Some "Monday News" Posted by Samson at KTFA 4-5-2021

KTFA: 

Samson:  What is the secret behind Iraq's large gold exports?

13:25 - 04/05/2021

A report by the English channel Al-Jazeera revealed that gold has become the third largest export in Iraq after oil, as the volume of trade with Turkey alone reached 8 billion dollars in 2020, after it was 2.5 billion dollars in 2019.

"Iraq does not produce gold, but imports it from other countries, then gold traders export it either for processing or converting it into jewelry, more often than not smuggled, as deep-rooted corruption and a weak economy facilitate the black market operators to move things across borders," the report translated by the agency said. He added that "local industries, not just gold, in Iraq died because of the lack of electricity.

Iraq is not attractive to investment and is not a friend to business, so Iraqi merchants and businessmen go to Turkey and other countries because it is better in quality and cheaper."

The report continued that “there are no clear data in Iraq about the quantities of gold entering and leaving the country. The Ministry of Trade was asked, so I evaded and sent us to the Ministry of Finance, which in turn evaded and asked that we ask the Central Bank, which in turn said that the data must be kept by the Ministry of Planning.”

For his part, a spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said, “With regard to imported quantities, it is not our job, as there is a Quality and Standards Organization that monitors goldsmiths all over Iraq. We also have offices at border crossings and airports to ensure quality and reduce smuggling. " According to him.

Diplomatic sources, who refused to disclose themselves, explained that “due to lax security at the crossings and the lack of law, gold is smuggled into neighboring countries, and economic uncertainty in Iraq leads to an increase in domestic demand, despite the current Coronavirus pandemic.”

The report indicated that “due to the state of security in Iraq, many Iraqi families resort to investing in precious metals instead of keeping their money in dollars or Iraqi dinars, and since the precious commodity has now become a major economic entity, they want the government to ensure that it is adding to the economy instead of than to move away from him”.    LINK

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Samson:  Video: What's behind Iraq's Large Gold Exports?

5th April, 2021

Gold has become one of Iraq's top exports despite there being no gold deposits.

So what is the secret?

Al Jazeera's Osama Bin Javaid reports from Baghdad:

VIDEO IN ENGLISH   LINK

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Samson:  Iraq opens a direct air route with the Emirates

5th April 2021

The General Company of Iraqi Airways announced the opening of a new direct air route for civil flights with the United Arab Emirates. And flights through this airline will start operating from the beginning of next May

The company said in a statement: "The direct line will link back and forth between the capitals of the two countries, Baghdad and Abu Dhabi

This line is the sixth of its kind, as the two countries are connected to 5 direct airlines, between the cities of Baghdad, Najaf, Basra, Erbil and Sulaymaniyah in Iraq, and Dubai and Sharjah in the Emirates

This announcement comes in light of the start of the Iraqi Prime Minister, Mustafa Al-Kazemi, yesterday, Sunday, an unlimited-term official visit to the UAE. The official news agency "INA" stated that Al-Kazemi's visit will discuss bilateral relations between the two countries in many fields

Al-Kazemi's visit to the UAE comes on the heels of a visit to Saudi Arabia last week, during which Riyadh announced its intention to increase its investments in Iraq by five times, to reach $ 2.67 billion

LINK

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Samson:  Soon .. Iraqi Airways receives 5 Airbus planes

09:55 - 04/05/2021

Iraqi Airways revealed, on Monday, that it has received 5 new Airbus aircraft, at a time when it announced the resumption of many flights to Arab, European and Asian countries and the conclusion of commercial agreements to transfer workers in foreign companies located in Iraq.

"There are contracts to buy 5 Airbus A220 aircraft close to medium-range, covering 5,000 kilometers, with a capacity of 132 seats, including 12 business seats and 120 tourist seats," the company's media director, Hussein Jalil, said in a statement.

Jalil added, "The company's management continues to negotiate with the equipped company, and we are currently in the process of receiving two planes, and the other three will be delivered until next November of this year to support the fleet of the national carrier."

The Ministry of Transport announced recently that the airlines own a fleet of 31 aircraft, most of them modern, while working on activating a contract with the (Boeing) company signed by the government with the aim of strengthening the fleet of aircraft during specific periods and according to the future need of the airlines.   LINK

Samson:  A source reveals that the auction sale of the work has stopped

5th April, 2021

An official in the Iraqi Central Bank said, Monday, that the currency auction has been suspended since last Wednesday, due to the failure of banks to buy the currency from the auction, fearing that the budget will be approved in a timely manner and its impact on the exchange rate.

The source said to "Tigris", that "banks have enough reserves to trade for a number of days without buying from the currency auction."

He added, "A number of banks have submitted the purchase request for currency from the auction, but the auction will resume on next Sunday, the beginning of the new week." LINK

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Samson:  Judiciary: 13 arrest warrants and summons against governors and general directors in Babylon within 3 months

5th April, 2021

The Supreme Judicial Council announced, on Monday, the issuance of 13 arrest warrants and summons against governors and general managers in Babylon.

The council’s media center said in a statement that Mawazine News received a copy of, that “the Integrity Investigation Court in Hilla issued during the period (mid-January to the end of March) more than 13 arrest and summoning warrants affecting senior officials in cases of financial and administrative corruption."

The statement added, "These notes were issued against former governors and general managers." LINK

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Samspn:  Integrity refers 28 people to the investigation on charges of abuse of position and of inflating funds

5th April, 2021

The Integrity Commission announced, on Monday, that 28 assignees have been referred to investigations on charges of abuse of the position and inflation of funds, revealing details of the officials' response to the duty to disclose their financial and graft assets for 2021

In a statement received by "Al-Iqtisad News," the Authority’s Prevention Department clarified the details of the officials’ response to their financial liabilities for the period from 1/4/2021 to 3/25/2021, for the three presidencies, the judiciary, ministries, bodies and entities not linked to a ministry, as well as the governors, according to what Included in Article (16) of its amended Law No. 30 of 2011 in force. The statement continued that the three presidencies represented by the President of the Republic, the Prime Minister, the Speaker and his two deputies, the President of the Judicial Authority and his deputy, and the President of the Federal Supreme Court disclosed their financial liabilities for the current year, with a disclosure rate of 100 percent

The department added that “(239) representatives from among the members of the Council of Representatives for the current session disclosed their financial liabilities at a rate of (74.2) percent, while (19) ministers disclosed their liabilities at a rate of (82.6) percent, and the percentage of disclosure by each of the members of the court was The Federal Supreme Judicial Council and the Federal Court of Cassation (100%), in addition to the disclosure of the Chief Public Prosecutor, at a time when the disclosure rate of the appointed judges reached (95.5%), and for those appointed other than the judges, their disclosure rate was (94.4)%. It indicated that "(27) heads of bodies and bodies not affiliated with a ministry disclosed their financial receivables, while (7) governors disclosed their debts at a rate of (46.7%)

The department pointed out that "the files of (28) assignees, against whom evidence of an abuse of a position or an inflation of funds not commensurate with their regular resources appeared, were transferred to the investigation department of the commission for the years (2018-2021), indicating that their cases are still under investigation or trial."

Indicating that "the number of taxpayers who have violations of conflict of interest for the period from (2017-2020) reached (625) taxpayers. The authority had announced at the beginning of last March the names of the taxpayers responding to the duty to disclose their financial assets for the year 2021, who were determined by Article (16 / First) of the Authority's enforceable Law No. (30 of 2011), as amended

LINK

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Samson:  Putin signs a law granting him the right to run for two new terms

04/05/2021 18:14:55

 Russian President Vladimir Putin has signed a law commensurate with the constitutional amendments regarding legislation on elections and referendums, and in particular, a law that grants the current head of state the right to run for two presidential terms.

On Wednesday, the Russian Federation Council approved a law giving the right to the current President of the Russian Federation (Vladimir Putin) to run again for the presidency.

According to one of the provisions of the new amendments in the Constitution of the Russian Federation, restrictions imposed on the number of periods in which a single person can assume the office of President of the Russian Federation, is applied to the current president regardless of his previous presidential terms, and therefore, this rule allows the current head of state to occupy the position President of the Russian Federation for two more terms.

The Russian Central Election Commission approved the results of the general vote on the amendments to the Russian constitution, which were supported by 77.92 percent of Russian citizens, and the final protocol for the vote was signed.  LINK

KTFA Members "Saturday News" 4-3-2021

KTFA:

Samson:  Meaning of the exchange rate and the implications of changing it

18:36 - 02/04/2021 - Books / Salah Hizam

The exchange rate means the reciprocal relationship between the national currency and the rest of the world's currencies.

And this is either directly or through an intermediate currency (the relationship of the Iraqi dinar to the currency of Vietnam or Paraguay, for example, is done through the relationship of each of these currencies to a third currency, such as the US dollar, for example). The prices calculated in this way are called cross rates.

There is an exchange rate for sale and an exchange rate for purchase. That is, there is a price when an individual or company asks for a number of foreign currency units, and this is called the selling price. There is another price, which is usually lower, and it is called the purchase price. It is meant when an individual or company owns units of a foreign currency and wishes to exchange them for the national currency.

In other words, it is the number of units of a particular foreign currency that can be obtained against one unit of the national currency. Or, it can be said in reverse, as it is said to mean the number of units of the national currency needed to obtain a unit of a particular foreign currency. Thus, trade relations in all its forms between countries are determined on the basis of this transfer price. This is the factor that determines the attractiveness of a particular country's goods in the markets of another country or vice versa, as it may appear cheap or expensive

From the users' point of view of that commodity.

And currencies are types, including local currency that cannot be traded outside the borders of the countries that own that currency (according to the law). And currencies are negotiable in the global market (hard currencies) foreign exchange

Like dollars, euros, pounds and yen ... And the currency of a foreign country is not only needed by companies when imported from that country only, but also by those who travel to that country. This is what makes some countries work to reduce their exchange rates to encourage exports to other countries as well as reduce imports, because imported goods will be of high prices and people will be reluctant to buy them.

The exchange rate and its changes are of great importance in adjusting the state’s balance of payments conditions, whether it is developed or developing countries. Whereas, lowering the exchange rate, for example, reduces imports and increases exports, which will positively affect the status of the balance of payments. The opposite happens when the exchange rate is raised.

This is a major reason for the United States' continued pressure on China to raise the exchange rate of its currency (the yuan), because this will reduce the degree of competitiveness of Chinese products in the US market, as their prices will rise when converted to US dollars.

How is the exchange rate determined?

There is a fixed exchange rate set by the authorities against a single currency (strong and stable, such as the dollar) or against a basket of currencies that includes the currencies of the main trading partners. There is a flexible or floating exchange rate (an administered float that is driven by the authorities according to the requirements of the economic situation, or a flexible float determined by market forces and economic conditions).

Effects of changing the exchange rate:

Economic effects:

When the exchange rate changes, the prices of imported goods change (rise lower and lower at high). Likewise, prices of locally produced goods change if they depend on imported parts or raw materials. The change in the exchange rate also affects the performance of investments, the interest rate and the rate of inflation.

The effect of that change may extend to jobs and the real estate sector.

Social implications:

The most prominent of these is changing the population’s standard of living for better or worse. This may raise the rates of poverty and deprivation among certain segments of the population (when the exchange rate falls). The effect is more evident as the number of imported products increases (such as Iraq, for example), and it increases by the devaluation of the currency (at least) in addition to the possibility of higher prices more than that as a result of merchants' exploitation of the price chaos that the decision generates as a result of the greedy desire for more profit, or from a door Hedge the worst, especially in the absence or lack of confidence in the authorities that control the exchange rate.

Why is the exchange rate changed?

The most prominent reason is to subsidize exports and curb the demand for imported materials. This leads to an improvement in the balance of payments situation and an increase in the foreign currency reserves in the country. The reasons may also be purely developmental and not related to the status of the balance of payments, as the decision leads to an increase in the demand for local products and thus increased production and employment, etc. ... (assuming the availability of capacity and the desire to increase local production).

In a rentier country like Iraq in which the government’s budget depends on its revenues from exporting oil, this decision raises the proceeds in Iraqi dinars, which the Ministry of Finance obtains from selling dollars to the Central Bank and according to the rate of reduction in the exchange rate (the finance used to take from the central bank 1,200 dinars for each A dollar, now she takes 1,450 dinars for every dollar.)

Oil export revenues belong to the Ministry of Finance, which it sells to the Central Bank, which keeps dollars there for use in fulfilling import obligations and the like. Countries whose currencies are fully floating (free float) cannot make a decision to raise or lower the exchange rate directly, but rather use indirect tools to achieve this, including changing the interest rate (which is carried out by the Central Bank).

