percent of the budget, in addition to the disbursement of the salaries of the Peshmerga, in exchange for handing over the region’s revenues from the sale of 250 thousand barrels per day of oil extracted from the fields of the region. 

For her part, the head of the Kurdistan Democratic Party (KDP) bloc in the Iraqi parliament, Vian Sabri, said, "The discussions with the Parliamentary Finance Committee are going well." She continued in her interview with Shafaq News, "But the parliamentary blocs say that they will not vote on the region's share, unless the entire oil file is handed over to the federal government." "We are waiting for what the talks will lead to," Sabri added.

The regional government delegation arrived in Baghdad on Monday, and included Minister of Finance Awat Sheikh Janab, Minister of Planning Dara Rashid, Minister of the Region Khaled Shawani, and Chief of the Cabinet of Ministers of the region Omid Sabah. 

The new round of talks comes to ensure that the various parties agree on the provisions of the draft budget related to the Kurdistan Region before submitting it to a vote in Parliament. The Kurdistan Region has been suffering from a stifling financial crisis, as Baghdad has cut the salaries of the region’s employees since last April.  LINK

Samson:  Governmental clarification on the mechanism of obtaining loans from the International Monetary Fund

27th January, 2021

Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained, on Wednesday, the mechanism for obtaining loans from the International Monetary Fund.

Saleh said, according to the official agency, said that "part of the loan that gets by Iraq from the International Monetary Fund called by means accelerating funding, pointing out that "the fund when he sees any country has a deficit of large current account balance of payments is to provide a soft loan."

He added, “The loans that he will receive were two billion dollars, and there are four billion more, stressing that these loans come to reform the Iraqi economy.” And he stated, “The white paper is consistent with any reform program, this depends on the money that comes from the IMF, pointing out that the money it is called precautionary, meaning that when Iraq needs, it is withdrawn according to its need."

He pointed out, "Iraq has conducted about five agreements with the International Monetary Fund after 2003, three of which are credit readiness, one after conflicts, and another called the Staff Monitor, stressing that they were successful agreements."

He continued, "There is continuous cooperation between Iraq and the International Monetary Fund, as Iraq is a founding country of the Fund since 1945 and it is an active and important member in the Middle East region."     LINK

OlLar:  IMO Great clarification, I think this is pretty normal for countries, kinda like revolving credit, think they are about to put on their "Big Boy Pants"

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Clare:  26 JANUARY, 2021

Interview: JP Morgan is the US dollar clearer for Arab Monetary Fund's Buna system

 BUNA has currently close to 30 banks onboarded and is in discussion with more than 130 banks from 13 different countries, its CEO told Zawya

By Seban Scaria, ZAWYA

The Arab Monetary Fund (AMF) has appointed J.P. Morgan as a settlement bank for the US dollar (USD) in its Buna Payment System, which was launched last year. 

Besides offering its participants access to the global currency, the regional payments and settlements system will onboard the euro, Jordanian dinar and an international currency likely from an Asian country in 2021, Mehdi Manaa, the CEO of Buna, told Zawya in an interview.

Before the deal with JP Morgan, Buna had been offering its services with the UAE dirham, Egyptian pound and Saudi riyal.

"From the value of proposition, the US dollar represents 55 percent of cross-border payments in the region. So it is obviously a key currency for banks to consider for cross-border payments in a centralised way in BUNA," Manaa said.

"Processing dollar payments between participants will be immediate and direct between the two of them, without the need to go outside the region and being constrained by [the] different time zones and different operating borders and intermediaries of each bank," he added.

Buna has been expanding its network with banks and corporates aligning with its borader vision to promote trade and foster economic activities among Arab countries and its main trading partners.

BUNA has currently close to 30 banks onboarded and is in discussion with more than 130 banks from 13 different countries, Manaa said.

"Today, cross border payment is very costly, takes a lot of time and [is] inefficient to some extent. With Buna we resolve all that. It is real-time and reduces the chain that is involved in processing a payment end-to-end," he said.

Several cross-border payments and settlements in the Middle East are carried out by correspondent banks, which are banks in one country acting as agents to foreign financial institutions that do not have a local presence. However, this has turned out to be an expensive process, mainly due to the anti-money-laundering rules of European and US banks.

"Compliance is a key proposition in the value proposition of Buna. Normally payment systems are not subject to AML safety rules. This applies to banks and not the market infrastructure.

Despite that, in Buna, the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules are embedded in the system, ensuring that all participants adhere to the AML rules stipulated by the central governments," Manaa said.

He added that the cost of transacting through the platform will be between 3 to 10 times lower than existing traditional approaches.

(Reporting by Seban Scaria; editing by Daniel Luiz)

Don961:  The dollar will rise against the Iraqi dinar after approving the 2021 budget: There is a "backup" plan to pay the matter, so what will happen!

2021-01-27   Yes Iraq - Baghdad

 During the previous days, great concerns were raised about the rise in the exchange rates of the dollar against the Iraqi dinar after the approval of the 2021 budget in the coming days, followed by a parliamentary intention to reduce it to 130,000 as a request on the parliament table, according to documents published recently.

The appearance of Muhammad Salih, the economic and financial advisor to the prime minister, Mustafa Al-Kazemi, commented today, Wednesday, that there are fears of a jump in the exchange rate of the dollar, after the House of Representatives approved the financial budget for the current year 2021.

In a press statement, Mazhar Muhammad Saleh said: “The talk about the existence of fears of a jump in the exchange rate of the dollar after the House of Representatives approved the 2021 budget, is exaggerations that do not exist,” stressing that “no change in the exchange rate of the dollar against the Iraqi dinar has occurred. After the budget ”.

Saleh emphasized, "The Central Bank of Iraq has sufficient reserves, and the bank has mechanisms to stabilize the exchange rate as stated in the budget, and it has the ability to intervene to maintain the shape of the dollar exchange rate, and for this reason, any discussion of exaggerated fears does not exist in the first place." .

Earlier, a member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, Tuesday 1/19-2021, that restoring the exchange rate of the dollar against the Iraqi dinar to its previous position at the present time is very difficult, pointing out that the local markets will stabilize after the passage of the budget bill for 2021 .

Commenting on the current fluctuation in exchange rates, Cougar said, "Financial dealings are currently going on the new fiscal policy drawn up by the Central Bank and the Ministry of Finance regarding the dollar exchange rate, so it is difficult to restore the exchange rate to its previous position at the present time at least."

He added that "the instability in the local markets will stabilize after the enactment of the budget law for the year 2021, and the official adoption of the new exchange rate," stressing that "this will remove concerns and revive the markets again."

Yesterday, a member of Parliament, Ammar Tohme, submitted a request to the Presidency of Parliament, which included 16 amendments to the 2021 budget, including a demand to reduce the exchange rate to 1,300 dinars and cancel deductions for certain categories of employees.

A document was published for the request of Representative Ammar Tohme, addressed to the Presidency of the Council, which included a demand to reduce the exchange rate to 1,300 dinars, and to cancel deductions for employees with salaries below a million and a half.

Tohme’s request was supported by 113 deputies in the House of Representatives.   LINK

KTFA Members "Tuesday News" 1-26-2021

KTFA:

Samson:  Saleh: Iraq faces an uphill task to address the recession

26th January 2021

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, announced that Iraq faces an arduous task to address the recession in the economy

Saleh said, in a symposium on the 2021 budget, that "the general budget for 2021 was born in harsh conditions, and public opinion must know it, including a decrease in GDP by 11% with a deficit of 16% in a single-rent country that depends on oil sales to finance its budget at a time when the Corona pandemic, during the past year 2020, led to a decline in oil prices and a deterioration in the health and economic situation, which required compulsory austerity, halting investment projects, and increasing the area of ​​poverty to 30% of the proportion of the population and adding to them about 10 million new poor, accompanied by a rise in unemployment to 27% of young

He stressed that "these risks negatively affected Iraq and put it in front of the arduous task of dealing with the economic recession, which is preparing a large budget to avoid contraction within the Iraqi economy and with a large deficit that allows for the creation of new job opportunities  LINK

Don961:  The 2021 budget ... a move to add `` huge '' revenues and two conflicting opinions regarding the deficit between `` huge '' and `` not worrisome '' - urgent

Posted 6 hours ago  Baghdad today - Baghdad 

Iraqi officials are talking about a huge financial deficit in the 2021 budget, ranging from 71 to 80 trillion dinars (65 billion dollars), which is the highest number in the country's history, according to observers, at a time when Finance Minister Ali Allawi revealed yesterday negotiations with the International Monetary Fund with the aim of Obtaining a loan of 6 billion dollars, and saving the economy of Iraq mired in problems.

Historical impotence

A member of the Parliamentary Finance Committee, Jamal Cougar, said, "The Finance Committee continues to consider the project in order to prepare it with an amended version and present it to vote in the House of Representatives."

And on the expected amendments, Cougar said that "the blocks seek to reduce budget expenditures from 164 trillion dinars to 120 or 135 trillion dinars, and if that happens, it will reduce the size of the financial deficit."

He continued, in a press statement, that "the Finance Committee is also working to add 20 trillion dinars to revenues, by raising the price of oil exported to Iraqi refineries to support coverage of domestic consumption of one million barrels, one of which is currently sold at a symbolic price of $ 5."

According to the draft budget, expenditures amount to 164 trillion dinars (112 billion dollars), with a fiscal deficit of 71 trillion (48 billion dollars), which observers have prepared for a historical deficit in the oil-exporting countries.

The First Deputy Speaker, Hassan Karim Al-Kaabi, had confirmed that “Parliament is working to provide financial allocations for employee salaries, contracts, wage earners and free lecturers,” indicating that “Parliament is working to reduce spending and reduce the deficit before voting“ soon ”on the draft Federal Budget Law 2021.

Al-Kaabi said in an interview with the semi-official newspaper, Al-Sabah: “The House of Representatives will take into account the basic principles in the budget of reducing the volume of expenditure of 164 trillion dinars, and reducing the 44% deficit by 71 trillion dinars from the total estimated budget of 93 trillion dinars, which Set on the basis of the oil price of $ 42 per barrel.

Economists believe that Iraq's resorting to devaluation in order to bridge the public budget deficit due to the increase in expenditures does not achieve the goal at the required level, as the real sectors, industry, manufacturing industries, agriculture and services are at their lowest levels, and their contribution to the GDP is low.

