MilitiaMan and Clare "News and Views" Sunday PM 5-22-2022

KTFA:

MilitiaMan:  The next Parliament sessions this next week look to be packed with importance. The likely hood that the Kurds are not on board with Sadr, is imo minimal.

The Oil and Gas Law is on the table. The Kurds suggesting they have made ground sounds very hopeful as they call it a priority. The Emergency Food and Security Law is slated for a second reading come Wednesday and in that week following for a vote.

With having an agreement politically to remove the blockage and that the financial side of things are completed, as noted by the recent Mission Accomplished between the CBI and the World Bank

 The good report from the IMF, the Global Taxation agreements with 137 countries per the UST, the Iraq border automation for payments and settlements at the ports, borders customs, etc., the AYSCUDA system and the BUNA platforms all ready to go for cross border clearing of currency, thus, we can combine all that with an new exchange rate and the citizens will get what they are waiting for, the HCL.

Their share of the wealth and rightfully so they should!!  imo

MilitiaMan Cont…..It is time weather permitting.. lol  Funny how they call for airports to close for Dust Storms, yet, googling the weather stations for Monday call for cooler temps and mild wind only.. Not dust storms.

However, there are articles that suggest there will be dust storms. I'll lean on the weather stations.. imo. 

Aside from that, the 1/12th payments to run the country has not been implemented, thus, this next few days on the EFL and 2022 budget both being about finance are key.. Lets see what they do.. ~ MM

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Parliamentary Energy: This session will be exceptional

22/05/2022

The Parliamentary Oil and Energy Committee confirmed today, Sunday, that the current session will be exceptional in terms of approving laws.

Committee member Suhaila Al-Sultani said in an exclusive interview with "Mawazine News", "There is a parliamentary determination that this session be exceptional and provide a lot of work, stressing that the oil and gas law will be a priority."

She added, "There is great cooperation between the Arab and Kurdish representatives in this aspect, and the understanding that the interest of Iraq is first and the public interest of the people is more important than private and partisan interests."   LINK  

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President of the Region: We have reached a ground to solve the political blockage and there are no problems that cannot be addressed

2022-05-22

The President of Kurdistan Region, Nechirvan Barzani said on Sunday that a ground had been reached to resolve the political impasse in the region and all of Iraq, announcing the success in stopping the media war between the Kurdistan Democratic Party and the Patriotic Union of Kurdistan.

President Barzani said in his speech on the occasion of the graduation of the sixteenth batch of graduates of the Third Military College - Kallagolan, that "we are still in contact with the parties in Iraq and the Kurdistan Region to address the political blockage."

He added, "We succeeded in stopping the media war between the Kurdistan Democratic Party and the Patriotic Union, as we reached a ground for resolving the political blockage," adding that "there are no problems that cannot be resolved, but there are many obstacles that appear from time to time." LINK

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Parliamentary Finance sets the date for the second reading of the proposed food security law

22/05/2022

The Parliamentary Finance Committee set, on Sunday, the date for the second reading of the proposal for the emergency support law for food security and development, before voting on it, and while it indicated the most prominent sectors that the law will support, it revealed the inclusion of allocations for governorate projects that are the highest of their kind and sums to improve services in the center and south .

A member of the Parliamentary Finance Committee, Ahmed al-Jubouri, said in a television interview, which was followed by "Mawazine News", that "the House of Representatives will begin next Wednesday the second reading of the proposed emergency support law for food security and development, and it is likely to vote on it in the week following the completion of the second reading."

He added, "The committee will work in the coming days to set specific numbers for the exchange doors in the law, the most important sectors that will be guaranteed in the law and indispensable, the ration card file, and support the agricultural sector by paying farmers' dues and marketing wheat as well as the electricity file and supporting the poor classes."

Al-Jubouri stressed that "in the event that the law is legislated, the provinces will receive funds for projects, and the initial version of emergency support has been allocated from 9-10 trillion dinars for this section, and this volume of support occurs for the first time in the history of the Iraqi state, and is the largest of its kind in budgets."
He continued that "

And about the government's position on the legislation of the proposed law, al-Jubouri stressed that "the government agreed in principle to pass it, and officials will be hosted whenever there is a need for that."

Regarding the size of the total amount of the emergency support law, he explained that “the total amount was initially set at (30) trillion dinars, and the discussion is continuing about the possibility of reducing it to 25 trillion,” noting that “the statement of the Parliamentary Finance Committee Chairman Hassan al-Kaabi to add 500 billion dinars within the law to the Municipality of Baghdad is accurate.”

Because the emergency support has been allocated 9 trillion to the governorates, and Baghdad is the largest governorate in terms of population, and the total volume allocated to it will be one trillion and 200 million dinars, and the money will go to developing the capital’s neighborhoods.

Al-Jubouri pointed out that Last Thursday, the House of Representatives completed the first reading of the proposed emergency support law for food security and development.    LINK

Clare:  A new dust storm closes the doors of Iraq.. Monday is an official holiday...

The General Secretariat of the Council of Ministers announced today, Sunday, the suspension of official working hours in state institutions tomorrow due to bad weather conditions.

And she said in a statement received by Shafaq News Agency, that the Prime Minister directed to suspend official working hours in official institutions, tomorrow, Monday, with the exception of health, security and service departments, due to bad weather conditions, and the entry of a wave of severe dust storms to separate areas of Iraq.

The Ministry of Education had announced, earlier, the postponement of exams for sixth grade students and unfinished classes for tomorrow, Monday, May 23, 2022, until the next day and with the same announced schedule, due to expectations of a dust storm.  LINK

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Clare:  Increasing the capital of the central bank enhances its balanced monetary policy 

05/22/22    Samir Al-Nusairi

The Central Bank of Iraq announced the decision of its board of directors to increase its capital to 5 trillion dinars, an increase of 40% over its previous capital of 3 trillion dinars. 2 trillion dinars.

 From a specialized point of view, we see that this increase embodies the sobriety of the Central Bank and the solidity of its assets and will lead to the following:

1- Following safe investment policies, which will raise the financial position of the Central Bank and enhance its credit position internationally and restore confidence in the Iraqi economy and its banking relations with international banks and financial institutions.

2‐ Benefiting from the rise in global oil prices, reaching more than $100 per barrel, and building foreign cash reserves to cover imports and the local currency in circulation, and to maintain monetary and financial stability.

3- The continuation of the Central Bank’s intervention in supporting the national economy and stimulating and revitalizing the economic cycle in conditions of challenges and crises, and this now requires the government to invest the abundance available to it during the first quarter of 2022, which exceeded 11 trillion dinars and is expected to reach more than 45 trillion dinars at the end of 2022 And the equivalent of (30-35) billion dollars to pay off the internal debt, which amounts to about 46 trillion dinars, for the account of the Central Bank only.

 4- Confronting the effects of reducing the exchange rate of the dinar and strengthening and activating the central financing and lending procedures and initiatives, which exceeded 15 trillion dinars during the years 2016-2022.

And that all of these measures led to an improvement in the government’s financial position and a reduction in the actual deficit rates in the 2021 budget and the plan for 2022, which achieved the central bank’s goal as far as its tasks and objectives contained in its Law 56 of 2004, in particular preserving its independence and what was mentioned in the reform objectives of the banking sector in the white paper .

All of this has clearly contributed to supporting the national economy and will give it flexibility and sufficient space to face the challenges that the economy suffers from for subjective and objective reasons.

Thus, the Central Bank, with its distinguished national team and its wise management, will be able to achieve its main tasks and objectives and is now proceeding strongly, effectively and with rational steps to achieve the objectives of strengthening the economy and banks for sustainable development and economic stability.

* Advisor to the Association of Iraqi Private Banks    LINK

MilitiaMan and Clare "News and Veiws" Saturday PM 5-21-2022

KTFA:

MilitiaMan:  We will be watching closely from here on out. (See articles below) They have pressure on all fronts now from the looks of it politically.

As for the finance side of things the CBI, IMF and World Bank have had good reports and finished missions.  I see this all coming to a head now.. They all know that if they don't act they will not survive.

Might have make some concessions that Sadr will agree too.. I can think of one concession he won't be agreeing to though.. A side from that follow the money.. Leaks suggests there is about 12 billion to watch.. IMO.. ~ MM

Khazali reveals that al-Sadr accepted deputies from al-Maliki's coalition to form a government and urges him to take an order

2022-05-21 

 The Secretary-General of Asa'ib Ahl al-Haq, Qais al-Khazali, revealed on Saturday, the acceptance of a delegation from the Sadrist movement, with the participation of deputies from the coordination framework representing Nuri al-Maliki in the new government that the Sadrists seek to form.