In conclusion, changing the exchange rate confuses companies' accounts, confuses contractual relations, confuses relations between wholesalers and retailers, causes serious chaos in the relationship between creditors and debtors, and renders companies' financial statements meaningless, as well as companies' business results and final accounts.

 I will address on a future occasion the issue of economic and financial accounts in light of inflation caused by the sudden and large reduction of the national currency exchange rate, God willing.  LINK

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Don961:  An economist talks about a "hidden war" that the state is waging to protect its financial policy

1,374 Economie 2021/04/02 18:54    Baghdad today - Baghdad 

The economic expert, Rasim Al-Akidi, spoke today, Friday, about a "hidden war" that the government is waging with tools that work for regional countries, and seeks to hit the government's financial policy, after the decision to raise the dollar exchange rate.

"The high exchange rate of the dollar after the approval of the Iraqi budget for the year 2021 is not surprising to us, and we expected it several weeks ago," said Rasim al-Aqidi, in an interview with (Baghdad Today), pointing out that "the government adopted the framework of the dollar-administered float to legalize its sale and prevent its smuggling abroad." In various ways, but at the same time it lost control of the price movement system for goods and materials, especially basic foodstuffs.

Al-Aqidi added, "The government is currently fighting a hidden war with multiple tools working abroad for the benefit of regional countries, and is seeking to strike the financial policy adopted by Baghdad, after the decision to raise the dollar exchange rate," indicating that "the war comes in terms of introducing imported materials illegally." Or obtaining discounts, as well as tax evasion. "

He continued, "Under the current circumstances, the dollar has become subject to the free float framework in the manner of speculation, supply and demand, which means that its rise to the top is very possible, but in return the government will not push into pumping large sums of money in an attempt to thwart what those parties and tools want."

The economic expert pointed out, "The government unfortunately lost the principle of a sensitive balance between local production and its ability to cover market needs, so there is no consensus or coordination between the relevant departments in order to provide production and marketing requirements, and this is not in the government's interest."   link

Samson:  With the participation of about 200 companies ... The launch of the activities of the Third Spring Shopping Festival in Sulaymaniyah

4th April, 2021

The Ministry of Trade announced, on Saturday, the launch of the activities of the Third Spring Shopping Festival in the Sulaymaniyah Governorate for the period from 1 to 10 April 2021 and on the land of Sulaymaniyah Governorate.

The general manager of the Iraqi Exhibitions Company, Sarmad Taha Saeed, said, "This festival witnessed the participation of about 200 companies from the countries of Turkey, Egypt and Iran, in addition to local Iraqi companies, as most of these companies work in the field of foodstuffs," indicating that "the festival aims to reduce prices. Food with the approach of the holy month of Ramadan."

Saeed added, "The festival has taken upon itself to take all preventive and health measures and to spread sterilization devices at the entrances and gates of the exhibition in order to prevent the emerging corona virus and in implementation of the health directives announced by the Ministry of Health and Environment and the crisis cell."

And, "the establishment of such festivals will contribute to achieving openness to the Iraqi market and a great opportunity for Arab and international companies to display their products in Iraq."

The opening ceremony was witnessed by the presence of the President of the Exporters and Importers Union, Mustafa Abdel-Rahman, the President of the Sulaymaniyah Chamber of Commerce, and a number of political and security figures, merchants and businessmen in the Sulaymaniyah Governorate. LINK

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Samson:  When does the budget law enter into force?

4th April, 2021

The Parliamentary Finance Committee confirmed, on Saturday, that the Federal Budget Law for 2021 will enter into force as of the beginning of this year.

The deputy of the committee, Sherwan Mirza, said that "the Presidency of the Council of Representatives will send the federal budget law for the year 2021 to the Presidency of the Republic for the purpose of ratification, and then the law will be published in the Iraqi newspaper Al-Waqa'i’."

Mirza added, "The budget law will enter into force after that and with retroactive effect, meaning from 1/1/2021 until 12/31/2021," noting that "these measures did not take a long time and the law will come into effect soon."

He stated, "The Federal Ministry of Finance will also issue budget instructions without changing any article of the federal budget law for the year 2021."   LINK

Ryan1216:  I pray Iraq hurries and the budget is officially signed into law

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Samson:  Al-Haddad announces the date of sending the 2021 budget to the President of the Republic

04/03/2021 16:29:30

Deputy Speaker of the Iraqi Parliament, Dr. Bashir Khalil Al-Haddad explained:

After the House of Representatives voted on the draft federal budget bill for 2021, the draft law was transferred to the relevant department for review and auditing, noting: “After approving the budget, the Parliamentary Affairs Department will scrutinize the articles of the law and match its texts in the final form before sending it to the Presidency of the Republic.”

The President of the Republic, during this week, to be approved and published in the Official Gazette, to enter into force after the Ministry of Finance issued instructions for implementing the budget.  LINK

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Samson:  Al-Haddad: The budget entered a new path that precedes the approval of the presidency

3rd April, 2021

The second deputy speaker of Parliament, Bashir Al-Haddad, announced, on Saturday, that the draft budget for 2021 will be referred to the relevant department, while it is likely to be approved by the Presidency of the Republic this week

Al-Haddad said in a press statement followed by Al-Eqtisad News, that "after the House of Representatives voted on the draft federal budget law for 2021, the draft law was transferred to the relevant department for review and scrutiny

He added, "After the budget is approved, the Parliamentary Affairs Department will check the articles of the law and match its text with the final version before sending it to the Presidency of the Republic

He favored "sending the law to the President of the Republic during this week for approval and publishing it in the Official Gazette, to enter into force after the Ministry of Finance issued instructions for implementing the budget  LINK

Samson:  Smuggled Iraqi funds: a huge corruption file that persecutes politicians and leaders

3rd April, 2021

Experts on Iraqi economic affairs and politicians confirm that the numbers of money smuggled out of the country by partisan and political figures have declined, but did not stop. This comes despite Prime Minister Mustafa Al-Kazemi's announcement that campaigns will continue to control border crossings and prevent smuggling and corruption at crossings with neighboring countries in addition to airports.

Observers disagree about the value of the money that has been smuggled out of Iraq since the US occupation in 2003 until today, but they all agree that it is sufficient to fully rebuild Iraq, provide infrastructure, job opportunities, and establish mega projects.

Iraqis listen to the letters launched by successive governments about projects, laws and mechanisms to recover the stolen money from their country, but they remain ink on paper. Analysts attribute the inability of any government to complete this file due to the large number of those involved in it, in addition to the fact that most of them are members of the same parties that hold power and own militias and armed factions. The President of the Republic, Barham Salih, said, in early March, that he was "in the process of developing a legal code dealing with mechanisms to recover funds stolen from Iraq, which are located abroad." This is the second comment for Saleh in less than six months, as he had previously confirmed in October 2020 that Iraq was continuing to recover the stolen money and prosecute the corrupt.

The current Minister of Finance, Ali Allawi, had previously indicated that "250 billion dollars were stolen from Iraq since 2003 until now, and this amount builds many countries, and these thefts have led to a decline in Iraq's economic capabilities." However, the Integrity Committee in the Iraqi Parliament had estimated at the beginning of this year the amount of money smuggled outside the country at about 350 trillion dinars (239.7 billion US dollars), a number that exceeds the country's budget for more than two years, according to committee member Taha Al-Dafa'i, who pointed out that "the amounts Smuggling outside the country was through fake receipts. Many of the commissions paid for the purpose of smuggling were obtained by some officials. ”However, former member of the Parliament’s Finance Committee, Rahim al-Darraji, confirmed that the value of the looted money in Iraq is about $ 450 billion.

Al-Araby Al-Jadeed continued with Al-Darraji, who said, "This number rises daily in varying proportions, because the corruption processes led by the influential parties and sponsored by the inside and outside are continuing strongly, and these parties continue to exploit every Iraqi incident or setback to turn it into a form of financial gain." He explained that "these political forces, and their corrupt personalities, consider Iraq to be nothing more than a mine and a work camp. Therefore, most politicians leave Iraq after the end of their political duties, whether they are parliamentary or governmental, and because the oversight bodies are weak in Iraq and are subject to party influence, the theft don't be difficult for influential people."

Iraqis remember many files in this context. The Minister of Defense in Iyad Allawi’s government, Hazem al-Shaalan, was accused of smuggling about one billion dollars, and he was sentenced to seven years in prison, but he is still outside Iraq.

The same applies to the Minister of Commerce in the government of former Prime Minister Nuri al-Maliki, Abdul Falah al-Sudani, who was accused of stealing $ 4 billion, and Iraqi courts have sentenced him to 21 years imprisonment after his escape abroad. A member of the Iraqi parliament, Basem Khashan, confirmed that "the sums smuggled from Iraq amount to hundreds of billions." He pointed out that "the current government, as well as the previous one, is unable to recover one dollar of the corrupt." In an interview with Al-Araby Al-Jadeed, he added, "More than 90 percent of the figures who stole billions of dollars of Iraqi money are prominent members of Iraqi parties supported by external and internal parties, in addition to the fact that most of them possess foreign nationalities, including American ones." Obstacles in the process of arresting them, and if that happens, it is unlikely that these funds will be found, which will soon turn into properties and companies registered without their names.

For his part, the economist Abdul Rahman al-Mashhadani stated that “the figures that politicians and observers of political and financial affairs in Iraq talk about about the sums smuggled abroad are sufficient to build a complete state from scratch.

 Coming, and in crises." He assured Al-Araby Al-Jadeed that "there are many mechanisms for dealing with smuggled money, such as addressing Interpol and activating Iraqi judicial decisions issued against the accused, in addition to addressing the governments in which the accused settle, and confiscating everything they acquired after assuming positions in Iraq, but all this happens." If there is political will in Iraq to pursue this file."  LINK

KTFA Members "Show Time" Thursday PM 4-1-2021

KTFA:

Samson:  Central Bank Governor: Iraq is implementing its reform plans

1st April, 2021

Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed, on Thursday, that Iraq is implementing its reform plans.

The Central Bank said in a statement that Mawazine News received a copy of, that "his governor participated, as a representative of Iraq, in the spring meetings of the International Monetary Fund."

Frightening stressed during a speech delivered at the meeting, "Iraq is implementing its reform plans towards fiscal and monetary policy."

He pointed out, "The Corona pandemic was and still is one of the obstacles facing the Iraqi economy despite the proactive measures that the central bank or the government worked on," stressing, "the country's keenness on international and regional openness in a way that serves Iraq's economic and financial interests."   LINK

Bravo13:   This is the kind of talk i like to hear…..now just spit it out and get it done ! imo

Clare:  WOOHOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 

 "Iraq is implementing its reform plans towards fiscal and monetary policy." !!!!!!!!!!!

FRANK TOLD US WHO TO PAY ATTENTION TO:"

1. PM KAZEMI..

2. CBI…

3. OUR INTEL AT KTFA"-FRANK26...........

FRANK TOLD US WHO WOULD BE SPEAKING NEXT!!........ THE  CBI..........

WE ARE SEEING EXACTLY WHAT WALKINGSTICK & FRANK TOLD US!! ...IMO
 
IT IS NOW......BE READY!  Imo

Jerry1971:  I AM WITH YOU CLARE ON YOUR ABOVE SAID COMMENTS ….SURELY THE IRAQ ECONOMIC AND FINANCIAL REFORMS CANNOT AND WILL NOT TAKE PLACE WITHOUT THE CHANGE IN EXCHANGE RATE OF THE IQD ….PRECISELY AS SIR FRANK TOLD US TO LOOK ONLY TO CBI FOR THE RATE CHANGE AND THEY WILL NOT WAIT FOR A WHOLE YEAR TO INCREASE THE RATE ….THUS TO MAKE THEIR CITIZENS SUFFER MORE….. THEREFORE NOW IS THE TIME AND HOPEFULLY THEY WILL PULL THE TRIGGER SHORTLY…… IMO

Iobey777:  YEP!! That’s a BIG one CLARE!!! IMO,Implementing means using it, they need a RATE to do that!! Time to show the world what they have been hiding!!

MilitiaMan:  Sounds good to me.. But, we knew this already.. They have been working to complete now for a long time and have finally got where we need to be.. or where they are to be.. lol Just like we have been told that they are having meetings and they are on going.. Well now it is show time.. imo.. ~ MM

"Iraq is implementing its reform plans towards fiscal and monetary policy."

"his governor participated, as a representative of Iraq, in the spring meetings of the International Monetary Fund."

Petra:  Agreed MM.  Remember, the WP's do NOT work at 1460 much less 1190 so the next move is on the CBI.  Making the rate change is the door requiring unlocking for the Country of Iraq to welcome in the secondary markets and other International investors to walk on in. 