Iraq's non-oil exports are very few, and do not constitute any percentage in the trade balance, and the private sector is also inactive, and the advancement of these sectors will take many years with the presence of effective plans and policies, and the value of the local currency is usually devalued in countries that have high export capabilities. The customs policy is ineffective at the present time, and it represents the basis for protecting the local product to stimulate production.

Parliamentary promises to intervene

The Parliamentary Finance Committee confirmed that the size of the budget deficit will not remain 71 trillion dinars, indicating that it is serious about making changes to the budget in line with the current situation of the country.

The committee's reporter, MP Ahmed Al-Saffar, said in a press statement that "public spending in the budget will witness a clear reduction," noting that "the committee has identified clear pockets and points in the budget that will enable the government to maximize revenues."

Al-Saffar added that "the size of the budget deficit will be reduced and 71 trillion dinars will not remain, and that the change will extend to even the price of oil according to which the budget was calculated," indicating that "the committee is serious about making changes to the budget in line with the current situation of the country, and to achieve the best use or exploitation For public revenues ”.

He continued, "There are some points of contention and some points that need to be repeated hosting because the committee needs to know some spending units and needs more information so that the committee can accurately determine the amounts that these units need," noting that "the committee does not need more than ten days." Or two weeks to reach a final study of the budget.

Questions are still being raised about the financial and economic indicators of Iraq in the coming year, especially with the continuing indicators of low oil prices and the high indebtedness of the country, and the decline in reserves in the central bank, which may significantly affect the prices of the local currency, and these problems prompted the Iraqi government to resort to borrowing in more From time, to pay employee salaries and other operating expenses.

White paper

The projected estimates of the size of the deficit in the draft budget raise a great economic controversy. Specialists believe that it is necessary to reduce spending and adopt austerity formulas in managing financial resources, given the pessimistic financial indicators for the next year as well.

And economics professor Abdul Rahman Al-Mashhadani notes that the speech of parliamentarians about a large deficit in the 2021 budget gives the impression of “the government's reliance on the estimates of the White Paper in preparing the draft budget, which was estimated at 153 trillion dinars (about $ 130 billion),” indicating That "if this figure is adopted, the amount of the deficit will exceed the limits of 72 trillion dinars (about 60 billion dollars), and this is a huge number."

Al-Mashhadani asserts, in a press statement, that "reasonable numbers" to be included in the draft budget should "not exceed the limits of 63 billion dollars," adding, "According to the available economic data, the oil revenues of Iraq for the next year will reach about 42 billion dollars, and non-oil. About $ 8.5 billion, which leads to a deficit of no more than $ 12.5 billion, and this is logical and not worrisome.

He pointed out that "the solutions available to the government are related to" rationalizing spending and setting the budget within reasonable limits, "pointing out that" Iraq at best did not achieve expenditures higher than 85 trillion dinars (about $ 71 billion), except for the year 2013, when the volume of spending reached About 100 trillion dinars (84 billion dollars) were suspicious of corruption.

He said, "All indications indicate that the current year will be difficult financially, after Iraq drained its capabilities last year, as the central bank's reserves decreased to 54 trillion dinars (about $ 45 billion), from 67 trillion dinars (56 billion dollars)." The accumulation of domestic debt, and oil price indices will remain between 40 and 50 dollars a barrel.

Save the economy

Yesterday, Finance Minister Ali Allawi confirmed that Iraq is negotiating with the International Monetary Fund with the aim of obtaining a $ 6 billion loan, to save its economy mired in problems, while giving positive indications regarding the 2021 budget deficit and linking it to high oil prices.

"Once the Iraqi parliament approves the spending plan for 2021, the government will be able to request rapid financing of two billion dollars from the emergency financing mechanism created by the International Monetary Fund for the benefit of countries affected by the repercussions of the Corona virus," Bloomberg quoted Ali Allawi.

Allawi said that "Iraq can then request a second, low-cost loan of $ 4 million K dollars from the International Monetary Fund's government reform program."

The US agency stated that financing the International Monetary Fund would cover a small part of the expected deficit in the budget, but it would "reduce the severity of the depletion of Iraq's foreign exchange reserves."

Last year, the Iraqi government had to borrow more than $ 25 billion from the central bank in order to pay the salaries of public sector employees and meet other financial requirements.

"Bloomberg" pointed out that the Iraqi government is also planning to rely on other financing tools to help cover the deficit, as Allawi said that once the budget is approved, the government will also move to issue domestic bonds worth $ 5 billion.

As for international bonds, the Iraqi Finance Minister said that “international loans are somewhat expensive,” adding: “I do not know if there is a desire to buy Iraqi bonds. Returning to these markets now remains difficult. ”

And "Bloomberg" said that the average yield of Iraq's dollar bonds is 8.3%, adding that it is among the highest levels of any government in the world, according to Bloomberg Barclays indicators.

Iraq's economy has suffered since the collapse of global oil prices due to the Coronavirus pandemic. Although oil prices have recovered during the recent period, Iraq is still struggling to cover its costs and avoid the exacerbation of the fiscal deficit.

And last year, Iraq exceeded the production limits agreed upon with other oil exporters in the "OPEC +" group, in order to collect the liquidity its economy needs. 

But Iraq is committed to compensating for the excess production during the past months, according to the Iraqi Finance Minister, who assured Bloomberg that “Iraq will respect the quota set for oil production within the OPEC + alliance because it helps reduce the risk of price collapse.”

Allawi praised Saudi Arabia's sudden production cut by one million barrels this month, which helped oil prices rise.

Allawi said, "Iraq's budget deficit may shrink by 25% this year if oil prices remain around their current levels of $ 55 a barrel."

The International Monetary Fund expects the Iraqi economy to contract by 12% in 2020 - the highest rate among OPEC countries, and have experienced a budget deficit of 22% of GDP.

Iraq devalued its currency last year by the largest amount ever, to reduce pressure on public finances at a time when it is trying to secure billions of dollars in foreign aid.  link

Samson: Speaker of Parliament meets Kuwaiti Crown Prince

26th January, 2021

Parliament Speaker Muhammad al-Halbousi met today, Monday, with his accompanying delegation, His Highness the Kuwaiti Crown Prince Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah.

The meeting discussed bilateral relations between the two countries, enhancing means of cooperation in all fields in a way that serves the interest of the two brotherly peoples, and the importance of activating trade and revitalizing the private sector between the two countries, calling on his sovereignty for more coordination and cooperation to support Iraq in the field of reconstruction and investment.

The meeting also discussed the situation the region is going through, and emphasized the need to coordinate positions to face these challenges.

For his part, the Crown Prince expressed Kuwait's position that Iraq is a safe country for its people to enjoy stability and prosperity. He also extended his deep condolences to the Iraqi people for the victims of the last two bombings in Baghdad, calling on the international community to stand with Iraq in fighting terrorism and extremist ideology.  LINK

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Samson:  The Speaker of Parliament meets the Kuwaiti Prime Minister

25th January 2021

The Speaker of Parliament, Muhammad Al-Halbousi, and his accompanying delegation met with the Kuwaiti Prime Minister His Highness Sheikh Sabah Khaled Al-Hamad Al-Sabah.

At the outset of the meeting, His Excellency and the accompanying delegation congratulated His Highness Sheikh Al-Sabah on the occasion of his reappointment as Prime Minister and assigning him to nominate members of the new cabinet, wishing him success and success.

The meeting discussed enhancing the prospects for cooperation between Iraq and Kuwait in accordance with mutual interests in all fields, and the importance of activating the joint Iraqi-Kuwaiti ministerial committee and enhancing its work, as well as forming a joint parliamentary committee to activate cooperation and follow up and accelerate government procedures in the field of investment, trade and free zones.

His Excellency also discussed with the Kuwaiti Prime Minister the file of the remaining payments of debts owed by the Iraqi government to Kuwait, and the possibility of delaying their payment because of the financial crisis and the economic situation that Iraq is going through.

The meeting stressed the need to open the borders between the two countries to trade movement after it stopped due to the pandemic, with tightening commitment to preventive measures, appreciating Kuwait's stances in support of Iraq during crises, the latest of which is the Corona pandemic crisis, which was represented by sending liquid oxygen trucks to the health institution.

For his part, the Kuwaiti Prime Minister offered his condolences to Iraq for the victims of the last two bombings in Baghdad, stressing his country's support for the government and people of Iraq, and the continued expansion of the horizons of cooperation between the two brotherly countries at all levels.

LINK

Samson:  Details of the arrest of Iraqi oil officials on charges of corruption

26th January, 2021

The Integrity Commission revealed, on Tuesday, the details of the arrest of five officials in the Oil Products Distribution Company, the Kirkuk branch, indicating that they had caused damage to public funds estimated at two billion and 500 million dinars.

In a statement received by Shafaq News, the authority stated that a work team from the authority’s investigation office in Kirkuk managed to arrest the electronic control official in the Oil Products Distribution Company, the Kirkuk branch, and the managers of two government fuel stations and control officials in them, against the background of legal breaches that were proven in the work The electronic monitoring program by which the wheels are equipped with kerosene.

It indicated that the violations were represented by the lack of complete and correct data on the wheels that supply the product, as well as the penetration of the aforementioned program by other parties, according to which the processed quantities are being tampered with. The authority indicated that the fundamental investigations and audits conducted by the team proved that some governmental and private stations sold large quantities of gas oil in excess of 60 million liters, in contravention of the law, indicating that the value of the damage exceeds two billion and 500 million dinars.

It confirmed that a fundamentalist seizure report had been organized in the process, and it was presented with the accused and the investigative papers to the competent investigating judge. Who decided to arrest them in accordance with the provisions of Article (340) penalties.