Khazali said in a televised interview with Al-Ahd TV channel, owned by Asa'ib Ahl al-Haq, which was followed by Shafak News Agency, that "a Sadrist delegation requested 40 deputies from the Shiite coordination framework, even if they represent the leader of the State of Law coalition, Nuri al-Maliki."

He added, "The framework has made many concessions and is ready to make more, but it will not give up the component's right to form the largest bloc."

Khazali added that "giving up the largest bloc means putting the component's right to the wind," explaining that "the Sadrist bloc is required to make real concessions."

He pointed out that "the Sadrist bloc wants the premiership and 9 ministries," stressing that "there are electoral benefits and the framework has 83 seats."

Khazali indicated that "the Sadrist bloc is not ready to contain the framework and give it political benefits," continuing that "the Sadrist bloc has the right to nominate the prime minister and we have the right to refuse."

He said that "what is happening now is a political conflict and competition that the people pay their taxes," adding that "the people's interest forces the political forces to make concessions."

The Secretary-General of Asa'ib Ahl al-Haq considered the understanding of the two Kurdish parties (the Kurdistan Democratic Party and the Patriotic Union of Kurdistan) as a big step towards a solution," noting that "the Kurdish agreement is a strong motivation for the Shiite parties towards understanding, and it will dismantle the equation of the tripartite alliance."  LINK  

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{Politics: Al Furat News} The deputy of the State of Law coalition, Muhammad Al-Sihoud, revealed new scenarios and a movement that leads to breaking the political blockage.

The useful summary.. Chihod said; For the (Unannounced) program broadcast by Al-Furat satellite channel on Saturday evening, that: "The situation so far is worrying and suspended, given that the blockage is based on the tripartite alliance and its seats, and is matched by the coordination framework and the independents."

He added, "Now a new movement has begun at the level of the Kurds, and there will be a great rapprochement between the Patriotic Union and the Kurdistan Democratic Party, and new scenarios will begin, including the return of the Democrat to the Union means a return to previous agreements and then to the Shiite component represented in the coordination framework that refuses to abandon the Sadrist movement."

Chihod added, "As for the Sunni component, it has a new vision to get out of the blockage, which confirmed that the framework was not excluded from the current stage, and the Sadrist movement gave the green light to democracy and sovereignty to move towards the forces of the framework." He concluded, "The political blockage cannot remain indefinitely and the caretaker government will remain. According to the current data and information, there is a rapprochement between the initiatives of the independents and the coordinating framework.

With regard to the proposed law on emergency support for food security, Chihod clarified, “Perhaps the only hope for the tripartite alliance’s survival is the food security project and the survival of the caretaker government.

In two articles of it, and the leaks confirm that the money is distributed 3 billion dollars to the region and 9 billion dollars to the liberated areas without the support of the central and southern governorates. He went on to say, "The Food Security Law will not be legally passed because the decision of the Federal Court stated that the proposed law is an idea and means that it is immature and therefore it must be discussed and matured in the Council of Ministers. correct".

Chihod believes that "the proposed law came to revive the option of maintaining the current government," pointing to "working for the convergence of the two Kurdish parties in nominating a consensual figure for the presidency of the republic," noting that "the formation of the government will not proceed without the presence of the Sadrist movement, and solutions cannot be reached unless the two parties concede."

And by declaring a desire for dialogue, not through tweets and statements.” Seal of the Chihod The framework disagreed with the current in the formation of the most numerous Shiite parliamentary bloc; But when all the political blocs realize that they have reached a real stalemate, we are all in one ship and no one in it will survive."  LINK

Clare:  According to the Iraqi constitution... How long is the caretaker government?

05/21/2022

 The legal expert, Ali Al-Tamimi, revealed the duration of the government's handling of daily affairs according to the Iraqi constitution.

Al-Tamimi told {Euphrates News}: "The Iraqi constitution talked about the term of managing daily affairs in Article 61, the eighth paragraph of the Iraqi constitution, and it was set at 30 days and not more than that in the event of a withdrawal of confidence from the government."

He added: "Also in Article 64, a second paragraph of the Iraqi constitution, in the event of the dissolution of Parliament, and here the text said, the Council of Ministers continues to manage daily affairs, and we did not specify any period for the government to manage daily affairs."

He continued: "The Iraqi constitution did not provide a definition for the concept of managing daily affairs, but the internal system of the Council of Ministers 2 of 2019 in Article 42 of it, which said that the Council of Ministers will continue to conduct daily matters until a new government is formed in the event of the dissolution of Parliament, the withdrawal of confidence from the government and the end of the parliamentary session. Here, the period for conducting daily matters was not specified in the above article.

He added that "Article 42 of the Cabinet's Bylaw No. 2 of 2019 defines the concept of managing daily affairs as decisions that cannot be postponed and in order for the work of state institutions to continue. What was confirmed by the Federal Court in its decision 121 of 2022.

He continued: "From this, we conclude that the daily care government continues its work defined in Article 42 of Cabinet System No. 2 of 2019 until the formation of the new government, especially since the 30-day period set by the constitution for the daily affairs government was in the case of withdrawal of confidence from the government only. While this period was not specified or restricted in the event of the dissolution of Parliament, it was absolute and there was no jurisprudence regarding the source of the text.

Raghad Daham    LINK

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Clare: Finance Committee: The Food Security Law will include the addition of 500 billion dinars to serve Baghdad

2022-05-21 

The Parliamentary Finance Committee announced, on Saturday, that the draft food security law will include adding an amount of 500 billion dinars to serve Baghdad and Sadr City in particular.

The head of the Finance Committee, Hassan Al-Kaabi, said in a statement received by Shafaq News Agency, that "the emergency support law for food security and development will include, for the first time in 18 years, additional allocations to the Baghdad Municipality," explaining that "500 billion dinars will be allocated only to serve and reconstruct the capital, Baghdad, and Sadr City in a way." private".

Al-Kaabi indicated that "the Finance Committee will hold a number of meetings this week to complete the provisions of the Food Security Law proposal to expedite its second reading and vote on it soon."

And on Thursday (May 19) the House of Representatives completed the first reading of the proposed law on emergency support for food security and development.

On Wednesday (18 May), the Parliamentary Finance Committee submitted this proposal to the presidency of the Iraqi parliament as an alternative to the project submitted by the current caretaker government headed by Mustafa Al-Kazemi.

On Sunday, May 15, 2022, the Federal Supreme Court (the highest judicial authority in Iraq) decided to cancel the draft law on emergency support for food security and development based on a lawsuit filed by Representative Basem Khashan, while it indicated that the Al-Kazemi government is a conduct of business and is not entitled to send bills and hold contracts. Loans, appointment to senior state positions, exemption from them, or restructuring of ministries and departments.   LINK

MilitiaMan " The World is Watching" Thursday Night 5-19-2022

KTFA:

MilitiaMan:  Establishing the border crossing with an automated system with e-governance is key to getting the private sector on a level playing field.

The General Authority for Taxes is in line for completion of the needed automation as well. They have been working on this for some time and are in the advance stages now, imo.

 Likely to be a key factor now in the implementation of a new exchange rate to come from the CBI.

To get to a market economy, there will need to be compliance with the IMFs Article VIII. Lets not forget that the WTO is in the wings, as well.

The longer they take the less money they make.. lol

The UST has this week again noted that there is to be 137 countries that will be applying 15%+- Taxation and all will be digitally applied.

We can see that the Supreme Committee has the e-governance project with the Secretariat of the Council of Ministers. 

There is going to be transparency, control at entry and exit of goods with modern technologies to monitor it all.

Bye bye corruption.. So many things that are now working in parallels from taxes, tariffs at borders, the arrests for the corrupt, the pressures from the UN and even and extension to the UN by an International Justice Minister arriving of late.

The world is watching and helping all they can along the way.. It is looking to be about that time where they put the exchange rate into gear.. imo ~ MM

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Clare:  Al-Ghazi: Establishing welcome yards at border crossings contributes to simplifying procedures and reducing corruption

May 18, 2022

Baghdad / NINA / - The Secretary-General of the Council of Ministers, Hamid Al-Ghazi, confirmed that the trend towards establishing major joint unification yards between the Border Ports Authority, the General Customs Authority and the General Company for Iraqi Ports, through a single window, will contribute to simplifying the procedures taken, reducing time and reducing cases of corruption.

Al-Ghazi added, while presiding over the meeting on preparing for the construction of the grand welcome yard in the northern and southern Umm Qasr ports: "These yards will unify the procedures between the sectoral authorities operating inside the port, especially since the Border Ports Authority - with an exceptional effort - has reached advanced stages in the process of automation."

Customs procedures in coordination with the Supreme Committee supervising the e-governance project in the General Secretariat of the Council of Ministers.

