KTFA Members "News and Views" Saturday Afternoon 3-26-2022

KTFA:

Clare:  In the names.. members of the Finance Committee after the parliament vote

 2022-03-26 09:16

 On Saturday, the Iraqi parliament approved the names of the members of the Finance Committee in the Iraqi parliament.

According to the statement of the Media Department of the Iraqi Parliament, the members of the Finance Committee are:

Deputy Hassan Al Kaabi

Representative Muhammad Tamim

Representative Falah Al-Zaidan

Representative Star Attabi

Deputy Muhannad Khazali

Representative Ahmed Mazhar

Representative Rebwar Ur Rahman

Deputy Nazim Al-Shibli

Deputy Khalil Al-Ghazi

Deputy Mishaan al-Jubouri

Deputy Faleh Al-Sari 

Representative Abd al-Abbas al-Absawy

And the Iraqi Council of Representatives, earlier on Saturday, raised its session to next Monday.

A brief statement by the Parliament's media department stated that the Speaker of the House of Representatives adjourned the session to elect the President of the Republic next Wednesday, while a regular session will be held next Monday.

On Saturday, Parliament Speaker Muhammad al-Halbousi opened a regular session of the House of Representatives, attended by 202 deputies, in a session that was scheduled to choose the President of the Republic.  LINK

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

DCDriver:  If they go past April 6 we wait till October for new elections. imo  Unbelievable

Clare:  NO.....READ THIS POST FROM SAMSON  FROM LAST WEEK THAT I WILL REPOST 

Samson:  A legal expert clarifies the time period for choosing the President of the Republic and reveals the details of dissolving Parliament

03/22/2022 15:08:47

Legal expert Ali Al-Tamimi clarified, on Tuesday, the time period for choosing the President of the Republic, revealing that Parliament may be dissolved at the request of a third of the members and the approval of the absolute majority of the number of members or by a decision of the Federal Supreme Court if it is referendum.

Al-Tamimi said in a statement that {Euphrates News} received a copy of it, “According to the decision of the Federal Court to open the door for nomination for the position of President of the Republic for one time only, No. 24 for the year 2022..

He is in front of the Parliament for a period of 30 days in accordance with Article 72 II of the Iraqi constitution from the date of 6 March until April 6, during which the president of the republic will be elected in a binding manner,” noting that “after setting the date of March 26 to hold the session, in the event that the new president of the republic is not chosen, the parliament’s presidency can postpone it until April 6 only.”

He added, "If we exceed this period, we will be in front of an explicit violation of the decision of the Federal Supreme Court, which authorized the opening of the nomination door for one time, and we will be facing an irresolvable failure, and Parliament may be dissolved at the request of a third of the members and the approval of the absolute majority of the number of members in accordance with Article 64 of the Constitution or by a decision From the Federal Supreme Court if it takes a referendum and we are in both cases before new early elections, and the current government continues to conduct daily affairs in accordance with the same article above. 

He continued, "In the event that voting begins to choose the new President of the Republic, who stipulated the Federal Court's decision to open the session with a two-thirds majority of the total number of Parliament, this means 220 deputies and that they were present at the start of voting in accordance with the Federal Court's decision to open the nomination door with this percentage in the first round.

 If any of the candidates gets this percentage, we will be facing a second round in which the competition is limited to the first and second highest winners, and either of them gets the majority of votes, meaning if the first gets 50 votes and the second gets 30, the owner of the 50 votes is the President of the Republic who is the president and takes the constitutional oath before Parliament and in the presence of President of the Federal Court in accordance with Article 70 of the Constitution and Law 8 of 2012.”

He pointed out that "the President of the Republic then assigns the candidate of the parliamentary bloc, the most numerous within 15 days of taking the oath, which has not yet been determined, to form the government and the government curriculum within 30 days of his assignment in accordance with Article 76 of the Constitution in all its details."   LINK

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

DeepWoodz:  Today there was a forced vote that failed to make a quorum. They could not vote their new leaders in. In turn, they still can’t advance the budget to the next stage.

Even so, today was not a failure. What was accomplished? Sadr made a list of each and every representative. Now Sadr knows who is on his side and who isn’t. Especially concerning the 43 independents among others.

I believe his goal is to get the Iranians out as best he can. Or do you think Sadr didn’t know they wouldn’t make the quorum today? At the very least he knew it was a long shot. Maliki knew.

I’d bet Sadr was planning to go to the second round of voting between the two highest number candidates from the start. Sadrist and the progress party? Which reads like Sadr would be the President and he picks the prime minister? Thank you Clare for the article.

Who knows. It’s worth a thought. The good side is winning. It always does in the end. Ask Jesus he will tell you. This is the final touches of this very loooong game.

Clare:  Finance Minister: The white paper has restored balance to the Iraqi economy

3/26/2022

 Minister of Finance, Ali Abdul Amir Allawi, confirmed today, Saturday, that the white paper restored balance to the Iraqi economy.

The media office of the Minister of Finance stated in a statement, "The Minister of Finance, Ali Abdul-Amir Allawi, participated in the activities of the Doha Forum for International Dialogue held in the sisterly State of Qatar in its 20th session, which will continue for the period from 26 to 27 March 2022."

The statement indicated that the forum, which bore the slogan "Transformation into a New Era," aims to launch a dialogue on the critical challenges facing the world, promote the exchange of ideas and policy-making, and present viable recommendations.

Allawi said, during his speech at the forum, that "the goal of reaching a world free of crises, violations and wars is not easy to achieve, unless there are good intentions, international will and equal dialogue to resolve differences and reduce conflicts to silence the sound of war and the omens of destruction, so health recovery is no longer worrisome after intense suffering." One of the effects of the Corona pandemic, but rather the multiplicity of foci of armed conflict and its expansion is what worries the world.

The minister added, "There is no doubt that the establishment of security and stability and the settlement of differences between the Arab countries and their regional and international surroundings add to the world the factors of recovery, peace and prosperity, which is the hoped-for role of reviving the factors of history and geography in spreading incentives for dialogue as an objective and moral alternative to conflict."

And he indicated, "The Iraqi society suffers from chronic and costly crises deepened by fluctuations in oil prices in the global market, due to the impact of the Corona pandemic and terrorism, and that the decline in Iraqi oil revenues and terrorism were sources of concern at all governmental, political and popular levels

And it is a legitimate concern in the context of the historical deterioration of the global economy, so The national need for a financial strategy was for two reasons, the first is short related to borrowing for the purposes of meeting urgent needs, and the second is long-term, represented by the white paper for economic and financial reform, to avoid expected fluctuations, achieve reassurance of a decent life, and create new economic partnerships at all levels.

He continued, "The importance of the white paper is embodied in rebalancing the Iraqi economy and placing it on a path that allows the state to take appropriate steps in the future to develop it into a dynamic, diversified economy that creates opportunities for Iraqis to live a decent life by proposing a set of comprehensive reforms and policies, and protecting the weak and fragile groups in society, which are most affected."

For some aspects of reform by increasing social protection allocations, supporting the food basket, small and medium enterprises, and activating health measures to counter the effects of the pandemic.

He concluded his speech, saying: "I take this opportunity to express my sincere thanks for the hospitality and organization, and our sincere and heartfelt wishes for the continued progress and prosperity of the organizing sister country and all participating countries."   LINK

Some "Wednesday News" Posted by Samson at KTFA 3-23-2022

KTFA:

Samson:  Putin: Russia will only accept payment in rubles for gas shipments to Europe

23rd March, 2022

Russian President Vladimir Putin said on Wednesday that Russia will only accept payments in rubles for gas deliveries to "unfriendly countries", including all members of the European Union, after imposing tough sanctions over its invasion of Ukraine.

"I decided to implement a set of measures to make payments for gas supplies to unfriendly countries in Russian rubles," Putin said during a government meeting, broadcast on television, and directed the changes to be implemented within a week.  LINK

Samson:  Brent crude jumps above $120 a barrel

23rd March, 2022 – UPDATE

Oil prices jumped, today, Wednesday, exceeding $120 per barrel.

According to the data, "oil futures increased their gains and jumped to 120.50 dollars per barrel, while US crude rose to 113.9 dollars."

Oil prices continue to rise due to the Russian-Ukrainian war, which reduced supply and increased demand globally.  LINK

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

Samson:  Stock trading resumes on the Russian Stock Exchange after a month-long hiatus

23rd March, 2022

The Russian Central Bank announced, on Wednesday, that shares will resume trading on the Moscow Stock Exchange tomorrow, Thursday, after being suspended for about a month, as part of measures to ensure financial stability in Russia.

The suspension of the Russian Stock Exchange came against the backdrop of a series of "unprecedented" economic sanctions imposed by the European Union, the United States, Canada, Japan and Australia against Russia, in addition to the mobilization of military support for the "NATO" countries bordering Ukraine, in response to Putin's military move inside Ukrainian territory.

The Russian Central Bank said in a statement that "33 stocks included in the MOEX index have been traded, and another trading session will be held at a later time."

This comes at a time when Russian military operations in Ukraine have completed their first month under the slogan "Protecting the Donbass Territory", which includes Donetsk and Lugansk, the two countries recently recognized by Putin. LINK

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

Samson:  A storm in the oil market and expectations of a rise in prices to 150 dollars a barrel

03/23/2022 12:56:44

Experts expected oil prices to rise to $150 a barrel, after an accident this week at an oil pumping station in the Russian port of Novorossiysk caused a halt in crude supplies along this path.

Reports stated that a severe storm hit the Russian port of Novorossiysk, on the Black Sea, which damaged the crude pumping station of the "Caspian Sea Pipeline" consortium, which affected the supply of black gold.

According to reports, the accident occurred on March 20, and caused two-thirds of the station's capacity to be disrupted for at least a month. Yesterday, Russian Deputy Energy Minister Pavel Sorokin warned that the suspension of the offshore station would have serious repercussions on oil supplies and reduce them by about one million barrels per day.

The Russian Deputy Energy Minister indicated that maintenance work is likely to take a month, pointing out that the accident will affect oil exports from Russia and Kazakhstan through the Caspian Sea pipeline.