Last September, the commission announced the issuance of an arrest and investigation order against a number of suspects in the North Refineries Company, the Kirkuk branch. Causing them to waste large quantities of white oil.  LINK

Monday Night KTFA CC with Frank26 and Team "Lean On Me-Loan On Me"

KTFA:

Monday Night CC with Frank26 and team 1-25-2021

PLAYBACK IS: 605.313.5163  PIN: 156996#

Frank26:  1-25-21.....LEAN ON ME......LOAN ON ME

This call is in Frank’s and Team’s opinion

What Frank’s suit colors mean:  WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR 3 HEADS ... GOLD = CHANGE NO BROWN ... NO GREY... NO YELLOW... NO FLESH 

https://www.youtube.com/watch?v=xZ1XuOcP5P0

MilitiaMan and KTFA Members "Wow" Monday 1-25-2021

KTFA:

Samson:  The International Development Bank announces its joining the "Bani" platform

25th January, 2021

The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments

The bank said in a statement seen by "Al-Eqtisad News", "with unremitting and promising efforts and on the occasion of launching and operating the "Buna Buna" platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform's success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage

The statement added that "the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad, with very low commissions, which will include more than 120 Arab banks to its network in order to expand the list of Arab and international currencies

The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards." And her signature of the sharing agreement   LINK

MilitiaMan:  When using terms lately like being forced to do things for a purpose like we saw with the IMF alighning the IQD with the SDR Basket imo, here is one were they are telling us they are unremitting in their efforts to get settling and clearing payments with in the AMF, region and abroad. Looks like it is signed and now about ready to go live. Wow! imo ~ MM

 un·re·mit·ting /ˌənrəˈmidiNG/ Learn to pronounce  adjective   never relaxing or slackening; incessant.

Samson:  Al-Halbousi and the Emir of Kuwait discuss activating the joint governmental and parliamentary committees between the two countries

01/25/2021 17:48:55

Speaker of Parliament meets Emir of Kuwait

Parliament Speaker Muhammad Al-Halbousi met today, Monday, with his accompanying delegation, His Highness the Emir of the State of Kuwait, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah.

The meeting discussed cooperation between the two brotherly countries, strengthening bilateral relations, strengthening joint economic relations, activating joint governmental and parliamentary committees between the two countries, and stressing the necessity of activating reconstruction projects and the outcomes of the international donors conference.

During the meeting, Al-Halbousi stressed Iraq's keenness to strengthen relations between the two neighboring countries in all fields, appreciating Kuwait's positions in support of Iraq.

For his part, the Emir offered his condolences to the victims of the two bombings that targeted Tayaran Square in Baghdad, expressing the State of Kuwait's condemnation and condemnation of these two actions that targeted the lives of innocent people and destabilized security and stability, again supporting his country and standing with Iraq to face the challenges it is going through, and achieve development and stability.   LINK

MilitiaMan:  This is about tens of billions of dollars for re construction. Clearing and Settling payments goes hand and hand with this. If we cannot see what is at play by now, one may never get it.. Wow! This is good.. imo! ~ MM

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Samson:  Talabani is heading to Baghdad to install the budget agreement

25th January, 2021
The Vice President of the Kurdistan Regional Government, Qubad Talabani, went to the federal capital, Baghdad, today, Monday, as head of the Kurdish negotiating delegation.  

Talabani’s spokesman, Samir Hawrami, told Shafaq News that Talabani went to Baghdad today to install the agreement concluded at the end of 2020 between the governments of Iraq and the region and to determine the region’s share in the draft budget law for 2021.

A high-ranking delegation from the Kurdistan Regional Government arrived yesterday, Sunday, to the capital, Baghdad, to engage in a new round of talks in order to secure the region's share in the federal financial budget for 2021.

The delegation included: Minister of Finance Awat Sheikh Janab, Minister of Planning Dara Rashid, Minister of the Region Khaled Shawani, and Chief of the Cabinet of the Provincial Council of Ministers, Omid Sabah.

The Finance Committee in the Iraqi Council of Representatives has been conducting, for more than two weeks, a series of meetings in the parliament building with the aim of collecting observations and making the necessary amendments to the draft budget law.

Parliamentarians and politicians say that the budget needs political consensus, so a political delegation from the region will visit Baghdad later this week with the aim of reaching an agreement with the blocs not to block the passage of Kurdistan’s share in the budget.   LINK

MilitiaMan:  Coming to town to install the 2021 Budget.. Like you wouldn't? lol Another piece of the puzzle being laid to rest. The amount of effort and it all down to the wire, is upon us this week. Awesome news today news hounds. ~ Again Thank you all. ~ MM

BubbaJr1: Parliamentary Finance hosts central bank and anti-terrorism officials and SOMO to discuss budget items

The Finance Committee held today (January 24, 2021)

Its 30th meeting to discuss the draft federal budget bill for 2021. A statement by the Media Department of the House of Representatives said, "The Finance Committee hosted the head of the Anti-Terrorism Service, Lieutenant General Abdul Wahab Al-Saadi and his accompanying delegation regarding the financial apparatus's allocations within the budget law, adding that" the sub-committee formed by the Finance Committee hosts the director of the Oil Marketing Company (SOMO) and a delegation from the bank. Central Bank within the discussions of the 2021 budget

https://www.radionawa.com/all-detail.aspx?jimare=23223  

MilitiaMan:  Another very well placed and timed article.. CBI has the SOMO on the roster for the 2021 Budget.. Go figure. Nice!! ~ MM

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Samson:  International Monetary Receives an "emergency request" from Iraq

25th January, 2021

The International Monetary Fund announced that it had received a request for emergency assistance from Iraq, indicating that talks are underway between the two parties in this regard.
 

"The Iraqi authorities have requested emergency assistance under the Rapid Financing Instrument, in a long-term arrangement, to support the planned economic reforms," ​​the fund said in a statement.

He added, "Discussions are ongoing regarding the authorities' request for emergency assistance."

The Minister of Finance Ali Allawi told "Bloomberg" yesterday, that Iraq is in talks with the Fund to obtain a loan worth 6 billion dollars. He indicated that Iraq may request an additional $ 4 billion in low-cost loans through another program linked to government reforms.    LINK

Eric:  Why would they need to borrow money from the IMF if they were about to revalue?

DeepWoodz:  From google:  IMF loans are meant to help member countries tackle balance of payments problems, stabilize their economies, and restore sustainable economic growth. This crisis resolution role is at the core of IMF lending.  Also, I think, helps provide a kickstart for liquidity. 

MilitiaMan:  Yep.. They are not going to do that for a program rate.. More to the story and the story is economic success, hence, the support from the IMF.. There is give and take and Iraq is ready to give now.. imo.. ~ MM

Samson:  Labor announces the issuance of 7000 MasterCard cards for the beneficiaries of the full-time employee salary

10:05 - 01/25/2021

The Ministry of Labor and Social Affairs announced, on Monday, the issuance of 7000 (MasterCard cards) to the beneficiaries of the full-time employee's salary during the past 30 days.

The head of the Disability Authority at the Ministry of Labor, Essam Al-Tamimi, said in a statement that “the authority, in cooperation with the concerned banking authorities, issued 7,000 (MasterCard) cards for the beneficiaries of the full-time employee salary in Baghdad and the governorates except for the Kurdistan region for the period from 20 January 2020. Until 20 / C2 2021″.

Al-Tamimi praised “the efforts of the employees in the departments to implement the directives of the Minister of Labor and Social Affairs, Adel Al-Rikabi, which include the speedy completion of the transactions of those covered by the privileges of Law No. 38 of 2013 with high accuracy and professionalism to relieve them.”

The head of the Disability Authority at the Ministry of Labor pointed out that “the authority’s departments in Baghdad and the governorates continue to issue cards to those covered by the full-time employee’s salary.”    LINK

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Samson:  Imprisonment of an Iraqi official who caused damages of 40 million dollars through a "serious mistake"

25th January, 2021

The Federal Integrity Commission announced the issuance of a ruling against the former General Manager of the Iraqi Trade Bank, TBI; For committing a "serious mistake" that resulted in damage to the funds of the entity in which he worked, amounting to (40,000,000) million dollars.

The Investigation Department of the Commission, and in its discussion of the details of the case that it investigated and referred to the judiciary, reported that the convicted person committed a serious mistake and caused damage to public money. As a result of granting credit facilities in the amount of (40,000,000) million dollars to a bank for the purpose of covering documentary credit; Despite the weakness of the guarantees provided by the bank and before completing the loan granting transaction.

The department indicated that a ruling had been issued obligating the bank to which the loan was granted to pay an amount (38,072,807) million dollars, representing the principal of the debt with the regular interest without the delay interest.

She added that the Al-Karkh Misdemeanor Court specializing in integrity issues, after reviewing the evidence obtained in the form of the audit report and the investigation report of the Integrity Commission, in addition to the statements of the legal representative of the bank and the administrative investigation that showed the defendant’s negligence. Result of accepting weak collateral; What led to the loss of the bank’s rights, in addition to the presumption of its escape, and I reached sufficient conviction that it was convicted in accordance with the provisions of Article (341) of the Penal Code. It decided to sentence him in absentia to a five-year prison sentence.

The ruling included issuing an arrest warrant and investigating the right of the convicted person and preventing his travel, in addition to placing the seizure sign on his movable and immovable property according to the provisions of Article (184 / a) of the Criminal Procedure Law, while giving the right to the affected party to claim compensation.   LINK

MilitiaMan and KTFA Members "News and Views" 1-24-2021

KTFA:

Samson:  Results of the foreign currency sale window for Sunday 01/24/2021, and executed today

Advertisement No. (4342)

Date of sale - Sunday 1/24/2021, and executed today

the details

Amount

Total sale for the purposes of enhancing funds abroad (transfers, credits) 3,337,467

Total cash sale 0

Total sales 3,337,467

Note that: The sale price of the sums transferred to bank accounts abroad is ( 1460 ) dinars per dollar.

The cash sale price is ( 1460 ) dinars per dollar.

 The Central Bank of Iraq’s foreign currency sales schedule, Sunday 1/24/2021, and executed today  

MilitiaMan:  Here is just more support in the above that they are ceasing the Multi Currency Practices.. 0 cash sales. A key indicator change is coming.

 Articles also support that meetings have in fact been on going with very large global entities on a weekly basis and that there were agreements made. Look who all are in the group that is involved..

Let's not forget the IMF had their hand in the forcing of the devaluation in Dec 2020. They did that for a reason. I feel it was for to synchronize the rate of the IQD with the IMF SDR basket in mind and the expression they use is a good one. Whereby, when they RI the IQD they will be able to get it into the secondary markets as it will have significant value, hence, that value may or will make it easy to get loans for economic support during the transition into a market economy (private sector).