The Director General of Iraqi Ports, according to a statement by the Cabinet Secretariat, gave a comprehensive presentation of the project to establish major welcome yards, and the positive outcomes that it would achieve, such as controlling the entry and exit of goods with modern technologies, and reducing the phenomenon of smuggling crimes and tax evasion. "

The meeting was attended by Head of the Border Ports Authority Major General Omar Al-Waeli, and the general manager of the General Company for Iraqi Ports and the general manager of the Customs Authority, in addition to representatives of the relevant sectoral authorities.  LINK

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{Economic: Al Furat News}

The General Authority for Taxes held, on Thursday, a meeting via video communication technology with experts from the World Bank for the purpose of completing the steps to automate its work.

The Ministry of Finance stated in a statement that the meeting included an extensive discussion to develop a road map between the two sides to complete the rest of the steps that began several months ago within the requirements of the white paper to automate the work of the authority, which requires technical preparations and consultations to reach an integrated understanding formula, with specific timelines confirmed by its general manager.

During the symposium, in addition to discussing the general frameworks that determine the path of agreement on the contract between them to set a mechanism for the next course of action.

The statement added, "The meeting comes within an integrated plan set by the General Tax Authority to reform the administrative structure, develop and improve performance in accordance with the latest technologies and scientific programs and in cooperation with international institutions, and in response to the white paper drawn up by the Iraqi government to fight corruption and advance the work of various state institutions, and bypassing red tape." and providing balanced services to the citizens who deal with these institutions."  LINK

IMF Staff Concludes Staff Visit to Iraq

May 19, 2022

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

The economy is recovering well amid high oil prices, with real GDP projected to reach its pre-pandemic level this year.

Cushioning the impact of surging food prices on the most vulnerable is the most urgent priority.

Using the current favorable oil market conditions to accelerate structural reforms and advance socio-economic priorities will be key to strengthen Iraq’s medium-term economic resilience.

Washington, DC: An International Monetary Fund (IMF) mission, led by Tokhir Mirzoev, visited to Amman, Jordan, during May 14-18, 2022, to discuss with the Iraqi authorities recent economic developments, the impact of global events on the economic outlook, and the country’s policy priorities. At the conclusion of the visit, Mr. Mirzoev issued the following statement:

“The economic recovery is well underway. In 2021, buoyed by the resumption of activity, a more accommodative fiscal stance, and stimulus measures by the central bank, real non-oil GDP rebounded by an estimated 20 percent and is poised to expand by around 5 percent this year. Oil output is projected to reach its pre-pandemic level and bring overall real GDP growth to 10 percent in 2022.

The war in Ukraine is affecting Iraq mainly through its global impact on commodity prices. In 2022, soaring oil revenues will more than offset the increased food and energy import bills. As a result, the fiscal and current account balances are projected to post double-digit surpluses in percent of GDP. Nonetheless, headline inflation is expected to climb to 6.9 percent, up from 6 percent last year, driven in part by higher food prices, which are adversely affecting the poorest segments of the population.

“Cushioning the impact of surging food prices on the most vulnerable is thus the most urgent priority. With fiscal policy paralyzed by the absence of the 2022 budget—which limits current fiscal expenditures to last year’s level—strengthening spending efficiency, maintaining tight control over public hiring, and reprioritizing expenditures within the overall budget cap will be essential to enable boosting targeted cash transfers to the most vulnerable and containing the poverty impact of the rising cost of living.

“In an environment of high oil prices and against the background of elevated global risks and uncertainty, the focus of macroeconomic policies needs to shift toward consolidating economic stability and strengthening Iraq’s long-term economic resilience.

In the short run, maintaining fiscal discipline and tapering the central bank’s lending support to the real estate sector will help avoid adding to inflationary pressures. In addition, despite large reconstruction and other investment needs, limited near-term absorptive capacity, fiscal vulnerability to oil price volatility, and the challenges of the global energy transition call for building buffers for the future by saving a portion of oil revenues via a carefully designed sovereign wealth fund.

“The current favorable oil market conditions also provide an opportunity to accelerate structural reforms envisaged in the authorities’ “White Paper.”

Strengthening the quality of public services and creating the fiscal space for much-needed investments and the social safety net require a civil service reform, reducing inefficient energy subsidies, diversifying fiscal revenues, and strengthening governance.

Fixing the electricity sector will be crucial to reduce fiscal costs and enable private sector productivity. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. Enhancing governance in large state-owned banks and completing their audits and restructuring will facilitate access to finance and job creation by the private sector.

“The mission welcomes the authorities’ increased attention to the challenges of climate change and the release of Iraq’s first Nationally Determined Contribution document last year. In the coming months, the mission encourages prioritizing the preparation of national climate adaptation and mitigation plans, development of green financing, and full integration of climate-related priorities into the macroeconomic policy framework. The IMF stands ready to support Iraq in these endeavors.

“The IMF staff team would like to thank the authorities for candid and productive discussions and looks forward to continuing close cooperation with Iraq in the period ahead.”

IMF Communications Department    LINK

KTFA Members "News and Views" Thursday Afternoon 5-19-2022

KTFA:

Popeye7: Imo, a green light possibly?... They obviously concluded this for a reason, and could this be the go ahead for the CBI to change the rate?..

Clare:  IMF Staff Concludes Staff Visit to Iraq

May 19, 2022

Washington, DC: An International Monetary Fund (IMF) mission, led by Tokhir Mirzoev, visited to Amman, Jordan, during May 14-18, 2022, to discuss with the Iraqi authorities recent economic developments, the impact of global events on the economic outlook, and the country’s policy priorities. At the conclusion of the visit, Mr. Mirzoev issued the following statement:

“The economic recovery is well underway. 

Cushioning the impact of surging food prices on the most vulnerable is the most urgent priority.

Using the current favorable oil market conditions to accelerate structural reforms and advance socio-economic priorities will be key to strengthen Iraq’s medium-term economic resilience.

Washington, DC: An International Monetary Fund (IMF) mission, led by Tokhir Mirzoev, visited to Amman, Jordan, during May 14-18, 2022, to discuss with the Iraqi authorities recent economic developments, the impact of global events on the economic outlook, and the country’s policy priorities. At the conclusion of the visit, Mr. Mirzoev issued the following statement:

“The economic recovery is well underway. In 2021, buoyed by the resumption of activity, a more accommodative fiscal stance, and stimulus measures by the central bank, real non-oil GDP rebounded by an estimated 20 percent and is poised to expand by around 5 percent this year. Oil output is projected to reach its pre-pandemic level and bring overall real GDP growth to 10 percent in 2022. The war in Ukraine is affecting Iraq mainly through its global impact on commodity prices.

In 2022, soaring oil revenues will more than offset the increased food and energy import bills. As a result, the fiscal and current account balances are projected to post double-digit surpluses in percent of GDP. Nonetheless, headline inflation is expected to climb to 6.9 percent, up from 6 percent last year, driven in part by higher food prices, which are adversely affecting the poorest segments of the population.

“Cushioning the impact of surging food prices on the most vulnerable is thus the most urgent priority. With fiscal policy paralyzed by the absence of the 2022 budget—which limits current fiscal expenditures to last year’s level—strengthening spending efficiency, maintaining tight control over public hiring, and reprioritizing expenditures within the overall budget cap will be essential to enable boosting targeted cash transfers to the most vulnerable and containing the poverty impact of the rising cost of living.

“In an environment of high oil prices and against the background of elevated global risks and uncertainty, the focus of macroeconomic policies needs to shift toward consolidating economic stability and strengthening Iraq’s long-term economic resilience. In the short run, maintaining fiscal discipline and tapering the central bank’s lending support to the real estate sector will help avoid adding to inflationary pressures. In addition, despite large reconstruction and other investment needs, limited near-term absorptive capacity, fiscal vulnerability to oil price volatility, and the challenges of the global energy transition call for building buffers for the future by saving a portion of oil revenues via a carefully designed sovereign wealth fund.

“The current favorable oil market conditions also provide an opportunity to accelerate structural reforms envisaged in the authorities’ “White Paper.” Strengthening the quality of public services and creating the fiscal space for much-needed investments and the social safety net require a civil service reform, reducing inefficient energy subsidies, diversifying fiscal revenues, and strengthening governance.

 Fixing the electricity sector will be crucial to reduce fiscal costs and enable private sector productivity. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. Enhancing governance in large state-owned banks and completing their audits and restructuring will facilitate access to finance and job creation by the private sector.

“The mission welcomes the authorities’ increased attention to the challenges of climate change and the release of Iraq’s first Nationally Determined Contribution document last year. In the coming months, the mission encourages prioritizing the preparation of national climate adaptation and mitigation plans, development of green financing, and full integration of climate-related priorities into the macroeconomic policy framework. The IMF stands ready to support Iraq in these endeavors.

