MilitiaMan and KTFA Members: "This All Looks Very Good" 5-29-2022

KTFA:

Clare:  Finance is finalizing the 2022 budget, and good news for lecturers and contracts

05/29/2022 

The Ministry of Finance announced today, Sunday, the finalization of the draft financial budget law for 2022.

And the ministry’s advisor, Abdul Hassan Jamal, said in a press statement that “the Ministry of Finance has put its final touches on the budget law and has taken into account all the allocations,” noting that “the budget department confirmed several days ago the setting up of financial allocations for lecturers and contract holders, but we are waiting for the next government, because the current government is not It has the power to submit draft laws to Parliament."

He pointed out that "the financial ceilings of the budget have not been determined definitively, as oil prices have a role, so we must receive the proposed oil prices by the Ministry of Oil and the quantities of oil sold according to agreements with OPEC." 

And regarding the emergency support law, the ministry’s advisor explained, “The first law was stopped according to the decision of the Federal Court, and the current law is in the process of discussion,” noting that “the law in general is very similar to the law that was suspended, but so far no financial ceilings have been set for this law.” ".

He stressed that "this law will serve large segments of the population, and it is a very important law," expressing his hope that "it will follow the correct legal methods, so that it will not be challenged by future governments."  LINK

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Clare:  Finance announces the “final touches” of the 2022 budget law

Today, Sunday, the Ministry of Finance announced the finalization of the budget law for the year 2022, while noting that the allocations for lecturers and contracts were included in it.

And the Ministry of Finance's advisor, Abdul Hassan Jamal, said in a press statement: "The Ministry of Finance has put the final touches on the budget law and has taken into account all the allocations." He added that "the budget department confirmed several days ago the setting up of financial allocations for lecturers and contracts, but we are waiting for the next government, because the current government does not have the powers to submit draft laws to Parliament,"

Noting that "the financial ceilings of the budget have not been determined once and for all, as oil prices have a role to play." Therefore, we must receive the oil prices proposed by the Ministry of Oil and the quantities of oil sold according to agreements with OPEC.”

Regarding the emergency support law, he explained that "the first law was stopped according to the decision of the Federal Court, and the current law is in the process of discussion," noting that "the law in general is very similar to the law that was suspended, but so far no financial ceilings have been set for this law."

He stressed that "this law will serve large segments of the population, and it is a very important law," expressing his hope that "it will follow the correct legal methods, so that it will not be challenged by future governments."   LINK

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MilitiaMan:  We will have to see if they have actually finished the Food Security Law. The data directly above suggests they have.

As for the 2022 Budget, they already have the main draft done many many months ago. They'll have a line item adjustment per Frank26 and WS report, imo. So past articles that suggest they need weeks to complete the 2022 is not likely the case..imo

The articles state above that there is a Finalization of the Budget Law for the year 2022 today.

In fact they state they have parts of it within just days ago. The below shows that the comments above about not have oil pricing for all allocations looks to be right on time.

 If I am not mistaken there is a call for Iraq to increase to 6 million barrels a day with respect to OPEC terms.. Thus, they may already have the numbers ready to go and this standard purchase licensing rounds is relevant to acceleration of implementation of the development plans for oil fields.

This all looks very good.. imo

Now, lets see if they have a work around with the government or not and they seat one. Quickly. There is a law suit that is in motion to dissolve parliament.. Is that the work around they have on the table?

 I don't know, but, sure is too very timely. The timing of the law suit and next weeks parliament session from Sunday (today) postponement out to Tuesday has me very curious.. imo ~ MM

Oil signs a "standard purchase" document with companies in licensing rounds, and reveals its content

05/29/2022

The Ministry of Oil signed the "standard purchase" document with the licensing rounds companies.

The Undersecretary for Extraction Affairs, Karim Al-Hattab, affirmed the ministry’s keenness, during the signing ceremony of the standard purchase document approved with the contracting international companies within the oil licensing rounds, “to organize work in the oil sector and find the best forms and mechanisms of cooperation between national companies and international companies, and to achieve common goals in accelerating and implementing The ministry's plans to develop oil fields and maintain and increase production.

He added that "this document aims to unify and organize the procurement operations of all international companies within the licensing rounds, according to mechanisms and items that were prepared and agreed upon in cooperation with foreign and national companies, and through specialized committees and relevant departments."

Hattab pointed to "obtaining the approval of the Ministerial Committee for Energy and the Opinion Authority in the ministry to adopt this document," stressing that "one of the global consulting offices will be assigned to evaluate this experience after a year, for the best that we are looking for."

For his part, the head of BP in Iraq, Zaid Al-Yasiri and the representative of the global licensing tour companies, described that “the signing of this document is a positive step to improve work mechanisms, and this document has been prepared between the ministerial committee and the international companies contracting within the licensing round contracts, benefiting from the experiences of the past years, which Together, we aim to find the best means and mechanisms for contracts and purchases, and to contribute to accelerating the implementation of development plans for oil fields.”

While the Director General of the Petroleum Contracts and Licensing Department at the National Oil Company, Ali Maarij, praised this document that regulates procurement operations, according to which international and national companies are committed, and considered it a proactive plan towards developing cooperation mechanisms with international companies, praising the role of the relevant committees in preparing this document.  LINK

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Iraqi politicians file a lawsuit against the three presidencies and demand the dissolution of Parliament

 2022-05-29 08:17Shafaq News/

On Sunday, a number of Iraqi politicians filed a lawsuit against the three presidencies (the republic, ministers and parliament), demanding the Federal Supreme Court, which is the highest judicial authority in the country, to dissolve the parliament.

"Today, a patriotic group filed a lawsuit against the three presidencies and the House of Representatives, as a result of the latter's violation of its constitutional obligations and the introduction of the country into a constitutional vacuum and waste of public money," said Salah Al-Arbawi, the head of the Awareness Gathering.

Al-Arbawi explained that "those who filed the lawsuit are Representative Hadi al-Salami, Sheikh Sattam Abu Risha, former Minister Bengin Rikani, Chancellor Farhad Alaeddin, Nadim al-Jabri, Jamal al-Asadi, Qassem al-Abadi, lawyer Ali Kamel Rasoul, Salah al-Arbawi and Ihsan al-Shamri."

In turn, Jamal al-Asadi said, "Today, we and a group of brothers filed a lawsuit before the Federal Court to demand the dissolution of the House of Representatives as a result of its breach of its constitutional obligations."

He explained that "one of the requests is to oblige the President of the Republic and the Prime Minister to set a date for the House of Representatives elections for the fifth session and to issue a republican decree to that effect during 2022."  LINK

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TIVON:  So now we have the "Ministry of Finance" further confirming the "Emergency Food Security Law" as something that has a legal standing if properly managed.

As noted by my comments to Godlover' who stated the EFSL has a mini budget which contradict the official statement clarifying that the law has no financial ceiling set for how much can be utilized or allocated to departments and institutions. Which Saleh said would go to multiple areas which included the Food Security Law and the Budget Law.

We read multiple laws stating how the two are synonymous and will work in conjunction. One will serve the population until a seated government is formed in which the 2022 Budget will come afterwards.

 Ration Cards, Oil & Gas, Electricity, and other things that were discussed in meetings that has yet to be followed up with results.

Financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained that the disposal of financial savings due to the rise in oil prices and their allocation to projects requires two aspects of legislation. Guess what these legislations are? The Food Security Law & The Budget Law. Which will both use the surplus in oil.

So I am not writing off any possibilities as to how they proceed with using either law in regard to the citizens as they benefit from both sides.

Quote: Saleh said in an interview with the "National News Center", "The disposal and allocation of savings requires two aspects of legislation, either the issuance of the Food Security and Development Law or the legislation of the Federal General Budget Law for the year 2022, otherwise it is one of the sovereign reserves of the Republic of Iraq in foreign currency."  End quote 

 So what will be revealed Tuesday? The 2nd & 3rd Reading on the Food Security Law? Will they postpone the session again? Will the funds be reduced in the EFSL?

There is a lot going on that we do not know about that can either help or harm the outcome we seek.

I have been waiting on Al-Kazemi to discuss both legislative laws and how they relate or help his cause in the caretaker government. Nothing has been confirmed or denied on his part concerning these issues. Which strikes me as very odd.   IMO

KTFA Members "News and Views" Sunday Afternoon 5-29-2022

KTFA:

Clare:  In the event of Parliament’s request, the government advisor announces the readiness to send the 2022 budget

27/05/2022

The technical advisor to the Prime Minister, Haitham al-Jubouri, announced, on Friday, the readiness of the government to send the budget for the year 2022 if the House of Representatives requests it.

Al-Jubouri said, "The government is ready to complete the draft budget, which takes two weeks in the Council of Ministers to complete and present it to the Legal Committee in the General Secretariat of the Council of Ministers and the Council of Ministers." 