Regarding the repercussions of the incident on global oil markets, Igor Yushkov, a senior analyst at the National Energy Security Fund and an expert at the Russian Government's Financial University, believes that this may push the price of oil to a sharp rise. He pointed out that the incident came at a time when the global oil market recovered from a shortage of supply, as demand exceeds supply, so it may push the price to 140-150 dollars per barrel.

Earlier, the "Caspian Sea Pipeline" consortium explained that the storm damaged the pipeline's loading equipment. The Caspian Sea pipeline is one of the largest oil pipelines in the world and transports oil from Kazakhstan and Russia to world markets.  LINK

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

Samson:  The Russian oil minister warns of a collapse in global markets

03/23/2022 13:56:19

Russian Deputy Prime Minister Alexander Novak warned today, Wednesday, that global oil and natural gas markets may collapse in the event of imposing sanctions on Russian energy, and said that an increase in energy prices would not be expected.

Speaking before Russia's lower house of parliament, Novak also said that a ban on the Russian-led Nord Stream 2 gas pipeline project to Germany was "foolishness" and an underestimation of energy balances and would fuel inflation.

On Monday, TASS news agency quoted Novak as saying that oil prices could reach $300 a barrel if the West stopped buying Russian crude, but added that such a scenario was unlikely.

Trade sources say some buyers are reluctant to buy Russian oil to avoid exposure to Western sanctions imposed on Moscow over the Ukraine crisis.

It is impossible for Europe to avoid buying Russian oil and gas at present, Novak said, adding that Western calls to halt purchases are political gestures to attract attention. LINK

Samson:  Chinese Expert: A Saudi Decision Could Lead To A "Real Explosion" For The Oil Market

23rd March, 2022

A Chinese expert said that the conversion of the Saudi oil company "Aramco" to the yuan instead of the dollar in trade with China would be a "real explosion" for the oil market, with serious consequences for the global financial system.

In an article published on the website "Huánqi Shíbào", Zhang Yujui, dean of the School of International Finance and Trade at Shanghai University, said, "Saudi Aramco's shift to adopting the Chinese yuan currency instead of the dollar in trade with China would be a "real explosion" for the oil market with dire consequences for the system. current financial.

This came after media reports that Saudi Arabia is considering using the yuan to settle oil deals with China, and the dialogue between Russia and India about establishing a commercial payment mechanism in the Indian rupee and the Russian ruble, and Western public opinion in general began talking about weakening the dominance of the dollar in the global oil market.

The expert Yugoi believes that Saudi Aramco, a company with revenues of more than 350 billion dollars annually, will have an impact on the global energy commodity trading market if it moves with China from the dollar to the yuan in dealing in the oil sector.

Yugoi noted that according to some studies, a country's currency cycle, which serves as the dominant international currency, is usually around 100 years old. “If this view is correct, then from the moment the Bretton Woods system was created in 1944 for the dominant dollar dividend cycle, there is little time left before that system collapses,” he said.

On the other hand, the expert pointed out that the “petrodollar” system dates back to 1973, when the United States succeeded in integrating the dollar into the “central nervous system” of the global economy and became the “dominant power” in it. “However, any dominant monetary system will one day collapse. As the saying goes, “A currency is doomed for its own fault,” which means that if the currency’s strength is excessively inflated, it will eventually lead to an inevitable change in the global monetary system and a rebalancing cycle.”

In the short term, the main problem of the dollar, in his opinion, is the increasing cost of maintaining the current system of the United States, and due to the relative deterioration of national power, it is difficult for America to satisfy and satisfy at the same time many oil-producing countries in the Middle East.

As for the medium term, the main problem facing the United States is that oil itself, as a source of fossil energy, is gradually losing its hegemony in the context of “carbon neutrality”, and this will lead to the fact that the petrodollar system will change its shape to remain in place, or accept the fate of partial replacement.

In the long run, according to the expert, it is likely that the United States will cease to be the most important economy in the world by the middle of the twenty-first century, which will inevitably lead to the emergence of new centers of monetary power.

The expert concludes that by then, the world is likely to have a trilateral or even multilateral currency balance model.  LINK

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

Samson:  Al-Kazemi's advisor talks about the possibility of providing "millions of job opportunities"

23rd March, 2022

Adviser to the Prime Minister, Mazhar Muhammad Salih, presented, on Wednesday, a proposal to establish a fixed committee for the productive partnership between the public and private sectors, while indicating the possibility of providing "millions of job opportunities" within the investment package program.

In an interview with the official news agency, Mawazine News, Saleh said, "It has become necessary to integrate the national market as a productive force, market makers and its pioneering forces on the one hand, and the productive labor force on the other."

He explained, "The current financial leverage of the state as a result of tangible financial accumulations can be directed towards integration with the productive market forces and by generating strong partnerships between the relevant sectoral government interfaces in terms of specialization and division of labor with the private sector to advance productive activity and make a tangible transition in priority activities." 

He added, "Among the activities, investing in agriculture with high cash returns, digital services, and operating factories that are capable of generating millions of job opportunities, and within the program of the pioneering investment package in the economy."

He continued, "We may propose the establishment of a fixed committee for the financing and productive partnership between the state and the private sector to draw the map of the future in a thoughtful, accurate and accelerated manner that pushes the wheel of the economy and its growth forward."  LINK

"Vietnam News" Posted by Toyvp at KTFA Tuesday 3-22-2022

KTFA:

Toyvp:  Stocks post strongest gain in nearly eight weeks

By Dat Nguyen   March 21, 2022 | 01:47 am PT

Vietnam’s benchmark VN-Index surged 1.76 percent to 1,494.95 points Monday, its biggest gain in nearly eight weeks, as global indexes rose amid continuing peace talks between Russia and Ukraine.

The index started off in the green and went up gradually to close nearly 26 points higher in its fifth straight session in the green.

VN-Index has risen nearly 49 points in the last five sessions.

Most U.S., European and Asian stocks moved up Monday as traders cheered a Russian bond payment that averted a historic sovereign default.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, dropped marginally to VND24.22 trillion ($1.06 billion) Monday.

pointsVN-IndexPointsNov '21Dec '21Jan '22Feb '22Mar '221400142514501475150015251550

The VN30 basket, comprising the 30 largest capped stocks, saw 27 tickers gaining, led by NVL of real estate developer Novaland Group and PDR of Phat Dat Real Estate Development with a ceiling rise of 6.9 percent.

NVL is now at the highest since January 13 and PDR since February 21.

MSN of conglomerate Masan Group rose 6.1 percent after plummeting in the last two weeks.

GAS of state-owned Petrovietnam Gas gained 4.7 percent, and KDH of real estate firm Khang Dien House gained 4.5 percent.

Two blue chip tickers bucked the trend, with VJC of budget airline Vietjet losing 3.3 percenet and BID of state-owned lender BIDV 0.2 percent.

Foreign investors were net buyers to the tune of $1.2 billion, a turnaround from two weeks of mostly net sale.

They focused on STB of Ho Chi Minh City-based lender Sacombank and GEX of electrical equipment maker Gelex Group.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 1.57 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 0.12 percent.

https://e.vnexpress.net/news/economy/stocks-post-strongest-gain-in-nearly-eight-weeks-4436658.html

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

Toyvp:  Vietnam to build 3rd oil refinery

By Dat Nguyen   March 17, 2022 | 01:30 am PT

Vietnam is working on administrative procedures to build a third oil refinery amid apparent shortages and surging prices due to dependency on global supply.

The factory is set to have a capacity of 10 million tonnes per year and be located in the southern province of Ba Ria-Vung Tau, Deputy Prime Minister Le Van Thanh told lawmakers Wednesday.

Vietnam now has two refineries, Nghi Son and Binh Son (also known as Dung Quat), which together have a combined capacity of 13 million tonnes per year.

The two plants meet around 70 percent of domestic demand. The country imports the rest.

With the new plant, Vietnam’s total capacity would reach 23 million tonnes, expected to be enough for domestic use.

The country will also increase crude oil drilling, as current supply only meets 50 percent of production demand.

Gasoline prices in Vietnam are heavily affected by the fluctuation of global rates. They climbed to a record high of VND29,820 ($1.30) per liter last week.

VND/literVietnam's gasoline pricesRON 95E5 RON 92Oct 11Oct 26Nov 10Nov 25Dec 10Dec 25Jan 11Jan 21Feb 11Feb 21Mar 1Mar 11Mar 2120k22.5k25k27.5k30k32.5k

Prices have been surging partly because Nghi Son refinery had to cut production since February due to financial difficulties.

Gasoline stations across the country have reported shortages and some have shut down shop temporarily in recent weeks, but authorities have affirmed that supply is adequate.

Gasoline imports will continue until Nghi Son resumes normal operation, Minister of Industry and Trade Nguyen Hong Dien said Wednesday.

https://e.vnexpress.net/news/economy/vietnam-to-build-3rd-oil-refinery-4440028.html

Toyvp:  Reviving Vietnam’s Economy with Fiscal and Monetary Policies: Resolution 43

 February 17, 2022Posted by Vietnam Briefing Written by Dezan Shira & Associates

Vietnam’s National Assembly (NA) adopted Resolution 43/2022/QH15 (Resolution 43) on fiscal and monetary policies to support Vietnam’s economic recovery due to the pandemic and subsequent lockdowns in 2021.

Under Resolution 43, the government has asked the Ministry of Planning and Investment (MPI) to draft policies that would help Vietnam in its post-covid recovery. Resolution 43 sets a number of policies to support key growth and help Vietnam achieve a GDP growth of 6.5 to 7 percent between 2021 to 2025.

Resolution 43 aims to address issues in order to main macroeconomic stability and resilience so that the Vietnamese economy can grow. The NA has approved a package of approximately US$15 billion under the Resolution.

Vietnam Briefing looks at the main highlights of the Resolution.

VAT reduction and CIT deduction

Resolution 43 sets a 2 percent reduction in VAT as well as CIT deduction for businesses. We have discussed these developments earlier here.

Incentive measures

Healthcare: The government has committed VND 14 trillion (US$620 million) for the construction and modernization of health and medical facilities, disease control, hospitals, and human resources, as well as treatment related to COVID-19.

Social security: Funds of VND 5 trillion (US$220 million) allotted for Vietnam Bank for Social Policies for preferential loans. This includes investment in job training, vocational education, and social security.