“The IMF staff team would like to thank the authorities for candid and productive discussions and looks forward to continuing close cooperation with Iraq in the period ahead.”

IMF Communications Department   LINK

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Clare:  Iraq achieves a financial surplus of more than 11.4 trillion dinars in the first quarter of 2022

05/19/2022

The Ministry of Finance revealed that the percentage of non-oil revenues did not exceed 4% of the total revenues during the first quarter of 2022.

A report on the ministry, seen by "Al-Iqtisad News", stated that "the total oil revenues amounted to 33.3 trillion dinars, while the total non-oil revenues amounted to 1.5 trillion."

The total oil and non-oil revenues amounted to "34.9 trillion dinars until March of 2022."

The report indicated that "the percentage of oil revenues out of the total revenues amounted to 96%, compared to 4% the percentage of non-oil revenues."

According to these data, Iraq achieved a financial surplus of 11.41 trillion dinars during the first 3 months of 2022.

Economists expect Iraq's oil revenues to exceed 100 billion dinars by the end of this year, thanks to the rise in global oil prices.   LINK

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Clare:  Opening it may bring down big heads.. Parliamentary Integrity: “Corruption files” are closed with a “political veto”

2022-05-19

On Thursday, the Parliamentary Integrity Committee revealed efforts and close steps to uncover major corruption files that topple large political and partisan heads, and uncover cover-up and procrastination of cases that have devoured the country's resources and public money.

The head of the committee, Nahida Al-Dayni, told Shafak News Agency; "Major corruption files closed with a political and party veto that have not been opened so far over several parliamentary sessions due to their resounding results that topple large fortified parliamentary political and party heads and deals that cannot be aborted."

Aldaene noted; He pointed out that "the current Integrity Committee includes new faces and personalities who are determined to work professionally in parliament, away from party and factional affiliations, and that a number of large files will be opened and presented to the supervisory and integrity authorities to take the necessary measures."

Al-Daini indicated that "the politically-wrapped corruption files looted about a third of the country's revenues and the budgets of projects and services in all sectors, amid the inability of government and regulatory agencies to address them."

She called a member of Parliamentary Integrity; The government authorities concerned with integrity and oversight, to cooperate with the Parliamentary Integrity Committee, to take deterrent legal measures regarding corruption cases and to restore the citizen’s confidence in the supervisory and legislative authority.  LINK

GMan: A Check mark on my list. I've noticed this "Corruption Files" theme is happening in other places as well. In agreement "Exciting Times" for sure.

Zeeman:  This is a very telling article and if they finally get the big ones this will help the country and citizens. imo could this be a reason that Malaki and company are fighting so hard because they will lose their immunity?

Clare:  Source: The dismissal of the Governor of Salah El-Din came from the Prime Minister due to mismanagement and corruption

2022-05-19

A parliamentary source revealed, on Thursday, that the dismissal of Salah al-Din Governor Ammar Jabour al-Jubouri from his position came from the Presidency of the Council of Ministers to the House of Representatives.

The source told Shafaq News Agency, "The reason for dismissing al-Jubouri came after the recommendation of the investigative committees in the Council of Ministers, which diagnosed the governorate's mismanagement and waste of public money, and accordingly the committees recommended in their report that the governor be relieved of his position."

 And earlier today, the Iraqi parliament voted, in today's session, to dismiss the governor of Salah al-Din Ammar Jabour al-Jubouri by an absolute majority.

Later, a source close to the dismissed governor of Salah al-Din, Ammar al-Jubouri, told Shafaq News Agency, "Al-Jubouri is still exercising his administrative duties as governor of Salah al-Din, and he will hand over his duties to his representative after the arrival of the administrative order that includes the approval of the Council of Ministers for his dismissal."

 He explained that "the parliament's vote to dismiss him (Ammar Jabor Al-Jubouri) does not mean that it will be implemented at the time of approving the dismissal, but rather that the matter is valid if it is approved by Prime Minister Mustafa Al-Kazemi," adding that "(Al-Kazemi) will take over the administration of the province by proxy. until the appointment of a new governor.   LINK

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Clare:  The Anti-Money Laundering and Terrorist Financing Office signs a bilateral cooperation agreement with the Integrity Commission in the Kurdistan Region 

 May 19, 2022

The Anti-Money Laundering and Terrorist Financing Office signs a bilateral cooperation agreement with the Integrity Commission in the Kurdistan Region 

Under the patronage of the Chairman of the Anti-Money Laundering and Terrorist Financing Council, Governor of the Central Bank of Iraq, and based on the office’s tasks in combating money laundering and terrorist financing crimes, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, the office signed on 05/19/2022

A cooperation agreement with the Integrity Commission in the Kurdistan Region to work on facilitating the exchange of information with the office regarding suspicious financial operations, limiting money laundering and terrorist financing operations, advancing an Iraqi reality protected from money laundering crimes, prosecuting wanted persons by Iraqi authorities, and recovering smuggled corruption funds in line with the Iraqi constitution and Iraq’s obligations Towards international organizations related to combating money laundering and terrorist financing, which require concerted local efforts to confront these crimes and combat their emerging methods.

Central Bank of Iraq
Media Office 
May 19, 2022
https://cbi.iq/news/view/2004

KTFA Members "News and Views" Wednesday PM 5-18-2022

KTFA:

Scarter13:  My opinion would like to present an alternative theory. In my opinion, we've been looking at this at the micro level and not the macro.

When my opinion zooms out and looks at the current global events (FED raising rates, FED taking green backs off the street to prop up the dollar, markets crashing, war in Ukraine, China's economy imploding, our economy another rate hike away from a recession if not a depression), my opinion has the theory that Iraq is just one domino in a long line of dominoes (a pretty pretty big one) and it won't be their turn to fall over until the global economy implodes.

 In my opinion, all the middle eastern politics that are happening are just smoke and mirrors and they are actually waiting for something much bigger to happen.

In my opinion, my opinion thinks that the Iraq constitution was written by a US ambassador (My opinion is pretty sure this is what happened but it may be wrong) and it just so happens that it requires a bloc to have a certain number of seats to sit the government and of course no side has enough to make it happen after 7 months.

In my opinion, that's no coincidence and is scripted along with this food security law and budget being passed and Maliki causing all the problems he is. 

And in my opinion, getting back to the macro, we are expecting other currencies to change their value when Iraq does, so this isn't just about Iraq.

So my opinion's theory is it plays out like this, the fed continues to raise rates and crash the world economy, we finally hit a bottom point and inflation falls, the puppet masters of all this are satisfied, the currencies revalue and there is fresh liquidity in the markets, and the world starts to recover.

Drastic over simplification of that but overall that makes sense to my opinion and all of this infighting will continue until who knows when.

My opinion hopes it doesn't play out like this and hopes the RI happens a yr ago but this is the most sense my opinion can make of all this craziness.

And again, this is just my opinion. Thank you to KTFA

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Clare:  Nazim: There is a surplus of money from the rise in oil prices, but it cannot be used due to the lack of a budget law

 18/05/2022

Hassan Nazim: The government confirms its respect for the decision of the Federal Court on the Food Security Law

Nazim: 10 members of Parliament can submit bills, including the Food Security Law

Nazim: Iraq's position is supportive of the rights of the Palestinian people, and the tendency to normalization is governmental and popular

Nazim: The Ministry of Electricity needs funds to maintain production, including paying gas costs

Nazim: We introduced the emergency support law to prevent the government from reaching the point of inability to provide services

Nazim: The Ministry of Electricity needs two billion dollars to meet its obligations, including Iranian gas debts

Nazim: Part of the Iranian gas debt must be paid before May 31, otherwise there will be consequences

Nazim: There is a surplus of money from the rise in oil prices, but it cannot be used due to the lack of a budget law  LINK

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DeepWoodz:  Imo

Reminds me of a subject that hasn’t been discussed lately, at least on the poor boy side of the premium wall.

That would be the second set of books.

As well as all the MOU’s with all these other countries mentioned in the past. Then I think about the CBI auctions and the remittances abroad to the tune of around 175 million each time.

What exactly does that mean? Are these agreements allowing them to do trade at a special rate? One that builds the value of the dinar while all the rest of us wait for the revelation of the new rate?

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

BearCinnebar:  IMO.  Okay, it is a good idea to check the online news sources for the continuation of a subject:  Middle East/Iraq:   

We read in our own words:  The Food Security Law was presented by the Council of Ministers, but the new law will be presented by the House of Representatives.

The Federal Supreme Court did not rule out the draft law on emergency support for food security and development, but instead ruled out the referral mechanism.