 He added, "The government is ready to send the budget whenever the House of Representatives requests it," noting that "the recent Federal Court decision was clear that the budget cannot be sent from the current government." 

He explained, "Sending the budget lies in the Parliament's inquiry, given that the budget law is linked to the lives of citizens and has privacy and therefore applies with the interpretation of the court that I directed to the President of the Republic." 

 Al-Jubouri indicated, “The House of Representatives under its leadership can send a letter to the Federal Court inquiring about the budget law,” noting that “the Iraqi constitution singled out an article on the budget law and the mechanisms for dealing with this law, and then the Financial Administrative Law No. 6 of 2019, which specified the mechanisms for sending The budget and therefore does sending the budget law apply the interpretation that was sent to the President of the Republic or with the decision issued by the Federal Court, which stipulated that the caretaker government has no right to send bills.

The technical advisor confirmed, "The answer comes from the Federal Court, as it is the authority authorized to interpret the articles of the Iraqi constitution."  LINK  

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POST #65 The Iraqi parliament seeks to legislate a public-private partnership law SNIPPET: The Parliamentary Investment and Development Committee announced, today, Saturday, efforts to legislate a law (partnership between the private and public sector) to raise the level of the Iraqi economy. Committee member Ahmed Salim Al-Kinani explained, in a statement today, that the law of partnership between the private and public sectors is one of the very important laws in raising the level of the Iraqi economy, as it is concerned with the formula of economic contracting according to international regulations and laws.

MilitiaMan:  We are hearing there is data to support the PM is ready to send the budget to the parliament and suggesting there is a work around for working with dealing for an or to the needs of the citizens and overruling what the federal court ruled on recently, thus making way for the budget to be voted on.  imo.. The above supports this as well, imo. MM

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GodSon:  Imo... Have the Cbi said they won't release without a seated government?  

TIVON: Bingo! Someone out here is thinking. Excellent question. Simple and to the point.

 The groundwork is being laid out before the CBI. What did they say some weeks back? They were working with Customs Authority on a mechanism that would combat corruption and money laundering. What is that mechanism? I presume (Could Be Wrong) but the ISO-20022 is a part of the International standards that allows transfers in Blockchain to track every transaction no matter where in the world or the volume of money sent/received.

 Didn't  a report come out about the benefits of early adoption before it becomes standard in November for all financial institutions? The CBI has closed numerous meetings with over the past few weeks. One being the World Bank.

Now I do want to say that could there be some nefarious intentions with the "Emergency Food Security Law". Depends on who stands to gain if certain legal parameters aren't in place to deter the exploitation of the funds allotted to departments or institutions regarding projects and construction.

Because as I have said I have my personal reservations about Al-Sadr and a few other prominent figures in parliament. Because Al-Kazemi I found to be quite mute on the EFSL. He's almost indifferent as to whether it gets passed are not.

Even Eddie from the last call has his concerns about the Food Security Law. Almost the same as the guy from a recent article when he mentioned the delusional representation of how the law is being promoted to the citizens who is former MP Hussein Narmo who stated the financial abundance from the oil surplus can be potentially seized and looted through the EFSL.

 So of course this should be no surprise as we are dealing with your typical politician. As this can be the case with anything dealing with large sums of money so this shouldn't be shocking.

There are some pushing this law through who have very questionable backgrounds. One being Mohammed Rikan Hadid al-Halbousi. Who I think voted against "Where Did You Get This Law". As he may also be a person of intrest when you consider the pending opening of "The Corruption Files".

So he's a bit to jubilant for me as he pushes through on the EFSL. I am not against people questioning the law as certain things have come out pointing to suspicious people. Which is why I assume if Al-Kazemi will be granted authority to send the 2022 budget to the "House of Representatives"

I highly doubt there would be any complaints given the legal jurisdiction to pass and vote on something with or without a seated government that could take another two months.   IMO

Samson:  Parliamentary Finance talks about the allocations of The Food Security Law

28th May, 2022

Saturday, the Finance Committee indicated that the Food Security Law needs to reduce its financial allocations, as they are very large allocations and equal to the budgets of countries.

Committee member Faisal Al-Naeli said in an interview with the “National News Center” that “the funds allocated to the Food Security Law are equivalent to the budgets of several countries, the matter The one who calls for reducing these allocations to reasonable numbers will avoid appeal and financial slander.”

He continued, "The ministries that learned from the law demand very high amounts, and we do not have clarification from the government or the Ministry of Finance regarding the funds that will be spent on these ministries and their allocations until the formation of the government or the budget."

He added that "the title of the law is emergency support for the items of the ration card and food security in general, but who guarantees food security after allocating and disbursing funds without a general budget and under a daily caretaker government."   LINK

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Samson:  Expert: There Are No Features For The Development Of Iraq's Economy

28th May, 2022

Saturday, economist Basil Al-Obaidi ruled out the existence of a successful economic plan to exploit and benefit from the large financial surplus to develop the economic situation in the country, while stressing that Iraq's economy is increasing by chance and the current situation will not be repeated.

Al-Obaidi said in an interview with the Information Agency, that “the Minister of Finance, through his recent statements, indicated that the financial surplus due to the rise in oil prices may reach the end of this year 90 billion dollars, away from government resorts,” noting that “the aforementioned amount, if it is invested correctly, will be there is a historic economic renaissance.”

He added, "The current situation does not indicate any features of great economic development," noting that "everything related to the economic situation in the country is just economic growth."

The expert explained that "Iraq's economy is increasing by chance, and that oil prices have risen suddenly, which led to the presence of these large sums of money with the federal government," noting that "this situation will not be repeated in the next year or during the coming years."

Al-Obaidi continued, "The large financial surplus must all be allocated for investment purposes, such as industry, agriculture, tourism and irrigation," stressing that "the current government is restricted as a caretaker government, and the political crisis will lead to the absence of the ability to control large sums."   LINK

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Samson: Parliamentary Finance talks about the allocations of The Food Security Law

28th May, 2022

Saturday, the Finance Committee indicated that the Food Security Law needs to reduce its financial allocations, as they are very large allocations and equal to the budgets of countries.

Committee member Faisal Al-Naeli said in an interview with the “National News Center” that “the funds allocated to the Food Security Law are equivalent to the budgets of several countries, the matter The one who calls for reducing these allocations to reasonable numbers will avoid appeal and financial slander.”

He continued, "The ministries that learned from the law demand very high amounts, and we do not have clarification from the government or the Ministry of Finance regarding the funds that will be spent on these ministries and their allocations until the formation of the government or the budget."

He added that "the title of the law is emergency support for the items of the ration card and food security in general, but who guarantees food security after allocating and disbursing funds without a general budget and under a daily caretaker government."  LINK

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TIVON:   But Parliament someone on the forum said that the "Food Security Law" had a mini budget. Not sure how much is in the EFSL (Emergency Food Security Law) myself but I presume this is the "Big Cheese" they referenced last Thursday that shocked them so much they had to postpone the 2nd reading of the EFSL out almost another week.

Funny how things seem to come to light about certain subjects you don't anticipate clarifying certain points you made as if you wrote it yourself is almost good enough to marvel at.

The Parliament seems to be convinced enough that the Caretaker Government can have legal standing to send the 2022 Budget. Why not the Food Security Law? Why is everyone trying to disregard the formation of the government and attempt to work around the impasse?

Something to think about.   IMO

KTFA Members "News and Views" Saturday Afternoon 5-28-2022

KTFA:

Clare:  Al-Zamili confirms the passage of the Food Security Law

27/05/2022  Baghdad - I know

Today, Saturday, the First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, confirmed the passage of the passage of the Food Security Law.

Al-Zamili said in a tweet followed by the Iraqi News Agency (INA): "The House of Representatives is proceeding with approving the Food Security Law, and it will rise up with the power of God, and the people will win. The people's need is the responsibility of all of us."

Today, Saturday, the leader of the Sadrist movement, Muqtada al-Sadr, called on the House of Representatives to approve the Food Security Law .  LINK

TIVON:    IMO: A month ago it was reported from Saleh that Oil Revenues will be spent on 3 main areas.

Food Security 

The Poor Classes

Investment Projects

The Budget Law will reflect this for 2022-2023. The common denominator here that binds the EFSL & 2022 Budget is Oil. Where is the primary account for Iraqi Oil Revenues? New York. So if the US Treasury attended meetings discussing Food Security with other financial institutions in attendance. How are we still treating the Emergency Food Security Law as something separate from the budget when both need the oil revenue to expand the allocation of funds to construction projects and social services?

And to Rasoul Radi, in regards to the Financial Management Law and the Food Security Law supposed violating it. How can a law break another law that had a unanimous vote? Financial advisor Mazhar Muhammad Salih stated yesterday officially that the disposal of financial savings due to the rise in oil prices and their allocation to projects requires two aspects of legislation.