Support for businesses, business households, and cooperatives: VND 40 trillion (US$1.76 billion) of funds for loans with a rate of 2 percent a year through commercial banks for a variety of industries.

Infrastructure development: Funds of 113.55 trillion (US$5 billion) allocated for infrastructure projects in transportation, IT, digitalization, water security, climate change, and natural disasters.

House rent: The government commits VND 6.6 trillion (US$2.9 million) for employee housing for those working in industrial zones, export processing zones, and key economic areas

To further help with the implementation, the government issued Resolution 11/NQ-CP (Resolution 11) guiding socio-economic recovery and implementing policies of Resolution 43.

We discuss the resolution below:

Who does Resolution 11 apply to?

Resolution 11 applies to employees affected by the pandemic, businesses, cooperatives, and businesses households as well as industries to stimulate economic recovery.

What are the incentives?

In line with Resolution 43, VAT has been reduced to 8 percent. See update here.

Airline industry: 50 percent reduction in environmental protection tax on aviation fuel.

Land rent: A 30 percent reduction for businesses, households, and individuals that lease directly from the State and that have endured businesses suspensions due to the pandemic. The government has similarly reduced land rent for those affected by the pandemic in 2021 as well.

Automobile industry: 50 percent reduction on registering vehicles that are manufactured or assembled locally.

The government is also expected to come up with detailed regulations on the extension of CIT, PIT, VAT, excise tax, and land rent.

While most policies have been issued for 2022 and 2023, the government may extend some incentives depending on the economy and post-pandemic recovery.

https://www.vietnam-briefing.com/news/reviving-vietnams-economy-with-fiscal-and-monetary-policies-resolution-43.html/

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

Toyvp:  Vietnam unable to match minimum wages with living standards

By Le Tuyet   March 21, 2022 | 05:56 am PT

The minimum wage - minimum living standard gap has been widening for years, but there is no solution in sight as workers struggle to make ends meet.

Vietnam first introduced the "minimum living standard" term in its 2012 Labor Law, which requires that the minimum wage must meet the minimum living standard.

A decade later, the gap between the two has kept widening and the current minimum wage far is from matching the level needed for an average laborer to make ends meet.

The minimum wage in Region 1, referring to the most developed areas of a province or city, has sted unchanged at VND4.42 million ($194) since 2020, which is 5 percent shy of the official minimum living standard, according to a study by the Research Center for Employment Relations.

When compared with the acceptable living standard, the figure is 41 percent lower, it said.

One of the reasons for such a wide gap is that the starting point of the minimum wage was too low, said Mai Duc Chinh, former deputy chairman of the Vietnam General Confederation of Labor.

In 2013, representatives of businesses and workers negotiated and agreed that the first minimum wage level would be VND2.35 million, 30 percent lower than the minimum living standard at the time.

In 2014, the labor confederation proposed that the gap be eliminated, but the Vietnam Chamber of Commerce and Industry (VCCI) and the Ministry of Labor, Invalids and Social Affairs opposed it, saying a sudden surge would hurt businesses.

They finally agreed to increase the wage by 15 percent to VND2.7 million.

In the following years, the minimum wage level was increased mostly to make up for inflation, which means technically the "15 percent gap" is still there, Chinh said.

Another reason that the gap still exists is the lack of an independent organization to determine the minimum living standard, said Vu Quang Tho, former head of the Institute of Workers and Trade Union.

Labor representatives think that raising a child costs 70 percent of an adults’ living costs, but businesses think the ratio should be around 50 percent. The labor reps also say that the average daily amount of food a worker needs is 2,300 calories, but businesses think the figure should be 2,000 calories.

Chinh said that current labor laws allow business owners to increase workers’ salaries "according to the ability of the business," which is something that authorities cannot evaluate and manage.

Therefore, if a company claims to continuous losses or plunging revenues, it can keep workers’ salaries unchanged for years, which is what happened over the last two years of Covid-19.

Do Quynh Chi, director of the Research center For Employment Relations, said many countries have shown that a well-designed minimum wage set of policy will protect workers at the "bottom" of the labor market.

He said: "Other countries have strong union organizations, and the wage there meets minimum living standards."

https://e.vnexpress.net/news/economy/vietnam-unable-to-match-minimum-wages-with-living-standards-4441616.html

MilitiaMan Sunday Afternoon "Finale Needed for a Exchange Rate Change" 3-20-2022

KTFA:

Samson:  The Arab Monetary Fund organizes an extraordinary meeting of the high-level dialogue between the heads of the institutions of Regional Financing Arrangements and the International Monetary Fund

20th March, 2022

The attendees are discussing Building Back Better after the COVID-19 Pandemic: Steps Taken and Lessons Learned

Climate change challenges and the restructuring of financial frameworks to align with environmental
and social responsibility goals

Discussing ways of cooperation between the Regional Financing Arrangements Network and the International Monetary Fund to support the recovery phase in light of current developments and challenges

Saturday, March 19, 2022, the Arab Monetary Fund will organize an exceptional meeting for a high-level dialogue between the institutions of the Regional Financing Arrangements Group and the International Monetary Fund, with the participation of heads and senior officials of the member international and regional financial institutions, which include in addition to the Arab Monetary Fund: The Reserve Fund for the States of America, Latin America, the Office of Macroeconomic Research, the European Stability Mechanism, the Eurasian Stabilization and Development Fund, the BRICS Standby Arrangements, and the European Commission.

The International Monetary Fund will also participate in the group meeting.  Speaking at the meeting, in addition to the heads of delegations of the above institutions and the Director-General of the International Monetary Fund, the chairmen of the G-20 working group on cooperation between international financial institutions from the French Ministry of Economy and Finance, and the Korean Ministry of Economy and Finance

The meeting comes as a continuation of the periodic dialogue undertaken by these institutions to discuss policies related to strengthening the global financial safety net, with a focus on the role of the network of regional financing arrangements, cooperation among them and their interaction with the International Monetary Fund on priority issues within the framework of the Group of Twenty

The meeting will discuss the steps taken to build back better after the Corona pandemic crisis to support sustainable recovery, in addition to the proposed initiatives and lessons learned from the Regional Financing Arrangements Network and the International Monetary Fund, to enhance their role as key actors in light of the current conditions and challenges. 

The discussion will also address the issue of enhancing the resilience of the global financial system in the face of risks arising from climate change, restructuring financing frameworks to support the transition towards a sustainable economy and advancing the social responsibilities of the financial sector

On this occasion, His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi expressed his happiness at hosting the meeting in Abu Dhabi and the importance of continuing dialogue between the institutions of regional financing arrangements and the International Monetary Fund, noting the important role of the group’s institutions in achieving recovery from the Corona pandemic and the need to work on setting the priorities required for economic reforms and policies and financial. 

His Excellency also pointed to the importance of developing and implementing appropriate measures and procedures to limit the repercussions of climate change on financial stability, looking forward to continuing dialogue on priority issues and topics with various parties    LINK

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

MilitiaMan:  Add this into the picture. GLOBAL and REGIONAL DIGITAL TAXATION plans.. They clearly are gearing for GLOBAL TAXATION.

136 countries per the UST signed on board for it back in mid October 2021. There is nothing that stopping this from happening.

USING CLIMATE CHANGE and the COV-19 Pandemic, as excuses to TAX the population of the GLOBE for our Governments et al "" spending habits has foolery all over it.

 I am not one to not want to pay my fair and legal right of taxes. I don't like the guise they use in getting them. The underlying debt from the COVID -19 pandemic is a mere shot in the ARM compared to the hundreds of trillions in fraudulent Mortgage Backed Securities that went upside down since 2008 that are likely still needing to get sorted.

They look to be telling us they have a way to let us (we the citizens of the globe) pay it all back collectively around the world regardless of who is actually responsible for the debts. 

That is my underlying view of the matter in a broader scheme of things and those that are scheming this are going to laugh all the way to the bank on our dime / dinar or what have you.. .. jmtc & imo.

Here is to a safe exit and  lets hope and pray this synchronization they are doing is the finale needed to see the exchange rate of the Dinar changed.

That may be all that is needed to be applied for the big day that appears to be upon us in short order.. lol ~ MM

"His Excellency Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, delivers a speech at the opening of the “Fourth Regional Forum for Taxes in the Arab Countries” 2022-03-19 Tax policies to promote economic recovery and drive inclusive and sustainable growth For the post-Corona crisis period

The role of tax policies in promoting the process of recovery and comprehensive and sustainable economic growth, in parallel with strengthening financial conditions during the next stage The importance of adopting a gradual strategy that takes into account the synchronization with the economic recovery plans applied in the Arab countries for a safe exit from the short-term tax measures and measures that were taken within the fiscal and monetary stimulus packages launched by the Arab countries, amounting to 389 billion US dollars, to mitigate the unfavorable repercussions resulting from the pandemic.

Inflation is expected to rise by at least three percentage points more than previously estimated rates for 2022 Focusing efforts on reforming indirect taxes and addressing structural challenges to enhance their effectiveness in increasing public revenues and supporting inclusive growth, in light of the relatively high contribution of tax revenues to the total public revenues of Arab countries by more than 35 percent.

Building on the reforms achieved in the field of tax administration and continuing efforts to digitize tax services, leading to the development of a modern tax administration Preparing local tax frameworks, in line with the development of reforms of the global tax system With the participation of experts from regional and international financial institutions and the presence of officials in the ministries of finance and tax authorities and authorities in the Arab countries

His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, delivered an opening speech at the Fourth Regional Forum on Taxes in the Arab Countries, which is held under the title “Tax policies to enhance economic recovery and advance comprehensive and sustainable growth for the post-Coronavirus crisis,” organized by the Arab Monetary Fund, in cooperation with the International Center for Taxes and Investment, yesterday, Thursday, March 17, 2022.