Clare: Al-Kazemi's advisor: Repealing the Food Security Law impedes the implementation of the white paper

 5/18/2022 

 Baghdad / Obelisk: Adviser to the Prime Minister, Mazhar Muhammad Salih, said, on Wednesday, May 18, 2022, that the Federal Court's decision regarding the Emergency Food Security Support Law on the white paper will be negative.

Saleh told Al-Masala that the reform white paper is closely related to the issue of financial and economic sustainability in an interactive and coherent manner, indicating that the indicators of financial reform that flow into the mentioned sustainability mechanisms require the availability of a regular annual financial plan supported by the indicators included in the legislated general budget law within its timing established by law Financial Administration No. 6 of 2019 amended through financial policy tools in implementing financial and economic reforms.

He added that the indicators of the white paper and its approved timings will face a clear slowdown and imbalance in timing and implementation because the fiscal policy has started working with partial reform constants, which requires reconsidering the timings of implementing the white paper again in order to suit the conditions of the country’s financial policy in general and the economic policy in a more stable and continuous manner.

Last Sunday, the Federal Supreme Court decided to cancel the draft law on emergency support for food security and development, based on a lawsuit filed by Representative Basem Khashan.   LINK

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Clare:  Al-Kazemi's advisor: The white paper will face a slowdown in timing and implementation

 05/18/2022

Adviser to the Prime Minister, Mazhar Muhammad Salih, determined, on Wednesday, the impact of the Federal Court's decision regarding the Emergency Food Security Support Law on the white paper.

Saleh said, "The reform white paper is closely related to the issue of financial and economic sustainability in an interactive and coherent manner."

And he indicated, "The indicators of financial reform that flow into the mentioned sustainability mechanisms require the availability of a regular annual financial plan supported by the indicators included in the legislated general budget law within its timing established by the Financial Management Law No. 6 of 2019 amended through financial policy tools in the implementation of financial and economic reforms." .

And he continued, "The indicators and timing of the approved white paper will face a clear slowdown and imbalance in timing and implementation because the fiscal policy has started working with partial reform constants, which requires reconsidering the timing of implementing the white paper again to suit the conditions of the country's fiscal policy in general and economic policy in a more
stable and continuous manner." .  LINK

MilitiaMan " Let's See if the Dust Settles" 5-15-2022

KTFA:

MilitiaMan:  Looks like there is a pattern playing out. Both convening on or around the same day. UN meeting on Iraq and the Emergency food law. Yet, there is this bit from the court. According to Sadr the law is a necessity. Lets see if the dust settles on the matter. ~ MM

Clare: The Security Council will hold its session on the situation in Iraq next Tuesday

05/15/2022

The United Nations Mission in Iraq (UNAMI) announced today, Sunday, that the UN Security Council will hold its session on the situation in Iraq next Tuesday.

 And the mission said in a statement that {Euphrates News} received a copy of it, that "the UN Security Council will hold a session on the situation related to Iraq on Tuesday, May 17, 2022, at 3:00 pm New York time (10:00 pm Baghdad time)."

She added, "It is expected that the Special Representative of the Secretary-General, Jeanine Hennis-Plasschaert, will brief the session on developments in Iraq and the work of the United Nations mission."

LINK

Parliamentary Finance is waiting for a “political consensus” to pass the Food Security Law

 2022-05-15 10:29

A source in the Finance Committee in the House of Representatives stated, on Sunday, that the committee is waiting for a political consensus to pass the Emergency Support Law for Food Security and Development in Parliament.

The source told Shafaq News Agency, "The committee's presidency authorized the members to consult with their parliamentary blocs on the articles and paragraphs of the law that were agreed upon within the committee."

He pointed out that "the Finance Committee will hold a meeting during the next two days to amend the articles of the law or proceed with the final vote on it and send its final draft to the Presidency of the House of Representatives for the purpose of including the law for voting in the nearest session."

Yesterday, Saturday, the committee held a meeting on the maturation of the emergency support law for food security and development, and voted on most of the procedural articles of the law, in preparation for a wholesale vote and raising it to a vote in the parliament session.

Yesterday, Saturday, the leader of Asa'ib Ahl al-Haq, Qais al-Khazali, tacitly accepted the legislation of the Emergency Food Security Support Law.

Khazali said in a tweet seen by Shafak News Agency, "The necessities are estimated, and the issue of food security for our people is a necessity, and the state's capabilities must be harnessed for it, especially with the financial abundance as is the case now, adding, "This does not mean legislating a law that includes articles that open Corruption gates to the lords of corruption.

Yesterday, Saturday, the Iraqi parliament announced the postponement of its session on the emergency food security support law.

He attributed this to the request of some parliamentary blocs and for more consultations to mature the law and the need for more time.  LINK

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tac·it·ly

/ˈtasətlē/

Learn to pronounce

adverb

in a way that is understood or implied without being directly stated.

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Documents .. The Federal Supreme Court decides to cancel the draft food security law

 2022-05-15 10:38

The Federal Supreme Court (the highest judicial authority in Iraq) decided on Sunday to cancel the draft law on emergency support for food security and development based on a lawsuit filed by Representative Basem Khashan.

According to documents obtained by Shafak News Agency, and published below, the court issued a ruling to cancel the Food Security Law sent by the Council of Ministers to the House of Representatives after a lawsuit filed by Representative Basem Khashan.

The head of the Sadrist bloc in the Iraqi parliament, Hassan al-Adhari, commented on Sunday, on the decision of the Federal Court (the highest judicial authority in Iraq) to cancel the draft law on emergency support for food security and development, which was scheduled to be voted on by the Parliament during its next session.

The decision of the Federal Court to cancel the law that the Council of Ministers sent, earlier, to Parliament for the purpose of legislation, based on a lawsuit filed by Representative Basem Khashan.

Al-Adhari wrote in a tweet he posted on his Twitter account, "The interests of the Iraqi people and their livelihoods are in our hands, and we will work in all legal and legislative ways to ensure and defend them."

The Iraqi parliament had suddenly announced the postponement of a session that was scheduled to be held yesterday, Saturday, to vote on the law, after making some amendments to its paragraphs, and adding other paragraphs.

In a statement received by Shafak News Agency, the Parliament's media department stated that the decision to postpone the session came "at the request of some parliamentary blocs, and for further consultations to mature the law.   LINK

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Finance Minister: The Federal Court's decision will affect our ability to manage public finances

2022-05-15   Baghdad - conscious

Today, Sunday, Minister of Finance, Ali Abdul Amir Allawi, confirmed that the Federal Court's decision regarding the emergency support law will affect our ability to manage public finances.

Allawi said in a statement received by the Iraqi News Agency (INA), that "the decision issued by the Federal Supreme Court regarding the powers of the current government has important repercussions on the work of the Ministry of Finance, and in fact the court ruled that the current draft law on emergency financing proposed by the government is outside the powers of this government." Government.

He added, "The Ministry of Finance drafted the emergency law with the full knowledge of the House of Representatives, and the project proposal was keenly interested in investing the gains arising from the rise in oil prices to confront the global rise in the prices of basic commodities that affected the poor in our country and to enhance our ability to confront food emergencies in the future, and to cover the cost of production Crude oil by the Ministry of Oil, to repay the Ministry of Electricity’s debt on fuel imports, and to help strengthen the Ministry of Finance’s financial barriers.”

He added, "Such a law was necessary in the absence of the 2022 budget due to the multiple funding issues the government faced. This draft law was in no way intended to be a substitute for a full budget."

He pointed out that "the bill proposed by the Ministry of Finance was approved by the Council of Ministers and submitted to the House of Representatives for consideration, and today the Supreme Court issued its ruling, which made the bill inapplicable."

He stressed that the Ministry of Finance fully respects the decisions of the highest court in the country and is working to implement them, but we must make it clear that the court's decision will have an impact on our ability to manage public finances in a way that will mitigate the effects of the global rise in commodity prices and allow the government to meet the demands of the electricity sector with The beginning of the summer, in addition to the inability to meet the costs of oil extraction by the Ministry of Oil, and to build a reserve stock of grain.”

"In our scattered political environment, where government formation takes months to complete, it is difficult to see how stripping the caretaker government's powers to manage crises and emergencies would serve the greater national interest," he noted.  LINK

MilitiaMan and KTFA Members "News and Views" Saturday Afternoon 3-14-2022

KTFA:

Clare:  Parliament postpones the session of the Food Security Law

2022-05-13

The Iraqi parliament announced the postponement of its session on the emergency food security law, on Saturday.

A statement by the Parliament's media department stated to Shafak News Agency; "At the request of some parliamentary blocs and for further consultations to mature the emergency support law for food security and development, and for the need for more time, it was decided to postpone tomorrow's (Saturday) session."