We know there are "Billions" on the sideline just waiting to enter when their investment dollars can be protected, monitored, and moved as necessary to impact any investment in a positive direction. 

With the dropping of the PR to 1460 on 12/20 it fueled inflation as well as the 21+% increase in price/cost of goods to the citizens.

Therefore, IMO,  clearly, the excitement we saw yesterday was NOT as much the budget passed with the PR provided, but because the people know what is coming in the dropping of the 3 zero's positively impacting their imminent purchasing power and providing opportunity for all!! 

Yup!  Show time!!!    PETRA

KTFA Members "Budget Voting Day" 3-31-2021

 KTFA:

Samson:  A political agreement to pass the budget during today's session

03/31/2021 15:57:56

A representative source revealed a political agreement to pass the fiscal budget bill for 2021 during the parliament session scheduled to be held today, Wednesday.

  The source told {Al-Furat News}, "The legal quorum for holding the session is nearing completion, while the members of the Parliamentary Finance Committee went up on the parliament platform in preparation for holding the session, reading the budget materials and voting on them." The Presidency of Parliament announced yesterday that it will publish the names of MPs from attendance and absence in today's session on voting on the budget.

The Finance Committee distributed the final draft of the budget to the deputies.   LINK

Samson:  The Parliament might switch the oil trading currency to the Iraqi dinar, MP says

31st March, 2021

The Parliamentary Finance is considering a proposal to switch the oil trading currency to Iraqi dinar in lieu of US dollar in the accounts of the 2021 Federal Budget bill.

Committee member, MP Muhammad al-Shabaki, said in a statement to Shafaq News Agency, "We have a proposal to change the price of the oil barrel," indicating, "[according to this proposal] the barrel is priced by Iraqi dinar not US dollar as in the previous years' budgets." "The barrel of oil pricing will be changed from 45$ at 65 thousand dinars," he added.

Al-Shabaki explained, "this would not tamper with the operational and investment expenses in the budget." "The Ministry of Finance ensured that there is no technical impediment against this step," he elaborated, "this proposal is the most consistent with the constitution because it preserves the Iraqi currency."

Iraqi lawmakers failed to pass the Federal Budget bill in a lengthy session on Sunday earlier this week. They will convene this evening to vote on the pending issues.    LINK

4Cash:  IMO this tells me they are International changing barrel of oil from USD to Dinars. Drop the three zeros now and oil would be 65 dinars per barrel.

DeepWoodz:  Yes!!! An aspect I hadn’t even thought of but me thinks is VERY AWESOME!!!
Thats one sure fire way of making it “$100 a barrel” .....the benchmark would be around 69 IDN per barrel = $100.05 @ PP of $1.45 per dinar.

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Samson:  Parliament transfers the budget from the dollar to the dinar to overcome the dispute

03/31/2021 17:10:06

 The House of Representatives decided in its meeting held today, Wednesday, to convert the federal budget for 2021 from the dollar to the Iraqi dinar.

A representative source said {for the Euphrates News} that "it was agreed to transfer the budget from the dollar to the Iraqi dinar, in order not to delay its approval and isolate it from the differences of the rise of the dollar."

He pointed out that "a proposal was made to follow up on the issue of the dollar with the central bank and finance in other sessions without marketing the crisis to the budget after it was agreed to transfer the budget from the dollar to the dinar."  LINK

4Cash:  Thanks Samson IMO another good article pointing in the direction we need to go International

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Samson:  The House of Representatives votes on Article 2 of the Federal Budget Law of the Republic of Iraq for the year 2021

03/31/2021 17:37:59

 The House of Representatives voted on Article 2 of the Federal Budget Law of the Republic of Iraq for the year 2021   LINK

The House of Representatives votes on Article 3 of the Federal Budget Law of the Republic of Iraq for the year 2021  LINK

Parliament votes on Article 4 of the General Budget Law  LINK

Parliament votes on Article 5 of the General Budget Law  LINK

Parliament votes on Articles 6 and 7 of the General Budget Law   LINK

Parliament votes on Article 8 of the Budget Law  LINK

Parliament votes on Article 9 of the General Budget Law  LINK

Parliament votes on Article 10 of the Budget Law  LINK

Parliament votes on Article 12 of the Budget Law  LINK

Parliament votes on Article 13 of the Budget Law  LINK

Parliament votes on Article 14 of the Budget Law  LINK

Parliament votes on Article 15 of the budget law on the revenues of the Media and Communications Authority   LINK

Parliament votes on Article 16 of the budget for wages for collecting water, electricity and services  LINK

DCDriver:  WOW they are actually voting. It's a new day!

Osmosis:  Which article is hiding the rate?

Jerry1971:  THE KURDS FINALLY GETTING THEIR DUE SHARE OF THE BUDGET VOTED UPON TODAY  ALSO GREAT SEE THE BUDGET ARTICLES BEING VOTED IN A SWIFT MANNER ALL BEING VERY GOOD FOR THE DESERVING PEOPLE OF IRAQ IMO.   

Samson:   Parliament votes on the last articles of the budget 56, 57 and 58  LINKLINK

Samson:  Parliament votes on the region’s share in Article 11 of the budget

03/31/2021 18:00:06

 The House of Representatives voted on Article 11 of the draft Federal Budget Law for 2021, related to the dues of the Kurdistan region..

Translation.....

Committee's proposal Article 1 - First: Dues are settled between the federal government and the Kurdistan region for the years from 2004 to 2010 after the Federal Office of Financial Supervision, in coordination with the Regional Office of Financial Supervision, investigated them to show the final accounts approved by the Federal Office of Financial Supervision of the financial revenues and expenditures achieved after  Exclusion of sovereign expenditures and what has been spent for the region within the governing expenditures: 

 The Kurdistan Regional Government is committed to producing crude oil from its fields at a rate of quantities of not less than 60 thousand barrels per day.  The allocations of the region’s share of the petro cover provided that the quantities delivered are not less than the sums realized from the sale of 250 thousand barrels of crude oil per day at the price of SOMO.  Paragraph (a) above shall be implemented in coordination between the Federal Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Regional Government.

Is committed to the Kurdistan Regional Government to deliver non-Auto revenues to the state treasury and according to the Federal Financial Administration Law, provided that the Federal Office of Financial Supervision in coordination with the Office of Financial Supervision in the region to achieve data related to those revenues. 

D- The Kurdistan Regional Government has settled from the Iraqi Trade Bank's balances with government and private banks, and the Ministry of Finance schedules monthly installments to be deducted from the region’s share, starting from the fiscal year 2021 for a period of 7 years. 

 E - The federal government is obligated to pay the Kurdistan Region's dues contained in this law and the tables attached to it after the region has implemented paragraphs (A, C,) of this Article

Third - obligating the Kurdistan Region to provide the Federal Ministry of Finance after auditing the Federal Office of Financial Supervision in coordination with the Office of Financial Supervision  In the region, the staffing of the formations affiliated to it (civilian - military) is distributed according to the degree, vacant and occupied job title, and gender according to the numbers specified for it according to the  schedule) Manpower (c) attached to this law no later than 6/30/2021

Fourth - The Kurdistan Regional Government’s crisis  Paying the region’s employees' salaries dues from the specializations determined within the region’s budget appropriations (employee compensation) and before any payment order for any other compassion from its current budget.   LINK

DeepWoodz:  This one has been the talk of the town!

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Don961:  Mustafa Al-Kazemi: The decision on the dollar’s ​​exchange rate was taken by the Central Bank

Wednesday 31st March 2021  Baghdad: Morning

Prime Minister Mustafa Al-Kazemi demanded, on Tuesday, to stay away from auctions in the issue of the dollar exchange rate, stressing that the decision was taken by the Central Bank according to a purposeful vision and strategy, and we began to see the results on the growth of monetary reserves, and on Iraq's international credit rating.

Al-Kazemi said, during the regular session of the Council of Ministers: “Challenges continue in the country due to the nature of the situation, which requires the solidarity and cooperation of everyone to overcome them,” expressing his “aspiration to expedite the passage of the Federal Budget Law, and the paragraphs it contains that address the needs of the poorest classes and support projects Service affecting the citizen’s life ».

He called on all ministries to "work with all their efforts to support the Ministry of Trade in order to distribute the ration card items among citizens and not give some merchants an opportunity to exploit the citizens' needs." 

Some dealers ».

He added that "the ministries must work diligently to support reform decisions according to the strategy prepared for them, and pressures must be faced with patience and work." On the other hand, a spokesman for the Prime Minister, Dr. Hassan Nazim, Minister of Culture and Antiquities, said that Al-Kazemi called on the Ministry of Trade to support the ration and that there are measures in the ministry to meet the ration now and at the beginning of the month Ramadan   LINK  

Samson:  The General Secretariat affirms that there is a great desire to activate joint agreements

31st March, 2021

The General Secretariat of the Council of Ministers confirmed, on Wednesday, that there is a great desire among the governments of Iraq, Jordan and Egypt to activate joint agreements between the three countries

The spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, said in an interview with Al-Sabah newspaper, which was seen by Al-Iqtisad News, that “after the tripartite summit held in Jordan last year, and based on this summit and its outputs, Iraq established the Iraqi-Jordanian-Egyptian Coordinating Council. There were several meetings between delegations and mutual visits, either in attendance or via closed-circuit television, and a number of joint memoranda of understanding were signed, in several fields, including energy, industry, trade, agriculture and health. He pointed out that "an Iraqi delegation visited Cairo last December, while another delegation visited Amman last week
 
Majeed explained, "Preparations are continuing to activate these agreements on the ground, and there is a common desire among the three governments to activate these agreements and accelerate them, especially in the housing sector in which the activation of the construction of residential complexes was discussed, especially the stalled ones, whose completion rates vary between 70 To 80 percent and above

The foreign ministers of Iraq, Jordan and Egypt, after their meeting in Baghdad yesterday, confirmed their aspiration to hold the tripartite summit in Baghdad as soon as possible. He added, "At the present time, there is an agreement with the Egyptian Ministry of Reconstruction, specifically with the Egyptian government companies, to implement housing complexes, infrastructure, roads and bridges projects in Baghdad and the governorates and to complete work on them," noting that "these projects will provide job opportunities, especially since we have many competencies." And the workforce will be present at work, and this is the nature of agreements and memoranda of understanding in force in all countries of the world in bringing in investment companies, especially since there are many projects that are stalled and lagging for financial reasons, in addition to the fact that last year’s budget was not approved, and now we need to turn the wheel of reconstruction and development
 
A spokesman for the General Secretariat revealed, "There are agreements in the field of health with Jordan related to the exchange of expertise, pharmaceutical industries, and academic fellowships, and the recruitment of doctors to perform surgical operations, as well as the establishment of a joint industrial city," noting that "many sectors were included in the agreements between the three countries

Regarding the reconstruction file, Majeed also confirmed, "The government and the Supreme Committee for Services and Construction have followed up on many projects during the past few years, and many of these projects, which have been stalled since 2008, have been moved, especially in Dhi Qar Governorate, as three projects have been launched:" Rehabilitation Al-Nasr Bridge, the rehabilitation and cladding of the Al-Badir Al-Fajr road called (Death Road), in addition to the reform water project, which has reached nearly 98 percent completion and will be opened soon, in addition to the near opening of a vital concrete bridge and the Turkish hospital, which has been suspended for many years LINK

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Samson:  Iraq and Saudi Arabia sign 5 agreements

03/31/2021 18:13:50

Iraq and Saudi Arabia signed 5 agreements in the presence of Prime Minister Mustafa Al-Kazemi and Saudi Crown Prince Mohammed bin Salman.

Bin Salman had received Al-Kazemi today, Wednesday, upon his arrival in Riyadh on an official visit to Riyadh, where they held a session of talks focused on increasing cooperation between the two countries in addition to the latest developments in the region.

Meetings were held at the coordination council level between the two countries, where 5 agreements were signed, in financial, commercial, economic, cultural and media fields. The Iraqi delegation also included governors of border provinces with Saudi Arabia to discuss increasing border crossings between the two countries.

The Saudi ambassador to Iraq, Abdulaziz Al-Shammari, said earlier that Al-Kazemi's visit to the Kingdom today "is important and comes at an important time. A number of political, security and economic issues will be discussed, and a number of agreements will be signed in several areas."   LINK

MiitiaMan and KTFA Members "Dog and Pony Show" Tuesday Afternoon 3-30-2021

KTFA:

Samson:  Parliamentary Finance reveals new details about the obstructive budget law

29th March, 2021

The Parliamentary Finance Committee revealed, on Monday, the "main reason" to postpone the vote on the General Budget Law until further notice.