At the beginning of his speech, His Excellency stressed that the forum this year came in the context of supporting economic recovery efforts and advancing comprehensive and sustainable growth in parallel with strengthening financial conditions, in light of recent economic and financial challenges that have increased due to the deep and broad effects of the Covid-19 pandemic, foremost of which are financial imbalances. Internal and external levels in light of the high levels of the fiscal deficit, the public debt that reached around the world at the end of September 2021 to about 296 trillion US dollars, the weak external financial situation, and high inflation rates due to the escalation of food prices and basic materials and interruptions in supply chains, in addition to expectations of continuing risks Surrounding the trajectory of the economic recovery, in light of the uncertainty about how quickly the pandemic will recede, and concerns about the prospects for a slowdown in the looming growth momentum.

His Excellency indicated that the path towards full economic recovery from the repercussions of the Covid-19 pandemic has become tainted by a great deal of uncertainty in light of these challenges and risks, despite the early support provided by the economic measures taken, and the improvement in health conditions thanks to the availability of vaccines.

In this context, His Excellency highlighted the importance of tax policies in promoting the process of recovery and comprehensive and sustainable economic growth, in parallel with strengthening financial conditions during the next stage. He indicated that the challenge lies in how to balance the achievement of these overlapping goals, whose achievement requires selecting the appropriate mix of available alternatives for fiscal and tax policies.

His Excellency indicated that in light of the current international developments, it is estimated that the global economic growth forecast for 2022, which was previously estimated at 4.4 percent, will drop by 4.4 percent, and the inflation rate is estimated to rise by at least three additional percentage points from the previously estimated rates for the same year.

 In a related context, His Excellency pointed out the importance of a "safe exit" from the short-term tax measures and measures taken to mitigate the unfavorable repercussions resulting from the pandemic, indicating that the value of the financial and monetary stimulus packages launched by Arab countries since the beginning of the pandemic until January 2022 amounted to about 389 billion. US dollars, of which about 121 billion dollars (representing 31 percent) are financial packages launched by the ministries of finance in the Arab countries.

He pointed out that getting out of these packages requires adopting a gradual strategy, taking into account the synchronization with economic recovery plans. He also touched on a number of tax policy options that can be relied upon to drive economic growth in parallel with the strengthening of financial conditions.

His Excellency indicated that in light of the contribution of tax revenues in Arab countries exceeding one-third of public revenues to reach about 35.8 percent (about 10.3 percent of GDP), there is a need to focus efforts on continuing indirect tax reform and addressing structural challenges by simplifying and expanding the value-added tax and selective tax systems and expanding their base, focusing taxes on environmentally unfriendly activities, and activating taxes on digitization-based transactions, in addition to the importance of Building on the reforms achieved in the field of tax administration and continuing efforts to digitize tax services, leading to the development of a modern tax administration that enhances tax compliance.

His Excellency also referred to the need to prepare local tax frameworks, in line with the evolution of the reforms of the global tax system, and to benefit from the positive developments that have occurred recently in addressing the challenges of taxation on the digital economy.

Finally, His Excellency affirmed the Arab Monetary Fund's keenness to organize the Regional Tax Forum annually"

MilitiaMan Friday Night "The Glory Days" 3-18-2022

KTFA:

Dallasdude:  MM..would love your thoughts on all recent articles that refer to the previous rate..can you really disregard the rate in Dec.2020 before they lowered rate of Dinar..thanks  

MilitiaMan:  A previous era apparently denotes a start and end time of a significant event. One with more significance, than to another would likely have the most impact and would define an era. The latest devaluation is not disregarded by me at all.

The move was meant for specific purposes and I believe it was approved by the World Bank and the IMF not to mention the GOI or the CBI may have not likely done it.

That move down had significant impacts on both the good and the bad in many ways. It was and is meant to be short lived  time frame. In terms of time it will likely be a very short period of time in an over all time frame lasting decades, as opposed to merely a couple years of time the era that they maybe speaking of.

The relatively recent period since they devalued has far less impact than the era that was considered the GLORY DAYS of roughly $3.22.

Those days had a rate that was not under sanctions. Like now for instance, as Chapter 7 has been lifted. Reverting back to program rate of 1190 would put them right back to a program rate and would likely not ever allow them into the international arena.

 Going to a REER (Real Effective Exchange Rate) based off not only oil, but, now taxes and tariffs, customs and fees at the ports and borders, reserves, gold, liquid natural gas, tourism, mining, agricultural uses, etc.,  sure would have far more reality to it in giving the citizens purchase power they rightfully deserve.

With the new digital systems in place like AYSCUDA, the BUNA Platform and the new S2 digital platform they mention today support they are gearing to clear trades in not only local, but, regional and international currencies digitally too.

It will happen when all is ready to interlink.

Add to the being ready we see at the regional level they mention the global flat taxation that is going to be activated. The amounts of monies to be collected at the ports and borders will be staggering imo and will support far more than 1190 or even 1200. 

It will likely support an era of the Glory Days.

They told us the worth of the Dinar in 2017 was worth $1.17 based off only oil. Add in the rest and inflation one should easily see that the REER will be a far cry over 1190. That will in the end be when the rate of 1190 or even 1460 is disregarded and rightfully so, by me. imo ~ MM

"Era denotes the start and end time of a significant event, while Period denotes an event that necessarily does not have any specific time frame for that to have happened. That means to say, an era has specific years and dates while a period does not have it."

Some " Thursday News " Posted by Samson at KTFA 3-17-2022

KTFA:

Samson:  Al-Kazemi gives Nowruz an ample opportunity to celebrate the carnival of brotherhood, beauty and love.. He directs to suspend official working hours on the next Sunday and Monday

17th March, 2022

For Nowruz to wear a white Eid dress embroidered with vegetables and roses, and for Iraqis to celebrate Kurds, Arabs, Chaldeans, Yazidis, and other components, so that souls, trees and colors embrace these national, patriotic and humanitarian holidays, and so that the opportunity for joy for all is achieved without abbreviating or omitting a component, the Prime Minister directed, Mustafa Al-Kazemi, yesterday, Wednesday, suspended official working hours on the next Sunday and Monday, in celebration of the immortal Nowruz, and in celebration of his feasts.

A statement by the Prime Minister's Media Office received by "Baghdad Times" stated, "Al-Kazemi directed the suspension of official working hours on Sunday, corresponding to March 20, 2022, and Monday, corresponding to March 21, 2022, is an official holiday, on the occasion of Nowruz holidays."

LINK

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

Samson:  The House of Representatives grants an official holiday of 4 days to its Kurdish employees

16th March, 2022

The General Secretariat of the House of Representatives decided, on Wednesday, to grant Kurdish employees in Parliament a holiday for 4 days on the occasion of Nowruz holidays.    

According to a document issued by the secretariat, "Nass" received a copy of it, March 16, 2022, that "on the occasion of Nowruz, it was decided to suspend the official working hours of all Kurdish employees in the Iraqi parliament from March 20, 2022 to March 24, 2022."      LINK

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

Samson:  A legal expert reveals to (Mawazine News) the only legal way to dissolve Parliament

17th March, 2022

A legal expert, Haider Al-Sufi, confirmed today, Thursday, that "the parliament cannot be dissolved if the president of the republic is not elected in any way."

Al-Sufi said, in a statement to Mawazine News Agency, that "if the President of the Republic is not elected in the next session, the Prime Minister and the President of the Republic will continue in their positions as a caretaker, unless they are appealed to the Federal Court, at which time constitutional terms are set."

He pointed out, "The session cannot remain open, and the presidential file must be resolved in the next session, because any delay is considered a constitutional violation."   LINK

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

Samson:  The Central Bank determines the rank of Iraq globally with gold reserves

17th March, 2022

The Central Bank of Iraq announced today, Thursday, the size of the gold reserves in Iraq, while determining the country's ranking globally.

Deputy Governor of the Central Bank, Ihsan Shamran, said that "the gold reserves in Iraq are 96.4 tons." Shamran added, "Iraq is in the 37th sequence of international gold reserves."

The World Gold Council, last January, published its report on the reserves of the central banks in the world of gold, and the data showed that the reserves amounted to 35571.3 tons of the metal. 

According to the data, the total reserves increased by about 11 tons in the January 2022 report compared to December 2021. The United States leads the world in reserves of the precious metal, followed by Germany, then Italy, then France, and then Russia.  LINK

Samson:  Saudi Arabia Is Considering Adopting The Yuan Instead Of The Dollar In Oil Sales To China

16th March, 2022

The Wall Street Journal reported in a report that Saudi Arabia, the world's largest oil exporter, is considering accepting the Chinese yuan instead of the dollar in oil sales to China.

Informed sources said that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, a move that would reduce the dollar's dominance of the global oil market and represent another shift by the world's largest crude exporter to Asia.

And the “Wall Street Journal” quoted people familiar with the matter that talks with China over oil contracts priced in yuan stalled 6 years ago, but accelerated this year as the Saudis became increasingly dissatisfied with US security commitments to defend the kingdom.

According to the Wall Street Journal report, Saudi Arabia is looking to obtain support from the United States over its intervention in Yemen.

Saudi Arabia is the largest exporter of oil to China, and data showed that the Kingdom maintained its rank as the largest exporter of crude oil to China in 2021, as supplies increased by 3.1% compared to 2020.  LINK

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

Samson:  Russia is taking a smart step to avoid falling into the bankruptcy trap

16th March, 2022

The media reported a smart step taken by Russia with regard to its debts denominated in foreign currencies, after Western countries imposed sanctions on Moscow, which affected Russia's foreign currency reserves.

And media outlets indicated that Russia took a smart step, as it allowed individuals and companies in the country to repay loans denominated in foreign currencies to “unfriendly” countries in Russian currency instead of repaying them in foreign currencies such as dollars.

"Moscow made a shrewd decision aimed at indirectly obtaining the support of foreign banks for it," said The Conversation, a media network that publishes news and research reports online.

According to her, the new anti-Russian sanctions directly affect people who borrow from foreign banks, and the depreciation of the ruble significantly increases the likelihood of an increase in defaults.

With regard to Russia's sovereign debt, Russia confirmed its intention to fulfill its financial obligations, and the Russian Ministry of Finance indicated that if banks refuse to carry out money transfers in foreign currencies to repay the sovereign debt, Russia will transfer the required amount in Russian rubles based on the exchange rate of the Russian currency on the day the transfer is executed.  LINK

Some "Wednesday News" Posted by Samson at KTFA 3-16-2022

KTFA:

Samson:  Election of Iraq to membership in the Commission on International Trade Law (UNCITRAL)

15th March, 2022

The Ministry of Foreign Affairs announced the election of Iraq to the International Trade Law Commission.