They'll need stability and that is what the IMF is there for, as are the others they mention below. The plan and or agreements are about to take a very different shape.. Oh ya.. A digital one that is to be on a large scale.. imo ~ MM

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Sumaisem: "America will not pump dollars into Iraq, and dealings will be in the digital currency .. and Baghdad is forced to comply with the recommendations of the International Monetary (Fund)."

"The interventions of members of the Finance Committee focused on the secretariat and follow-up programs with the Communication Group to Support the Iraqi Economy, which includes the countries of the European Union, the Group of Seven, the International Monetary Fund and the World Bank, in conjunction with the Finance Committee, which held many meetings and reached agreements regarding support for Iraq significantly."

************

MilitiaMan:   So here we see too that the Kurds showed up today in respect to their share of the 2021 budget. They are also talking about they have six months of back pay coming to them.

We have heard they were in agreement on taxation on salaries too, and not just with the kurds in mind. Taxation on salaries will be applied country wide. Hence, the aggreements made will be sorted through the new value added..

Remember they talked about value added taxes.. Well not at 1460 they won't. But, when RI hits and they have value added they will. It is all in the plan in my view...

Iraq didn't get loans in the recent past from the IMF in the manner in which they speak now.. That is because they were not ready yet. Now they apparently are ready to go international., as they IMF and others are working in tandem and have precautionary measures in place to make the transition smoother along the way.. imo ~ MM

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"A high-ranking delegation fromthe Kurdistan Regional Government arrived on Sunday in the capital, Baghdad, for a new round of talks in order to secure the region's share in the federal financial budget for the year 2021."

"the committee will hold a meeting with the regional government delegation this evening to discuss Kurdistan’s share of the budget."

"Committee member Jamal Cougar told Shafaq News, "Until now, we have not met with the Kurdish delegation," it is likely that the meeting will be at 7 pm today. He added, "Currently we are reformulating the draft budget, and we may finish it in the middle of next week, after which the parliament session will be determined to discuss the terms of the draft and approve the law."

On Sunday, a member of the Iraqi parliament, Muhammad Shiaa al-Sudani announced the imposition of financial deductions and tax fees on the agricultural and industrial sectors within the federal financial budget for 2021, although these categories were previously exempted.

Iraq was forced to reduce the value of the local currency against hard currencies, especially the US dollar, in order to provide the salaries it paid in the last quarter of 2020 through the fiscal deficit (borrowing) law approved by Parliament.

Shafaq News, as saying that if the spending plan in the budget is approved by the Iraqi parliament, then Baghdad will be able to apply for a quick loan of two billion dollars through a special mechanism in the IMF dedicated to supporting the economies of countries. 

"The IMF assists countries hit by crises by providing them financial support to create breathing room as they implement adjustment policies to restore economic stability and growth. It also provides precautionary financing to help prevent and insure against crises."

MilitiaMan: Samson:  Parliamentary Finance proposes to apply the income tax law in case the salaries of employees are deducted

16th January, 2021

The Parliamentary Finance Committee proposed, on Saturday, to refer to the Income Tax Law and apply it in the event that employees' salaries are deducted instead of what is included in the upcoming budget law.

Committee member, Majida Al-Tamimi, according to the official agency, said, "The Finance Committee and Parliament in general reject these large deductions for employees' salaries," noting that "the deductions in the budget came under the title of the Income Tax Law."

And Tamimi added, "As for whether the deductions will be retroactive during the current year, the budget law is applied from the date of its publication in the Official Gazette."

Last Wednesday, the House of Representatives discussed the draft general budget bill for 2021, while confirming the continuation of the debate during today's session, Saturday.   LINK

DeepWoodz:  Imo..YOUVE got it all covered!!!  This post made me think of one I saw yesterday about Tuesdays session. Nothing about the 2021 budget was listed!  If I read it correctly....they mentioned 2-3 days ago they would resume on Tuesday! Looks like they are done

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Samson:  As of today ... for the first time Syria is offering a 5,000 denomination banknote for circulation

24th January, 2021

The Central Bank of Syria issued the 5000 Syrian Pounds denomination for the first time in Syria two years ago, and it was put up for circulation starting today, Sunday, January 24, 2021.

In a post on its official Facebook page, the bank said in a statement, “Based on the role of the Central Bank in monitoring the market and securing its needs of all denominations of banknotes, and based on studies it carried out during previous years and its development of a plan to ensure the needs of cash circulation of all categories, The need for a category of cash greater than the current circulating denominations with a value commensurate with the needs of cash circulation, two years ago, he printed notes of (5,000) Syrian pounds to meet the expectations of the actual trading needs of banknotes in a manner that ensures facilitation in cash transactions, reduces their costs and contributes to facing the effects of Inflation, which occurred during the past years, in addition to the reduction in the intensity of dealing in banknotes, due to the high prices during the years of war and the unfair siege on our beloved country and the gradual disposal of damaged banknotes, especially since the wear and tear has increased recently.

Accordingly, the Central Bank of Syria found that the time has become appropriate, according to the current economic variables, to introduce the new monetary category, thus adding a new currency denomination that will be traded side by side with the rest of the cash denominations currently in circulation as of 01/24/2021. At a price equivalent to the salary of an employee for 8 years ... "iPhone 12" does not recognize the Caesar Law in Syria, and the bank, in its publication, clarified and explained the method of detecting the real new currency in order to prevent its forgery.

It is noteworthy that the Central Bank of Syria several years ago printed new banknotes and put them in circulation in denominations (50 - 100 - 200 - 500 - 1000 - 2000) Syrian pounds, where the banknotes of the category (2000) SP were printed in 2015 and it was done. It was put into circulation in the second half of 2017 when the Central Bank touched the actual market need for the 2000 SP denomination. It is worth noting that Syria is going through a bad economic situation, and a great cost of living under the unjust US blockade on it, accompanied by the high price of the US dollar compared to the Syrian pound, as its price on the black market has become about 2,800 pounds per dollar.  LINK

MilitiaMan Saturday Night 1-23-2021 "Getting Real Folks, Getting Very Real"

KTFA:

MilitiaMan:  ARAB ACCOUNTING DINAR EXCHANGE RATES The Arab Accounting Dinar (AAD) is the official and reporting currency of the Arab Monetary Fund. Its exchange rates are fixed by the Arab Monetary Fund (AMF) equivalent to three units of Special Drawing Rights (SDR) as determined by the International Monetary Fund (IMF).

Now pay attention to the expression mentioned in the SDR. Those that think .69 is the rate may need to think about the expression used to define the value. Keep in mind the USA and UK hold the lions share of IQD outside Iraq. My view is the AMF / SDR is going to be similar to the USD and UK expression... Take a look. imo ~ MM…..

https://www.imf.org/external/np/fin/data/rms_sdrv.aspx?Month=01&Day=05&Year=2021&submit=Submit&cid=em-COM-123-42482

MilitiaMan:  On the surface the math looks to be on the low side, but, if we consider the way they express the value per unit and what the regional neighbors use we can see the expression is more likely to be along the lines of the AMF, USD and BP.. imo….. 

Think about what we talked about yesterday. They told us the value in May of 2020 was 682 Dinars to the Dollar. Look at the expression of the USD to the SDR. Drop 3 zeros off 682 you get .682. Similar to the expression of the USD .69 which is $1.44. Drop three zeros off 1460 you get 1.46... See the similarity?

The IMF forced Iraq to go from 1190 to 1460 for a reason. To be in sync imo..This looks very supported by that expression..…… Now we watch the 2021 Budget, the HCL and Taxation come payday..imo Electronic transactions are being done they told us too yesterday.. Frank suggests the budget will be in billions. That will need NSCNs imo….MM

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 Friday, January 22, 2021 Currency Unit Currency amount under Rule O-1 Exchange rate 1 U.S. dollar equivalent Percent change in exchange rate against U.S. dollar from previous calculation Chinese yuan 1.0174 6.49120 0.156735 -0.443 Euro 0.38671 1.21785 0.470955 0.288 Japanese yen 11.900 103.68500 0.114771 -0.265 U.K. pound 0.085946 1.36685 0.117475 -0.361 U.S. dollar 0.58252 1.00000 0.582520 1.442456 U.S.$1.00 = SDR 0.693262 2 0.005 3 SDR1 = US$ 1.442460 4 Footnotes 1 The exchange rates for the Japanese yen and the Chinese renminbi are expressed in terms of currency units per U.S. dollar; other rates are expressed as U.S. dollars per currency unit. Chinese renminbi refers to the name of the currency, while Chinese yuan refers to the currency unit. 2 IMF Rule O-2(a) defines the value of the U.S. dollar in terms of the SDR as the reciprocal of the sum of the equivalents in U.S. dollars of the amounts of the currencies in the SDR basket. Under current IMF procedures, each U.S. dollar equivalent is calculated on the basis of the mid-market rates, as provided to the IMF by the Bank of England, based on spot exchange rates observed at around noon London time (see Bank of England website); the value of the U.S. dollar in terms of the SDR is rounded to six significant digits. The Federal Reserve Bank of New York and the European Central Bank serve as backup providers for these exchange rates. For further details see Method of Collecting Exchange Rates for the Calculation of the Value of the SDR for the Purposes of Rule O-2(a). 3 Percent change from previous calculation. 4 The reciprocal of the value of the U.S dollar in terms of the SDR, rounded to six significant digits…..

MilitiaMan:  Key point.. "U.S.$1.00 = SDR 0.693262 2 0.005 3 SDR1 = US$ 1.442460 "….MM

Puts it in perspective… Think about what we talked about yesterday. They told us the value in May of 2020 was 682 Dinars to the Dollar. Look at the expression of the USD to the SDR. Drop 3 zeros off 682 you get .682. Similar to the expression of the USD .69 which is $1.44. Drop three zeros off 1460 you get 1.46... See the similarity? The IMF forced Iraq to go from 1190 to 1460 for a reason. To be in sync imo..This looks very supported by that expression.. imo ~ MM……….