One being the issuance of Food Security Law. The other being the Federal General Budget Law for 2022? Up until now there was now financial transactions outside the federal general budget law or outside any effective law.

So to those who refer to the EFSL as filler. Why would the head of the National Sindh bloc, Ahmed Al-Asadi submit inquiry to the Federal Court who first denied the first draft to seek the approval on the alternative version passed by Parliament due to the political blockage that can go on another two months without the budget?

Even "The Framework" provided solutions to work around the stalled formation who also considered judiciary approval on the EFSL. Wasn't certain parties surprised as to the funds in the EFSL and had to postpone the 2nd reading to further ensure minimal corruption? Which is why both the EFSL & Law Criminalizing Normalization with Zionist are up for votes basically the same day. Because one effect the other.

How? Well didn't a anonymous parliamentary source say that if the CNZL was voted on in its "current form" The collapse of the Iraqi Dinar and a decline in oil exports will ensue. Foreign companies operating in Iraq and the ability to sale oil to international world will cause major problems to their GDP. Maybe because outside entities in foreign governments doesn't or wouldn't put Iraq 1st above their greed to continue to exploit Iraq's reserves through auctions and other areas of concern.

The World Bank stated that multiple regions like Africa, the Middle East, Eastern Europe, Central Asia and South Asia will be apart of the program to address high food prices. Hmmmm.....? I find it funny that these regions also have devalued currency that some believe to be a part of a basket.

Iraqi Dinar (Middle East)

Vietnamese Dong (Central/South Asia)

Zimbabwe (Africa)

Turkish Lira (Eastern Europe)

If this is true what better way to address each nation by doing a revaluation under the guise of a food crisis?

Wasn't Covid-19 used in the same manner to reform the Iraqi banking sector by going digital to reduce paper transactions to minimize the spread of future viruses where little to no hand contact is involved with transactions sense it will be all digital?

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Henig:  Once again, you're on point, my friend. You've laid out this possibility very well. Now we get to see if it's right or not--and there's a good chance that your opinion is accurate. Just my humble opinion.

Ryan1216:  Your breakdown makes perfect sense Tivon. The Food & Security Law deals with the rate just like MM has said. Appreciate you guys! Hopefully the Law is passed quickly.

TIVON:  IMO: Absolutely. I mean how obvious does it have to get? Paying attention to certain language and the verbiage that implies a conjunction of two things concurrent to a singular action is not being considered by some members here who continue to separate what has been designed to create a revenue for investments that needs a rate to underwrite legislation of two laws. One being Food Security and the other being the 2022 budget where one segues into the other. 

May 9th 2022

Economy News - Baghdad

Member of Parliament Faisal Al-Issawi expected, on Monday, the passage of the Food Security Law, which he considered a “similar” to the budget law, in the next session of Parliament .

Al-Issawi said in an interview with "Shafaq News" and followed by "Al-Iqtisad News," that "the parliament session scheduled for next Wednesday may witness a vote on the emergency food security law, which is synonymous with the general budget law as it has the support of the majority of parliament members

TIVON:  IMO:

There will be 3 different forms of money in the new Basel 3/ISO-20022 /Comex 589 system. A combination of old & new.

1.) Sovereign money- fiat money (Dollar) backed by gold for use within Sovereign borders.

2.) Digital Currency or Crypto Asset= XRP for exchange across borders (X-borders) and exchanging value between all markets and asset classes. XRP will be used to balance trade accounts between Sovereign entities or countries, via Treasury & Central Banks.

3.) Gold will be used to back former fiat currencies to become real money again. Gold will also be used as a stable point of reference to standardize pricing for things of value. Such as commodities. Exchange rates would be fixed. Physical gold can be priced locally (At The Sovereign Level) to manage and reverse trade flow imbalances preventing one way trade flows. Since this is a global system the pricing reference I believe will be grams per gold and not the imperial oz. So prices would be grams/barrel for example.

This new "International Monetary System" creates what analysts and politicians are calling for- "A Global Level Playing Field". Which means no hegemonic currency.

 Didn't the Federal Reserve come out with a report on the challenges facing cross border payments as being slow and archaic? Due to high fees, limited accessibility and the friction of this problem includes currency exchange, legal regimes, and technological issues.

Well what is one thing that can solve all of these problems? Digital Currency/XRP/XLP. Which is why countries are being linked via The World Bank & US Treasury under the guise of a food crisis. 

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Samson:  Oil achieves high gains and approaches $120 a barrel

28th May, 2022

Oil prices rose in Friday's session, to conclude the week with gains before the Memorial Day weekend in the United States, the beginning of the peak demand season in the United States, while European countries are negotiating whether to impose a complete ban on Russian crude oil.

Brent crude rose $2.03, or 1.7%, to settle at $119.43.  US West Texas Intermediate crude also rose 98 cents, or 0.9%, to $115.07 a barrel upon settlement. Over the course of the week, Brent rose 6%, while WTI rose 1.5% and prices were supported by strong global demand for fuel, as futures contracts for gasoline and heating oil outperformed crude oil prices this year.

Meanwhile, officials said, European Union countries are negotiating an agreement on oil sanctions against Russia that would block deliveries but delay sanctions on pipeline-delivered oil to persuade Hungary and other landlocked member states to join the embargo.

Hungary's rejection of oil sanctions and the reluctance of other countries to accept them is hindering the implementation of a sixth package of EU-27 sanctions against Russia following its invasion of Ukraine.

Officials said EU government envoys could reach a deal in Brussels on Sunday in time for leaders to endorse it at their May 30-31 summit.

Russian President Vladimir Putin informed Austrian Chancellor Karl Nehamer that Moscow will fulfill its obligations to deliver natural gas.  LINK

"Vietnam News" Posted by Samson Friday Night 5-27-2022

KTFA-Vietnam News

Samson:  S&P raises Việt Nam long-term sovereign credit rating to BB+; outlook Stable

27th May, 2022

S&P Global Ratings on Thursday upgraded its long-term sovereign credit rating on Việt Nam to BB+ from BB.

The move comes on the back of the country's strong economic recovery prospects following the progressive lift of domestic and cross-border mobility restrictions, outstanding improvement in vaccination rates, and flexible shift in COVID-containment policy.

The ratings outlook is stable.

Against the backdrop of challenging global developments and deep scarring effects of the pandemic leading to more than 30 downgrades by credit rating agencies in the year to date, Việt Nam is one of the only two sovereigns in the Asia-Pacific region to have been upgraded this year – the other being Taiwan (China).

According to S&P, the significant improvements in government administrative processes, in particular the governance quality of government guaranteed debt obligations, robust economic growth prospects, strong external position and resilient FDI flows despite pandemic disruptions were also factored in to S&P’s decision to upgrade Việt Nam’s ratings.

The stable outlook reflects S&P’s expectations that over the next 12-24 months, Việt Nam’s economy will continue to recover from the challenges posed by the pandemic over the past two years, which will support the external position and contain fiscal deficits.

In S&P’s view, Việt Nam’s GDP per capita has risen quickly in the past few years and is expected to reach a 10-year weighted average growth of real GDP per capita of approximately 4.8 per cent, significantly higher than the average of Việt Nam’s peers at a similar income level. S&P forecasts real GDP will grow 6.9 per cent in 2022 and maintain a long-term trend of growing 6.5-7 per cent from 2023 onward.

Việt Nam’s macroeconomic stability combined with advantages in competitive labour, improved education standards and favourable demographics have been key growth drivers in strengthening Việt Nam’s attractiveness as a favourable destination for global enterprises in manufacturing sector, creating momentum for exports and consumption growth, according to the rating agency.

On the social front, S&P acknowledges that the Vietnamese Government has generally delivered strong development outcomes in the past decade, strengthening strong social compact between the government and citizens.

On the fiscal front, S&P also recognises that Việt Nam’s public finances have been stable despite pressures posed by the pandemic and it expects the fiscal deficit to be temporarily widened due to the implementation of the social-economic recovery programme. However, S&P states that the policy space is ample in the context of sharp reduction of public debt.

S&P’s upgrade of Việt Nam’s credit ratings amid evolving challenges across the globe reflects the agency’s appreciation of the proactive measures by the Party, National Assembly and the Government to stabilise the macro-economy and consolidate socio-political foundation.

This is also testament to the agency’s recognition of the effective coordination led by Ministry of Finance, related ministries and agencies, to communicate Việt Nam’s policies and achievements to the international community.

According to the Ministry of Finance, it will continue to provide information and updates to allow credit rating agencies and international institutions to form a comprehensive assessment of Việt Nam’s strong and improving credit profile.

Nguyễn Văn Toàn, vice chairman of the Vietnam Association of Foreign Invested Enterprises, told Việt Nam News that the S&P’s upgrade will be a positive driver for the country’s foreign investment attraction next time.

“Thanks to success in the pandemic-containment policy and the recognition from international organisations, I forecast Việt Nam’s FDI in 2022 will continue to increase significantly against last year,” Toàn said.