The ministry's spokesman, Ahmed Al-Sahaf, said in a brief statement, "Iraq has been elected to the membership of the Commission on International Trade Law (UNCITRAL) for the period from 2022 to 2028."

The Commission on International Trade Law (UNCITRAL) is a subsidiary body of the United Nations General Assembly responsible for helping to facilitate international trade and investment.  LINK

Samson:  Oil prices calm, Brent consolidates above $100 a barrel

03/16/2022 08:25:26

Oil prices witnessed a slight rise today, Wednesday, after sharp declines in the first two sessions of this week, as fears of a supply interruption receded, while a sharp increase in Covid-19 infections in China raised concerns about demand.

Brent crude futures for May delivery rose 0.95% to $ 100.86 a barrel, while US West Texas crude futures rose 0.47% to $ 96.89 a barrel.

Oil prices tumbled more than 6% yesterday, Tuesday, to their lowest level in almost three weeks, and the international benchmark Brent crude contracts ended Monday’s trading session as low as 5.77 dollars, or 5.1%, to record at the settlement of 106.90 dollars a barrel. US West Texas Intermediate crude contracts fell $6.32, or 5.8%, to settle at $103.01 a barrel.

A frenzy of buying pushed the two benchmarks to their highest levels in 14 years after the Russian invasion of Ukraine. Since then, Brent has lost about $40, while US crude has fallen more than $30.

LINK

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

Samson:  The repercussions of raising the dinar exchange rate on the economy and markets

16th March, 2022 by Dr.. Haider Hussein Al Tohme

As a result of the repercussions of the Corona pandemic, the great closure of the global economy and the sharp decline in oil prices, the value of the Iraqi dinar was reduced in response to the critical financing pressures for the 2021 budget. The value of the dinar was reduced from (1182) to (1450) dinars per dollar, to maximize oil revenues and reduce the government financial deficit.

Despite the economic and social repercussions of the devaluation policy and the preconditions it requires for its success, it remains a familiar policy in many countries, especially emerging ones. 

Markets have responded to the exchange rate shock better than expected. As for raising the value of the currency, it is an unfamiliar policy, given the consequences of that policy on economic growth and stability on the one hand, and weakening the credibility of monetary policy and its role in achieving financial and monetary stability on the other hand.

The following are the most prominent expected repercussions of re-changing the exchange rate (raising the value of the dinar) on the economy and markets.

1- The exchange rate is a basic indicator in the business sector on which price expectations and the purchasing power of future returns are built, and therefore its stability helps in improving the investment environment.

2- The rise in oil prices after 2003 helped to accumulate international reserves and maintain the normal levels of import when the oil price fell. It is unreasonable to bet on high oil prices to change the exchange rate. Rather, the possibility of the opposite is higher, as it may decrease and remain fluctuating around a low average for a long period. Therefore, attention must be paid to the accumulation of central bank reserves when deciding to change the exchange rate.

3- The policy of raising the value of the dinar means providing a subsidy, commensurate with the level of income, from the oil resource for all, affecting the rich many times what reaches the poor[1]. Instead, the benefits of this policy on the poor can be offset by other, more beneficial and focused measures.

4- The repetition of changing the exchange rate within short times leads to disruption of economic and financial activity in the country, and confuses the work of local markets and may lead to economic stagnation.

5- The federal budget is accustomed to an exchange rate of (1450) dinars to the dollar in order to finance public expenditures, especially with the weakness of non-oil revenues. The return of the exchange rate to (1182) dinars to the dollar means reducing oil revenues by nearly (20) trillion dinars, which is a difficult number, which the general budget may not be able to overcome in light of fluctuations in oil prices in global markets.

6- The frequent change of the exchange rate is one of the main motives for speculating on the currency and heading towards real and in-kind assets to preserve value, which increases the prices of these assets at the expense of saving and investing in the productive sectors of the economy.

7- Changing the exchange rate under political pressure may lose the independence of the Central Bank and weaken the credibility of monetary policy and its role in achieving monetary and financial stability in the country.. It is a negative indicator of investment and the international classification of the Iraqi economy.

8- The general budget was a financial channel for the transmission of the shocks of the international oil markets to the local economy due to the large exposure of the budget to oil revenues (90%), especially with the lack of adequate financial space to absorb shocks as is available in the Gulf countries.. This means linking the exchange rate to oil prices. (Devaluing the currency when oil prices collapse and raising it when prices rise) Transferring external shocks to the local economy through the monetary channel in addition to the usual financial channel.

9- It is not expected that local prices will respond to a significant increase in the value of the dinar, since prices are inflexible towards the decline in the exchange rate of the dollar and flexible towards its rise due to the viscosity of prices and the absence of conditions for complete competition in the Iraqi markets. The rise in the prices of some commodities is not due to the high exchange rate of the dollar, but to the rise in global production costs and the doubling of transportation and insurance costs as a result of the collapse of supply chains, as well as the weak ability of some companies and factories to meet the increasing global demand as a result of the recovery of the global economy.

10- The continuous and close change in the dinar exchange rate leads to a loss of confidence of companies and individuals in the banking system, which disrupts the movement of deposits and loans and puts pressure on the Iraqi banking system.

11- Raising the value of the Iraqi dinar means increasing the risks of the non-competitive exchange rate of the dinar on the chances of reviving the non-oil sectors and directing industrialization to achieve economic development. Instead, imports from neighboring countries (Iran and Turkey) are increasing, which depend on the policy of decreasing the local currency exchange rate to encourage exports and win markets. In most cases, the increase in exports of these countries is at the expense of the Iraqi agricultural sector, which provides about (20%) of job opportunities, and where one-third of the population lives in rural areas.

12- Reducing the exchange rate of the dollar increases the burden of the internal public debt on the budget and the economy, especially with the rise in the internal public debt to more than (70) trillion dinars at the end of 2021, and it is a candidate for an increase in light of the government’s appetite for internal public borrowing in order to finance the government financial deficit. LINK

Samson:  Forgery and fraud, worth 123 million dinars, were seized in Umm Qasr

03/15/2022 22:47:16

Forgery and tampering with the details of a completed customs transaction for (55) containers that caused a waste of public money of more than (123) million at the port of Umm Qasr Al-Awsat port.

\The quality control operations carried out by the Border Ports Authority continue with its monitoring and auditing efforts for all incoming goods and merchandise, as the Umm Qasr Al-Awsat Port Port Directorate was able to control (a completed customs transaction) in the control of search and investigation outside the customs precinct, which includes (55) loaded containers (air conditioners with capacities and sizes different). When audited, it was found that there was a waste of public money amounting to (123,843,000) million dinars as a result of evading the payment of the real customs and tax fees for the value of the materials. 

A fundamental seizure report was organized and the materials and customs treatment were referred to the Umm Qasr Al-Awsat police station for the purpose of presenting them to the investigative judge to take legal measures against the violators.   LINK

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

Samson:  The Iraqi judiciary adopts the “parallel financial” investigation into money laundering crimes

03/16/2022 11:51:29

 Money laundering crimes are modern and cross-border crimes that are no less dangerous than terrorist crimes, which requires a great effort to combat them.

Iraq has come a long way in reducing these crimes and their effects, which resulted in the country’s exit from the black list and its entry into the “FATF” organization after the great judicial work that culminates now in the adoption of the so-called parallel financial investigation, which is another parallel investigation aimed at detecting, tracking, seizing and seizing the proceeds of crime. confiscate them, punish their holders and prevent the revenue from being integrated into the national economy.

Under the title (Parallel Investigation of Money Laundering Crimes), a symposium was held at the headquarters of the Baghdad Appeal Court, Al-Rusafa Federal, with the participation of judges from criminal courts and investigations from all appeal presidencies.

During the seminar, Judge Imad Khudair Al-Jabri said that "the crime of money laundering is one of the modern crimes against Iraqi society, so the idea of ​​the Supreme Judicial Council holding such seminars is to shed light on the procedures that should be followed by the judges in these crimes."

The head of the Baghdad / Al-Rusafa Court of Appeal added that "Iraq has become among the Financial Action Organization (FATF) and (Minovatif) concerned with (monitoring money laundering crimes in the world), noting that "Iraq was ranked black in the organization's classification, but today we were able to from leaving this rank and moving to the gray rank thanks to judicial decisions and procedures followed by the concerned authorities, and we are determined to move to a rank that befits Iraq's reputation in international forums.

Al-Jabri pointed out that "these crimes are not local, but are cross-border crimes, and therefore this organization monitors how countries reduce these crimes and their mechanism of action, and then it classifies countries and punishes their banks if they do not comply with the instructions issued by the organization in matters of deposit and financing under subject control." For scrutiny and follow-up by the concerned authorities,” noting that in the event of any delay or negligence on the part of Iraq, we may return to the black rank again,” stressing that “exiting this classification depends on the statistics of the Supreme Judicial Council in settlement, confiscation, banking procedures, safety and prevention methods.” taken by the government.

He continued, "The investigative judges must conduct a parallel investigation with the accused in these cases, the first about money laundering and the second to find out where this money went," stressing that "the largest role falls on the investigative judge in two cases in these crimes, according to the nature of each crime and this matter is left to the discretion of the competent judge, which means that these crimes need more scrutiny, as this money may be one of the sources of terrorist financing."

And he indicated that "raising our rank from this list depends on the judges' efforts to deal with these crimes with great accuracy," stressing that "the investigation in the past was limited to the Presidency of the Rusafa Appeal, while today the investigation has become in all appellate presidencies to facilitate and simplify the procedures in the process of combating this crime", indicating that "when Iraqi money goes outside the borders and is confiscated, Iraq is not able to recover it from those countries, so it must work with all force to prevent its exit outside the borders to ensure that those funds are not lost abroad."

For his part, the first judge of the Court of Integrity and Money Laundering in the Federal Rusafa Appeal, Iyad Mohsen Damad, said that “Iraq from (2012 to 2017) applied most of the recommendations and conditions of the Labor Organization (FATF) and (Minovatif), the most important of which is knowledge of the client’s funding sources in Banks, with the addition of specifying a competent judge to look into these cases and the formation of an anti-money laundering council, as well as other administrative and legal procedures.