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Sumaisem: America will not pump dollars into Iraq, and dealings will be in the digital currency .. and Baghdad is forced to comply with the recommendations of the international monetary 27th December, 2020"

MilitiaMan:  FORCED to devalue to 1460... Then think FORCE means they had to get in sync with the region. They are once they delete the zeros.. imo.. So there by they were forced into it, which means they have no choice but to RI.. imo

 "the budget bill will be approved next week." That is effectively 24th... As it was written on the 17th.. imo..MM

Commissions The Finance Committee is important Parliamentary Finance hosts the Secretary General of the Council of Ministers regarding the 2021 budget 01/23/202101/23/2021 36 Views Hosted the Finance Committee headed by Deputy Dr. Haitham Al-Jubouri, Chairman of the Committee, and the presence of its members, on Saturday 01/23/2021, Secretary General of the Council of Ministers, Mr. Hamid Al-Ghazi and his accompanying delegation within its series of meetings to discuss the draft federal budget bill for the year 2021. At the beginning of the meeting, the Finance Committee discussed with the Cabinet Secretariat a number of files related to the 2021 budget, the legal notes recorded by the committee in it, as well as the file for building schools and the reason for referring them to the General Secretariat and the compensation file for the liberated areas. The interventions of the members of the Finance Committee focused on the secretariat and follow-up programs with the Communication Group to support the Iraqi economy, which includes the countries of the European Union, the Group of Seven, the International Monetary Fund and the World Bank, in conjunction with the Finance Committee, which held many meetings and reached agreements regarding support for Iraq significantly. For his part, the Secretary-General of the Council of Ministers provided an explanation regarding the secretariat’s budget allocations and projects, the problems that hinder a number of projects, the administrative and financial obstacles, and the solutions it will take in this regard. Media Department Parliament January 23, 2021….

" The interventions of the members of the Finance Committee focused on the secretariat and follow-up programs with the Communication Group to support the Iraqi economy, which includes the countries of the European Union, the Group of Seven, the International Monetary Fund and the World Bank, in conjunction with the Finance Committee, which held many meetings and reached agreements regarding support for Iraq significantly."

MilitiaMan:  they were forced to go to 1460.. Look who is involved besides the IMF.. Wow….MM

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Presidency , the first deputy is important Al-Kaabi calls for activating the role of investment and the private sector in the budget .. Al-Kaabi stresses the need to revitalize the financial and banking sectors in order to contribute to overcoming the current economic crisis. 01/23/202101/23/2021 25 Views Hassan Karim Al Kaabi, First Deputy Speaker of Parliament, called for activating the role of investment and the private sector, both industrial and agricultural, in the draft federal budget law for 2021, stressing the need to expedite the drawing up of a common vision between the executive authority and the private sector, considering that the latter is the real partner to activate the economy and bypass The current financial crisis. This came during his chairing, today, Saturday, January 23, 2021, a meeting of the Parliamentary Finance Committee, with the participation of the Investment and Economy, Oil and Energy Committees, and the Agriculture Committee, to discuss the draft Federal Budget Law 2021 in the presence of members of the private sector and a group of academics and specialists. Al-Kaabi stressed the need for the financial and banking sectors to have a greater role in the process of revitalizing the private sector and in a way that contributes to overcoming the current economic crisis, noting the importance of forming a direct channel between the government, the private sector and investors to exchange ideas and develop plans, programs and common visions in a way that contributes to supporting the development wheel in the country. . The First Deputy indicated that the House of Representatives will be strongly and supportive by issuing legislation that contributes to revitalizing the private sector as it is the main partner for building and developing the state, stressing that the legislative authority will assume the responsibility of discussing and amending any legislation that does not serve the plans of upgrading the private sector. The Media Office of the First Deputy Speaker of Parliament 1/23/2021.

"Al-Kaabi calls for activating the role of investment and the private sector in the budget "

Private sector..   "Hassan Karim Al Kaabi, First Deputy Speaker of Parliament, called for activating the role of investment and the private sector, both industrial and agricultural, in the draft federal budget law for 2021, stressing the need to expedite the drawing up of a common vision between the executive authority and the private sector, considering that the latter is the real partner to activate the economy and bypass The current financial crisis. This came during his chairing, today, Saturday, January 23, 2021, a meeting of the Parliamentary Finance Committee, with the participation of the Investment and Economy, Oil and Energy Committees, and the Agriculture Committee, to discuss the draft Federal Budget Law 2021 in the presence of members of the private sector and a group of academics and specialists."

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During his visit to the Notary Department in Diyala Governorate During his visit to the Notary Department in Diyala Governorate The Minister of Justice calls for unification of his work and concerted efforts in a coherent and integrated manner to achieve the objectives of the Ministry 2021-01-21 10:53:00 His Excellency the Minister of Justice, Judge Salar Abdul Sattar Muhammad, called today, Thursday, to unify his work and join efforts in a coherent and integrated manner to achieve the objectives of the ministry, which is concerned with providing the best services to citizens, as well as working to achieve their legitimate demands in accordance with the law. Justice in Baquba , accompanied by His Excellency the Minister of communications Staff Shehab Ahmed al - Shaibani, for the circuit conditions and stand on the most important needs, and in the presence of Director General of the book circle reverse professor Rusty Youssef Hamid. the visit included His Excellency the Minister met with a number of citizens from the auditors department where he heard During it, he referred to their complaints, and directed the necessity to facilitate their mission and not to obstruct it and to simplify the procedures for their transactions in accordance with the instructions and legal controls in force. His Excellency directed not to delay any promotion or bonus for employees and raise them immediately in accordance with the followed fundamental procedures, stressing at the same time the necessity of following them up by directors of departments without any delay……

" His Excellency the Minister met with a number of citizens from the auditors department where he heard During it, he referred to their complaints, and directed the necessity to facilitate their mission and not to obstruct it and to simplify the procedures for their transactions in accordance with the instructions and legal controls in force. "………

MilitiaMan:  The latter was on the 21st.. imo

 " Law of accession of the Republic of Iraq to the International Convention on the control of ship systems resistant to sticking impurities and harmful effects of 2001 01/23/202101/23/2021 223 Views Supervising Committees: The Foreign Relations Committee Law of accession of the Republic of Iraq to the International Convention on the control of ship systems resistant to sticking impurities and harmful effects of 200"……….

MiitiaMan:  International Convention with Shipping... WOW... Getting real folks getting very real.. Thank you SB!!! Nice mail today.. lol…..

 They moved the Meeting with HOR to Tuesday... CBI GOV is to be in the hot seat Wednesday.. Go figure.. Ceremonial? We shall see. I have a strong feeling being forced to devalue and get in sync with the SDR is telling us they are at the final stage to lift the value.. imo..

 WS told us 3x SDR and they were forced to do so! Wow….MM

In fact the AMF does as well.."ARAB ACCOUNTING DINAR EXCHANGE RATES The Arab Accounting Dinar (AAD) is the official and reporting currency of the Arab Monetary Fund. Its exchange rates are fixed by the Arab Monetary Fund (AMF) equivalent to three units of Special Drawing Rights (SDR) as determined by the International Monetary Fund (IMF)."….

They told us in May the Real Exchange Rate of the IQD was 682. Drop three Zeros off the rate and you get .682. Well the way that is expressed in SDR is 1.460 real close. The reciprocal.!

U.S.$1.00 = SDR 0.693262 2 0.005 3 SDR1 = US$ 1.442460

The key Word is expressed.. "1 The exchange rates for the Japanese yen and the Chinese renminbi are expressed in terms of currency units per U.S. dollar; other rates are expressed as U.S. dollars per currency unit. Chinese renminbi refers to the name of the currency, while Chinese yuan refers to the currency unit. 2 IMF Rule O-2(a) defines the value of the U.S. dollar in terms of the SDR as the reciprocal of the sum of the equivalents in U.S. dollars of the amounts of the currencies in the SDR basket. Under current IMF procedures, each U.S. dollar equivalent is calculated on the basis of the mid-market rates, as provided to the IMF by the Bank of England, based on spot exchange rates observed at around noon London time (see Bank of England website); the value of the U.S. dollar in terms of the SDR is rounded to six significant digits. The Federal Reserve Bank of New York and the European Central Bank serve as backup providers for these exchange rates. For further details see Method of Collecting Exchange Rates for the Calculation of the Value of the SDR for the Purposes of Rule O-2(a). 3 Percent change from previous calculation. 4 The reciprocal of the value of the U.S dollar in terms of the SDR, rounded to six significant digits."

MilitiaMan:  The outcome will offset the devalue big time.. The devalue is to be short lived.. We know that this month is to be RETROACTIVE... KEY WORD THAT TRIGGERED MY VIEW IS "EXPRESSED" They express the value just like the AMF / AAD and related to the USD and BP not they Yen nor the Yuan.. The USA and UK have the lions share of the IQD outside of Iraq.. Yes, but, your missing the key word!! It is how it is expressed. Look at the link and the grids.. They express the value as the reciprocal of the # .682. So, the reciprocal is $1.46 real close. 3xSDR is over $4 imo..  That is why they were forced to devalue! imo They needed to be in line with the IMF.. Notice who supports this and even today!....MilitiaMan

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MilitiaMan:  it sure looks like the likes of the players today supporting Iraq, have support that this is about over and ready to rock and roll.. imo ~ MM

 The interventions of the members of the Finance Committee focused on the secretariat and follow-up programs with the Communication Group to support the Iraqi economy, which includes the countries of the European Union, the Group of Seven, the International Monetary Fund and the World Bank, in conjunction with the Finance Committee, which held many meetings and reached agreements regarding support for Iraq significantly.

For his part, the Secretary-General of the Council of Ministers provided an explanation regarding the secretariat’s budget allocations and projects, the problems that hinder a number of projects, the administrative and financial obstacles, and the solutions it will take in this regard. Media Department Parliament January 23, 2021"

"Presidency , the first deputy is important Al-Kaabi calls for activating the role of investment and the private sector in the budget .. Al-Kaabi stresses the need to revitalize the financial and banking sectors in order to contribute to overcoming the current economic crisis.

Clare:  AMEN MM!! ...THAT SAYS "CLOSURE" TO ME!  IMO 

DavidR:  This is truly amazing news!

MilitiaMAn and KTFA Members "Show Time" 1-21-2021

KTFA:

MilitiaMan:  The HCL is ready to be voted on next week. 0 cash sales in the Auctions. 2021 Budget to be voted on next week as well.  The timing of these things is by no coincidence. It is to be show time.. imo. I highly doubt they came this far to go into a private or market economy at less than a program rate of 1460.. SDR is still $1.44 real close.. imo ~ Things looks very good. ~ MM 

Samson:  EUR 22.5m Project to Strengthen Iraqi Agriculture

21st January, 2021

Unemployment remains a persistent challenge in Iraq especially for youth and women. Many internally displaced persons are unemployed, underemployed, informally employed, or out of the labour force.