A member of the committee, Muhammad al-Shabaki, told Shafaq News, that "there are four points of disagreement that caused the suspension of the vote on the General Budget Law for 2021 during yesterday's session, most notably some points of contention in Article 11 related to the share of the Kurdistan Region, foreign loans, investment projects and the development of regions."

He added that "the Al-Fateh Alliance objected to new loans amounting to 8 trillion dinars, especially for projects of the Ministry of Electricity, and requested economic feasibility for foreign loans."

Al-Shibaki added that the deputies asked the Minister of Oil, Ihsan Abdul-Jabbar, in his capacity as head of the government energy committee, for a government guarantee to improve electric power during the next summer season. Al-Shabky pointed out, "the continuation of meetings to resolve differences and resolve disputed issues in the coming hours."

Representative Rizan Sheikh Dleir said that the intentions and conflicts of politicians with the government are an obstacle to passing the budget in Parliament. In a statement received by Shafaq News, Sheikh Dlir called for the importance of the Iraqi people to know this fact, saying that "the region's share does not constitute an obstacle to passing the budget."  LINK

MilitiaMan:  So from the below we see they are talking about the Dog and Pony show to be approved this week or by the end of it, whereas, the above more recent comment is resolving issues in dispute in the coming hours.. We know they clearly are playin the pony show to the hilt. I would be those that know full well what is going on are embarrassed at this stage. They should be.. The world is watching an they look silly as it gets.. imo.. But, who will care once they finally throw the last shoe.. lol ~ imo.. Mean while the citizens suffer... ~ MM

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A member of the Parliamentary Finance Committee expected a new date for voting on the fiscal budget bill for 2021.

 "Unfortunately, every day, a new node appears in the budget," Sherwan Mirza told Al-Furat News, stressing the continuing disagreements over the draft law between the political blocs. "The budget will be approved this week," he added.

Yaber Al-Atafi confirmed, on Monday, that there are three levels of disagreement within the House of Representatives regarding the passage of the federal budget bill for 2021, while the budget is likely to be passed at the end of this week.

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"Either the budget recovers and passes by consensus, or it will die and suffocate at a time when we are waiting for agreement on it for the sake of the country and to move it to safety and treat its inflamed joints, which are the lack of services and the reconstruction of cities, especially in the center and the south, in which our people suffer because of that."

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Don961:  Interest in digital currencies

Tuesday 30th March 2021   Saad Al-Taie

 In the past few years, currencies of a new type have appeared, radically different from the traditional currencies known for thousands of years, whether paper or metal, namely digital currencies, which came as a result of the expansion of digital technology applications in all areas of contemporary life, including Multiple economic and commercial transactions.

Digital currencies have many features that distinguish them from traditional currencies, as they greatly facilitate the processes of financial transactions immediately and very quickly, and complete transactions without the need for physical currencies, which take a large space, and it also facilitates the sale and purchase of various goods and services in a manner. Quick and very short for buying and selling, as well as transferring money very quickly from one place to another and from one country to another. As well as facilitating the procedures of commercial dealing and the process of commodity exchange.

The use of digital currencies leads to dispensing with the use of traditional physical currencies, whether paper or metal, and to get rid of the problems that accompany the exchange operations, through which they are carried out, such as the slow conduct of these operations and the constant and very great need to physically issue these currencies from time to time, which You need expenses for papers, metals, inks, colors, and other materials added to traditional currency paper and the large security precautions that accompany their printing.

Some central banks in a number of economically developed countries of the world have begun issuing their own currencies to develop payment systems in their countries in line with the communication and digital economic environment that is currently expanding, and the secretions of which are communication and Modern information technology. .

Also, this important procedure comes to regulate the process of important issuance of money in accordance with the powers of governments and the legitimate authorities of the country, within the random issuance of digital currencies, which began with the issuance of unknown parties in the Internet and those who do not have this right or this privilege.  

And organizing this process so that it is legitimate and legal according to what is recognized in international laws, which are exclusively authorized by this issuance, and in our country the competent authorities are supposed to pay attention to work on issuing our digital currency, in order to keep pace with the current global monetary and financial developments, and in a manner that develops the monetary and financial system For our country and keep it up to date with Modern global regulations .    LINK

Samson:  Al-Kazemi calls for speeding up the approval of the budget and reveals directives to confront "greedy" traders

30th March, 2021

Prime Minister Mustafa Al-Kazemi called on the Council of Representatives to expedite the approval of the federal budget for 2021, while revealing directives issued to the security services to monitor the "unreasonable" rise in prices and confront "greedy" traders.

Al-Kazemi said during the cabinet session held today, Tuesday, "We look forward to speeding up the passage of the federal budget law, and the paragraphs it contains that address the needs of the poorest classes, and support service projects that affect the lives of citizens."

He added that "all ministries must work with all their efforts to support the Ministry of Trade in order to distribute the ration card items to citizens and not give some traders an opportunity to exploit the citizen's needs.

Al-Kazemi added, "We instructed the Ministry of the Interior and the National Security Agency to monitor the unreasonable rise in prices as a result of the greed of some merchants."   LINK

DeepWoodz:  So I’m trying to wrap my head around this. Due to my basic understanding, which means I don’t quite understand, every time I see Kadhimi say ...”the "unreasonable" rise in prices and confront "greedy" traders.” 

I get angry because he and the government, together with the CBI, made the decision to decrease the value of their dinar against the dollar. Which according to math made all imports 21% higher. With an economy that functions almost completely off of imports I just didn’t see the positive side. 

On the other hand, this has to work with the citizens. 

How do you take an economy that’s been run off the wrong currency for 18 years, and start using your own? You have to MAKE them use it. You have to take away their ability to obtain and use dollars. (Done)

You have to get back as much of your currency as possible from other countries, and the piles of it the citizens have been saving for toilet paper. Make em spend it on their needs. Use a wheelbarrow if they have to and take that crap to the bank and make a deposit. 

These guys are hardheaded but they are getting hungrier by the day, and those notes are coming in.
Now they have a date and appear to be right on track as the bank now has 60% of their currency accounted for. I’m thinking the real sweet spot is up next. 

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Samson:  Parliamentary weights to vote on the budget tomorrow

30th March, 2021            

A Deputy from the Patriotic Union of Kurdistan said that the parliament would hold a session tomorrow, Wednesday, to vote on the budget bill for 2021.

According to his party's media, MP Hussein Nermo said, "A number of parliament members collected about 40 signatures to hold a session tomorrow, Wednesday," To vote and settle the draft federal budget law for 2021."

Nermo added, "The Kurdish blocs in the House of Representatives do not oppose holding a session Wednesday to settle the budget," pointing out that "the Parliamentary Finance Committee voted during the past days on Article 11 of the Kurdistan region in the draft budget law."    LINK

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 Samson:  Saeron: The Central Bank Made The Biggest Economic Mistake In The Country

30th March, 2021

The Saeron Alliance considered that raising the exchange rate of the dollar against the dinar was the biggest economic mistake the Central Bank made, while the budget vote is expected this week.

"Raising the dollar exchange is the biggest economic mistake committed by the Central Bank," said MP Naji Al-Saeedi in a press statement published by Al-Independent today, indicating that "the leaders of the blocs are demanding to keep the exchange rate of the dollar."

Al-Saeedi added, "The demands of the Kurds and some political blocs impede the approval of the budget," noting that "the parliament presidency decided to go towards understandings before passing the budget."

Al-Saeedi, a member of the Parliamentary Finance Committee, explained that "major blocs in Parliament received a notification not to enter the budget session," expecting "the vote on the budget during the current week."   LINK

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Don961:  Dr.. The appearance of Muhammad Salih *: The Iraqi dinar: between the debates of floating and reducing **

3/14/2021

Although the monetary policy of the Central Bank of Iraq followed the shock method in adjusting the value of the Iraqi dinar by the procedures of December 19, 2020, the reduction in the exchange rate of the dinar, at a rate of 20%, was identical to the deficit in the current account of the Iraqi balance of payments relative to the estimated gross domestic product.

About (minus 20%) for the year 2020. Thus, the amendment was in conformity with the theoretical foundations that relate the exchange rate adjustment to the two states of deficit or surplus in the current account of the balance of payments if the deficit and surplus fluctuated to GDP by more than 4% (negative) or (positive).

The debate has remained among some economists about the importance of the Central Bank of Iraq resorting to the floating currency float philosophy as an introduction to gradual adjustment instead of adopting the shock method and surprise the market with an alternative, low external value of the Iraqi dinar overnight!).

Floating the currency exchange rate, in essence, means adopting an exchange system whereby the external value of the national currency is determined according to the forces of supply and demand in the exchange market. This comes in contrast to the fixed exchange regime, in which the monetary authority or the central bank is in charge of determining the value of the dinar in relation to the foreign currency in advance and according to the rules of its monetary policy. The policies of floating the exchange rate adopted since the failure of the (Bretton Woods) system in 1971 based on the exchange rule

To continue reading, click on the following link to download the PDF

The appearance of Muhammad Salih - the Iraqi dinar - between the debates of the float and the reduction - edited       LINK

Samson:  The Minister of Finance reveals the amount of the stolen Iraqi funds

29th March, 2021

The Minister of Finance, Muhammad Allawi revealed, on Monday, that the looted Iraqi funds amounted to $ 150 billion, indicating that Iraq's foreign debts amounted to $ 60 billion. 

Allawi said in a statement to "Al Sharq Bloomberg" that "Iraqi funds stolen through previous political regimes amount to $ 150 billion, and there is international aid to recover these funds."

He explained that "the external debt of Iraq reaches 60 billion US dollars, of which 6 billion are to Iran, which are Iranian deposits. Not all of them represent debts related to import dues for goods such as gas and fuel," indicating that a large proportion of the debts belong to financial institutions.

The minister pointed out that the current price of the Iraqi currency against the US dollar after reducing its value will continue for a long time, and a full float may occur in the future, but the central bank will now work to maintain the current exchange rate level for as long as possible.  LINK

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Samson: Arresting people wanted in cases of theft and promoting counterfeit currencies in Nineveh

30th March 2021

Nineveh Police Directorate announced, on Tuesday, that a joint force from the offices of the Anti-Crime Directorate had managed to arrest a number of wanted persons according to various legal articles in the city of Mosul.

The Police Directorate said in a statement that Mawazine News received a copy of, that "the arrest was based on arrest warrants issued by the judiciary and the cooperation of citizens."

She added, "9 criminals were arrested, wanted in cases of theft and promotion of counterfeit currency, in accordance with the legal articles (444 and 446) of the Penal Code, and Article 52 / A of the Central Bank Law." She pointed out that "one of them was seized in possession of a sum of 7,700 US dollars, in a counterfeit hundred dollar denomination."

The directorate stated that "the arrest of the wanted persons took place in a number of areas and neighborhoods on the right and left side of the city of Mosul." LINK

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Samson:  Parliamentary integrity talks about 350 billion dollars that have fled Iraq since 2003

29th March, 2021

The Parliamentary Integrity Committee estimated the smuggled Iraqi funds from 2003 until now at about $ 350 billion, equivalent to 32% of Iraq's revenues over 17 years.

A member of the Parliamentary Integrity Committee, Taha Al-Dafi, said that the smuggled funds are estimated at between 300-350 billion dollars, in the years following the US invasion of Iraq, with the exception of the money that was smuggled before that.

Al-Defense noted that Iraq has a department to retrieve the stolen money in the Integrity Commission, and this department works to recover the people's money, pointing out that the money smuggled before 2003 is still ambiguous because it is in the name of the intelligence service and personalities as well as the presence of real estate, farms and others, adding that Iraq needs to use its foreign relations to return this money.

Most of the countries refuse to return these funds, because they are benefiting from them, by operating the work forces and moving their economy, and Iraq has multiple bodies working to recover its money, such as the Ministry of Foreign Affairs, the Integrity Commission and the Intelligence Service, but its actions are still below the level of ambition.

Observers saw that Iraq is not yet serious about fighting corruption, because corruption is still rampant, so the effect of that also on recovering this money, the senior corrupt have been released, and this is what made international institutions not cooperate with Iraq.

According to the financial revenues announced by the government, the income of Iraq from 2003 to 2020 amounted to more than 1087 billion dollars, for the export of oil, as a large part of it was wasted by governments through fake projects that exceeded 6 thousand projects, as well as expanding the public sector that it had a million people before 2003, but now it's over 3.25 million people.  LINK

MilitiaMan, Petra and KTFA Members Monday PM 3-29-2021

KTFA:

PDids:  Is there a particular reason as why our 2 primary news analyzers in reference to MM and Petra have been so very silent for at least the last 7-10 days on any overviews of any articles and especially with all of news during this time and especially today's budget news ? 