The statement did not specify any later date for the session. LINK

Parliament postpones Saturday session until further notice

13/05/2022

The House of Representatives decided, on Friday, to postpone the Saturday session until further notice.

The Parliament’s media department said in a statement that Mawazine News received a copy of it, at the request of some parliamentary blocs and for further consultations to mature the emergency support law for food security and development and for the need for more time, it was decided to postpone tomorrow’s session.

And the media department of the House of Representatives announced, earlier today, Friday, the agenda for the Saturday session.

A statement by the department said, "Mawazine News" received a copy of it, that "the session will witness the vote on the draft law on emergency support for food security and development, and discuss the issue of current events in Sinjar district, in addition to general discussions."  LINK  

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Clare:  “There will be a meeting expected this evening, Saturday, in Baghdad, inside the house of one of the representatives, and the final touches for this initiative will be completed, and tomorrow, Sunday, the official announcement agreed upon among all independent representatives from within the dome of the House of Representatives will be made.” ~ Clare

MilitiaMan:  Apparently "further notice" is like saying the same day.. Beats them saying soon or in the coming days.. lol ~ MM

TSM:  I guess it all depends on which FAKE article we want to believe.....I'll go with the postponement one.... because thats what they do...IMO  

MilitiaMan:  I'll go with they already sorted it in the original that voted on it's entirety.. They are just postponing telling us the results of the true story. ~ MM

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Clare:  The assembly of independent representatives reveals to / Nina / the details of a new initiative to end the political blockage

Saturday 14 May 2022 

Baghdad / NINA / - The assembly of independent representatives revealed the details and timing of announcing its new initiative to get out of the current political impasse.

And the independent deputy, Amir Al-Maamouri, said, in a statement to the Iraqi National Agency ( NINA ), that "the number of independent representatives from all components and independents from some blocs will reach 40 deputies."

He added, "There will be a meeting expected this evening, Saturday, in Baghdad, inside the house of one of the representatives, and the final touches for this initiative will be completed, and tomorrow, Sunday, the official announcement agreed upon among all independent representatives from within the dome of the House of Representatives will be made."

He explained, "There will be a negotiating team from the assembly of independent representatives to communicate with the political blocs and present the new initiative to all the blocs to get out of the political blockage crisis," noting that "the initiative would draw a new political map that would ensure a way out of the political blockage."  LINK

Deputy to / Nina /: The independents will hold an important meeting this evening to end the political impasse

Saturday 14 May 2022 15:41 

 The representative of Babil Governorate, Yasser Al-Husseini, announced that an important meeting will be held by the independent deputies this evening in Baghdad to launch a new initiative to end the political impasse.

Al-Husseini told NINA , "There will be an important meeting of independent deputies this evening in Baghdad to launch a new initiative to end the political impasse."

Al-Husseini stressed the importance of "obligating all other political parties, both the coordination framework and the tripartite alliance, to accept the initiative to proceed with the formation of the new government, given that the framework blocs and the tripartite alliance authorized the independents to proceed with the selection and nomination of appropriate personalities."

MilitiaMan:  In other words they have had  time to swallow the food law.. Merely a slight food jam was all. lol ~ MM

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

Clare:  "Failure and Corruption" topple the Secretary of Baghdad

2022-05-14

Representative Sarwa Abdul Wahed announced on Friday that Baghdad Mayor Alaa Al-Mimar was dismissed from his post due to "failure and corruption."

Abdul Wahed said in a tweet seen by Shafak News Agency, "The Mayor of Baghdad was dismissed due to his administrative failure, in addition to the corruption files."

And she added, "His release does not mean that he will not be prosecuted."

And the architecture came as a replacement for Manhal Al-Haboubi, who submitted his resignation to Prime Minister Mustafa Al-Kazemi, on October 28, 2020.

Al-Haboubi made it clear, in a written resignation, that he was exposed to a condition that required long-term treatment outside Iraq, forcing him to submit his resignation.  LINK

MilitiaMan:  The new system is already showing signs of fettering out the corrupt.. Nice~ MM

KTFA Members "News and Views" Friday Evening 5-13-2022

KTFA:

Clare: Parliament postpones the session of the Food Security Law

2022-05-13

The Iraqi parliament announced the postponement of its session on the emergency food security law, on Saturday.

A statement by the Parliament's media department stated to Shafak News Agency; "At the request of some parliamentary blocs and for further consultations to mature the emergency support law for food security and development, and for the need for more time, it was decided to postpone tomorrow's (Saturday) session."

The statement did not specify any later date for the session   LINK  

JaimieO:  IT'S ALL ABOUT... TIMING!    IMO

DCDriver:  It’s seems like they put these initiatives forward to keep the Iraq citizens calm with no intention of following through until they are ready for the Big reveal. That’s my take anyway IMO

Clare:  Demonstrations in Basra to demand the completion of the Great Port of Faw

13/05/2022

A number of demonstrators in Basra Governorate demanded, on Friday, the activation of the Silk Road Agreement and the completion of the Great Port of Al-Faw.

And the correspondent of "Mawazine News" stated, "Large crowds from various Iraqi provinces gathered in front of the gate of the General Company for Transport in Basra Governorate, calling for activating the agreement for the Silk Road and speeding up the completion of the Great Port of Faw."    LINK

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

Clare: Sadiqoun: The Basra demonstrations to join the Silk Road are a people’s cry to reject the theft of wealth

13/05/2022

Representative of the Sadiqoun bloc, Rafiq al-Salihi, described, on Friday, the massive demonstrations in Basra to demand the completion of the Faw port and the joining of the Silk Road project as "an uprising to reject attempts to steal the country's wealth."

Al-Salihi said in a tweet via Twitter, "The Basra uprising is the cry of a people who came out to correct a mentality that wants to abort the future of a country and defend the rights of generations, so let us say it all today with one voice, no to those who sold Iraq, no to those who stole our wealth."   LINK

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Clare:  The framework intends to conduct a "secret" visit to Najaf, bearing an initiative for Al-Sadr

2022-05-13 

A source in the coordination framework that includes Shiite political forces said, on Friday, that the framework intends to conduct a "secret" visit to the city of Najaf to meet with the leader of the Sadrist movement, with the aim of putting forward an initiative for it to get out of the political impasse and proceed with the formation of the new federal government, which was delayed for months. Several after holding early legislative elections in the country

The source told Shafaq News that a delegation from the Coordination Framework Command will go to Najaf on a secret visit to meet with al-Sadr.

He explained that the delegation would put forward a special initiative during its visit to Al-Sadr to resolve the political crisis and form a government.

Regarding the timing of the visit, the source, who asked not to be named, said that it was "unspecified", but the purpose of this visit was to seek the formation of the government by the Sadrist movement's bloc and the coordination framework.

On Wednesday, the fourth of May, the coordination framework announced the launch of a nine-point political initiative, accompanied by nine commitments to be implemented, similar in some terms to the previous Al-Hakim initiative.

It is noteworthy that the leader of the Sadrist movement, Muqtada al-Sadr, launched two initiatives to form the federal government, one of which announced its failure, which he granted to the coordination framework at the beginning of last April, and the other he launched to independent deputies on the third of this month, giving them 15 days to carry out the task of forming the government in cooperation with allies in The Triple Alliance (Save a Homeland) from the Kurds and Sunnis without representing the Sadrist bloc as ministers.

The dispute intensified between the two Shiite poles represented by the Sadrist movement, which won the highest votes in the elections that took place last year, and the coordination framework that includes blocs that expressed their rejection of the election results.

The leader of the Sadrist movement, Muqtada al-Sadr, insists on forming a majority government that seeks to exclude the leader of the State of Law coalition, Nuri al-Maliki, who served as prime minister for two terms.

On the tenth of last October, Iraq held early legislative elections to get out of a political crisis that swept the country after large demonstrations in the central and southern regions in 2019 in protest against the widespread unemployment in society, the spread of financial and administrative corruption in government departments and institutions, and the deteriorating reality The service and the livelihood, which prompted the former prime minister, Adel Abdul-Mahdi, to resign under popular pressure.

As soon as the preliminary results of the elections were announced, the voices of political forces and actors rose in their rejection of losing many seats, accusing them of major fraud in the ballot, which was denied by the executive and judicial authorities, at a time when the United Nations and international organizations praised the integrity of the electoral process.    LINK  

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

MilitiaMan:  Not surprising at all.. The above SECRET VISIT is more support for the view the Independents are not on the coordination's frameworks side of the sand box. Watch that 80 million bribe monies offered turn into a lot more to save some ones skin.. lol Fairly sure the 38 - 40 Independents is far more than what is needed.. imo ~ MM

Clare:  A deputy announces the formation of a front for independent representatives

13/05/2022

Independent MP Yasser Watout announced today, Friday, the formation of a political front of independent representatives.