The COVID-19 pandemic has further compounded these employment challenges. In this context, providing jobs and livelihoods remains a high priority in order to promote social cohesion and improve resilience. Agriculture has the potential to make a major contribution to employment in Iraq but is affected by low farm productivity, weak value chains and a challenging business environment.

To address this, the EU is launching a EUR 22.5 million project, 'Strengthening the agriculture and agri-food value chain and improving trade policy' (SAAVI). The five year project is being implemented by the International Trade Center (ITC) in close collaboration with the Government of Iraq and other local partners

SAAVI seeks to enhance the competitiveness of agriculture and related activities and improve trade policy in Iraq. It will address farm and firm level challenges and strengthen the value chains in the agriculture sector. This will be done through analysis of the value chain, introduction of new production strategies and training to farmers on product diversification for domestic markets.

It will also build the capacities of micro, small, and medium enterprises and broaden the knowledge and skills base for youth including training on entrepreneurship and business skills. Technical and vocational skills programmes will also be strengthened to better match the needs of the private sector.

Support will also be given to policymakers and key institutions involved in the WTO accession process, including capacity building on trade negotiation, policy formulation, and coordination. WTO membership will help Iraq to complete domestic policy and reforms for the modernization of its business environment and achieve effective integration into global economy. Since the process of negotiation towards WTO accession is unique to each country, project activities will assist officials throughout the process.

The EU Ambassador to Iraq, Mr Martin Huth said:

"The EU is committed to supporting efforts to increase economic opportunities across Iraq. Agriculture value chains have the potential to provide decent work to many young Iraqis, men and women. At the same time, the project will support the Iraqi government as it develops its trade policy and progresses towards the country's accession to WTO, which is a key component of economic development and job creation."

The Executive Director of the International Trade Centre, Ms Pamela Coke-Hamilton said:

"ITC is committed to assist the government and MSMEs in Iraq to increase the competitiveness and diversification of the economy. We will use our experience in strategy design and value chain development to support MSMEs in the country better realize their potential for job creation and income generation. Together with our partners, we will strengthen the agriculture and agri-food value chain, and support trade policy interventions aligned with government priorities".

Unlocking the potential of the agriculture sector of the country will lead to the creation of employment and entrepreneurial opportunities for youth particularly those living in rural areas who have been affected by prolonged conflict. The project will also contribute to mitigating the socio-economic impact of the COVID-19 pandemic, which is presenting new challenges for Iraq, and help in the reconstruction of the rural economy. It forms part of the overall EU approach to employment creation, private sector development and agribusiness in supporting economic recovery and reform in Iraq.

About the International Trade Centre

The International Trade Centre (ITC) is the only development agency that is fully dedicated to supporting the internationalization of small and medium-sized enterprises (SMEs). Established in 1964, the ITC is the joint agency of the World Trade Organization and the United Nations.   LINK

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Samson:  Al-Tamimi reveals the date of the vote on the budget: resolving disputes is imminent

21st January, 2021
A member of the Parliamentary Finance Committee, Majida Al-Tamimi, revealed the date for voting on the draft budget law for the current year.

Al-Tamimi said in a statement that Mawazine News received a copy of, that "the committee's meetings are continuing with hosting several official bodies to find out the accurate data for each ministry and institution to explain some of the articles and the extent of their economic feasibility, in preparation for taking decisions on controversial articles and after reviewing the most prominent obstacles facing each." Side".

She pointed to "the diligent work of the sub-committees formed by the Finance Committee to provide detailed reports on the budgets of the three presidencies, ministries, institutions and all bodies, and from the principle of exchanging visions in preparation for resolving what is related to the 2021 budget, especially with regard to reducing expenditures and increasing revenues."

It stated that "it is hoped that the budget will be presented to a vote within days."  LINK 

MilitiaMan:  I'll second that motion.. Within days lines up with the WTO, UN, HCL, Taxation of salaries possibly.. Lets see what they do..

Going to the private sector is going to need an international rate of exchange.. imo

If they revealed they date? They are being shy about telling us exactly when.. lol ~ MM

Samson:  Foreigners' possession of US bonds is declining for the fourth consecutive month

20th January, 2021

Foreign holdings of US bonds witnessed a significant decline for the fourth consecutive month, as Japan continued to reduce its ownership of debt.

The US Treasury Department showed in a report issued yesterday evening, Tuesday, "The total holdings of US bonds by countries in the world decreased to $ 7.053 trillion last November, compared with $ 7.068 trillion during the previous month.  Japan reduced its holdings of US debt from 1.269 trillion dollars to 1.260 trillion dollars in November, but it still maintains the top of the list of countries that have the most American bonds. China, which is ranked second, raised its holdings of US debt to $ 1.063 trillion last November, from $ 1.054 trillion in the previous month.

In the third and fourth places, the United Kingdom and Ireland reduced their possession of US bonds to $ 420.3 billion and $ 314.3 billion, respectively. Luxembourg, which is ranked fifth, raised its holdings of US government debt from $ 266.2 billion to $ 267.8 billion last November. In sixth and seventh place, Brazil and Switzerland reduced their holdings of US bonds to $ 262.2 billion and $ 253.6 billion, respectively.

Belgium, which ranks eighth, increased its holdings of US debt to $ 240.5 billion. In ninth place, Hong Kong reduced its holdings of US bonds to 226.5 billion dollars, while the Cayman Islands raised its possession of US debt to 222.9 billion dollars, to come in tenth place.  LINK

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Samson:  Oil Parliament reveals the completion of the legal drafting of the oil and gas law

21st January, 2021

The Parliamentary Oil and Gas Committee revealed, on Thursday, that the legal drafting of the oil and gas law has been completed after all disputes regarding it have been addressed and the three components agree, indicating that Parliament will vote on it soon and before the end of its current session.

A member of the committee, Deputy Zaitoun Al-Dulaimi, said in a press interview, that "all the disputes related to the oil and gas law have been handled in accordance with the three components," indicating that "the legal drafting has been completed and the law has been submitted to the presidency for the purpose of submitting it to a vote."

She added that "the presentation of the law to the vote will take place soon and there are no new obstacles to postponing it," stressing that "the adoption of the law will inevitably be approved during this parliamentary session."  LINK

Jerry1971:  IMO Another HUGE Article HCL law Draft completed after all its disputes have been addressed and thereafter ready for voting during this parliament session one by one more confirmation of the dinar being ready to be exposed to the citizens in the coming weeks by the GOI/CBI IMO .Thanks Samson as always.

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Samson:  A new explosion targets an international coalition convoy in southern Iraq

21st January, 2021
On Thursday, a convoy of the international coalition in Iraq was exposed to an explosive device detonated in southern Iraq.

A security source informed Shafaq News Agency; An explosive device targeted a logistical support convoy of the international coalition on the Samawah highway in southern Iraq.

Source added; The explosion caused damage to the tires of the wheels, but no casualties were reported.

LINK

Frank, Delta and KTFA Members Wednesday 1-20-2021

KTFA:

DELTA:  Deleting zeros or printing a new category? .. What saves the Iraqi dinar from collapsing against the dollar?

A new storm hit Iraq this time, with the local currency depreciating against the US dollar after political, security and health storms preceded it with the outbreak of the Corona virus, the decline in oil prices, the government reaching the stage of deficit in paying its employees' salaries, and the House of Representatives forced to vote on the internal borrowing law to fill the deficit.

The government started with the initial steps to implement the provisions of the White Paper that it launched and talked about a lot over the past months to support its economy by raising the price of the dollar against the local currency from 1184 dinars to 1450 dinars to the dollar at the selling prices approved by the Ministry of Finance of the Central Bank, and this step was negatively reflected on the prices of goods, commodities and daily needs. For the citizen, with rates not less than 25%.

The crises were exacerbated by this step economically and preceded by health after it was limited to the political and security sides, and all this came at a time when Iraq is considered a rentier country that depends about 95% on oil to cover state expenses, especially salaries.

The Central Bank against a new issuance of the dinar at the present time (Al-Jazeera)

Loss of currency difference

Economic studies and research conducted by institutions concerned with economic affairs indicated that the central bank's sales for the years 2004-2020 amounted to about $ 582 billion, with a loss estimated at 20.7 billion, as a result of the difference between the official price of the dollar and its price on the black market.

The decision to reduce the local currency - which came into effect a month ago - provides about 10 trillion dinars (6.9 billion dollars), targeting the segment of employees who were greatly affected by the decision and lost about 30% of income due to the high prices of basic commodities that are imported from abroad, including mainly food. Followed by medications.

Rescue alternatives

Some opinions saw the need to find alternatives to save the dinar and prevent its deterioration further against the dollar, and in order to overcome this problem, talk about some solutions returned, specifically canceling zeros or printing a higher cash denomination such as 100,000 dinars, but the two possibilities seem to be outside the reform measures of the government and the central bank, because there are many Another obstacle is the lack of logistical supplies.

This comes at a time when the volume of cash transactions is very large in Iraq, and the vast majority of daily transactions are in cash without banking transactions. Note that less than 25% of Iraqis have bank accounts, and after the devaluation of the dinar against the dollar by about 23%, the exchange value increased by about 25% because most of the goods in the market are imported from abroad and in dollars.
Al-Naciri explained the danger of printing large denominations of currency for fear of facilitating smuggling and money laundering (Al-Jazeera) 

money smuggling

The economic expert Aqeel Al-Nasiri believes that the last procedure does not take into account the reality and future of the Iraqi economy nor other risks, especially in printing a new currency denomination with a value of 100 thousand, stressing to Al-Jazeera Net that large groups facilitate the process of smuggling and laundering of money to increase its value and decrease its size, and thus facilitate smuggling or taking it out.

Al-Nasiri cites - for the above reasons - what the European Central Bank did to cancel the 500 euro denomination in 2019.

As for deleting zeros, it is the target closest to the ambition of the citizen - according to Al-Nasiri - as well as the dealer, because of its great facilities, especially in banking and account transactions, which reduces arithmetic errors and facilitates daily dealings of the citizen and the merchant.