PompeyPete:  If you take and absorb Frank and WS information you know we must be very close....forget the ‘dog & pony show’ which is their budget vote ...if the budget vote is now Sun 4/4, you’ve been taught on or before budget rate/CBI makes a show...31/3 is Wednesday last day of the quarter...I know both MM & Petra are watching this time period very, very optimistically. I will give them both the heads up on this post during our review and I will ask them to correct me in here if I’ve got it wrong....The Budget needs the RATE remember, how are the white paper reforms going to be activated on a PR? Who is going to invest in a country which doesn’t have freedom of currency movement? or international recognition for it’s money? We know 1190 got them into trouble before and any longer at 1450 and the citizens will go even more crazy then before, inflation is rising, the lack of cash dollars is taking its toll ....hang on dear chaps, we’re nearly there!.....in my opinion.

MilitiaMan:  Thank you for the back up PompeyPete, your postive view and the reality to our outlook is spot on. The facts and information that is outside the hype does point conclusively to the reforms are coming to a head with an exchange rate change on the top of the list. The clarity that is out there in respect to the 2021 budget has been a dog a pony show be sure. They have to have the rate change ioo first as you state. And no, they will not get into the private sector ioo with a program rate. Thus, with the amount of confidence there is out there I have been like you say, put my nose to the grind stone with emphasis on family and work while the sunshine's and the grass is greener.. lol I like where we are and we may see even more good news in the very short term. The first quarter is coming to a close in a couple of days. Lets see what thee great news hounds both Samson and Don961 bring us.. I can imagine they will be just as interested as us all to what unfolds!!! ~ imo ~ MM

Petra:  Yes MM, I too want to thank PompeyPete for his perspective on our realities.  Are we excited on where we are at??? ABSOLUTELY!!!  We do mine the articles for validation of accuracy and continued process towards the RI and there have been many for sure. 

The key for everybody to understand is the need for DISCERNMENT as to what is real...and what, as Peter appropriately calls it...the Dog and Pony show.  So accurate a metaphor for where we are right now as we await the CBI to make the change. 

Let me ask this question: How many contrary articles have you seen in the last 7-10 days.  I would say..a lot!!  And they are not only confusing to many but to the fair citizens of Iraq as well who, as you can see by SADR's comments yesterday have had enough.

Please don't take our lack of commentaries as that of "disinterest" but on the contrary to that, we are most excited but see what the media is doing in Iraq because that just tells us they are looking for headlines while the real "minds and hearts" of Iraq are focused on getting to the end game of the RI for the country known as Iraq.

So, chin up...the game is definitely afoot and I am excited to see what the "near proximal" future has to show us as we await the CBI, AND ONLY, the CBI to make their move.  Thank you all for understanding!!  PETRA

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Don961:  A breakthrough in the budget approval file.” A deputy expects the date of the vote and confirms: We have reached the final stage of understandings - urgent

78 Policy 2021/03/29 21:02     Baghdad Today - Follow-up 

Today, Monday, a member of the Parliamentary Finance Committee, Muhammad al-Shabki, spoke about a breakthrough in the file of passing the country's fiscal budget for the year 2021, and while he indicated that the political blocs had reached the final stages of understandings, he expected a date to vote on approving the budget.

Muhammad al-Shabaki said, in a televised interview, followed by (Baghdad Today), that "there has been an agreement on the text of Article 11 concerning the share of Kurdistan between political forces, and it stipulates that what exceeds the export of 460 thousand barrels per day, excluding the costs of production, transportation, operation, domestic consumption and the dollar percentage What increases the value of the oil produced goes to the federal government. "

Al-Shabaki added, "It was also agreed on a method for financial settlement from 2004-2020, while the necessity for Kurdistan to pay its obligations on a monthly basis was confirmed, provided that the government hand over the rights of the region monthly."

He continued, "It was agreed to hand over half of the imports of the border crossings and the rest of the non-oil revenues monthly to the Iraqi Ministry of Finance."

A member of the Parliamentary Finance Committee pointed out that "the dialogues approached the understandings and solved the problem of foreign loans after the blocks objected to the loans being followed up by the Ministry of Finance and the abolition of the objection to the text of the loans and obtained flexibility."

Al-Shabky emphasized, "We passed the stage of agreements and consensuses to the stage of final understandings, and we have come a long way, and the budget may be ready for voting within days," suggesting that the budget will be voted on "before the end of this week."

And Mohamed Al-Shabky stated, "The budget included financial allocations for all contracts and wages covered by Resolution 315, and the lecturers, in its final version."

The House of Representatives was supposed to hold its session to vote on the draft federal budget law for the current year, on Sunday, but the persistent differences between the political blocs pushed it to postpone and leave the parliament room.

A parliamentary source inside the House of Representatives stated that the Presidency of Parliament officially informed the MPs to postpone the session to vote on the budget without setting a specific date, after the failure of the dialogues and negotiations on the disputed paragraphs, including the exchange rate.   LINK  

MilitaMan:  Then they'll need the CBI to spill the beans before the end of this week.. lol imo !~ MM

Don961:  The US State Department officially announces the strategic dialogue with Iraq on April 7, and identifies 4 files

465 Policy 2021/03/29 18:56   Baghdad Today - Follow-up

Today, Monday, the US State Department officially announced the holding of a strategic dialogue with Iraq on April 7, while 4 files were identified.

The US State Department said in a statement, "It has been decided to hold a strategic dialogue with Iraq on April 7."

She added, "The strategic dialogue with Iraq will include security, combating terrorism, economy and energy."    LINK

MilitaMan:  Interesting the dialogue will be after the vote that is to be before this week ends, therefore, they'll need the CBI to spill those beans and pronto.. lol imo ~ MM

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Samson:  The foreign ministers of Iraq, Jordan and Egypt discuss the crises of four Arab countries

29th March, 2021

The foreign ministers of Iraq, Fouad Hussein, Jordan Ayman Safadi and Egypt, Sameh Shukry, held a meeting on Monday in the Iraqi capital, Baghdad.

In a brief statement received by Shafaq News, the spokesman for the Iraqi Ministry of Foreign Affairs, Ahmed Al-Sahaf, said, "The ministers discussed economic, regional and international issues of common concern, and developments in the region, including the Palestinian issue, the Syrian crisis, the war on terrorism, and developments." The Yemeni and Libyan crisis."

Yesterday, Sunday, the Iraqi Ministry of Foreign Affairs announced that the foreign ministers of Egypt and Jordan will arrive in Iraq tomorrow to discuss arrangements for the tripartite summit between Iraq and both countries.

The tripartite summit was scheduled to be held between Iraq, Egypt and Jordan, but Prime Minister Mostafa Al-Kazemi announced last Friday that the summit would be postponed indefinitely due to the two trains collision in Egypt, which caused dozens of deaths and injuries.

Last Saturday, Prime Minister Mustafa Al-Kazemi and King Abdullah bin Al-Hussein of Jordan stressed the importance of holding the tripartite summit as soon as possible, while they discussed strengthening cooperation between the two countries. The Media Office of the Prime Minister said in a statement received by Shafaq News that Al-Kazemi received a phone call from the Jordanian king, during which they discussed bilateral relations between the two countries, issues and files of common interest, as well as ways to enhance cooperation between Baghdad and Amman at various levels and levels. LINK

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Samson:  The Suez Canal Authority announces the success of the operation to float the delinquent ship and return to navigation

29th March, 2021

The Suez Canal Authority announced, on Monday, that the operation to float the stranded ship and return to navigation in the canal was successful.

"The delinquent ship in the Suez Canal is moving, using engines, towards the Bitter Lakes region," the Egyptian TV confirmed, in urgent news that was followed by Shafaq News.

Reuters also confirmed the return of navigation in the Suez Canal to normal activity.

A little while ago, Reuters reported that the delinquent ship in the Suez Canal had returned to its width as the width of the canal due to strong winds.

Egyptian President Abdel Fattah El-Sisi announced that the Egyptians succeeded today in ending the crisis of the delinquent ship in the Suez Canal.

Egypt had announced that the delinquent ship floated in the Suez Canal, and was directed to the Lakes region for examination, in a process that could last 48 hours.  

The head of the Suez Canal Authority suggested resuming navigation in the canal on Monday at noon. LIN

KTFA Members "News and Views" Sunday 3-28-2021

KTFA:

FromBelgium:  Hi. Has anyone noticed what our newest WOW-article (FA 749) REALLY says?

"The last statement of the Minister of Finance - Ali Allawi - to make the price of every 1{00} dollars equal to 3{00} thousand dinars, as it was before 2003"every 1{00} dollars equal to 3{00} THOUSAND dinars”

Does any one know why it says "3 thousand" Dinars? I even saw someone repost this article with the word "thousand" removed. I guess it really looks better without the word thousand. But I would like to know why it is there in the original article... IMO  

Iobey777: YES!! I noticed it and was Very excited to see it!! As FRANK has told us often, they have recalculated,recalculated and recalculated the numbers of the rate! Perhaps they have “different “ rates for different circumstances! IMO, we have been told the 1-1 rate is for in the country of Iraq..I believe it could be higher outside of Iraq due to the demand and interest of the market. Wouldn’t that be just a wonderful blessing?! I think so and am it is so! I believe we will soon have our answers! Blessings!

McDan:  I have not seen the original post , but if true there is a change .  The 3000 Dinar to one dollar comes to .  .0003333.  Drop the 3 zero and you have a rate of .33 or the $ 3.33 rate adjusted to the Dollar IMO

Billuke:  This is what the actual article says: "The last statement of the Minister of Finance - Ali Allawi - to make the price of every 100 dollars equal to 300 thousand dinars, as it was before 2003, ..."     FA 749   LINK

Samson:  Three governorates will be shut down tomorrow on the occasion of the birth of Imam Al Mahdi {PBUH}

03/28/2021 14:45:23

Three governorates announced today, Sunday, that the official working hours will be suspended for tomorrow, on the occasion of the anniversary of the commemoration of the popular visit.

The governor of Diwaniyah, Zuhair Ali Al-Shaalan, decided in a statement that Al-Furat News received a copy of, "suspending the official working hours for tomorrow, Monday, except for the service, health, security and education departments."

For his part, Karbala Governor Nassif Al-Khattabi announced, "the official working hours will be suspended tomorrow, Monday, on the occasion of the birth anniversary of the Imam Al-Mahdi, with the exception of service departments." To this extent, Diyala governorate decided to suspend the official working hours on Monday, with the exception of schools to sit for exams. The governorate of Maysan announced this morning that the official working hours will be suspended for tomorrow, Monday.

According to a document issued by the governor of Maysan Ali Dawai obtained by {Al Furat News}, it was decided to "suspend the official working hours in Maysan governorate tomorrow, Monday 3/29/2021, on the occasion of the birth anniversary of the awaited Imam Al-Mahdi (may God bless him), except for the Maysan Education Directorate for the conduct of exams for students."   LINK

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Samson:  The budget .. agrees to the region’s share and a meeting to put the final touches before voting on it

28th March, 2021

The Parliamentary Finance Committee announced, on Sunday, that the political blocs and the Kurdish delegation agree on the article on the region in the budget law.

Committee reporter Ahmed Al-Saffar said, "There has been agreement on Article 11 in the 2021 budget between the region’s delegation and the parliamentary blocs."

He added, "The Finance Committee holds a meeting to finalize the paragraphs on which amendments have been made in the 2021 budget before the voting session this evening."  LINK

Jerry1971:  GREAT NEWS FINALLY THEY HAVE AGREED ON THE CRUCIAL POINTS TO VOTE ON THE BUDGET AT 7 PM HOPEFULLY THEY GO THROUGH IT TODAY BUDGET GETS PASSED TODAY FOR FURTHER ECONOMIC REFORMS TO START OFF IN IRAQ BESIDES THE EXCHANGE RATE CHANGE IMO

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Samson:  Parliamentary meeting and preference ... the latest developments in the Iraqi budget

28th March, 2021
Dylan Ghafour, a deputy from the Patriotic Union of Kurdistan, suggested, on Sunday, that the political blocs had reached an agreement on the financial budget for Iraq for the year 2021.

According to her party's media, Ghafour said, "The Presidency of the Council of Representatives meets today at six o'clock in the evening before the special session. In the budget, "explaining that" the meeting of the Finance Committee is still continuing regarding points of disagreement in the draft law."