According to Toàn, FDI disbursement in the first four months of this year reached US$5.92 billion, a year-on-year rise of 7.6 per cent. Foreign investors invested in 18 out of 21 economic sectors, mostly in processing-manufacturing sector with $6.2 billion, accounting for 57.2 per cent of the total FDI. It was followed by real estate with $2.8 million, and retail with $667.8 million.  LINK

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Samson:  Vietnamese economy to do well in 2022: experts

26th May, 2022

The Vietnamese economy recovered more slowly than the world economy last year, but the reverse is likely to be true this year.

BIDV Chief Economist Cấn Văn Lực made the forecast at the conference “Vietnam financial market 2021 and outlook 2022” yesterday.

Lực had three possible scenarios for the Vietnamese economy in 2022. In the best-case scenario, the economy is expected to rebound strongly with an annual growth rate of 6-6.5 per cent. The figure is adjusted down to 5.5-6 per cent in the base-case scenario, and to 4.5-5 per cent if things do not turn out well.

Meanwhile, inflation is believed to rise steadily due to global inflationary pressures. “I’m quite sure that Vietnamese inflation will rise to around 3.8-4.2 per cent this year. It’s inevitable amid rapid-rising global inflation,” he added.

Additionally, Lực was optimistic that the securities market is likely to become more sound and stable after several corrections. The VN-Index is forecast to rise slightly by 7.7 per cent to reach 1,614 points in the best-case scenario.

Regarding the banking system, credit growth is expected to hit 14-15 per cent while the non-performing loan ratio would be kept at around 2 per cent. Pre-tax profits of credit institutions are estimated to grow by 20-25 per cent against 2021. 

The insurance market is also expected to do well in 2022 profit-wise with a growth of 18-20 per cent. However, profits from investment activities are likely to stay lower than in 2020 and 2021.

Economic expert Lê Xuân Nghĩa believed that the corporate bond market is a capital-raising channel more important than medium- and long-term bank loans. It is the case because corporate bonds are more flexible than bank loans. "When bonds mature, firms can issue new bonds to service the due bonds. They can not do the same for bank loans," he explained.

The expert feared that the currently-stagnated bond market would hold back ongoing bond-financed projects and stifle new projects, putting firms at risk of defaults. He was also concerned that the stagnation would freeze the realty market and drive many banks to a critical situation. He called for transparency and accountability in the bond market to solve the problem.

Phạm Xuân Hòe, Secretary-General of Vietnam Financial Leasing Association, estimated total financial assets in the economy at over 300 per cent of GDP. The ratio was so high that it signalled a structurally-problematic real economy.  "Such a high ratio is the main cause for turbulence in Vietnamese financial markets in recent years," he said.

The secretary-general also highlighted asset leasing as an effective financial channel for firms, notably small- and medium-sized businesses. However, legal frameworks for the channel have been outdated and need to be replaced to unlock its potential.

Phạm Thị Hoàng Anh, Director of Research Institute for Banking, Banking Academy of Vietnam, opined that the State Bank of Vietnam had managed central exchange rates with much success. Notably, foreign reserves reached US$114 billion by late 2021. "The abundant reserves will give SBV ample room to safeguard financial security," she said.

The director also revealed that total credit to commercial real estate hit VNĐ783 trillion by late March 2022, higher than the same period in previous years but still in the safe zone.

Vũ Nhữ Thăng, Vice Chairman of the National Financial Supervisory Commission, was concerned that risks in the realty market might spill over into the banking system and securities market, putting firms on the line. “The size of the contagion effects depends on the volume of the privately-placed bonds issued by realty firms and the volume of those held by banks,” he stressed. He also underlined Circular 16 issued by the SBV in 2021 as a timely regulation that constrained banks’ privately-placed bond ownership, effectively curbing the spillover.   LINK

Samson:  Việt Nam-Asia DX Summit 2022 opens in Hà Nội

26th May, 2022

The Việt Nam-Asia Digital Transformation (DX) Summit 2022 opened in Hà Nội yesterday, where experts are examining ways to further utilise the advantages of digitalisation for the economy and society. 

The digital economy is making many important contributions to the global economy, said Nguyễn Văn Khoa, Việt Nam Software and IT Services Association (Vinasa) chairman. 

Facing the trend towards digitalisation, many countries have taken the opportunity to develop the digital economy and have issued their own development strategies, he added.

The summit is organised by Vinasa under the direction and patronage of the Ministry of Information and Communications.

Data from Google and Temasek shows that the Vietnamese internet economy achieved US$21 billion last year and contributed more than 5 per cent of the country's GDP.

Studies show that the growth rate of the Vietnamese digital economy is seven times higher than in 2015 and is expected to reach more than $57 billion by 2025, ranking second in Southeast Asia. "Việt Nam is facing an opportunity to promote the internet economy, especially digital transformation platforms," ​​said Khoa.

Vinasa's chairman shared that the proportion of the digital economy in each industry and field was forecast to be about 20 per cent.

The Government's goal is for the digital economy to account for 20 per cent of GDP by 2025. By 2030, the corresponding figure is 30 per cent of GDP. “This is the most challenging goal, especially for traditional industries, and requires the determination of everyone to participate,” he added.

Creating Vietnamese platforms

The Vinasa chairman shared that digital transformation has created a data resource.

Speaking at the summit, he said that in order to successfully realise the extremely challenging goal of the Prime Minister, Việt Nam's digital economy development needs cooperation from all political levels and economic components. "Digital technology enterprises are making efforts to develop quality digital transformation platforms and solutions, invest in research and accelerate the application of new technologies, such as AI and blockchain. They are also making great efforts to work together in building a digital ecosystem to help agencies, organisations and businesses in digital transformation,” said Khoa.

In the framework of the event, Nguyễn Trọng Đường, deputy director of the Department of Enterprise Management, Ministry of Information and Communications, introduced in detail the Strategy for the development of the digital economy and digital society in Việt Nam.

The development of the digital economy and digital society is to bring the activities of people and businesses to the digital environment, said Đường.

The digital environment is a global environment, therefore Việt Nam's digital economy and digital society development strategy should be built on the basis of international references selectively, combined with Việt Nam's practice of clearly defining the concept of the digital economy and society.

The core, unique and different point of Việt Nam in the development of the digital economy and digital society was to bring the activities of people and businesses to the digital environment using Vietnamese digital platforms, he noted.

This was the guiding spirit of the strategy, which names 54 specific digital platforms. In these, 35 digital platforms will be prioritised to deploy first this year, he said. The breakthrough point is the rapid dissemination of national digital platforms to serve the unique and specific needs of the Vietnamese people and enterprises, said Đường.

With the role of leading the implementation of the strategy of digital transformation, the Ministry of Information and Communications hopes to receive the cooperation of ministries, branches and localities to develop action plans. 

Đường also called on the participation of the technology business community, to deploy and achieve the goals set out by the strategy.

The two-day forum is expected to attract more than 2,500 domestic and international delegates and more than 10,000 online followers. The forum is an event to celebrate "Digital Transformation Day" on October 10, which the Prime Minister has just approved  LINK

KTFA Members "News and Veiws" Friday PM 5-27-2022

KTFA:

Jerry1971:   The best news of the day hopefully the FSL gets read and voted soon to trigger off the new exchange rate of the IRAQI dinar many are of the belief that it's the substitute to the budget of 2022 IMO.

Samson:  Parliamentary agreement to complete the draft food security law

27th May, 2022

Member of Parliamentary Finance Nazim Al-Shibli revealed, on Friday, May 27, 2022, that most members of Parliament agreed to start the second reading of the draft food security law next Sunday.

Al-Shibli said that the Finance Committee will collect the parliament's proposals on the law in preparation for its second reading, and then it will be presented for the third reading and vote. 

Al-Shibli stressed that the food security law presented by Parliamentary Finance does not differ from the law presented by the government, and that the difference between the two laws is the party that submitted it only.

The Finance Committee of the Iraqi Council of Representatives submitted the proposal of the Emergency Support Law for Food Security and Development to the presidency of the Council, as an alternative parliamentary project to the previous law, which was rejected by the Federal Supreme Court, in terms of its interpretation of the term caretaker government, to present Parliamentary Finance the bill again as a proposed law to be instead, and to avoid being rejected by the court’s decision LINK

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Samson:  Former MP: The Government And Some Parties Are Seeking To Violate The Financial Management Law By Seeking To Pass “Food Security”

27th May, 2022
The former MP, Rasoul Radi, confirmed that the government and some political parties are seeking to violate the financial management law and go towards passing the “food security” proposal, despite the financial exaggerations in it.

Radi told Al-Maalouma, "The 2022 budget is ready and it can be submitted by the new government in order to vote on it, and to move away from the proposed law on emergency support for food security."