But he warns at the same time that any change at the present time is added to the changes that have occurred and are expected to happen after the approval of the 2021 budget and the entry into force of the white paper, which will increase the confusion in the markets and the Iraqi economy, which is looking for stability.

For this, the economist proposes a two-year process plan based on the seriousness of relying on electronic banking transactions, and reducing the need for cash because of its great benefits, including “saving the costs of printing currency, controlling the movement of money, controlling the market, reducing money laundering operations and knowing the volume. The real income of the individual and companies and providing security for the dealer, in addition to transparency, and after two years the market and the citizen are ready for the process of deleting zeros.

As for the present time, neither the Iraqi economy nor the markets are ready for such a change, especially after the confusion that occurred after the devaluation of the dinar against the dollar, according to his opinion. Cougar considered that the decision to reduce the dinar was made to fill the budget deficit and support local production (Al-Jazeera Net)

impossibility

In turn, the Central Bank does not agree with making any change to the local currency or addition, whether it is deleting zeros or printing the 100 thousand denomination in the current stage because of the lack of logistical supplies and the need for a long period of time, but it supports at the same time the second option more than the first in the case of differentiation between The best of them - says a bank official, attributing the reason to the impossibility of collecting all these quantities of the local currency within a short period in addition to the need for a long period to print the new currency.

A member of the Parliamentary Finance Committee, Jamal Cougar, supported the difficulty of printing a new currency, at a time when the decision was made to reduce the dinar against the dollar.

In an interview with Al-Jazeera Net, Cougar ruled out the Central Bank going to at least one of the two options, the current stage to restore the dinar to its previous state against the dollar, while continuing to print the 50 thousand denomination below 100 thousand, a trend that has nothing to do with the devaluation of the dinar.

The government was forced - as Cougar asserts - to go to the decision to reduce the dinar against the dollar to fill its deficit on the one hand and to support domestic production, which has declined significantly in recent years, in addition to relieving many of its burdens on the other hand.
https://www.alrafidain.news/News 
DELTA

FRANK26:  DELTA ................ I LOVE YOU BUT I DO NOT LISTEN TO ADVISORS NOR COUNSELORS NOR ECONOMIST NOR GOVERNMENT NOR CONCERNED INSTITUTION SOURCES CONSERNING THE IQD MR !!! THEIR OPINIONS ARE ALWAYS CARELESS AND IGNORANT OF THE ACTUAL STEPS BEING TAKEN BY THE CBI'S GOVERNOR. 

I DISAGREE WITH YOUR ASSESSMENT OF THIS WORTHLESS ARTICLE.

IF IT WAS MUSTAFA OR KAZIMIE DIRECLY SAYING THIS ................ THEN IT WOULD AGREE.........BUT IT'S NOT.

AND THEY SURE AS HECK ARE NOT PRINTING ANYTHING NEW !!! IT'S ALREADY PRINTED AND THE CBI IS PREPARING TO RELEASE IT. 

IMO.   FRANK26

DELTA: DEAR BROTHER.............WE SHOULD CONSIDER ANY ARTICLE .....

Samson:  Imprisonment of an official in the Investment Authority for a period of 4 years and confiscation of all his money

1/19/2021 20:08:43  

Today, Wednesday, the Integrity Misdemeanor Court sentenced an official in the Investment Authority to four years in prison and confiscated all his money.

The court stated in a statement that Al-Furat News received a copy of it that "Misdemeanor of integrity issued a prison sentence against the director general of the window in the Investment Authority (Saad Jamil Huwaidi) for a period of 4 years, confiscation of funds, and his dismissal from his post."  LINK

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Samson:  Parliamentary Finance: The budget will be ready next week

20th January, 2021

He explained that the Finance Committee will start amending the budget as of next week, and I think that the bill will be ready for voting during the next week.   LINK

Jerry1971:  GREAT NEWS Parliament Finance are informing that the budget will be ready for the vote during the next week …..hope it gets approved soon for the new rate to come out….. exciting times here in dinarland

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Samson:  Parliamentary finances "devote themselves to" the final drafting of the budget law

12:30 - 20/01/2021

The representative of the Iraqi Forces Union, Zaitoun Al-Dulaimi, revealed, on Wednesday, that the Finance Committee had moved outside the Parliament building in order to prepare the final wording of the budget bill, indicating that the committee’s transfer was due to its emptiness and not allowing the representatives to enter the committee to pressure it.

Al-Dulaimi said in a statement to / al-Maalouma /, that “the Parliamentary Finance Committee upon completion of the second reading of the budget bill decided to move from the Parliament building to the guest house in the Council of Ministers.”

She added that "the committee's decision to the guest house, because the committee is empty and not allowing the deputies to enter the committee and put pressure on it," stressing that "the committee's decision is correct and will accelerate the completion of the final draft of the bill.

The House of Representatives had completed the second reading of the draft federal budget bill for the fiscal year 2021.  LINK

Samson:  The Constitutional Amendments Propose Reducing The Number Of Members Of Parliament To 180 Members

20th January, 2021

The Constitutional Amendments Committee in the Presidency of the Republic has completed its work, amid expectations that a committee will be formed between it and the House of Representatives to discuss it and come up with a common formula to pass it.

In an interview with the independent newspaper, Al-Sabah, a member of the committee, Mohsen Saadoun, said: “The committee headed by the chief advisor of the Presidency, Dr. Ali Al-Shukry, with a membership of 25 professors and specialists in constitutional law, made great efforts and conducted recorded discussions to complete the amendment of all articles, and there was nothing left. Except for its review, which was postponed due to the Korna pandemic, "noting that" the amendment is consistent with what is required by the deficiencies in the constitution. "

He added, “The important constitutional articles that have been amended are to reduce the number of members of Parliament to 180 instead of 329, in addition to Article 76, which has been radically amended from what is in place, and one of its paragraphs states (assigning the candidate of the largest parliamentary bloc, To form the Council of Ministers)”

Saadoun explained that “the most important article is related to (the Union Council), for which several chapters have been set, after it was referred to in the constitution by one article and is enacted by law, knowing that it constitutes the second chamber of legislation, that is, a council of elders or notables, as it should be. At the level of the House of Representatives.

Saadoun continued: “The committee decided that there should be more powers for the president of the republic after they were formal, instead of making the system presidential, as the demonstrations that started in Baghdad and some provinces demanded,” stressing “the difficulty of transforming the system from parliamentary to presidential, which calls for amending many Constitutional articles ”, describing these amendments as“ the best among their counterparts that were previously presented.

Saadoun explained that "the House of Representatives decided to form a committee for constitutional amendments after popular pressure on them, while they should have formed this committee and completed its work within 4 months, as stipulated in Articles 126 and 142, and despite that, they did not reach any result." 

A member of the Constitutional Amendments Committee in the Presidency of the Republic confirmed that “Whoever wants the people's interest chooses what is best for him,” indicating that “the general rule is that the country's stability is linked to the stability of the constitution,” noting that “the amendments committee in the Presidency of the Republic will send the amendments to Parliament in preparation for forming a committee "Between the two, to discuss it and come up with a common formula for amendments between the two institutions that the people badly need."

Saadoun hinted to the need for "a common political will that can pass these amendments by voting on them in the House of Representatives, so that there will be a constitutional amendment with the elections." He expected that a meeting would be held during the next stage between the members of the committee to discuss these amendments, then adopt and publish them to be the basis for the constitutional amendment, and then they would be sent to Parliament to produce positive results in the interest of the Iraqi people.  LINK

MilitiaMan Tuesday PM "A Deal in Progress" 1-19-2021

KTFA:

MilitiaMan:   They have had a deal in progress now for some time.( see articles below) Investors know the need for 24/7 power. Payments, settlements, communications, borders, etc. all need power.

The reconstruction effort to come will demand it and it looks as though the region has it ready to implement, as financing is now complete.

That financing would have to have a rate at which they must have agreed upon. Imo, it will not be or was not to be at 1460.. Not when the USA relinquished control over Iraq's Oil and or other assets abroad..

We shall see.. imo ~ MM

Samson:  An official Gulf announcement to complete the financing matters to initiate the electrical interconnection project with Iraq

18th January, 2021

The Secretary-General of the Gulf Cooperation Council, Nayef Al-Hajraf, announced, on Monday, the completion of financing matters to begin the electrical interconnection project with Iraq.

Al-Hajraf said in a press statement carried by the Iraqi newspaper Al-Sabah, "Financing matters have been completed to start the electrical interconnection project with Iraq."

He continued, "The next stage will be a stage of work and the completion of actual projects with Iraq." 

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  Published date: 17 July 2020 16:47 UTC

A deal between Washington, Baghdad and six Gulf states to connect Iraq's electricity grids to the Gulf Cooperation Council (GCC) grid is moving forward, almost a year after the plan's inception. 

The US State Department said in a statement on Thursday that the six countries that make up the Gulf Cooperation Council Interconnection Authority (GCCIA) - Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the UAE - affirmed their shared support for a project to supply electricity to Iraq.

The deal is set to help Baghdad with its chronic electricity shortage and help wean it off Iran's power supply.

"The Government of Iraq, Gulf Cooperation Council, and United States look forward to increased close economic and energy cooperation between the United States, Iraq and the GCC countries, as a basis for peace, development, and prosperity in the region," the State Department said. 

Iraq hurtling towards a financial crisis that could leave millions unpaid

Read More »

The department added that the US "is committed to facilitating" the project "and providing support where needed". 

The US has a politically motivated interest in Iraq's electricity shortages because the country relies heavily on neighbouring Iran for its energy.

US sanctions forbid other countries from purchasing Iranian energy, so Iraq has had to request sanctions waivers from Washington every few months in order to continue its imports without drawing the ire of the US. 

The last such waiver was announced in early May for a period of 120 days.

Despite the GCCIA plan and the current waiver's September expiration date, Iran announced last month that it had signed a two-year energy-exporting contract with Iraq, expected to give Baghdad an immediate boost.

It was unclear if the US had approved the two-year contract between Baghdad and Tehran. 

Iraq's massive electricity shortage

Iraq’s estimated demand for electricity is about 24 gigawatts, but currently, it is only able to produce 15 gigawatts.

The landmark agreement between Iraq and the GCCIA is expected to dramatically increase Iraq's supply, providing up to 500 megawatts of electricity to its overstretched grid, local news agency Kurdistan 24 reported. 