She added, "The political blocs are getting closer to agreeing on the budget," and the bill is likely to be passed tonight.   LINK

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Samson:  Al-Abadi Describes The Decision To Devalue The Dinar As A Mistake, And To Withdraw It Is A Virtue

28th March, 2021

The leader of the "victory" coalition, former Prime Minister Haider al-Abadi, called on Sunday the federal government and parliament to backtrack on the decision to reduce the value of the Iraqi dinar in front of hard currency, describing this decision as a "mistake" and retracting it a "virtue."

"The dollar is in the hands of the rich, and the dinar is the hand of the poor. They lower the value of the dinar, and they raise the value of the dollar, so that the rich get richer and the poor get poorer, then divide my dizzy," said Al-Abadi. How do you judge ?!"

And he added, "I call on the deputies and the government to stand with the weak and to take the right for them. Pride does not lead you to sin, for retreating from a mistake is a virtue."

Bashir Al-Haddad, Deputy Speaker of the Iraqi Parliament, said yesterday, Saturday, in a press conference that the government and most of the members of the Finance Committee kept the exchange rate in its current position and that the price of the dollar against the dinar would not be reduced. The Central Bank of Iraq had decided to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.

It is noteworthy that all the prices of materials and commodities witnessed a significant increase in the local market with the devaluation of the dinar, which sparked a wave of resentment among the people and some of the political bloc, in addition to the objections of some economically interested people. The security authorities imposed strict follow-up measures on the prices of local and imported goods and goods in stores and markets, while reducing the value of the Iraqi dinar against hard currency, specifically the US dollar, at the end of 2020.

The Iraqi Ministry of Planning estimates that the poverty rate has risen to more than 30 percent, due to the repercussions of the Coronavirus pandemic, which has placed the country in a stifling financial crisis. Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to the low oil prices and the outbreak of the Corona virus.   LINK

Manu68:  In all honesty, IMO i think this back and forth shenanigans regarding the budget is really waiting on timing with what is happening with your US politics.

Trump has worked hard on setting up peace deals with the middle east - the fact that these ME countries are still adhering to those business deals shows Biden has no pull or respect from them. Something is brewing and Trump did not set those up just to have Iranian/China puppet Biden and his cronies take the credit or syphon funds out of an Iraq RI and do more damage.

We haven't heard the last out of Trump that much you can bet the farm on. The date of the first phase Frank/WS mention could well be aligned with that.

Of course this is my opinion. If this is in God's plan and this RI will usher in the start of the end times then timing is key here. 

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Samson:  Al-Tamimi: This is what happened during the parliamentary finance meeting with the government regarding the budget

03/27/2021 20:44:04

 A member of the Parliamentary Finance Committee, Magda Al-Tamimi, revealed, Saturday, what happened during the meeting of the Finance Committee with the government regarding the 2021 budget.

 Al-Tamimi said in a statement, "The continuation of the meeting of the Finance Committee for a period of eight hours in the presence of the Minister of Finance, Oil, Trade, Planning, Labor and Social Affairs and the Minister of Electricity, as well as the Chairman of the Federal Service Council. The Deputy Minister of Finance and Director General of the Ministry of Commerce also participated in the meeting. She indicated that "among the outcomes of the meeting was an increase in the financial allocations for the ration card by 500 billion dinars in addition to what is in the budget."

Al-Tamimi called for "the necessity to change the mechanism of distributing the ration food basket by adopting the electronic card, which would contribute to eliminating corruption in the ration card file, as well as reduce transportation and storage costs and give the citizen freedom to choose the goods he wants at the time he desires."

Al-Tamimi indicated that she had "called for doubling the salaries of those covered by social care and people with disabilities." She stressed, according to the statement, "the necessity of monitoring prices in the local markets to control them by activating the supervisory role of the concerned authorities." LINK

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Samson: US reports: Biden is preparing to raise taxes on corporations and the rich

28th March, 2021

US press reports revealed, on Sunday, that the Biden administration is ready to raise taxes on companies and the rich to finance the development of the country's infrastructure.

"The president's infrastructure development proposals likely require trillions of dollars in new tax revenue, and they give liberals an opportunity to address what they describe as Republican tax-cut failures," the New York Times said in a report today.

 "Democrats have spent the last several years demanding tax increases on corporations and the rich, seeing them as a necessary antidote to widening economic inequality and a rebuke for Trump's signature on tax cuts," the newspaper pointed out.

 She pointed out that "Democrats now, under Biden, have a chance to launch the largest federal tax increase since 1942, and it could help pay for a set of spending programs that liberal economists expect will boost economic performance and reform the tax law that encourages the rich to boost their wealth and businesses." Great on bookings of profits abroad."

The newspaper believes that "the question now is whether Democrats in Congress and the White House can agree on how taxes should rise significantly and who exactly should pay the bill." The Democrats broadly share the goal of rolling back the tax cuts approved by Trump in 2017, but they have yet to agree on the details, and because the Republicans have likely not supported their efforts, they have no room for error in the Senate deeply divided between the two parties.   LINK

More Saturday News from KTFA Members 3-27-2021

KTFA:

Samson:  The Kurdish delegation in Baghdad today and optimism that the budget will be approved tomorrow

27th March 2021

The delegation of the Kurdistan Regional Government, tomorrow, Sunday, in Baghdad, will resume its negotiations regarding the share of the Kurdistan Region in the federal budget, in a positive atmosphere by resolving the disputed points and voting on the budget.

The deputy from the Kurdistan Democratic Bloc, Sherwan Al-Dubirdani, told Shafaq News:

The Kurdish delegation will arrive this evening in Baghdad, and tomorrow it will hold a meeting with the Presidency of Parliament and heads of political blocs to resolve the points of disagreement and reach a final agreement to vote on the budget law.

Aldobardani added; The atmosphere is currently positive, especially after the meeting of the Finance Committee and its hosting of the ministers, and that tomorrow, Sunday, will be a crucial day for voting on the budget law.

He pointed out that the date of the session may be delayed by an hour or two, but that it will be held to vote on the articles of the budget law gradually from Article 1 to Article 58, in addition to the articles added to the law.   LINK

Don961:  A member of Parliamentary Integrity talks about a shocking number regarding the amount of money smuggled out of Iraq

232 Policy 2021/03/27 19:42 ht   Baghdad today - Follow-up, 

A member of the Integrity Committee in the House of Representatives, Taha Al-Defense, revealed the amount of money smuggled outside Iraq, while he confirmed that the smuggling operations took place through Iraqi banks.

"The volume of money that smuggled out of Iraq under the pretext of import amounted to 350 billion dollars through fraudulent invoices and a number of banks," Al-Defense said in a televised statement that was followed by (Baghdad Today).

In another aspect of his speech regarding the relationship between the center and the region, he added, "The Iraqi government is suffering from the inaction of the Kurdistan Regional Government in not handing over one cent of the oil money from 2010 until today, and whoever has anything other than this should prove it with the documents."

And on the possibility of changing the exchange rate of the dollar, Al-Defense said, "The exchange rate will remain around 1450 dinars against the dollar, and it is difficult to change it in the near term." The economic expert, Rasim Al-Aqidi, proposed on Monday (March 15, 2021) a solution to prevent “smuggling the dollar”, if it was agreed to return the old exchange rate.

Al-Aqidi said in an interview with (Baghdad Today), "The increase in the exchange rate of the dollar by the Central Bank of Iraq was an attempt to regain control of the dinar, but on the other hand, most of the border outlets are still under the influence of influential parties, in addition to the existence of informal outlets in Kurdistan."

He continued, "These problems are a source of economic benefit to all neighboring countries, without exception."

Al-Aqidi said, "Restoring the dollar’s ​​exchange rate to its previous position, without adopting specific controls, will lead to the return of smuggling of the dollar and thus the lack of money supply to the government, meaning that the salary crisis and the inability to finance projects in the governorates will return."

He pointed out that "the smuggling operations are carried out by businessmen supported by influential parties that cannot be held accountable. He will also restore the principle of importing cheap goods that flood the markets and destroy the local industry."

He pointed out, "The importance of the process of restoring the exchange rate of the dollar to its previous position if the matter is agreed upon according to very stringent mechanisms in terms of granting the dollar to traders and companies through strict controls, and the adoption of electronic and automated governance that shows the quality of goods to avoid importing prohibited materials." ".

He continued, "As money is transferred through the Iraqi Trade Bank, to the exporting companies, so that the latter give notices about the quality and quantity of imported materials in order to control the import file and avoid smuggling the dollar abroad."   LINK

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Don961:  Oil jumps 4% due to fears of a possible halt in navigation in the Suez Canal for weeks ... Brent to $ 64.57 a barrel

Saturday 27 March 2021 - 13:15

(CNBC) - Oil prices rose by more than 4% today, Friday, due to fears that the floatation of a giant, stranded container tanker that impedes navigation in the Suez Canal may take weeks, which could put pressure on supplies of crude and refined products.

This constitutes a rebound from a sharp drop in the previous session, against the backdrop of fears that demand will be affected as a result of new closures related to Corona virus in Europe.

Brent crude rose $ 2.62, equivalent to 4.2%, to reach the settlement price of $ 64.57 a barrel, after dropping 3.8% on Thursday.

US West Texas Intermediate crude rose $ 2.41, or 4.1%, to settle at $ 60.97 a barrel, after tumbling 4.3% the previous day.

Brent increased 0.1% over the course of the past week, while West Texas Intermediate was down 0.7%, its third consecutive weekly loss.

 The oil market has been volatile this week as investors weigh the potential impact of congestion in the Suez Canal that began on Tuesday and the impact of new lockdown measures linked to the Coronavirus.

The Suez Canal today intensified efforts to liberate the delinquent giant ship after previous efforts failed. Efforts to free them could take weeks, with unstable weather potentially causing complications.

 Of the 39.2 million barrels per day of total crude oil imported by sea in 2020, 1.74 million barrels per day used the canal, according to Kepler to track tanker movements.

In addition, Kepler said, only slightly less than 9% or 1.54 million barrels per day of global refined product imports passed through the Suez Canal.

Kepler said today that ten ships waiting at the entry points of the canal were diverting about ten million barrels of oil.

The stoppage of the Suez Canal is causing disruption, resulting in the nearly doubling of shipping costs for tankers of petroleum products this week and diverting several ships away from the waterway.

Prices are supported by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will keep their production low.

Goldman Sachs said it expected OPEC + to keep production levels for May unchanged when the group meets next week.   LINK

Don961:  Pictures from space show the size of the ship's "crisis" in the Suez Canal

295 Economie 2021/03/27 16:25
Baghdad Today - Follow-up

The European Space Agency has published dramatic images from space of the crisis created by the stranded "Evergreen" in the Suez Canal.

Satellite images showed dozens of ships parked in the Red Sea, waiting to cross the Suez Canal, which appeared thanks to small white dots from space.

European Space Agency compared the state of ships before the "crisis", in which limited ships appeared in the Red Sea.

The giant container ship "Evergiven", owned by the Japanese company Shuikison, was aground due to strong winds and a dust storm, Tuesday, in the southern part of the canal.

This caused a real crisis for global navigation, as the Suez Canal is one of the busiest shipping lanes in the world, and about 12 percent of global trade volume passes through Suez.

The charter company for the delinquent container ship in the Egyptian Suez Canal announced, on Thursday, that two professional rescue teams from the Netherlands and Japan have been assigned to work with the local authorities to develop a more effective plan to re-float the giant vessel.

"Evergreen" company said that the company that owns the ship has appointed "Smit Salvage" from the Netherlands and "Nippon Salvage" from Japan, and they will work alongside the captain of the ship and the Suez Canal Authority to implement the float plan for the stranded ship.   LINK

KTFA Members "News and Views" 3-27-2021

KTFA:

Samson:  The dollar is stabilizing as the Iraqi Stock Exchange stops trading due to the curfew

27th March, 2021

The main stock exchange in the Al-Kifah and Al-Harithiya markets in the Iraqi capital, Baghdad, stopped trading on Saturday as a result of the comprehensive ban that was implemented starting from Friday, and which will continue until tomorrow, Sunday.

The Shafaq News Agency correspondent said that the main stock exchange in Al-Kifah and Al-Harithiya Market in Baghdad has stopped trading due to the implementation of the comprehensive ban.

He added that the selling and buying prices have stabilized in the exchange shops in the local markets, some of which have opened their doors in Baghdad, where the selling price reached 145,000 Iraqi dinars, while the purchase prices reached 144,000 dinars per 100 US dollars.

Our correspondent indicated that the stock exchange in Erbil, the capital of the Kurdistan Region, did not witness any trading today either because of an official holiday there.  LINK

Samson:  Due to fears of halting navigation in the Suez Canal ... Oil prices rise by more than 4%

03/27/2021 11:19:55

 Oil prices rose by more than 4% due to fears that the floatation of a giant, stranded container tanker impeding the movement of navigation in the Suez Canal might take weeks, which could put pressure on the supplies of crude and refined products.