He added that "the caretaker government does not have the right to work on presenting the 2022 budget, as it does not have any authority to take such a decision, but the law allowed it to go towards internal or external borrowing, where the Minister of Finance has the right to borrow from the central bank and then that is repaid." After the vote on the budget in the era of the new government.”

And he indicated that "some parties and the current government are seeking to pass the proposed food security law, away from the financial management law, in order to give 8 trillion to the liberated areas, and more than that to the ration card, while previous budgets included an amount not exceeding 2 trillion, which confirms that there is an overrun on public money." obscenely.”   LINK

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Clare:  In the event of Parliament’s request, the government advisor announces the readiness to send the 2022 budget

27/05/2022

The technical advisor to the Prime Minister, Haitham al-Jubouri, announced, on Friday, the readiness of the government to send the budget for the year 2022 if the House of Representatives requests it.

Al-Jubouri said, "The government is ready to complete the draft budget, which takes two weeks in the Council of Ministers to complete and present it to the Legal Committee in the General Secretariat of the Council of Ministers and the Council of Ministers." 
 He added, "The government is ready to send the budget whenever the House of Representatives requests it," noting that "the recent Federal Court decision was clear that the budget cannot be sent from the current government." 

 He explained, "Sending the budget lies in the Parliament's inquiry, given that the budget law is linked to the lives of citizens and has privacy and therefore applies with the interpretation of the court that I directed to the President of the Republic." 

 Al-Jubouri indicated, “The House of Representatives under its leadership can send a letter to the Federal Court inquiring about the budget law,” noting that “the Iraqi constitution singled out an article on the budget law and the mechanisms for dealing with this law, and then the Financial Administrative Law No. 6 of 2019, which specified the mechanisms for sending The budget and therefore does sending the budget law apply the interpretation that was sent to the President of the Republic or with the decision issued by the Federal Court, which stipulated that the caretaker government has no right to send bills.

The technical advisor confirmed, "The answer comes from the Federal Court, as it is the authority authorized to interpret the articles of the Iraqi constitution."   LINK

Samson:  Parliamentary move to legislate laws to return Iraq's smuggled money

27th May, 2022

Today, Friday, the Parliamentary Integrity Committee revealed that it was able to legislate laws regarding the return of Iraq's smuggled funds abroad.

Committee member Hadi Al-Salami said in an exclusive statement to (Baghdad Today) that "his committee intends to discuss the law of the Iraq Smuggled Funds Recovery Fund, as it is one of the most important laws and to recover Iraq's smuggled and damaged funds abroad".

He added, "The interference with the laws is incorrect, which requires unifying the articles in them, and that the committee's meeting included the first round of consultations with the concerned authorities, while the meetings will be followed up to complete the articles of the law".

Al-Salami pointed out that "the committee is seriously seeking to legislate the law regarding the return of these funds to benefit the Iraqi state budget".  LINK

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Samson:  Suspended... Imprisonment for an Iraqi airport finance director on charges of corruption

27th May, 2022

Two security sources in the governorates of Dhi Qar and Najaf reported on Friday that the governors' criminal courts issued new rulings against their defendants, including imprisonment for the financial director of Najaf International Airport.

The two sources told Shafaq News Agency, "The Dhi Qar Criminal Court issued two sentences, one of them, against three terrorists to life imprisonment, as a result of their conviction for acts of attacking the security forces in the country, according to the provisions of Article 4 of the Anti-Terrorism Law."

The two sources added that "the court also convicted two people of the charge of electronic extortion of a citizen and sentenced them to 6 months in prison in accordance with the provisions of Article 430 of the Iraqi Penal Code."

And they explained that "the Najaf Criminal Court, in turn, sentenced the Director of Finance at Najaf International Airport to a full year in prison, with a suspended sentence, on the issue of spending one million dollars, without depositing it in the bank."  LINK

MilitiaMan "Not Telling The Whole Story?" Thursday PM 5-26-2022

KTFA:

Samson: The Iraqi parliament passes a law banning dealing with Israel, and Al-Sadr calls for street celebrations

26th May, 2022

The Iraqi parliament approved today, Thursday, a proposal for a law criminalizing "normalization with the Zionist entity" with the unanimous consent of the attendees.

Earlier in the day, Parliament Speaker Muhammad al-Halbousi opened the parliament session after the quorum was completed, with the attendance of 275 deputies.

Shafak News Agency correspondent said that as soon as the session convened, parliament began voting on the articles of the proposed law.

Following the vote, the First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, issued a statement saying, “This law, which was unanimously voted by the voters, represents a true reflection of the will of the people, a brave national decision, and a position that is the first of its kind in the world in terms of criminalizing the relationship with the Zionist entity,” calling "Arab and Islamic parliaments to pass similar legislation that meets the aspirations of their people."

In turn, the leader of the Sadrist movement, Muqtada al-Sadr, called on the Iraqi people to take to the streets in a tweet to celebrate the vote on the proposed law, which he described as a "great achievement."   LINK

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Samson:  Parliament adjourns its session to next Sunday

26th May, 2022

The House of Representatives announced, on Thursday, to adjourn its session to next Sunday.

And the Parliament's media department stated in a brief statement, which was followed by "Mawazine News", that the House of Representatives adjourned its session to Sunday at 11 am.

Earlier today, Thursday, Parliament voted unanimously on a law criminalizing normalization with Israel. 

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Al-Zamili added, "We do not want in this law to isolate Iraq from its regional and international surroundings, and its vocabulary will be formulated with utmost precision and in a manner that achieves the purpose of its legislation."

https://ina.iq/eng/19625-al-zamili-the-law-prohibiting-normalization-is-a-necessity-for-the-stability-of-the-country.html

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“because currently there are political sides that try to normalize relations with Israel.”

https://thecradle.co/Article/news/10241

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Iraq’s parliament, which can’t seem to form a government or decide on important, basic issues and is in dire need of investment, is wasting time focusing on Israel.

 The reason for this is that in some areas in the Middle East, the use of Israel as a foil and tool is important because failed states and armed militias backed by Iran use scaremongering about the Jewish state as a way to distract from their looting of various countries.  

 It is in this context that the Iraqi Council of Representatives wasted time on a draft law that would ban “normalization” with Israel. This is a largely mythical issue because few voices in Iraq are suggesting such a “normalization.” Iran has hijacked half of Iraq using pro-Iranian militias – and those groups are intensely hostile to Israel.

https://www.jpost.com/middle-east/article-707015

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MilitiaMan:  I find the articles interesting.. Why would they have postponed something they supposedly passed today- out to Sunday?

What is in the Law that that is needed to be sheltered for any length of time? Is it something that is not expected? Is it possible that they haven't actually banned anything with respect to Israel? Is it possible they did ban and criminalize, yet the law has something for the citizens in the law to offset the wants of some that don't want the ban? 

If you use the precision vocabulary it seems they haven't told us which way they are voting.  The don't say they unanimously voted to criminalize normalization with Israel. They say the unanimously voted on a criminalization normalization law.

 In fact they also say they voted on a proposed law which in itself seems vague.  By not telling us directly that the voted specifically to criminalize normalization and then postponing telling us the results of the unanimous way they voted leads me to believe there is more to this story.

Take Sadr for instance, telling the people to celebrate in the streets suggesting the results are beneficial for all, not just some of the people.

 We can see above that the sentiment toward the Law is not unanimous, therefore, we can surmise that it is possible that there is something in the law they wanted hidden for a period of time.

That said, could they have hidden a portion of the law with the emergency food law or could they have a paragraph in there with regard to the 2022 budget, new exchange rate to support the pictures of what appears to be valuable currency in the IBBC meeting over the last couple days?

To all these questions the answers are we don't know, yet.. Couple days out is not far to find out.. imo

Regardless it is important or they wouldn't need to postpone telling the whole story.. imo  ~MM

Petra and KTFA Members "News and Views" Thursday Afternoon 5-26-2022

KTFA:

Samson:  The Central Bank : The implementation of the terms of the White Paper revived the Iraqi economy

26th May, 2022

Today, Thursday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, confirmed the recovery of the Iraqi economy as a result of the application of the white paper.

In a televised interview followed by the National News Center, on the sidelines of his participation in the Conference on Sustaining Economic Growth held by the Iraqi-British Business Council in London, he said: “We held individual meetings around the round table and gave a speech on the economic situation in Iraq, which is recovering as a result of the implementation of the white paper and the policies Financial and political, and the rise in global oil prices.”

And he continued, "There are old historical relations with the Bank of England, and there is a joint date to talk according to an official agenda."  LINK

Samson:  The Presidents of the Republic and the Ministers stress the need for dialogue to address outstanding issues and meet the expected benefits

25th May, 2022

The President of the Republic, Barham Salih, received today, Wednesday, Prime Minister Mustafa Al-Kazemi.

During the meeting, the latest developments in the general situation in the country were discussed, where it was stressed the need to enhance security and stability and support the security forces in pursuing ISIS cells and be vigilant and wary of its plans to destabilize the security of citizens.