Watout said in an exclusive interview with "Mawazine News", "The Front will announce tomorrow at 11:00 in the House of Representatives an initiative of its own in response to the political initiatives put forward by the blocs."

He added, "The front consists of 38 to 40 independent deputies, and its name will be announced after the initiative is launched tomorrow."   LINK

***********

Tink: Be someone’s Inspiration

MilitiaMan and KTFA Members "News and Views" Thursday Afternoon 5-12-2022

KTFA:

MilitiaMan:  They already spent the money on printing new money. WOW... Softening the people up to the next move. imo~ MM

Clare: Mahmoud Dagher explains the economic feasibility of removing zeros from the local currency

12/05/2022   Economy News-Baghdad

 The economic expert, Mahmoud Dagher, explained the economic feasibility of the project to delete zeros from the Iraqi currency, which is frequent in political and economic circles from time to time, especially in times of inflation.

Dagher said to "Economy News", that "removing zeros does not change the level of inflation because it does not change the money supply or securities," adding that "the state will have to spend money to print a currency equivalent to the replaced currency."

On ways to preserve money during inflation in the markets, Dagher advised capital owners to "invest in fixed assets that are not subject to commercial circulation, such as gold, real estate and fixed assets to keep money from eroding during price increases."   LINK

Clare:  Finance holds a consultative meeting to implement two systems...and reveal their benefits

05/12/2022

 The Ministry of Finance held, today, Saturday, a consultative meeting on the application of the integrated financial management systems and the unified treasury account.

And the ministry said in a statement that {Euphrates News} received a copy of it, that “Minister Ali Allawi held a consultative meeting on the requirements for designing and implementing the unified treasury account system 𝗧𝗦𝗔, in the presence of the Undersecretary Taif Sami, the Director General of the Accounting Department and the representative of the General Secretariat of the Council of Ministers, in addition to the stakeholders in the Ministry Finance, the Ministry of Planning, the Central Bank of Iraq, the Financial Supervision Bureau, and the general managers of Rafidain, Rasheed and 𝗧𝗕𝗜 banks, with the participation of the project management team for the modernization of public financial management systems and the support team at the World Bank.

During the meeting, "a presentation was made on the preparation of requirements for the design, implementation and dissemination of the integrated financial management system (𝗜𝗙𝗠𝗜𝗦) and its direct relationship to the design and implementation of the unified treasury account system (𝗧𝗦𝗔) in a way that suits the nature of the financial and accounting system in Iraq, and the investment of support provided by international organizations and the International Monetary Fund was discussed. To complete the project, emphasizing the need to build the capabilities and skills of those working on the system.

The system is "a means of linking all public government agencies and contains all functions of public financial management and financial and accounting operations that take place in all stages of budget preparation and implementation, starting from the strategic planning stage and ending with the accounting stage and submitting final accounts."

The application of the system will also provide the achievement of several goals, the most important of which are: financial discipline, reducing errors, achieving efficiency and effectiveness in the use of government resources, in addition to providing accurate and timely data and information that pertain to all government financial information that helps provide services efficiently and effectively and raise the level of financial transparency, follow-up, control and accountability. finance, as well as increasing the ability to properly plan government cash flows.

The process of initiating the implementation of the system comes within the framework of the financial and economic reform project, represented in the white paper, with the aim of shifting towards integrated financial and accounting management, which is consistent with internationally approved programs and systems.   LINK

DeepWoodz:  Imo….Cmon MM!! Run this through your translator for us! This is right up your alley! Imo

MilitiaMan:  I have had to reboot the translator mechanism.. lol The looks of this they need to reboot their time machine. Yesterday they told us the voted on the Emergency Food Law then later in the day the told us they were going to do that on Saturday.

Now this tells us that today, Thursday is Saturday.. lol What is good about it though is we expected there to be meetings today with Sadr, Finance Minister and CBI Governor. This is not just getting started, they have the system ready to go and todays meeting is about the process of initiation of implementation of the system. They will be consistent with international programs and systems. 

With all we know the automation of the borders, the AYSCUDA SYSTEM, the BUNA PLATFORM, ISO20022, deletion of the zeros project, etc., we can see there is far more progress in the white paper programs than ever before..

The CBI papers show they already printed currency for the project over about a 8 month span going into late August 2018 to the tune of over $500 million USD, equivalence. So it is not surprising that we see the big hitters having a meeting on implementation over advanced internationally acceptable systems to monitor the money flow.. All nice and transparent...

Oh yah.. I like what we are seeing.. ~ MM

Clare:   Initiating the implementation of a new mechanism to support the validity of the issuance of customs permits

 Today, 16:23  BAGHDAD - 

The General Customs Authority, today, Thursday, started working in all customs centers and departments by issuing confirmation of the validity of the issuance of customs permits, according to a mechanism issued by the Prime Minister's Office, which aims to combat money laundering and conform to international standards.

The Director-General of the Customs Authority, Shaker Al-Zubaidi, said in a statement received by the Iraqi News Agency (INA), that "the authority has started work with the new mechanism that prevents fraud and manipulation of the information mentioned in the customs declaration, as well as accelerating work between the Customs Authority and the Central Bank in exchanging information on importers that Offered in a hard currency auction.

He affirmed the directive instructing all direct customs centers and departments in coordination with the port departments and the shipping company in order for the first-mentioned departments to endorse the data contained in the books of the beneficiary for the purpose of approving them in the validity of customs issuances. (Verifying) imo ~ MM 

Al-Zubaidi indicated that "the application of the mechanism will allow the stability of financial systems by adopting the best ways to increase the effectiveness of combating counterfeiting, money laundering and hard currency smuggling, in light of innovations and modern financial technologies, enhancing compliance with legislation and controls, and ensuring the protection of the validity of the data provided to the Central Bank for the hard currency auction." (Applied mechanism) imo ~ MM

In early 2022, Iraq announced its removal from the European Union's list of countries with high risks in the areas of combating money laundering and terrorist financing.  (No risk) imo ~ MM

On the other hand, Al-Zubaidi revealed the start of work on the electronic link between the customs authorities and the ports to exchange documents and approvals issued by other departments, which are approved in the completion of customs transactions to clear imported goods and goods and transport them to the local market. (Working now) imo ~ MM

He stressed that "the authority has achieved technical administrative achievements to get rid of paper transactions by working on the electronic governance system for customs transactions and addressing the departments that are related to its work with customs."  LINK

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MilitiaMan:  Put this with the meetings with the CBI, the Finance Minister, the IMF, the World Bank, Banks in Iraq, etc., today we can see that Iraq is going international and quickly now, as in very quickly!!! mo It appears that it is all systems go now.. Even the deletion of the zeros project is being talked about today. Fairly sure the world can see what's going on.. Well those that are paying attention anyway.. lol ~ MM

DeepWoodz:  Imo  Thanks MM!  Even for a construction hand like me, looks like some rubber is really hitting the road! And like you said….Fast!!’

MilitiaMan:  Yes, so fast things happened a week in the past and the news is just getting to us.. lol  Better late than never, for the news anyway. We had it there were big boy meetings last week already. From the sounds of the news they lets have today from then, we are well on our way for a big change in the way things are going to run and what mechanism they will use. It won't be 1460 imo... ~ MM

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Clare:  Parliamentary legal for / NINA /: Parliament will not obligate the government to send the general budget .. and food security will be a temporary alternative

Thursday 12 May 2022  Baghdad  -

The Parliamentary Legal Committee confirmed that the House of Representatives will not obligate the current government to send the general budget law 2022 in the event that the food security law is legislated for voting in a session next Saturday.

Committee member Representative Omid Muhammad said, in a statement to the National Iraqi News Agency ( NINA ), that "the House of Representatives asked the federal government to send the general budget law, and it is currently a daily caretaker government, so it cannot send the general budget law."

He explained, "The draft general budget law 2022 is ready with the Council of Ministers, which is awaiting the formation of the new government, and therefore Parliament is obligated to wait for the formation of this government."

He added, "The House of Representatives is currently discussing the Food Security Law, and most political blocs have a vision that this law will be an alternative to the budget until after the formation of the government," noting that "the legislation of the law supports lagging projects and there are important requirements that the law addresses to ensure food security, except for job grades." and official allocations in the general budget law.

A member of the Parliamentary Legal Committee confirmed, "Parliament will not have to force the current government to send the general budget law 2022, if it votes next week on the food security law, so it will be a temporary alternative to the budget until after the formation of the new government."