  This is a rebound from a sharp drop in the previous session, against the backdrop of fears that demand will be affected by new lockdown measures linked to the Corona virus in Europe.

Brent crude rose $ 2.62, equivalent to 4.2%, to reach the settlement price of $ 64.57 a barrel, after dropping 3.8% on Thursday. US West Texas Intermediate crude rose $ 2.41, or 4.1%, to settle at $ 60.97 a barrel, after tumbling 4.3% the previous day. Brent increased 0.1% over the course of the past week, while West Texas Intermediate was down 0.7%, its third consecutive weekly loss.

The oil market has been volatile this week, as investors weigh the potential impact of congestion in the Suez Canal that began on Tuesday and the impact of new lockdown measures linked to the coronavirus.

The Suez Canal today intensified efforts to liberate the delinquent giant ship after previous efforts failed. Efforts to free them could take weeks, with unstable weather potentially causing complications.   LINK

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Samson:  Financial Committee: There is a will that does not want the budget to pass inside the parliament

27th March, 2021

A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, on Saturday, that there is a will that does not want the budget to pass inside the parliament, while noting that the process is complex and needs several sessions in order to pass the obstacles.

Cougar said in a press interview, "The House of Representatives is now facing a set of crises within the budget that have not been resolved, and there is a will that does not originally want this budget to be passed," indicating that "there are contradictions in positions on the one hand, there are parties that do not want to pass it, and on the other hand, the budget has been since its inception." It was full of traps and points of contention over which there was much controversy."

Cougar added, "What makes the matter worse is the presence of demands from some in matters that are not from the authority of the House of Representatives, or even from the authority of the Parliamentary Finance Committee, and they cling to their positions that there is no vote on the budget without passing those demands," pointing out that "the process is complicated and needs to be done." To several sessions in order to pass the obstacles."    LINK

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Samson:  A parliamentarian reveals the disappearance of tens of billions allocated to Sulaymaniyah Governorate

27th March 2021

Ali Hama Saleh, the deputy for Change Movement in Kurdistan Parliament, announced on Saturday a major financial corruption file in Sulaymaniyah Governorate.

According to Hama Salih, in a post on social media, which he attached with documents, in 2013 a sum of 368 billion dinars was allocated for projects in Sulaymaniyah Governorate, but 48% of the amount was not disbursed, indicating that 54 billion was disbursed, but it disappeared.

He added that "this crime that was committed against Sulaymaniyah was overlooked by the judiciary with a political decision," describing "the independence of the judiciary as a big lie."  LINK

Samson:  For 25 years, Iran and China sign a comprehensive strategic cooperation treaty

03/27/2021 10:57:53

 Iran and China will sign a 25-year economic and strategic cooperation treaty, today, Saturday, according to what AFP quoted the official spokesman for the Iranian Foreign Ministry as saying.

  On Friday, Chinese Foreign Minister Wang Yi arrived in Tehran, in preparation for the signing of the previously announced strategic agreement. The agreement, whose final details have not yet been announced, is expected to include Chinese investments in the energy and infrastructure sectors in Iran, according to Reuters.  "This document is a complete roadmap that includes strategic political and economic items covering cooperation in the fields of trade, economy and transportation," said Saeed Khatibzadeh, spokesman for the Iranian Foreign Ministry on state television. "With a specific focus on the private sector on both sides."

He explained that the agreement focuses on "the economic dimensions that are the main axis of it and Iran's participation in the + Belt and Road + project," the huge Chinese plan to establish infrastructure projects to enhance Beijing's trade relations with Asia, Europe and Africa. He pointed out that the draft agreement dates back to the visit of Chinese President Xi Jinping to Tehran in January 2016, when he decided with Iranian President Hassan Rouhani to strengthen relations between the two countries. At that time, the two countries pledged, in a joint statement, to "conduct negotiations to find an expanded cooperation agreement for a period of 25 years," providing for "mutual cooperation and investments in various fields, especially transport, ports, energy, industry and services." The agreement will be signed on Saturday noon, at the Iranian Ministry of Foreign Affairs, between Wang and his Iranian counterpart, Mohammad Javad Zarif.

In 2016, China, Iran's largest trading partner, agreed to increase trade exchange between the two countries to $ 600 billion over the next decade. And the former Iranian President, Mahmoud Ahmadinejad, revealed last June, part of the agreement, which he described as "secret". Ahmadinejad said, "The Iranian nation will not recognize a new secret agreement of 25 years between Iran and China," warning that any contract signed with a foreign country without people knowing about it will be void.

According to those leaks, China will invest in various sectors inside Iran in exchange for obtaining oil at reduced prices during the period stipulated in the agreement. China will work on these huge investments in Iranian lands, in addition to developing intelligence and military cooperation, at a time when the leaks indicate that Beijing will build a military base on the island of Kish in the Persian Gulf, according to a report published by the "Petroleum Economist" magazine, information that Tehran has denied.

In September of 2019, Petroleum Economist published some of the terms of this agreement between Beijing and Tehran, citing unofficial sources. The monthly magazine said that China intends to invest $ 280 billion in the Iranian oil and gas industry and $ 120 billion in the transportation sector, in contrast, Chinese companies have priority in implementing infrastructure projects.

Last July, The New York Times unveiled the 18-page draft of the agreement, noting that Iran and China had quietly forged a comprehensive economic and security partnership that would pave the way for billions of dollars of Chinese investment in energy and other sectors. The agreement also includes proposals for China to build a 5G communications network infrastructure and introduce a new Chinese global positioning system.

The deal has been in development since 2016, but the Trump administration's campaign of maximum sanctions toward Iran hastened Tehran's embrace of Beijing. Analysts explained that this agreement, which comes within the framework of the Chinese "Silk Road" initiative known as "One Belt, One Road", aims to increase Beijing's influence in the region, given the strategic location that Iran has on the eastern bank of the Gulf waters.   LINK

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Ross:  Can I hear an “Amen!”  Quote:  “ The last statement of the Minister of Finance - Ali Allawi - to make the price of every 1{00} dollars equal to 3{00} thousand dinars, as it was before 2003, confirms that he adheres to the directives of the World Bank, on the pretext that the salaries of the employees of the state sector are burdening the budget! “

Don961:  Imported ready-made recipes will not cure the Iraqi economic and financial collapse

Friday 26th March 2021 - 06:11

Dr.. Abd Ali Awad  Economic researcher and writer

The Iraqi laboratory has become one of the world's richest laboratories in the field of political, economic and social experiments. As the various dilemmas accompanying its collapsing consequences still follow him ...

 If silence prevailed on the part of those concerned with the Iraqi economic and financial affairs, we would have said that it is inevitable to bring ready-made prescriptions from abroad and to seek the help of international economic and financial institutions and international scientific research centers, but after 2003, various studies were published. And research to address the Iraqi economy and how to advance it did not find deaf ears. 

 The last statement of the Minister of Finance - Ali Allawi - to make the price of every 1{00} dollars equal to 3{00} thousand dinars, as it was before 2003, confirms that he adheres to the directives of the World Bank, on the pretext that the salaries of the employees of the state sector are burdening the budget! 

He did not bother with his consultant team to involve the Ministry of Planning to develop an integrated study to transfer the majority of state sector employees to the private sector, which in turn stipulates providing job opportunities by granting loans with the application of the Social Security Law for the employees of that sector. I mentioned several years ago that the national economy, with its private sector, needs an estimate of 50 thousand industrial, agricultural and service production projects, and this huge number of projects can absorb unemployment in its both declared and disguised parts / the redundant state sector employees /.  

 It seems clear to us that there is a contradiction between Parliament legislation and executive authority agreements that take the nature of deals, so where is the commitment of the Council of Ministers to implement the laws on protecting the national product and protecting the consumer! 

The inherited problem in running the state is that the ruler has the absolute right to dispose of state funds, which are the people's money, unlike what is prevalent in countries with long-standing democracies with their constitutional institutions ..

And here we are on the eve of a tripartite meeting between Al-Kazemi, King Abdullah II and President Al-Sisi, and the indications for that meeting It suggests that Iraq should be a consumer market for the goods of those countries in addition to Jordan and Egypt’s insistence on completing the extension of the oil pipeline from Iraq to the port of Aqaba at the expense of Iraq and the beneficiaries of that project are Jordan and Egypt. Iraq is the only one affected .. Likewise, Egypt's desire to export its labor to Iraq is as if Iraq suffers from a shortage of internal manpower ...

Whoever wants to build his country must set his sights on Iraq to infinity.It is possible to conclude any agreements between Iraq and any other country if those agreements are in the interest of the two countries, but if they are in the interest of the other country and cause harm to Iraq, then there is no need to think about them.  LINK

Frank26 and KTFA Members Friday Afternoon 3-26-2021

Note: Thank you Frank, for all you do, and we hope you have a speedy and complete recovery!

KTFA:

FRANK26:  GREETINGS FAMILY........... I WANTED TO TALK ABOUT TWO THINGS......MY OPERATION HAD MINOR COMPLICATIONS THAT PUT ME IN A HIGHER LEVEL OF PAIN. I THANK YOU FOR YOUR PRAYERS AND KNOW THAT TINK AND I PRAY FOR YOU.

SECONDLY............WALKINGSTICK AND I GAVE YOU OUR OPINION TWO WEEKS AGO AND WE CALLED IT PHASE 1, 2 AND 3. DEFINED IT............EXPLAINED IT..........AND EVEN WENT OVER IT DEEPER BY DRAWING IT OUT ON MY EASLE BOARD.

CHINA........KUWAIT..........AND CERTAINLY COUNTRIES LIKE IRAQ THAT ARE GOING THROUGH A MONETARY REFORM ARE GOING TO PUT OUT MISLEADING INFORMATION. ONLY THE WEAK WOULD FEED OFF OF THIS AND GET SICK.

THE STRONG THAT ARE KTFA KNOW THAT WHAT WE HAVE SHARED WILL COME ABOUT. REGARDLESS IF IT'S PRESENTED IN OUR OPINION ...............

IF YOU LOOK IN THE FINAL ARTICLE THREAD RIGHT NOW YOU WILL SEE ARTICLES THAT ARE WARNING YOU TO BE AWARE OF LIES AND RUMORS CONCERNING IRAQ.

I WISH YOU ALL WELL AND I WISH THE WELL AMONG US WOULD BECOME STRONG.

THANK YOU KINDLY.......F26

Samson:  Al-Ta'i reference : Iraqis' money should not be wasted by budgeting in the pockets of the corrupt

26th March, 2021

The religious authority, Sheikh Qassim Al-Taie, called for "not to waste the money of the Iraqis by budgeting in the pockets of the corrupt." As he put it

"The budget is built on the price of a barrel of oil being $ 45, and now it is sold at more than $ 63 per barrel, which means that there is a surplus of nearly $ 20 that should not be wasted in the pockets of the corrupt," the reference to Al-Taie said to "Tigris."

He called for "keeping this surplus from the price of oil in its own national treasury and accumulating for six months until it reaches a large sum that can be distributed to all Iraqis, noting that" this is an opportunity that should not be missed, which is in the interest of the Iraqi people of all sects.  LINK

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Samson:  Cabinet intends to vote on the holiday law next week

25th March, 2021

The Minister of Culture, Tourism and Antiquities, Cabinet Spokesman Hassan Nazim, announced that the Council of Ministers will vote on the law on public holidays next week

Nazem said that "the law on official holidays has been completed and will be submitted to the Council of Ministers next week for a vote," indicating that "the law includes 12 holidays that take into account all components of the Iraqi people

Nazem added, "The House of Representatives will vote on the Iraqi National Day project soon after it is submitted," indicating "the ministry's intention to work on the national anthem project

Nazem disclosed that "the Ministry of Culture has drafted a new law pertaining to the Ministry," noting that "the new Ministry of Culture Law includes a merger of departments  LINK

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Samson:  An upcoming memorandum of understanding between Iraq and Armenia in this regard

25th March, 2021

Minister of Defense, Jumah Inad, and his Armenian counterpart Nikole Pashnyan, today, Thursday, signed a statement of common intentions in preparation for the signing of a memorandum of understanding in the security and military field.

"I visited the Republic of Armenia, at the invitation of Nikole Pashnyan, the Minister of Defense, and we signed a statement of common intentions in preparation for the signing of a memorandum of understanding between the defense ministries of the Republic of Iraq and the Republic of Armenia."

He added, "We also discussed ways to enhance cooperation and coordination in the field of defense and exchange experiences in the field of technology for military industries."