Judge Iyad Mohsen Damad added that "this file needs political and governmental support in order to move to better ranks than the current rank that Iraq has reached now," noting that "the most prominent indicators of money laundering are the multiplicity of bank accounts as well as deposits in small currencies."

He pointed out that "some of them may wonder why Iraq is interested in this classification, that the world has become linked to each other today, and therefore we are part of this organization whose instructions and conditions should be followed," explaining that "recommendation No. (30) of the (FATF) provided for the existence of authorities a designated law enforcement specialist responsible for ensuring that money laundering, predicate offenses and terrorist financing are properly investigated through the initiation of a financial investigation.

He noted that "the parallel investigation is carried out by the investigation authorities by opening a financial investigation that begins at the beginning of the investigation of the original crime in order to discover the proceeds of the original crime and then seize and seize them, prevent their concealment and prevent the integration of its profits into the national economy," adding that "the objectives of the parallel financial investigation aims to uncover proceeds of crime, tracing, seizing and seizing proceeds, in addition to confiscating the proceeds, punishing their holders and preventing the proceeds from being integrated into the national economy.

The judge added that "the parallel financial investigation will be in two tracks, the first is that parallel financial investigations are conducted to find out the existence of proceeds of the original crimes such as crimes of theft, breach of trust, embezzlement, financial extortion, crimes of financial and administrative corruption, crimes of fraud and human and drug trafficking, while the second track concerns the financing of terrorism to find out who carries out terrorist operations. Whoever manages, possesses and transfers funds owned by terrorist organizations and financed through their activities.”

He stressed that "the parallel financial investigation is important, including strengthening Iraq's position before international residents, considering the parallel investigations as one of the evaluation criteria, as well as measuring the impact and feasibility achieved as a result of criminal investigations in the original crimes. If necessary, and the real estate registration and traffic departments to find out if the accused or one of his relatives owned real estate or wheels after committing the crime, as well as the Central Bank of Iraq to approach all private banks to indicate if there are any accounts and deposits for the accused and his relatives, and then stop all withdrawal movements and deposit.”

He concluded by saying, "A seizure must be placed on movable and immovable funds to prevent the transfer of real estate and vehicles, as well as taking legal measures against the accused and those who are proven to be in possession of the proceeds of crime for the crime of money laundering and terrorist financing."  LINK

Some "Tuesday News" Posted by Samson at KTFA 3-15-2022

KTFA:

Samson:  Al-Halbousi announces the date of the presidential election session

03/15/2022 19:08:48

The Speaker of Parliament, Muhammad Al-Halbousi, announced, on Tuesday evening, the date of the session for the election of the President of the Republic.

Al-Halbousi said, in a brief statement, which {Euphrates News} received a copy of, that: “It was decided to set Saturday, March 26, as the date for the parliament session to elect the president of the republic.”  LINK

Samson:  World Bank: Russian sanctions will affect global GDP

15th March, 2022

World Bank President David Malpass said that sanctions against Russia will affect global GDP more than Russia's special military operation in Ukraine

Malpass considered that the situation in Ukraine would have an "immediate impact in the near future" on the global economy

"I think sanctions against Russia will have a greater impact on global GDP," Malpass added at an event hosted by The Washington Post

But the World Bank chief indicated that other countries, will be able to recover quickly from the interruption of energy and food supplies from Russia and Ukraine. According to him, the agricultural sector in other countries will be able to "adapt in a year or so  LINK

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

Samson:  Russia Plans To Ban The Export Of 3 Important Crops In The World

14th March, 2022

The Russian Ministry of Agriculture announced today, Monday, that the country may ban exports of wheat, barley and corn between March 15 and June 30.

The ministry stated that it had submitted a proposal to the government to impose a temporary ban on exports of basic agricultural crops,” according to the Russian Interfax news agency.

Last Thursday, Russia announced a ban on the export of cars until December 2022, in addition to stopping grain exports to the European Union.

Russia decided to ban the export of aircraft and drones until the end of this year.  LINK

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

Samson: Moscow: Biological laboratories in Ukraine are a threat to all countries of the world

15th March, 2022

The Russian Foreign Ministry warned European countries, today, Tuesday, of the great dangers posed by biological laboratories in Ukraine to the world.

"Biological laboratories deployed in Ukraine pose a danger not only to Russia, but also to the whole of the European continent and the world," Alexey Bolchuk, Director of the Second Department of the CIS Countries of the Russian Foreign Ministry, said in statements to the Russian "Novosti" agency.

He added, "For biological laboratories on Ukrainian territory, they pose a danger not only to Russia, but to the whole of Europe."

"The Russian special military operation in Ukraine aims, among other things, to stop this threat," Alexei Bolchuk stressed. LINK

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

Samson:  Russia Announces Sanctions Against US President Joe Biden

15th March, 2022

The Russian Foreign Ministry announced, on Tuesday, that it had imposed sanctions on US President Joe Biden, following the Russian-Ukrainian crisis.

The Russian Foreign Ministry confirmed that “the sanctions against a number of American officials come in response to the sanctions imposed on Russian officials,” noting that “Moscow will allow the organization of high-level contacts even with those designated on the sanctions list if necessary.”

According to the media, the sanctions include Secretary of State Anthony Blinken, the Secretary of Defense, the National Security Adviser, the head of the (CIA) and others, in addition to former Secretary of State Hillary Clinton.   LINK

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

Samson:  Russia adds US Secretary of State to "ban" list and imposes sanctions on Hillary Clinton

03/15/2022 18:11:16

The Russian Foreign Ministry announced today, Tuesday, the inclusion of US President Joe Biden and US Secretary of State Anthony Blinken on the sanctions list.

The ministry said in a statement this evening, Tuesday, that the imposition of Russian personal sanctions against US leaders and people connected to them came "in response to a series of unprecedented sanctions, including those prohibiting the entry of senior officials of the Russian Federation into the territory of the United States."

As of today, March 15, the list of persons banned from entering Russia includes President Joe Biden, Secretary of State Anthony Blinken, Secretary of Defense Lloyd Austin, Chairman of the Joint Chiefs of Staff Mike Milley and other senior officials. LINK

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

Samson:  Russia imposes sanctions on Canadian Prime Minister Justin Trudeau

15th March, 2022

The Russian Foreign Ministry announced that Moscow imposed sanctions on Canadian Prime Minister Justin Trudeau and the Canadian Ministers of Defense and Foreign Affairs.

"Moscow has imposed economic sanctions on Canadian Prime Minister Justin Trudeau and two of his ministers, the foreign and defense ministers," the ministry said in a statement. "Russia has added more than 300 Canadian parliamentarians to the (black list)," he added.

The statement pointed out that "sanctions on Canadian officials were imposed in response to hostilities against Russia, and on the principle of (reciprocity)." "Any unfriendly actions from Canada will inevitably receive a consistent and decisive response from Moscow," she said.

The Canadian government announced that it had imposed a package of sanctions against Russia, against the backdrop of the Russian military operation in Ukraine. Trudeau stressed from Warsaw at the end of his European tour that "the new sanctions include 32 Russian institutions working in the defense sector, 5 current and former officials, and people considered by the Ottawa government to be involved in Russian President Vladimir Putin's decision to start the military operation in Ukraine."   LINK

Saudi Arabia is planning a warm welcome for the Chinese president, similar to its reception Trump in 2017

18th March, 2022

The Wall Street Journal revealed an invitation extended by Saudi Arabia to the Chinese president to visit Riyadh and organize a warm reception similar to its reception of US President Donald Trump in 2017.

The newspaper quoted informed people as saying that Saudi Arabia has invited Chinese President Xi Jinping to visit Riyadh, in an effort to strengthen relations between the two countries, and in light of the current tension with Washington.

The "Wall Street Journal" report added that this visit may come after the end of next Ramadan. The newspaper stated that Saudi Arabia intends to organize a warm reception for the Chinese president, similar to its reception of former US President Donald Trump in 2017, when he visited the Kingdom on his first foreign trip as president.

The report quoted a Saudi official as saying, "The Crown Prince (Mohammed bin Salman) and Xi are good friends and they both realize that there is huge potential for strengthening relations, and it is not just that they buy oil from us and we buy weapons from them."

In 2017, US President Donald Trump made his first visit as a president to Saudi Arabia, and this visit witnessed a great reception for him and his family. The New York Times said at the time, that he received gifts from the Saudis amounting to 82 expensive gifts.

In a statement after that visit, Trump said that Saudi Arabia and other allied countries should pay for the United States' protection for them.  LINK

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

Samson:  Oil continues losses and falls below $100 a barrel

03/15/2022 15:02:23  UPDATE

International oil prices increased their decline today, Tuesday, and fell by more than 7%, and Brent global crude was traded below the level of $ 100 a barrel, for the first time since March 1, 2022.

And by 14:23 Moscow time, Brent crude futures fell by 7.88% to $ 98.48 a barrel, bringing the crude to have fallen below $100 a barrel for the first time since March 1, 2022.

Meanwhile, the April futures contracts for West Texas Intermediate crude fell 8.41% to $94.35 a barrel, according to Bloomberg website data. LINK

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

Samson:  After dismantling three..five bombs targeting a support convoy of the International Coalition in Basra

15th March, 2022

On Tuesday, a security source reported that five explosive devices exploded as a final outcome of the explosions that targeted logistical support columns in Basra Governorate, while three others were dismantled without casualties.

The source told Shafaq News Agency that "five explosive devices, some of them sound and others homemade, contained high explosive materials, targeting the logistical support columns of the international coalition between Jerashan Square and Artawi intersection in Basra governorate," noting that "the security forces dismantled three other explosive devices near the scene, Without any casualties, the damage was limited to three wheels of the convoy.

And a security source reported, this morning, that a logistical support column for the international coalition was bombed in Basra Governorate, southern Iraq, without casualties or material damage, while another logistical convoy of the international coalition against ISIS led by the United States of America was bombed in Samawah governorate. , in southern Iraq, the second of its kind within a few hours, without causing any casualties among the convoy members.  LINK

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

Samson:  The Iranian parliament praises the bombing of Erbil and considers it an "achievement" for the Revolutionary Guards

15th March, 2022

A statement signed by 213 members of the Iranian parliament praised today, Tuesday, the ballistic missile bombing that targeted Erbil Governorate, the capital of Kurdistan Region.