The Presidency of the House of Representatives decided to postpone the voting session on the draft law on emergency support for food security and development until next Saturday, for the purpose of completing discussions and maturation of the law and for the need for more time.    LINK

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Al-Kazemi chairs the meeting of the Supreme National Water Committee

Wednesday 11 May 2022 

Baghdad / NINA / - Prime Minister Mustafa Al-Kazemi chaired a meeting of the Supreme National Water Committee  LINK

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MilitiaMan:  The law like many will always evolve and for long periods of time. The part of this that may get over looked is that it is rate oriented. Notice they don't mention it.. They can't.

But, they will. imo Like they said. The Emergency Food Law is "Synonymous" with the 2022 Budget Law. Get ready.. imo ~ MM 05/11/2022

Now this guy is also suggesting they didn't vote on the law and it is postponed until Saturday, yet yesterday they told us earlier that they voted on it in it's entirety.. Smoke on the water or what? lol ~ MM 05/12/2022

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Henig:  Smoke on the water, and fire in the skies.

You take a gander at the stock market today--or rather this week? And crypto?

Seems like a whole host of "seemingly unrelated things" are maneuvering together toward a flash point, imo.

In my very opinionated opinion, there could be more than just this basket happening soon. N/G, if you smell what my opinion's cookin'.

Wheeeeeeeeeeeeeeee!!! LOL

MilitiaMan and Clare "News and Views" Wednesday Evening 5-11-2022

KTFA:

Clare:  Postponing the vote on the emergency food security support law until next Saturday  ???? lol

Thursday 12 May 2022 00:22 

 The Presidency of the House of Representatives decided to postpone the voting session on the draft law on emergency support for food security until Saturday, 14/5/2022, for the purpose of completing discussions and maturing the law and for the need for more time. LINK

MilitiaMan:  How do they postpone a vote after doing it, already noted below? Um.. Leakage? .. Or a timing issue.. lol ~ MM

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Parliamentary Finance hosts the Minister of Water Resources regarding the Food Security Law

Wednesday 11 May 2022

Baghdad / NINA / - After voting today, the Finance Committee hosted the Minister of Water Resources, Mahdi Rashid, and the Ministry's cadre, on the Food Security Law, after voting on its entirety.    LINK

Clare:  After its implementation in Iran… Is it possible to cancel the dollar exchange rate in Iraq? – Urgent

2022/05/11/19:52  Baghdad today – Special 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented today, Wednesday, about the possibility of canceling the dollar exchange rate in Iraq after implementing this step in Iran. 

Saleh said in a statement to (Baghdad Today), that “the step taken by Iran means its official exit from the dollar area, whether in settling its foreign transactions with the world or in building its foreign reserves, and accordingly, it will deal with all existing international currencies and will allow the circulation of reserve foreign currencies in various forms, except for the United States dollar. 

He added, “Perhaps the exchange rate of the Iranian currency will be based in the future on the currency basket system, excluding the dollar, which means Iran will leave the International Monetary Fund system entirely, in addition to the embargo imposed by the United States on Iran since 2011, which stopped any Iran’s dealings with the world in the currency of the United States of America.”

Saleh added, “Iraq is completely different from Iran, as it is located within the dollar area, and its oil payments and foreign payments are closely linked to the US dollar and to the policy of a fixed exchange rate between the dinar and the dollar only.” 

He pointed out that “the exchange rate policy is flexible, as the dinar is linked with other reserve currencies, such as the euro, the Japanese yen, the pound sterling, and others.”  LINK

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MilitiaMan:  The possibility for Iraq to cancel the dollar exchange rate has been talked about, however, the reality is the Dollar is not imo going anywhere soon, it is on a tare now. It is pushing $104.02 lately to a basket of the same currencies noted directly above in green and then some. 

The Rial may have something a lot more valuable to trade in the short term. Yes, one that will be more valuable than the USD... Don't forget all boats rise with the tide. And the tide is out for some, but the Tsunami called the Dinar is about to fill the gap!!

imo Lets see how the tell us about what has already happened.. All good imo.. ~ MM

USD 104.02 +0.09

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Clare:  Iraq's decisive moment has come

10 May 2022  Toukhr Mazroev  

While the political blocs are busy forming the government in the coming weeks, it will
also be important to agree on the economic goals that the government will seek to achieve,
as these goals are likely to determine the economic future of the country.

 Iraq suffers from multiple economic challenges known to all. Every year, thousands of Iraqi children are born in difficult socio-economic conditions.

 More than one-fifth of the population lives in poverty in the absence of a reliable and sustainable
source of electricity, drinking water and other basic services. Universities are scarce of economic opportunities, which pushes them to take to the streets, demanding change.

The main lesson from Iraq’s recent history is the unsustainability of these policies and their inability to create sufficient job opportunities for the nearly eight hundred thousand young people who enter the labor market each year.

The rest of the urgent priorities, which makes public finances vulnerable to the risks of fluctuating
oil prices; Therefore, it is not surprising that Iraq finds itself on the brink of economic collapse after every sharp drop in world oil prices, and every time Iraq is exposed to such shocks, economic reform attempts are launched, but they are quickly abandoned as soon as conditions in the oil market improve.

This question is more central and important today than ever before. At a time when the world is struggling with climate change, every available opportunity like this may also be the last. In light of the raging global race to save the planet and the uncertainty it entails about the continued dependence on oil, Iraq is entering an existential battle for its economic future. At the same time, rising temperatures, frequent and intense heat waves, droughts and other natural disasters, as well as increased salinity and desertification, threaten to destroy the livelihoods of millions and make major parts of the country uninhabitable. 

Moreover, current demographic trends will increase pressures on already struggling urban water, sanitation and electricity systems. Without enacting urgent reforms that build resilience to the challenges of climate change and economic diversification, many sectors of the economy could disappear forever.

These reforms can only be achieved with broad political support, which was difficult to achieve
in the past. 

Global oil markets have presented Iraq with another opportunity to secure a brighter future for its citizens, and the response of the new government to that opportunity - before those opportunities disappear forever -may extend to future generations. Herein lies its historical significance.

* Head of the Iraq mission to the International Monetary Fund     LINK

MilitiaMan Wednesday Afternoon "Coordinating Global Regulation" 5-11-2022

KTFA:

Clare: IMF chief calls for modernization of international payment system

May 10, 2022 12:24 pm

IMF Managing Director Kristalina Georgieva called Tuesday for the modernization of the cross-border payment system by using digital platforms, arguing that this would reduce the risk of a fragmented global economy.

Speaking at a conference in Switzerland, Georgieva stressed that the international system — which allows for the movement of capital between countries — faces major challenges, starting with significant costs.

The head of the Washington-based crisis lender pointed to remittances sent by immigrants to their families.

“The average cost of a transfer is 6.3 percent. Which means that some $45 billion per year are diverted into the hands of intermediaries” instead of going directly to the recipients, who include “millions of lower-income households,” Georgieva said.

Another major risk is “fragmentation,” she said, noting the Russian invasion of Ukraine has caused “not only tremendous human suffering, but also a global economic shock and a sharp increase in the risk of a ‘new Cold War.'”

The temptation is for some countries to develop parallel payment systems to offset the risk of potential economic sanctions.

But these potential “payment blocs” would only worsen the impact of the development of new “economic blocs,” with additional costs, Georgieva warned.

“We must modernize the international payment system,” she said, pointing out that digital platforms have shown “great promise” in connecting and regulating payment systems in a more secure and efficient way.

“My bank in Washington might exchange my $10 for a digital token — which is then transferred via a platform to a Swiss payment provider who credits the wallet of my friend in Zurich. This is the equivalent of sending a $10 bill via mail — but at maximum speed and safety, and minimal cost,” Georgieva said.

For the IMF, new platforms could be a source of innovation — provided they are well designed and regulated. They must also be compatible with countries’ policy objectives.

A study from the lender, published Tuesday, “shows that crypto assets might be used to circumvent capital flow management measures, undermining the stability of domestic economies and the global system.”

Citing the study, Georgieva said: “That is why we are calling for comprehensive and coordinated global regulation in this area.”

One of the challenges the IMF faces is to develop tools that automatically detect risks and irregularities in capital flows.  LINK   THANK YOU BRAD FOR THE ARTICLE!

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MilitiaMan:  The IMF Chief is in Switzerland talking about fragmentation of the global system? This is further along than we think imo..

We knew about CBDCs back in OCT  2021, as were 136 plus countries that signed on to them and the international flat taxation. Are markets are roiling right now to the down side. The USD is on a tare to the upside!!

It is about the one thing in this world that is green and not red.. The IMF has a plan (we hope) and that plan along with the other major financial entities of the world are going to interlink and and communicate digitally and on a level playing field.

Where have we heard that before? lol Yep... The timing is fascinating.. " COORDINATING GLOBAL REGULATION... " imo ~ MM