He continued: "I also met with the Prime Minister of Armenia Nikol Bash, the Minister of High Technology Industry Hagop Archakyan, and the Armenian Foreign Minister Ara Evazyan."   LINK

Samson:  The Minister of Industry is discussing in Amman the establishment of a joint economic city with Jordan

26th March, 2021

On Friday, Minister of Industry and Minerals, Manhal Al-Khabaz, discussed with his Jordanian counterpart joint industrial cooperation agreements, as a continuation of the bilateral and tripartite meetings of the Iraqi ministerial delegation in Amman

The ministry stated in a statement that "Al-Eqtisad News" received a copy of it, that "Minister Manhal Aziz Al-Khabaz discussed with the Jordanian Minister of Industry, Trade and Supply, namely on joint industrial cooperation agreements to complete the bilateral and tripartite meetings of the delegation of the Iraqi-Jordanian-Egyptian Coordination Council in light of the preparations for the tripartite summit of the leaders of the three countries

The two sides discussed, according to the statement, "the industrial integration project and mechanisms for activating cooperation in various industrial fields, especially in the field of pharmaceutical industries, veterinary medicines, chemical industries, textile and leather industries and others, in addition to completing discussions regarding the procedures for establishing the joint economic city and a number of joint industrial activities and issues in order to reach a final formula." The Protocol for Industrial Cooperation and Partnership between Iraq and Jordan  LINK

GMan:   Last time this industrial city was talked about, it was MOU in articles. Now it is an agreement. The difference was talked about by MM and/or PETRA.  All IMO 

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Samson:  The Kurdistan Democrat : Political parties try to block the approval of the budget

26th March, 2021

The leader of the Kurdistan Democratic Party, Shakhwan Abdullah, accused political parties (he did not name her) of obstructing the approval of the budget.

Abdullah told "Tigris", "These forces invoke various pretexts to disrupt the budget, including the regional budget that is dealt with outside the legal and constitutional frameworks, as well as adjusting the exchange rate of the dollar against the dinar."

He explained, "The issue of adjusting the exchange rate of the dollar against the Iraqi dinar is not concerned with the House of Representatives, but it is related to the Central Bank Law, Article 4 of it, and it is one of the competencies of the Central Bank, indicating that" the terms of reference of the House of Representatives regarding the budget are limited to transfers and allocations, and in the case of To increase it, it must be approved by the government."

He added, "These practices are aimed at not holding elections. By passing the budget, excuses will not remain for not dissolving Parliament, and there will be a sufficient budget for the Board of Commissioners in the Elections Commission to hold the elections, indicating that" there are political parties that fear early elections because they are convinced that it may lose Its political weight at the government and parliament levels."   LINK

Jerry1971:  IMO SAME OLD STORY WHEN THE MOMENT ARRIVES FOR VOTE ON THE BUDGET THESE INSTALLED IRANIAN POLITICIANS IN IRAQ PARLIAMENT DO THEY LEVEL BEST TO STOP THE VOTING AND HENCE THIS KEEPS ON DRAGGING WEEK AFTER WEEK MONTH AFTER MONTH DON'T KNOW WHEN THAT GOLDEN DATE WILL ARRIVE FOR THE CBI TO PULL THE TRIGGER …..YET HOPING FOR THE BEST TO HAPPEN SUDDENLY.

Realtormc:  IMO,All the stuff about the budget is meaningless. It seems that they can change the rate whenever they want.  Did they pass a budget to change it to 1450???  Nope! They just did it. Also Quarter 1 is over in a couple days, so let's see what happens.

KTFA Members "News and Veiws" Thursday PM 3-25-2021

KTFA:

Samson:  Today .. Sisi's delegation arrives in Baghdad in preparation for the tripartite summit

25th March, 2021

The delegation of the introduction of Egyptian President Abdel Fattah El-Sisi arrives, Thursday, in preparation for the tripartite summit.

The capital, Baghdad, is preparing for the tripartite summit between Prime Minister Mustafa Al-Kazemi, Egyptian President Abdel Fattah Al-Sisi and King Abdullah of Jordan, while the official round of talks between the Iraqi and Jordanian delegations began in the presence of the Egyptian ministerial delegation via the closed television circuit .

The semi-official Al-Sabah newspaper stated, "The delegation of the presenter of Egyptian President Abdel Fattah Al-Sisi will leave today, Thursday, for Baghdad in order to prepare for the tripartite summit meeting between Al-Kazemi, Sisi and Abdullah II." Al-Sisi's visit to Iraq is the first, and the summit meeting will deal with the files of the tripartite committee and the findings of the committee meeting during the past months.

In Amman, Minister of Planning Khaled Battal Al-Najm, head of the Iraqi delegation to prepare for the summit between the three countries, affirmed, "The Iraqi government's desire to activate memoranda of understanding on the ground, which has witnessed tangible development and is moving towards positive steps, after it made advanced strides in the fields of trade and industrial exchange."  He pointed out that "the Iraqi side is keen to accelerate the implementation of joint projects aimed at deepening coordination, cooperation and strategic integration between the three sister countries in all vital sectors."

In the Jordanian capital, Amman, the Iraqi delegation discussed joint cooperation to rehabilitate Iraqi priority factories, establish the Iraqi-Jordanian economic city, as well as activate the Arab Bridge Maritime Transport Company. Delegations also discussed memoranda of understanding signed on agricultural cooperation and food security, as well as the fields of pharmaceutical industries. The agricultural pesticides and chemical industries.

The Iraqi delegation called on the technical teams from the Jordanian and Egyptian sides to visit Iraq. To view the specific sites for establishing projects listed in the signed memoranda of understanding. The final record of the round of discussions will be prepared and presented to the leaders of the three countries. In order to reach the final recommendations that will be ratified during the tripartite summit to be held in Baghdad.   LINK

DeepWoodz:  Imo..."The Iraqi government's desire to activate memoranda of understanding on the ground, which has witnessed tangible development and is moving towards positive steps, after it made advanced strides in the fields of trade and industrial exchange."

Here sounds like this weekend is a turning point as I believe this Summit is HUGE. To ACTIVATE means to sign a real CONTRACT....which imo means they have or they are about to have accomplished the prerequisite conditions that were in the MOU’s. 

Couple this with the leak from the HoR about Saturday’s formula amendment and OH BUDDY!

PS....don’t forget Ramadan is just around the corner!!!

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Samson:  The foreign ministers of Jordan and Egypt are in Baghdad on Friday

25th March, 2021
Jordan's Foreign Minister Ayman Safadi and his Egyptian counterpart, Sameh Shukry, will arrive tomorrow, Friday, in the capital, Baghdad.

An informed source told Shafaq News: The attendance of the Jordanian and Egyptian foreign ministers in Baghdad, to arrange the atmosphere for the tripartite summit, which will be held next Saturday, in the presence of the King of Jordan and the Egyptian President.

Next Saturday, the capital, Baghdad, will host a tripartite summit that brings together Iraq, Egypt and Jordan, to complete the efforts of these countries seeking to develop relations between them.

A source informed Shafaq News; Earlier in the day; "The tripartite summit will only take one day," without giving further details.

The three countries' dialogues will include joint political, economic and cultural files, as well as the energy, investment and security files for these dialogues, and then move towards implementing what was agreed upon in two previous summits held in Jordan.  LINK

DeepWoodz:  Imo...Got three Kings coming from the Middle East....
Are they bringing gold, frankincense, and myrrh like back in THE DAY?!?!

Notice they have already had two other meetings. This appears to be the celebratory one.

PS.....Egypt and Jordan are two of the countries in the ME basket. Imo

Samson:  Mass demonstrations in central Baghdad block a road leading to the fortified Green Zone

24th March, 2021

Dozens of holders of higher degrees demonstrated today, Wednesday, in the center of the capital, Baghdad.

According to the correspondent of Shafaq News Agency, the demonstration started from the Arab Knight Square, at the intersection of the exhibition, towards the heavily fortified Green Zone 

He added that the demonstrators demanded that they be provided with employment opportunities in the 2021 fiscal budget.

In the meantime, hundreds of contract employees in the Independent High Electoral Commission demonstrated in front of the Green Zone from the side of the two-story bridge to demand confirmation and the inclusion of their dues in the current year budget.  LINK

Bravo13:  The people are starting to rumble. The government needs to get this budget finished and it better be good or I believe there is going to be some serious push back, you can only taunt the people for so long. imo

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Samson:  Anti-corruption felonies issue court decisions against government officials, including a former minister

25th March, 2021
The Federal Integrity Commission announced, on Thursday, that the Central Anti-Corruption Criminal Court had issued five verdicts in the presence of government officials and an investor, indicating that the rulings included the former Minister of Electricity, the President of the Baghdad Investment Commission, and an accounts manager at the Ministry of Education.

Speaking about the details of the rulings' decisions, the Authority’s Investigation Department stated in a statement that Mawazine News received a copy of, that “the decisions came against the background of cases related to charges of causing a low level of electric energy production, and taking sums in exchange for completing the granting of investment licenses and receiving bribes in exchange for Passing the health insurance contract at the Ministry of Education."

The department continued, "The Central Anti-Corruption Criminal Court issued a three-year prison sentence against the Director of Budget Accounts at the Ministry of Education, pointing out that the ruling came on the background of taking sums of money in exchange for passing a health insurance contract between the ministry and one of the companies, while the same court issued a ruling.

Imprisonment of an investor for a period of two years on charges of mediating money for an official in the Baghdad Investment Commission, in return for entering him in an investment project and for pushing the official to breach his job duties.

She pointed out, "The court issued a judgment in the presence of the former Minister of Electricity in the case of the low level of electric energy production through the stoppage of some of the turbine units belonging to the Rumaila Ghazia station, and two other court rulings ordering the release of the head of the Baghdad Investment Commission in the two cases of breach of job duties. It is suspected that he took 4% of the money from a residential investment project.”  LINK

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Samson:  A security force launched a nightly campaign of arrests of Iraqi officials

25th March, 2021

On Wednesday, a security force raided the homes of relatives of the governor of Babylon and other officials, hours after the issuance of an arrest warrant for the governor of Babylon, for the reason for tampering with the record of land distribution.

A security source told Shafaq News Agency, that the security force raided this evening the house of the son of the governor of Babylon, according to an arrest warrant, but it did not find him.

 He added that the force also raided the house of the director of the municipality of Hilla and arrested him, and the campaign included the home of the brother of the municipality director / property manager, who was also arrested.

The Investigation Department of the Integrity Authority stated in a statement received by Shafaq News, that the Hilla investigation court, which is competent to hear cases of integrity, issued an arrest warrant against the former governor of Babylon against the background of tampering with the report approved by the governorate office regarding the plots allocated to the slice of martyrs, political prisoners and the wounded.  LINK

Samson:  Audio recordings prove the involvement of a "son" of a minister in the Al-Kazemi government in "embezzlement and bribes"

25th March, 2021

A government source said, on Thursday, that the son of a minister of the Al-Kazemi government was involved in corruption.

The source informed Shafaq News Agency; Prime Minister Mustafa Al-Kazemi received a copy of the audio recordings of the son of a minister in his government proving his involvement in bribery and embezzlement, in agreement with the general directors of the ministry led by his father.

Source added; That the minister's son was working in a sensitive security apparatus before he was transferred to work in the minister's office (his father).

At the end of August 2020, Prime Minister Mustafa Al-Kazemi formed a permanent committee to investigate corruption cases and operations headed by Lieutenant General Ahmed Abu Ragheef, after he assigned the Counter-Terrorism Service to implement the decisions issued by the committee.  LINK

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Samson:  Russia declares support for Iraq regarding economic reform steps

25th March, 2021

Minister of Finance, Ali Allawi, confirmed, on Thursday, the Iraqi government's desire to expand the horizons of joint cooperation with various countries of the world, while the Russian ambassador, Maxim Maximov, indicated his country's full support for economic reform steps in Iraq.

The media office of the Ministry of Finance stated in a statement that Mawazine News received a copy of, that "Minister of Finance Ali Abdul Amir Allawi received, today, Thursday, in his office the ambassador of the Russian Federation in Iraq, Maxim Maximov and his accompanying delegation," indicating that "during the meeting, relations were discussed. "Bilateral relations between the two countries in the economic and financial fields and means of enhancing them in a manner consistent with the size of the historical relationship between Iraq and Russia."

He continued, "The possibility of the contribution of leading Russian companies in the development of various economic sectors in Iraq was discussed."

Allawi stressed "the Iraqi government's desire to expand the horizons of joint cooperation with various countries of the world." On the one hand, the Russian ambassador affirmed his country's "full support for the reform steps taken by the government in overcoming economic obstacles, advancing construction and achieving comprehensive development towards a free and pluralistic economy."  LINK**