According to the Iran International website, those parliamentarians expressed what they called the "decisive action" of the Iranian Revolutionary Guard, in reference to the bombing.

The parliamentarians, like other Iranian officials, reiterated that the target of the attack was a "strategic center of Israel's plot in Erbil," and said that "not responding to the enemy (Israel) makes him more arrogant."

"Iran's national security and the country's armed forces are among the Iranian authorities' red lines," the statement said, adding: "We consider the last brave act in accordance with the laws passed by the regime and the protection of our borders."

Erbil, the capital of the Kurdistan Region, was attacked on Saturday night, Sunday, March 13, by 12 "long-range" ballistic missiles, which were launched from outside the Iraqi borders, and landed in the vicinity of the American consulate and Kurdistan 24 station in the Salah al-Din resort, which resulted in material damage. In buildings and homes.

On Sunday, the Iranian Revolutionary Guard officially claimed the attack that targeted the city of Erbil.

The Kurdistan Regional Council of Ministers, headed by Masrour Barzani, had confirmed earlier that the site targeted by the Iranian Revolutionary Guard in Erbil Governorate was a civilian site and not an Israeli base, in response to a statement by the Guard that claimed this.  LINK

Some "Monday News" Posted by Samson at KTFA 3-14-2022

KTFA:

Samson:  Report: Parliament Is Threatened With Delegitimization By The Federal Court

13th March, 2022
A press report revealed, on Sunday, that the current parliament is threatened with delegitimization by the Federal Supreme Court, as it has failed to perform its first task, which is to elect the president of the republic.

The London-based Al-Sharq al-Awsat newspaper said in a report it had seen, "The optimists in the Shiite political community believe that al-Sadr's initiative to lift the veto over al-Maliki reunited the Shiite house and made the tripartite alliance retreat." But as soon as the current and the framework enter into the details of the names of the candidates and the largest bloc, this is the first indication that the devil has entered into the details.”

She added, "With all that can be expected from the scenarios, the most dangerous scenario is the options that the Federal Supreme Court can take in the event that the presidential election session fails during the "brief period" that it demanded," noting that "among the options that can be for the Federal Court to resort to, according to the constitution, to delegitimize Parliament, because it failed to perform its first task, which means forming a government of national salvation, while calling for new elections.”

And the newspaper pointed out, “In the event that there is no agreement during the next few days between the current and the framework on how to pass the next president of the republic, the contested between the Kurdistan Democratic Party led by Massoud Barzani and the Patriotic Union of Kurdistan led by Bafel Talabani, any talk about candidates for the position of prime minister, or any talk about the largest bloc will be of no use.”   LINK

Wagmaster:  Does the constitution make the caretaker government permanent after X amount of time? I think at this point that might be our best solution.

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

Samson:  The Sadrist bloc determines the categories covered by the law on the distribution of oil revenues to the people

14th March, 2022

The representative of the Sadrist bloc, Burhan Al-Maamouri, confirmed today, Monday, that the law on distributing part of the oil wealth will focus on three points, while specifying the categories covered by the law.

Al-Maamouri said, "The draft law for distributing part of the oil imports to the Iraqi people is not new today, but since the previous session," noting that "this requirement is related to a wide segment, especially the poor."

He added, "The House of Representatives will have a role in following up on these points, including the submission of the draft law, which was presented in previous sessions by the Sairoon Alliance," explaining that "the Sadrist bloc will submit proposals to legislate laws aimed at distributing wealth to the Iraqi people."

He pointed out that "laws and proposals that contain a financial aspect that the House of Representatives cannot legislate unless there is an agreement with the government because it can be challenged before the Federal Court," calling "the government to send a draft law to distribute part of the oil imports to the Iraqi people."

He explained, "The law will focus on the poor, and there are thousands of unemployed people, according to the questionnaires in the Ministry of Labor and Planning, in addition to focusing on the poorest regions and governorates."

The First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, revealed an effort to legislate a law through which a percentage of oil imports would be deducted and given to the people during the current session.  LINK

 ***************

Samson:  It was embezzled by forgery and repeated exchange .. Integrity seizes half a billion dinars in the Maysan Oil Company

14th March, 2022

The Federal Integrity Commission was able to carry out two seizures in the Maysan Oil Company, indicating that they resulted in the seizure of nearly half a billion dinars, and three people accused of embezzlement.

The investigation department of the authority, while talking about the details of the two operations that were carried out according to two judicial notes, reported that information was received by the authority’s investigation office in Maysan, which included embezzlement of an amount of money estimated at half a billion through fraud and repetition of the wages of two oil company employees.

The department continued, explaining that a working team was formed from the commission's investigation office in the governorate, which in turn moved to the Maysan Oil Company/Financial Commission Department, where it was able to seize the embezzled amount of (479,950,000) million dinars, pointing out that it was deposited. The amount is according to the court's decision in the Financial Payments Division of the Financial Commission - General Accounts Department in the company, while they were notified not to use it until a final judicial decision is issued.

In a related context, the department indicated that the team was able to seize the members of the committee charged with receiving a reward for the employees of the Maysan Oil Fields Authority, stressing that they embezzled the reward amount of (42,000,000) million dinars. 

It indicated that the team conducted preliminary investigations and took the statements of some employees who were covered by that bonus as witnesses, and the statements of the defendants who admitted that they had committed the crime of embezzling the amount of the reward after the deed was issued for them by the Maysan Oil Company, and deposited it among the former covered by the director of the Maysan field distribution authority. She added that two fundamentalist arrest reports were organized in the two operations, and they were presented, along with the seizures and the accused in the second operation, to the competent investigative judge; Who ordered their arrest in accordance with the provisions of Article (316) pending investigation.

On the seventh of this March, the authority announced that its staff in Maysan had arrested a number of officials in the Maysan Oil Company; Against the background of embezzlement of sums of money that exceeded (1,320,000,000) billion dinars through the repeated disbursement of salary documents and dispatches to the company’s employees.  LINK

Samson: Five questions about changing the exchange rate

27th February, 2022 by Dr.. Haider Hussein Al Tohme

The debate has recently expanded on the reasons and repercussions of decreasing the dinar exchange rate at the end of December 2020, especially with political calls to restore the exchange rate to its previous level, and to correct the policy of decreasing the dinar exchange rate.

The media and the irresponsible statements of some parties contributed to the hypothesis of restoring the exchange rate to its previous level, as a result of the improvement in oil revenues on the one hand, and the momentum of political pressure on the other.

The exchange markets responded slightly to those expectations, and the dollar exchange rate in the markets declined to approximately (1400) dinars to the dollar, while the Central Bank's sales decreased from nearly (200) million dollars to (33) million dollars at the beginning of this week. In this context, five frequently asked questions about the dinar exchange rate can be discussed, as follows:

The first question: Why was the dinar exchange rate reduced in December 2020?

- In 2020, Iraq faced a double crisis (health / the outbreak of the Corona epidemic) and (economic / the collapse of oil prices and the stagnation of the local economy as a result of the closure that resulted from the health restrictions at the time).

- Iraq's oil revenues fell sharply due to the weak global demand for oil. In April 2020, oil prices fell to less than (20) dollars a barrel, and oil revenues fell to less than (1.4) billion dollars, after they were in January, of the same year, more than (6) billion dollars, meaning that oil revenues shrank to less than a quarter. 

- The government was forced to borrow internally nearly (27) trillion dinars from the Central Bank, indirectly, by deducting treasury transfers sold to banks in order to finance the financial deficit resulting from the huge government expenditures and the sharp decline in oil revenues.

- Internal borrowing raised the monetary mass from (52) trillion dinars at the end of 2019 to more than (66) trillion dinars in 2020, which increased the demand for the dollar and reduced the foreign reserves rapidly, as a result of the decline in the value of oil exports on the one hand and the high demand for the dollar on the one hand. On the other hand, the local market.

Thus, decreasing the exchange rate of the dinar provided an opportunity to maximize oil revenues in dinar and reduce the general budget deficit on the one hand, and another opportunity to reduce dollar sales and maintain the dollar reserve with the Central Bank for a longer period, if the repercussions of the Corona pandemic continued and oil prices remained below (50) dollars per barrel, from on the other hand.

The second question: Was the foreign reserve in danger?

The oil dollars sold to the Central Bank declined sharply as a result of the decline in oil exports, which fell due to the decline in prices and the decrease in exported quantities as a result of the restrictions of the (OPEC +) alliance, which determined the quotas of member states, to control the oil supply and limit the decline in prices. (For example, in the month of April 2020, oil revenues fell to less than a quarter compared to December of the same year).

The rise in the monetary mass from (52) trillion dinars in 2019 to (66) trillion dinars in 2020 as a result of internal borrowing increased the demand for the dollar in the foreign currency auction.

- The impetus of the expectations of banks, businessmen and the public for an upcoming decline in the value of the dinar as a result of the decline in oil revenues doubled the operations of selling the dinar and replacing it with the dollar as a store of value, which increased the rates of demand for the dollar.

All of these factors doubled the risks of a rapid depletion of the bank's reserves if oil prices continued to fall.

The third question / What are the available alternatives to compensate for the decline in oil revenues in 2020?

Iraq does not have an abundance of options to face oil price shocks as a result of the budget and the economy’s exposure to oil revenues in a large way and the weak government efforts to diversify the country’s production and export base, as well as the squandering of an important part of oil revenues in the doors of waste and corruption that wasted an opportunity to accumulate financial space used to absorb oil shocks as is the case in many oil-producing countries. Consequently, the sources available to reduce the fiscal deficit resulting from the sharp decline in oil revenues were limited to:

The Ministry of Finance follows an austerity fiscal policy based on reducing public expenditures, especially salaries, and/or raising tax rates of all kinds, in addition to lifting subsidies on fuel and some basic commodities. But this policy is likely to face great social resistance, especially with the escalation of the wave of protests that the country witnessed in late 2019 in protest against the economic conditions, high unemployment rates and rampant corruption in various government institutions in Iraq.