According to the agreement, in order to supply the electricity to Iraq, the GCC will finance the $220m required to build a 300km (190 mile) transmission line from Kuwait to Iraq’s southern port of Al-Faw, the agency said. 

While the deal was actually penned last September under former Iraqi prime minister Adil Abdul Mahdi on the sidelines of the Iraq Energy Forum in Baghdad, until now there had been little public discourse about the plan. 

Last year, the GCCIA also signed an agreement with Jordan and Egypt to look into the prospects of connecting them to the network.

https://www.middleeasteye.net/news/landmark-deal-connect-iraq-gcc-electric-grid-moves-forward#:~:text=According%20to%20the%20agreement%2C%20in,%2DFaw%2C%20the%20agency%20said.

KTFA Members "News and Views" Tuesday 1-19-2021

KTFA:

Clare:  WOW... AWESOME CC!!!!!!!  (See link below) THANK YOU FRANK, WALKINGSTICK & MM!!

I LOVE HOW WALKINGSTICK REPORTED - "THIS SAT THEY WILL DISCUSS THE NSCN'S:

 HOW THEY WILL  PRESENT IT TO THE PUBLIC...WHICH NSCN'S WILL BE RELEASED.... THE VALUE AND THE NOTE COUNT TO BE DISTRIBUTED.....

AND THERE SEEMS TO BE A MAD RUSH TO DO THIS".

THANK YOU FOR EVERYTHING WS!   GOD BLESS YOU ALL

Tink:  CC 1-18-21     https://fccdl.in/uDZICOYNdn

Frank26:  1-18-21...CATEGORIES   https://www.youtube.com/watch?v=6xcskr4gff0

Samson:  Al-Shamaa: The Old Exchange Rate Creates Big Problems And Loses Confidence In The Iraqi Currency

19th January, 2021

Economist Hammam Al-Shamaa emphasized that returning to the old exchange rate ... loses confidence in the currency and creates big problems.

Al-Shamaa said in a press statement followed by Al-Independent today, Tuesday, that in Iraq there is chaos and in light of the state, everything is possible, except that returning to the old price creates big problems and the Iraqi currency loses confidence in it.

Al-Shamaa added that: Some of these problems are the financial losses that resulted from the reduction of the exchange rate for everyone who had savings hoarded in the dinar, as it lost 20% of its value.

He explained that: the debt relations will also lead to losses. The merchant who was in debt in dollars was forced to pay a larger amount of dinars when the exchange rate was lowered, and conversely, the debtor now in dinars will have to bear a larger amount of dollars to pay off his debt.  LINK

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Samson:  The Central Bank of Iraq sales return to decline

19th January, 2021
The Iraqi Central Bank's hard currency sales decreased again today, Tuesday, to more than $5 million, at a time when the US currency continues to rise against the dinar.

The correspondent of Shafaq News Agency stated that the Central Bank of Iraq witnessed during its auction for the sale and purchase of foreign currencies today a decrease in its sales to reach 5 million 561 thousand dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar, compared to Monday, where sales reached 7 million 353 one thousand dollars.

He added that the sales all went to boost the assets abroad in the form of transfers and credits, while the dollar was not purchased in cash.

Our correspondent indicated that 6 banks have fulfilled the requests to enhance the assets abroad.

LINK

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Samson:  6 years imprisonment for the former Director of the Pension Authority

19th January, 2021
On Tuesday, an informed source revealed that the former director general of the National Pension Authority, Ahmed Abdel-Jalil Al-Saadi, had been sentenced to six years in prison, indicating that the latter is still being brought before the courts in other cases.

The source told Shafaq News that after the investigation into the Saadi case was completed by the Anti-Corruption and Important Crimes Committee and referred to the judiciary, the Central Anti-Corruption Criminal Court issued today a pre-trial sentence of 6 years imprisonment in accordance with the provisions of Resolution 160 of 1983.

The source indicated that the ruling was issued in the case of concluding a health insurance contract and deducting amounts from retirees in violation of the law, in partnership with Al-Salamah Commercial Mediation Company, indicating that there are other cases against the above convicted person pending trial.

It is noteworthy that, on September 15, 2020, a special security force arrested the former director of the General Retirement Authority, Ahmed Abdel-Jalil Al-Saadi, and a number of officials on charges of financial corruption.  LINK

Don961:  Adjusting the dollar exchange between supporting the national product and the dream of economic recovery

Monday January 18, 2021  Baghdad: Mustafa Al-Hashemi

 The director of the Market Research and Consumer Protection Center, Dr. Yahya Kamal Al-Bayati, said that the government is facing a strong and big challenge in the face of the current economic crisis, which made it present the reform white paper, asking: Is the white paper capable on its own to address economic and social problems, and did the budget include solutions to advance the reality of development The existing infrastructure to revive the Iraqi economy, in light of the Central Bank’s decision to amend the exchange rate?

Al-Bayati confirmed that the Central Bank's decision, late last year, contributed to adjusting the exchange rate of the dollar in the market, as our local markets faced a new problem that requires the government to put in place appropriate mechanisms in how to control it and limit manipulation. In which.

National product support

Al-Bayati indicated that "this decision was supposed to be preceded by support for the national product, which is witnessing a clear absence in the market, as well as support for the private sector to take its role properly, with the need not to overlook the importance of limiting imports, for the purpose of making the economic reform process successful."

He believed that "the exchange rate of the dollar against the dinar now needs to be revised because it has negatively affected the rates of commodity prices in the market and made them rise by 20 percent from their rates before the central decision to amend the exchange rate, which is supposed to revive the Iraqi economy with deliberate steps."

Consumer Protection Act

The Director of the Market Research and Consumer Protection Center added that "the Consumer Protection Law No. 1 of 2010 needs to activate and adopt mechanisms for its implementation on the ground, as well as the Consumer Protection Council, which includes in its formation a number of ministries," noting that "Iraq needs institutional integration." Through engaging the work between ministries and departments and coordinating efforts aimed at solving economic problems with a national vision to raise the standard of living Citizen ».

And that "the intended integration lacks follow-up, and every process that the government takes needs to be followed up and monitored to activate it, calling on those in charge of the economic file in Iraq to activate the Iraqi consumer protection law to preserve the hard currency and the domestic capital cycle, and we limit the depletion of our resources on import only without There is real development ».

Al-Bayati focused on "the need to support the local product in a concentrated manner because it deals in the national currency and not in dollars, which may make a difference that the citizen touches when buying it from the market after providing it in it."     LINK

Don961:  Al-Kazemi: We are working on preparing the infrastructure to revive the Iraqi industry

Tuesday 19 January 2021

Baghdad: Muhammad Al-Ansari

 Prime Minister Mustafa Al-Kazemi said, during his opening, yesterday, Monday, the exhibition "Made in Iraq", which is being held by the Ministry of Industry at the Baghdad International Fair: "We face challenges, and we do not care about the attempts to question the work of the government and put the stick in the wheel. The most important thing is how to provide service to citizens." .

Al-Kazemi added that "the government is counting on the private sector to supplement the Iraqi industry and restore its identity."

He added that "Iraq has enormous minds and energies that can be a source of creativity and a tributary to the region and the world. Long decades of dictatorship, wars and crises have prevented opportunities for investment and prosperity of the distinguished Iraqi energies," pointing out that "supporting and protecting the local industry has occupied a large place in the government curriculum, and we are currently working

To create the necessary infrastructure to create an appropriate environment to revive the Iraqi industry again, and we rely on this path on the energies of the youth in our country ».

He stated, “We directed the Ministry of Industry and Minerals to launch the National Project for Youth Employment, to help young graduates establish small industrial projects that contribute to the development of local industry and reduce unemployment rates at the same time, and the government has embarked on a set of reforms to support the industry through the reform white paper and in the budget In 2021, we imposed taxes on the imported product to support and protect the national, local product.

Al-Kazemi declared that "the government is continuing to develop industrial zones in Nineveh, Basra, Dhi Qar and Anbar, and in all regions of Iraq."     LINK

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Samson:  Parliamentary warning of an employee uprising that could topple the Al-Kazemi government

19th January, 2021
The independent deputy, Kazem Al-Sayyadi, warned on Tuesday, that the contract employees will revolt as a result of not being included in the draft fiscal budget for 2021, and that this uprising may lead to the overthrow of the federal government headed by Mustafa Al-Kazemi.

Al-Sayyadi told Shafak News Agency, "Al-Kazemi has proven his inability to run the government, after it became unable to provide citizens with the most basic rights of the ration card items, electric energy and services." He added that "hundreds of thousands of contract employees in state ministries were hoping that the government would do them justice by including them in the Iraqi state budget law, but it failed them by not including them and not paying their financial dues for the year 2020." Al-Sayyadi continued, saying that "these employees are now waiting for the approval of the budget law by Parliament to pay their back salaries, otherwise they will rise up against the government and may cause it to be dropped."

On Tuesday, the Parliamentary Finance Committee announced that the applications for the listing of contracts and lecturers in the 2021 budget bill will be referred to the prime minister.

A member of the committee, Ahmad al-Hajj, told Shafaq News, “It is not within the Parliament's Finance Committee’s authority to approve the creation of job grades and appointments in the General Budget Law,” pointing out that “the committee referred all requests of members of Parliament regarding the inclusion of contracts for Resolution 315 and the lecturers in the Budget Law to the Prime Minister". He added, "When the prime minister and the Ministry of Finance agree to add allocations to contracts, daily procedures and lecturers, and create job grades, there is no objection to the Finance Committee adding them to the budget law."

Hajj pointed out, "The Finance Committee is currently working to reduce the fiscal deficit in the budget from 71 trillion by reducing expenditures and making financial transfers." The members of the House of Representatives had submitted a request to the Presidency of Parliament to include employees contracts and wages in the ministries of the state as part of Resolution 315 issued by the Council of Ministers in the General Budget Law for 2021.

The Iraqi government approved the draft of the draft last month and sent it to Parliament for discussion and approval in the coming weeks. According to the draft seen by Shafaq News, the budget is 164 trillion dinars, with a fiscal deficit of 71 trillion. The budget was based on an estimated price of $ 42 per barrel of oil and an export rate of 3.250 million barrels per day, including 250 thousand barrels from the fields of the Kurdistan Region.   LINK