Regarding the political situation, their developments were discussed, emphasizing the necessity of dialogue in addressing outstanding issues in the spirit of responsibility and patriotism and meeting the expected benefits, in addition to discussing the economic conditions and the importance of giving citizens' living and service requirements a top priority and working to respond to the necessary needs in a manner that guarantees a decent living.  LINK

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Petra:  I would also opine MM that there is a clear agenda in this meeting today between Salih and PM K to specifically address the "economic conditions and the importance of giving citizens' living and service requirements a top priority and working to respond to the necessary needs in a manner that guarantees a decent living.  

I would focus on the key words "Top Priority and necessary needs that "GUARANTEES" a decent living.  TOP PRIORITY and GUARNTEES are critical words at this juncture. And IMO, warrant a meeting to take these words and initiatives to finality. 

The people have waited long enough to have what has been promised.  A better standard of living and a better environment to safely raise their families and live in peace. 

The work has been done to solidify the digital framework for all banking and financial efforts, borders and tariffs are ready  and engaged and the country is positioned for stellar growth internally with the increase in oil revenues that are in the billions. 

Reserves are at an all time high thus defending their currency adjustment to the positive to provide purchasing power that "GUARRANTEES' a decent living!  This IS the TOP PRIORITY!!   ALL IMO  PETRA

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Samson:  Government Adviser: Counts the benefits of rising Iraq's reserves of the dollar

26th May, 2022

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, stated on Thursday that the rise in the central bank's hard currency reserves will positively affect the Iraqi dinar and the ability to curb inflation, indicating that the existing reserves have almost covered the Iraqi dinar.

Saleh said in an interview with Shafak News Agency; "The rise in Iraq's hard currency reserves will increase confidence in the Iraqi dinar and will increase its stability," stressing that "the Iraqi dinar is approaching full coverage of hard currency reserves in light of the current exchange rate."

He added that "these reserves maintain the purchasing power of individuals, as it preserves the real income of the individual from fluctuations in the event of the deterioration of the dinar, and at the same time it is a way to curb any large inflation that may occur in the future by following a strict monetary policy," noting that "one of the functions of these reserves is one of the hard currency is to curb inflation if prices continue to rise.”

He pointed out that "the reserves also have a function in the process of financing foreign trade, which is related to development through the import of production means and supplies that will revive economic development."

Finance Minister Ali Abdul-Amir Allawi confirmed on Wednesday that the Central Bank's hard currency reserves amounted to 70 billion dollars last April, and expected them to reach 90 billion dollars by the end of this year.  LINK

Samson:  Integrity implements 57 arrest and recruitment orders against high-ranking people during the month of April

26th May, 2022

The Federal Integrity Commission announced today, Thursday, the implementation of 57 arrest warrants against high-ranking people during the month of April.

In a statement received by Mawazine News, the commission's investigations department said, "The judicial authorities issued (57) arrest and recruitment orders against the background of cases investigated by the commission's investigation directorates and offices in Baghdad and the provinces and referred them to the judiciary, indicating that among those orders issued were Against (55) high-ranking officials for the period (1-30/4/2022), (4) arrest warrants and (53) recruitment orders.

And she added, "The orders issued and executed included arrest and summoning orders against a former parliament member, a former minister and (4) former ones, as well as a former deputy minister."

She explained that "the arrest and recruitment orders included (7) current and (11) former general managers, in addition to (3) former general managers, two current governors, (3) former, (4) former governors, and (3) Former members of provincial councils.  LINK

Sir:  IMO-This article is very important as it tell us that they are removing all the major rats from key positions (and some smaller rats). This is also being done around the world, how do you expose the rats-with bait and they will expose themselves.

Apparently the rats have infuriated into all segments of Society and are well entrenched. The rule of LAW is at play here and there is no deviating from the LAW, it has to be this way.

 The people need to see that there is justice and society cannot survive with out its LAWS. This is truly the end times, but for all the rats.  IMO

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Godlover:  So here are my thoughts on why we have not yet seen this blessing. Iraq is NOT ready imo. Many theories that it is not only about Iraq, sure this will benefit many countries who invest in the Iraqi currency. Much is dependent on Iraq readying themselves.

Many theories the government is formed, just not announced. This theory is fine, only, they do not HAVE a new government until it is OFFICIAL. Hiding  is not benefitting anyone, in fact it is doing the opposite imo. I will admit I do not believe they have a "hiding" government.

I guess my main point is, why continue different theories of other factors in play, until Iraq is actually ready themselves? My thinking maybe would be different if Iraq had a new official government seated, but they do not. The current government is working as a caretaker government, or however one chooses to label them.

The reality per endless articles is, they have limited power & cannot send the 2022 budget to parliament. Per articles this may change, but at this point it is only talk. As well, I sound like a broken record, but the FSL may come into play if the government deadlock continues. 

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Scarter 13:  In my opinion, going off of the articles posted by Clare and Samson, knowledge shared by F26, and the analysis by MM & Petra is what leads me to believe they are ready. In my opinion, everything is in place they just have to do it.

So, in my opinion, the reason they have not yet is because they are being stopped from doing so. In my opinion, my theory that there are outside forces at play is the only thing that makes sense to me.

Because, in my opinion, if everything is ready and they haven't done it yet then something is holding them off. Now, in my opinion, if you believe they just aren't ready, I respect that. So, if they aren't ready, what do you believe still has to happen in order for them to be ready?

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DeepWoodz:  Imo…who knows right?!

Let’s not forget that Kadhimi and his government had the budget ready long before now. Even before they supposedly became a caretaker. They could easily have put the budget forward at the end of last year if they had wanted to. 
Whatever they were waiting on then, is probably the same thing they are waiting on now.

The articles are like riding a roller coaster but the truth is much less chaotic. We just aren’t privy to the schedule they have set. Nor are we privy to the date or the rate….. Yet!

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Samson:  Parliament Intends To Open The Largest Controversial Corruption File In Iraq

26th May, 2022

The Parliamentary Integrity Committee intends, on Thursday, to open the file of corruption of oil companies operating in the north and south, noting that there are oil revenues and dues from oil companies that were not reported to the account of the Ministry of Finance.

Committee member Ali Turki al-Jamali said in a statement to "Al-Maalouma", that "the Integrity Committee in the House of Representatives intends to open all corruption files of oil companies in the north and south."

He added that "there are parliamentary movements to expose those involved in the oil corruption files, which have inflicted huge losses on the country since 2003," noting that "some major and dangerous aspects of corruption afflict foreign oil companies operating in the Kurdistan region of Iraq."

Al-Jamali explained that "the failure to develop national companies is one of the aspects of corruption," noting that "these companies looted about a third of the country's revenues, amid the inability of government and control agencies to hold them accountable."

And the representative of Basra Governorate, Alaa Al-Haidari, had revealed, earlier, the existence of a parliamentary move to confront the projects of the Kurdish Dar Company, owned by the Barzani family, on Basra power stations.  LINK

Some "Wednesday News" Posted by Samson at KTFA

KTFA:

Samson:  Russia announces the start of paying its foreign debt in rubles instead of dollars

25th May, 2022

Russia announced on Wednesday that it will start paying its foreign debt in rubles, after the United States suspended an exemption allowing Moscow to make payments in dollars

"While the refusal to extend this license makes it impossible to continue servicing the government's external debt in US dollars, the payments will be made in Russian currency, with the possibility of later converting it to the base currency," the Russian Finance Ministry said in a statement

The statement indicated that "the Ministry of Finance, as a responsible borrower, confirms its will to continue paying all its financial obligations

And she added, "There is nothing in common between the current situation and that which existed in 1998, when Russia did not have enough funds to pay its debts," noting that "today we have the money, and the will to pay as well

He stressed that "this situation, which was created by an unfriendly country, will not have an impact on the lives of Russians   LINK

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Samson:  Government Adviser for Economic Affairs: Budget delay is better than its absence

24th May, 2022

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, confirmed, on Tuesday, that preserving the country's financial revenues is by approving the budget, even if its approval is delayed.

Saleh said in an exclusive interview with Mawazine News Agency, that even if the budget is not approved and the exchange continues from 12/1, the financial revenues that enter the country are preserved and all financial matters are recorded in it, until the approval of the budget or the end of the year without it.

He added that those records are used for auditing and oversight purposes, and we believe that approving the budget law late is much better than not having it.   LINK

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Samson:  :  The Governor of the Central Bank of Iraq confirms the banking sector's support for economic development

25th May, 2022

His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhif, affirmed the Central Bank’s commitment to support and develop the Iraqi banking sector to expand financing for economic development, develop the electronic payments system, and increase the level of financial inclusion.

During his speech at the Conference on Sustaining Economic Growth, organized by the Iraqi-British Business Council in the British capital, London, on Tuesday, His Excellency stressed the steadfastness of the banking sector in the face of great challenges, as most of the banking sector indicators witnessed, and still are, positive growth during the year 2021.