Resorting to public borrowing, especially internal, and it was adopted in multiple crises, including the double crisis in 2014 and the Corona crisis in 2020, when the government borrowed nearly (27) trillion dinars to pay salaries and cover some public expenses. But it is an unsustainable measure, given that the problem is in the foreign currency restriction... If continuing to rely on internal borrowing leads to the depletion of foreign reserves if the rates of oil exports continue to decline.

Decrease the value of the dinar, especially since the dinar is overvalued. In fact, it was not a genuine devaluation of the dinar exchange rate, but rather a return to the exchange rates in 2003, when the dinar exchange rate was approximately (1,500) against the dollar.

The third alternative (changing the exchange rate) was chosen for a number of reasons, including immediate, such as reducing the deficit by providing nearly (15) trillion dinars to the budget, given the maximization of oil revenues in dinars when government dollars are sold to the Central Bank for (1450) instead of (1192). And also to reduce dollar sales to local markets and maintain foreign reserves for a longer period.

Fourth question: Was the decision to reduce the exchange rate of the dinar sound?

The truth of the matter is that the decision was not made sound in terms of timing and amount, rather it was late, given the multiple shocks that faced Iraq in 2020.. But the criticality of the financial situation, the government’s inability to pay salaries and the proliferation of waves of the Corona pandemic.. all factors that precipitated the difficult decision.

 The decision to lower the exchange rate of the dinar was agreed upon at a meeting of Prime Minister Mustafa Al-Kazemi with the heads of the political blocs on December 8, 2020, and it was chosen to reduce the Iraqi dinar exchange rate to face the financial crisis instead of reducing salaries, raising taxes and canceling government support. However, it is noted that the economy and markets absorbed the shock better than expected, as the stability of fuel and electricity prices helped reduce the inflation rate in Iraq.

The fifth question: Are there justifications for raising the value of the dinar again?

For a while, many unstudied opinions have been circulating to restore the dinar exchange rate to its previous level (1200) dinars due to the recovery of oil revenues and the absence of the need for the previous reduction of the exchange rate of the dinar and other arguments, we review them below with the analysis:

The first argument: the fight against inflation

At the end of 2020, the exchange rate changed to (1450) dinars to the dollar, an increase of (21.6%) over the previous official rate (1192) dinars to the dollar. As a result, price levels rose according to the index calculated in September 2021 by (7.3%) from September 2020, which is a low increase compared to the change in the exchange rate and indicates the tendency of the Iraqi economy towards price stability. As for the double price of some commodities, this is due to a number of factors, including:

Weak government control over the movement of local markets and the absence of deterrent penalties against traders and price manipulators in various markets.

The rise in commodity prices as a result of the increase in global production costs after the Corona pandemic.

The collapse of supply chains due to the great closure that the world witnessed in 2020, and the high costs of shipping significantly.

The high prices of many primary commodities, especially oil, copper, and others, due to the halt in investment as a result of work restrictions and expectations resulting from the Corona pandemic.

The second argument: support economic growth

This is a strange argument, since it is known and agreed that raising the value of the national currency does not help in economic growth at all because it involves reducing international competitiveness. As for devaluing the national currency, this is a familiar policy practiced by many countries, and it is conditioned by a package of measures in order to succeed in reality. (1)

The third argument: improving the standard of living of the poor

No two disagree that the devaluation of the dinar reduced the real income of the Iraqi citizen, and the poor classes were greatly affected due to their low incomes in the first place... But were those classes luxurious before the exchange rate was reduced? The answer is that the problem of poverty in Iraq is a result of weak policies for distributing national wealth and the expropriation of a few on the country’s resources in a legitimate and illegitimate manner... as well as the weakness of policies to redistribute income and revive the poor classes, whether through controlling and diversifying the ration card system or activating the social protection network. 

Note that decreasing the price of the dollar provides a subsidy, proportional to the level of income, from the oil resource for everyone, which affects the rich many times as much as the poor.  LINK

MilitiaMan and Clare "All Good To Go" Monday PM 3-14-2022

KTFA:

MilitiaMan:  The mention of the a difference in exchange rates is very interesting. (See article below) The budget is in Dinars but the contract is in Dollars.

The large difference in amounts after changing the exchange rate between each other is by recalculating costs. So they have a new system in place to account for the differences.

They have it in place now for when the need arises from the looks of it, as in if there are any delays, then they are all set with the new system to take over.

Apparently, they do have enough funds allocated through September to keep the port work moving forward. 

The new system when the or an exchange rate changes it will calculate the differences in the exchange rates. Sounds like they have it set up for a seamless change over. All good to go imo.. ~ MM

Samson:  Al-Faw port .. Funding is enough for September and a government step to overcome the budget delay

03/14/2022 08:21:09  

The Ministry of Transport acknowledged that the allocations for the construction of the Grand Faw port are sufficient until next September, and noted the existence of direct exchange doors for the project that will not be affected by the delay in approving the current year's budget.

The Director of the General Company for Iraq Ports affiliated to the ministry, Farhan Al-Fartousi, said in a press statement, "The Ministry of Transport is working to separate the financial allocations for the Great Port of Faw from its allocations in the current year 2022 budget, so that there is more interest in this project by the government." He pointed out that "the final amounts of the project have not been allocated within the budget because it is still in circulation until now."

Al-Fartousi noted, "there is a difference in the exchange rates of the currency because the budget is in dinars and the contract for the implementation of port projects was made in dollars, as the large difference in amounts after changing the exchange rate is being processed by recalculating costs in order to secure them during subsequent budgets." He explained that "the funds in the port's balance can secure work on the project until next September at a single pace and without delay." He pointed out that "the ministries of Planning and Finance were quick to assign the port to a new system in the event of a delay in launching the financial allocations within the 2022 budget through a direct disbursement section for the project in order to continue it without stopping."

Al-Fartousi indicated that "the five berths project in the port has reached advanced completion rates compared to other projects, with a high-level organization between the Italian and Korean companies as a result of the existence of a coordination plan between all parties working on the site with the aim of bringing the project to the required stages of completion, especially since there is an overlap between the project.

Container yards implemented by the Korean company (Daewoo) and the berths project entrusted with its implementation by the Italian company, as a schedule was adopted to ensure that the work does not interrupt between all parties.  LINK

Clare:  THANK YOU MM- I AGREE... A VERY IMPORTANT COMPONENT IN ALL OF THIS.... NEW SYSTEMS! BECAUSE IRAQ WILL NEVER BE DOING THINGS THE  WAY THEY HAVE IN THE PAST!  IMO

NSCN'S (New Small Currency Notes) ARE ALREADY PRINTED & WAITING LIKE EVERYTHING ELSE... TO BE REVEALED AT THE PROPER TIME...

WS TOLD US THAT THE TRAINING WAS ALL FINISHED  PERIOD.

THERE IS A LOT THAT GOES ON BEHIND THE SCENES THAT WE ARE NOT PRIVIY TO. NOT ONE OF US IMO  

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

MilitiaMan: There are always things that seem to be popping up that were not expected. We didn't realize there was ever going to be automation at the borders. We never knew there would be an interlinking with the CBI and E-Government with three major entities of the government, done and linked. The CBI told us they have done that quite some time ago.

Delta showed us the data from the CBI that showed they had allocated millions of dollars for the printing of new notes.

We also know there is a new international  AYSCUDA taxation system being readied or is in place now. I suspect that is the new system they mention at the port of Faw today could be it, or at least it will work in conjunction with it.

The BUNA platform is another item that was never really in the cards up until the last year or so. They have tested and cleared currency on it already and digitally, as well. That is an interlinking with the region and globe at large once they change the rate. They'll also have a seamless transition without corruption.

The sanctions are lifted from Chapter VII with all payments paid up to Kuwait. They are opening international banks abroad. So, All these efforts are all showing me there is massive progress in a very complex environment that has new technologies involved that will help facilitate the new digital transformation before them and us.

My take is their efforts are about to be given to the citizens proportionately. The pressure has been mounting and I bet the GOI is feeling the heat on many front. Lets see how the handle the new GOI. Will it be seated in the coming days? We shall see.  ....... Above post mentions a new system is in play.. I like it.. ~ MM

MilitiaMan "Interesting Data on the AMF" 3-13-2022

KTFA:

MilitiaMan:  Interesting Data set on the currency values per the AMF..(Arab Monetary Fund) . ~ MM

At some point Iraq may be in the AMF basket of currencies, as they will be a key player in the MENA region. If you notice the strength or the Arab Unit... Then look at the AMFs way of calculating the exchange rate.. It shows me that there is a strong probability that the IQD will be strong in pricing going forward.

The fact they have massive oil deposits, massive Sulphur deposits, massive of revenues to come from customs, fees, taxes, tariffs, tourism, etc., will support the valuation the IQD far better today, then the past 10-15 years.

The automation for the E-Government, the automation of the Borders, the E-Banking, E payments, E-Settlements will all play a part in the process.

The BUNA platform and others will be instrumental in the process going forward. So lets see what the next few days bring us. We know that there is federal court tomorrow with the CBI and Finance Minister on the heals of the possible GOI break through post elections.

We shall see, but, at this stage with all the convergences going on, we may not sleep well tonight.. lol ~ MM

ARAB ACCOUNTING DINAR EXCHANGE RATES

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

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

RELEVANT CURRENCY EXCHANGE RATES AGAINST THE ARITHMETIC ARAB DINAR

The Arab Arithmetic Dinar is the base currency of the Arab Monetary Fund. Equivalent to three of the special drawing rights unit (SDR) specified by the International Monetary Fund.

Relevant currency exchange rates against the Arab Arithmetic Dinar as on March 10, 2022

the currency

Arab currency unit

American dollar 4.15785

euro  3.76599

pound 3.15969

JPY 482.121

CNY 26.3144

SR 15.5919

Bahraini dinar 1.56335

Qatari Ryal 15.1346

AED 15.2697

Omani Rial 1.59869

Kuwaiti Dinar  1.26191

Tunisian dinar not available

Algerian Dinar  591.993

https://www.amf.org.ae/ar/page/%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D8%A7%D9%84%D8%AD%D8%B3%D8%A7%D8%A8%D9%8A