His Excellency pointed out that the initiatives of the Central Bank supported the economic recovery and contributed to ensuring a reasonable level of employment in the complex conditions that the country went through, adding: We continue to support efforts to confront climate changes with other government institutions, as the Central Bank allocated an initiative of one trillion dinars to finance the purchase of clean energy systems.

It is noteworthy that the conference witnessed the participation of a number of government officials, private banks and the Iraqi and British private sectors, and discussed the investment files and the white paper prepared by the government as a plan for the advancement of the Iraqi economy.

 Central Bank of Iraq
Media Office
25 May 2022   LINK

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Samson:  The Governor of the Central Bank of Iraq meets the Governor of the Bank of England

25th May, 2022

On Tuesday, 24 May 2022, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhief, met the Governor of the Bank of England during his visit to London to participate in the Conference on Sustaining Economic Growth, which was held by the Iraq British Business Council.

The two sides stressed the importance of central banks and monetary policy in facing economic challenges, ensuring macroeconomic stability and supporting economic growth.

The Governor of the Bank of England welcomed the training of the Central Bank of Iraq's staff in various fields. And the importance of developing banking relations between the two countries.

Central Bank of Iraq
Media Office
May 24, 2022    LINK

Samson : Investing in the rise in oil prices to strengthen the resilience of the economy

24th May, 2022

The economy is recovering well in light of high oil prices and this year GDP is expected to reach its pre-pandemic level.

Mitigating the impact of high food prices on the most vulnerable is the most urgent priority.

It is important to exploit the current favorable conditions in the oil market to accelerate structural reforms and support socio-economic priorities to enhance the resilience of the Iraqi economy in the medium term.

An International Monetary Fund mission headed by Tokher Mirzoev visited Amman - Jordan from 14-18 May 2022 to discuss with the Iraqi authorities the latest economic developments, the impact of global events on the economic outlook and the country's policy priorities. At the end of the mission, Mr. Mirzoev issued the following statement:

“The economic recovery is going well. Thanks to a resurgence in economic activity, a more expansive fiscal position, and central bank stimulus measures, real non-oil GDP has rebounded by an estimated 20 percent in 2021 and is poised to expand by about 5 percent this year.

Oil production is expected to reach its pre-pandemic level and achieve an overall real GDP growth of up to 10 percent in 2022. The war in Ukraine affects Iraq mainly through its impact on global commodity prices.

In 2022, skyrocketing oil revenues will be more than enough to offset the rise in food and energy import bills. As a result, fiscal and current account balances are expected to generate double-digit savings as a percentage of GDP. However, overall inflation is expected to rise to 6.9 percent compared to 6 percent last year, driven in part by higher food prices, which negatively affect the poorest.

“Accordingly, mitigating the impact of high food prices on the most vulnerable groups is the most urgent priority. Since the public fiscal policy is stalled due to the absence of the 2022 budget, which limits fiscal expenditures at the level of last year, it will be necessary to enhance the efficiency of spending, and to continue close monitoring of Public sector appointments, and reprioritizing expenditures within budget ceilings to enable targeted cash transfers to be enhanced to vulnerable groups and contain the impact of poverty on the rising cost of living.

“In an environment of high oil prices against a backdrop of rising global risks and uncertainty, the focus of macroeconomic policies must shift towards consolidating economic stability and enhancing the resilience of the Iraqi economy in the long term. In the short term, maintaining fiscal discipline and reducing bank support the central bank to lend to the real estate sector will help avoid inflationary pressures.

Despite the high volume of reconstruction needs and other investments, the limited absorptive capacity in the near term, in addition to the public finances’ vulnerability to risks resulting from fluctuating oil prices and the challenges of global energy transformations, all require building financial reserves for the future by saving a percentage of oil revenues in a wealth fund. Sovereign is carefully designed.

The current favorable oil market conditions also provide an opportunity to expedite the structural reforms envisaged by the authorities in the "white paper". 

Enhancing the quality of public services and creating fiscal space for investment needs and urgent social protection networks requires civil service reform, easing inefficient energy subsidies, diversifying fiscal revenues, and strengthening governance.

Electricity sector reform is necessary to reduce fiscal costs and enable private sector productivity. Improving coverage and targeting social assistance to those who are entitled to it will help improve protection for the most vulnerable groups. Strengthening the governance of state-owned banks and completing their audits and restructuring them will facilitate private sector access to finance and job creation.

“The mission welcomes the authorities’ growing interest in the challenges of climate change and Iraq’s launch last year of Iraq’s Nationally Determined Contributions document on climate change. In the coming months, the mission is encouraged to prioritize the preparation of national plans for climate change adaptation and mitigation and the development of green finance in addition to the full integration of relevant priorities Climate relevance within the framework of macroeconomic policy, and the International Monetary Fund stands ready to support Iraq in these endeavours.

"The IMF team of experts would like to thank the Iraqi authorities for the frank and fruitful discussions they held with it throughout the duration of the mission and looks forward to continuing close cooperation with Iraq in the coming period."  LINK

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Samson:  The Iraqi Revolution Against The Corrupt Regime Is Inevitably Coming

25th May, 2022  by Dr. Sami Al-Sayed Ajla Al-Moussawi

When groups of gangs, agents, traitors, thieves and losers dominate the necks of people, injustice, poverty, ignorance, backwardness, unemployment, illiteracy, and crushing all aspects of life arise.

And when agents and traitors rule, homelands are sold, people are neglected, people's dignity is robbed, and the enemy becomes a friend and the friend is an enemy, and all scales are reversed. 

And when the ignorant rule, their likes are installed in all the joints of the state, the competent are expelled, the society is torn apart on sectarian, ethnic and sectarian grounds, and the ignorant people are directed to more ignorance and backwardness, which spreads disease, humiliation, inferiority, corruption and lack of dignity.

 After that, the people are drugged on the principle of divide and rule, but that will not last, so after the oppressors are safe for the oppressed to rise and awaken, and everything in this life has a limit that can not last with injustice, abuse and deviation.

The day when the corrupt junta in Iraq will be vanished is near, and the reason is that these corrupt tyrants and agents persist and make them public about what they are doing.

After that, enough will be enough and the people will revolt, and no one can stop them except with the demise of the junta of injustice, corruption, thefts and murder. 

After that, none of them will be safe, because the people will take revenge from them wherever they go, and the stolen money will be returned, and all those who stood with them will be held accountable for their tails and their panting behind bones and crumbs.

And they denied it and believed in it unjustly and loftyly, so see what was the end of the corrupters. LINK

MilitiaMan and KTFA Members :The Food Security Law" 5-25-2022

KTFA:

MilitiaMan:  We can see there is a seriousness with this emergency food law. The fact that the GOI and the FInance Committess are in talks now, is very important with respect to timing. They have talked about the entirety of the new draft.

The law contains a very large financial mechanism (cheese) imo.. So large they were not given it out, until now..

The vote is slated for tomorrow.  I'll bet there will be many paying close attention to the on goings now even more so than ever. The street (vulnerable)  is in expectation of their constitutional entitlements that are apart of the law.. 

Looks like show time is in close proximity.. imo ~ MM

Samson:  Parliamentary Finance Reveals A New Inquiry To The Federal Court Regarding The Food Security Law

25th May, 2022

The Parliamentary Finance Committee revealed today, Wednesday, that there is a new inquiry with the Federal Court regarding the Food Security Law, before it was legislated by the Iraqi Parliament

Committee member Faisal Al-Naeli told Earth News, "It is not possible to pass the Food Security Law by the Iraqi parliament, without knowing the opinion of the Federal Supreme Court on this law, and for this there is a new inquiry with the court regarding the law and the possibility of its submission by Parliament, because the law bears a side." big money

He added, "We believe that the Iraqi parliament will wait to pass the food security law, as it will wait for the opinion of the Federal Supreme Court of Iraq regarding this law, even though the court rejected this law previously after it was submitted by the Iraqi government     LINK

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Samson:  This condition is subject to... Parliamentary Finance denies knowing the most important feature of the Food Security Law: The draft is ambiguous!

25th May, 2022

A member of the Parliamentary Finance Committee, Faisal Al-Naeli, confirmed today, Wednesday, that there is an objection to not discussing the food security law within the Parliamentary Finance Committee.

Al-Naeli told (Baghdad Today) that "there is an objection by the deputies not to discuss the food security law within the Parliamentary Finance Committee, so until now we have not seen the entirety of the new draft, whether it is the same as the draft law sent by the government and discussed by the committee previously, or are they other amendments." 

And he indicated that "it is not possible to present the Food Security Law for a second reading, without discussing it by all members of the Parliamentary Finance Committee, and in the presence of representatives of all blocs, especially since this law contains a very large financial cheese, and for this it must be studied well before voting on it to prevent any manipulation or Opening any door to corruption.  LINK

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Godlover:  I am still hopeful they do not pass the FSL, if they do pass the FSL, I expect the government formation to drag on for some time unfortunately

MilitiaMan:  I disagree..  I hope they do pass the EFL. The citizens deserve their connotational rights.  Those that support the coordination frame work would like very much they don't..  Those that are for the citizens do want the EFL, as it is like the 2022 budget, they are synonymous. In other words they are new exchange rate oriented. imo..

I am not seeing them use two months to resolve the issue of the Government impasse. There is another meeting with the UN post two scathing reports on the lack of movement politically.

Not only have they the pressure from the UN, the IMF, the UST, the World Bank, even the CBI supports they are moving faster than months out. Post 134 above supports my view on the matter with links to support that view. The below even gives an inclination of support as well. imo ~ MM

MP of the Patriotic Union of Kurdistan, Suzan Mansour, told the Iraqi News Agency (INA), that "during the past days, positive dialogues took place with the Kurdistan Democratic Party, which eased the tension that existed in the political arena."

https://ina.iq/eng/19650-save-the-homeland-the-government-will-be-formed-within-the-next-two-months.html

Monday Night KTFA CC with Frank26 "Bird of Paradise: 5-23-2022

KTFA

Monday Night CC

Frank26:  5-23-22…….BIRD OF PARADISE

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=aFz6AxR2uBA

KTFA Members "News and Views" Monday Afternoon 5-23-2022

KTFA:

Clare:  Efforts for a “legal justification” granting Al-Kazemi’s government the authority to send the budget to Parliament

2022-05-23 

Parliamentary sources revealed, on Sunday, that there are efforts to find a legal justification to give the caretaker prime minister an official authorization to send the draft federal budget law for the year 2022, for the purpose of passing it by the House of Representatives.

Experts in Iraqi law confirm that authorizing the caretaker Prime Minister, Mustafa Al-Kazemi, to send the draft budget, requires an absolute majority vote of the members of the Iraqi Council of Representatives, i.e. (half of the total number + one) to enable the latter to perform this procedure exclusively.

And the Federal Court (the highest judicial authority in Iraq), had canceled last week, the draft law on emergency support for food security and development, sent by the Al-Kazemi government, and it was scheduled to be voted on by the House of Representatives during a regular session, based on a lawsuit filed by Representative Basem Khashan. .

In a clarification following the cancellation of the Food Security Law, the Federal Court noted the inability of the caretaker government to send bills to Parliament, and that such a procedure requires the presence of a government with full powers, which raised fears of disrupting the current year's draft budget.

The political blockage and the intransigence of the parties controlling the scene with their demands was the formation of the government, which contributed to the disruption of a number of bills that have direct contact with the citizen, including the General Budget Law, which was expected to include setting a financial ceiling for job grades long awaited by unemployed graduates. .

Regarding the above, a parliamentary source told Shafak News Agency, "The information obtained confirms that the caretaker government may refer the budget law for the current year to the Parliament for passage, if it obtains an official parliamentary mandate that enables it to refer the bill to Parliament."

The source added, "All the data indicate the interaction of most parliamentary forces with that, to ensure the passage of all projects of interest to the citizen," noting that "passing the emergency food security support law does not contradict the budget law, given that the first aims to accelerate the disbursement of financial allocations to the authorities." concerned with food and medicine and the energy profile (electricity and fuel)."

For his part, the legal expert, Ali Al-Tamimi, suggested the possibility of parliament authorizing the government to "administer daily affairs" the right to send the general budget law, because it is related to food security, which is one of the first priorities of the caretaker government.

Al-Tamimi explained, to Shafaq News Agency, that "this mandate needs a vote of the absolute majority of the number of members (half +1), and that this right is limited only to the budget law exclusively, and the mandate must include the approval of the final accounts of the previous year's budget in accordance with the Financial Management and Debt Law Year No. 6 of 2019, all in accordance with Articles 62, 5 and 61 of the Constitution and 12 and 13 of the Financial Management and Public Debt Law No. 6 of 2019 and Articles 128 to 138 of the Parliament’s bylaws.   LINK

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Clare:  Parliamentary Finance for / NINA /: The government agreed in principle on the proposed food security law

Sunday 22 May 2022

Baghdad / NINA / - The Parliamentary Finance Committee confirmed that the second reading of the food security and development proposal will take place in the parliament session scheduled for next Wednesday.

He explained, "In the coming days, we will proceed to set allocations with specific numbers for each of the sectors concerned with the food security file."   LINK

Godlover:  Here is a better idea.......pass the 2022 budget immediately & there will not be the need for this "filler" food security law.

Billuke:  SHAZAAM !!!!!

MW: THAT we can Agree on!!!

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Clare:  The storm closes the Baghdad Stock Exchange, and the dollar prices drop in Kurdistan

2022-05-23 

The main stock exchange in the capital, Baghdad, closed its doors on Monday, due to the dust storm that swept Iraq, while the dollar prices fell in Kurdistan Region. 

Shafak News Agency correspondent said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad closed their doors today, due to the dust storm, in addition to the authorities' announcement that the official working hours would be suspended.

He explained that buying and selling prices have stabilized in banking shops in the local markets in Baghdad, some of which have opened their doors, as the selling price amounted to 148,500 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 147,500 dinars per 100 dollars.

In Erbil, the capital of the Kurdistan Region, dollar prices witnessed a decrease, as the selling price reached 148,200 dinars per $100, and the purchase price was 148,000 dinars per $100.  LINK

Clare: After Iraq, the dust storm hits Kuwait, stops flights and postpones a final match

2022-05-23

On Monday, Kuwait was hit by a severe dust storm, which caused the suspension of flights and the postponement of the Amir Cup final match.

The Kuwaiti meteorologist said, "A severe dust storm has reached the country, with active to strong northwest winds that may exceed 60 kilometers per hour."

And it expected that "the dust storm will lead to a decrease in horizontal visibility to less than 500 meters, and it may be absent in some areas, and its intensity will continue until mid-evening today, with sea waves rising to more than 7 feet."

She added, "The gradual improvement in the weather condition begins at the beginning of the day tomorrow, Tuesday, with moderate northwesterly winds and an opportunity for light suspended dust in some areas."

And civil aviation in Kuwait announced the temporary suspension of navigation due to the dust storm.

The Kuwaiti Ministry of Interior also called for caution due to the wave of dust and low visibility.

The dust and bad weather caused the postponement of the final match of the Amir Cup in Kuwait between Salmiya and Kazma, which was scheduled today at Jaber Al-Ahmad International Stadium, to tomorrow, as decided by the Kuwait Football Association.

Today, Monday, dawn of a wave of heavy dust swept Iraq and the Kurdistan Region, according to meteorological sources, and the impact of the wave will continue until midnight on Monday.

The Iraqi government had announced the suspension of official working hours in state institutions for today, Monday, due to bad weather, and the exams for sixth-grade primary students and unfinished classes, scheduled for Monday, were postponed until the following day (Tuesday).

The Iraqi Ministry of Transport also announced the closure of all the country's airports, starting at dawn today, Monday, due to the country's exposure to a severe dust storm, before announcing the resumption of flights later.    LINK

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Clare:  The International Monetary Fund rules out a global economic recession

05/23/2022 

The International Monetary Fund ruled out the possibility of a global recession, despite the worsening financial conditions and the slowdown in China's economy.

International Monetary Fund Managing Director Kristalina Georgieva said on Monday that the financial crisis, the dollar's rise and the slowdown in China's economy are all factors affecting the global economy, but the IMF does not expect a global recession.

"All these factors make rating downgrades a possibility, and for some countries there is an increased risk of recession, but we do not expect a global recession," Georgieva said in a televised interview.

"As policymakers and business owners head to Davos, the global economy is likely to face its biggest test since World War II," the Managing Director of the IMF wrote in a blog shared with IMF officials.

After a two-year hiatus due to the COVID-19 pandemic, the world's political and economic elites are returning to personally attend the World Economic Forum as attention is focused on the repercussions of the war in Ukraine.

International Monetary Fund officials stressed the "growing risk of geo-economic fragmentation," stressing in turn the benefits of globalization.

In their blog, IMF officials noted the change in the flow of capital, goods and services over the past three decades, driven by the spread of modern technology, adding: "These forces of integration have boosted living standards and productivity, tripled the size of the global economy and lifted 1.3 billion people out of extreme poverty." .

 However, this progress is threatened today by the war in Ukraine and the accompanying sanctions and restrictions, as restrictions were imposed on the trade of food, energy and other raw materials in about 30 countries, according to the fund.

Reducing trade barriers would help ease supply shortages and lower prices for food and other products.

The International Monetary Fund advised countries and companies to diversify their imports to ensure the flow of supplies and "take advantage of the benefits of global integration of companies."  LINK