MilitiaMan and KTFA Members Monday Afternoon 10-17-2022

KTFA:

KandiG:  Wow - there sure seems to be a lot of "international" articles coming out since the announcement of a pres / PM.  China, Germany, EU, Australia, America and then throw a few acronyms out - IMF, WB, UST and you have a smorgasbord, potpourri or plethora of interest in our Iraqi girl. IMO

Samson:  Oil contracts with a Chinese company to develop the offshore patch in the Gulf

10/17/2022 16:06:56

The Undersecretary for Extraction Affairs affirmed the ministry’s keenness to develop onshore and offshore exploration blocks to increase the country’s oil and gas reserves. This came during his presence on behalf of the Oil Minister, Mr. Ihsan Abdul-Jabbar Ismail, the signing ceremony to prepare a study on the offshore exploratory patch between the Oil Exploration Company and CNOOC Middle East and Iraq China.

Today, we celebrate the signing of a joint study contract for the land part of the offshore patch in the Gulf, between the Oil Exploration Company, one of the leading national companies in this field, and Cinoc Iraq and the Middle East, as this contract is an important step for the development of the patch, said Undersecretary for Extraction Affairs Karim Hattab. The marine exploratory study in the Gulf, which is the first joint exploratory study experience in the territorial waters.

The undersecretary added that the ministry is keen to develop and invest in common border fields, land or sea and in regional waters, despite the various challenges, stressing that the ministry has worked to attract international companies for cooperation, work and joint investment to develop the national oil industry.  He continued, that the ministry affirms its full confidence in the national effort and in the company Cinoc Iraq and the Middle East to complete this study and reach positive results, which contribute to strengthening the oil reserves of oil wealth.

The Director General of the Oil Exploration Company, Ali Jassim, said that the Oil Exploration Company, which represents one of the arms of the national effort, was able to achieve important steps in the field of exploration through the spread of seismic teams in many areas of Iraq and conducting surveys for vast areas of our dear country, including the Western Desert in the governorate. Anbar and Tal Afar in Nineveh Governorate, Muthanna, Maysan, Basra and others. Referring to the ministry's continuous support for the work of seismic teams, which work with the latest devices, equipment, mechanisms and advanced technology in this field, believing in maximizing the guaranteed reserves of oil and gas.

The general manager of Cinoc Middle East and Iraq, "Vincent Shih," said that the contract for conducting a joint study of the Arabian Gulf region, which was signed, represents a start to build a new type of cooperative relations between Iraq and Cinoc. In this project, the Iraqi side is keen on close cooperation to achieve positive results and deepen exploratory operations, noting that this cooperative relationship will contribute to the development of the oil industry in Iraq, and create a new situation for cooperation in the field of oil and gas between China and Iraq in a way that achieves the common interests of both parties. "Futureful results have been achieved thanks to the joint efforts made by both parties, and we are proud today to announce the signing of a bilateral seismic survey services contract for the land part of the patch with the Oil Exploration Company, and SINOOC announces its readiness to deal with all difficult situations in cooperation with the The Ministry of Oil, Maysan Oil Company and all partners.

It is noteworthy that the joint research agreement for the Gulf region was signed in 2019 and included conducting exploratory operations for the land and sea parts, where the land part is 120 km² and the marine part is 530 km². This contract comes as a prelude to the comprehensive development operations of the onshore and offshore part of the offshore patch, which the Ministry aims to maximize oil and gas reserves.  LINK

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Samson:  Al-Sudani: Our government's program has made poverty alleviation a priority

10/17/2022 13:42:11

 Prime Minister-designate Muhammad Shia Al-Sudani announced today, Monday, that his government program has put poverty alleviation as a priority.

  Al-Sudani said, on his Twitter page: "On the International Day for the Eradication of Poverty, it is necessary to draw attention to the high rate of poverty in Iraq. We would like to emphasize that our government's program has made poverty alleviation a priority, in addition to improving health, education and housing services for these groups." poor.”

The head of the National State Forces Alliance, Mr. Al-Hakim, called on the government and parliament to launch scientific programs that advance the service reality in the poorest areas of Iraq. LINK

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MilitiaMan:  Poverty is a part of the US Chamber of Commerce's Mission Statement. Well getting the HCL / Via Purchase Power will help alleviate that quickly.. imo We have been seeing a lot about these meetings in Washington DC this last week and today is adding to the list of support that Iraq is going international. Lets keep an eye out for the WTO and see if they are still pushing for Iraq to be international and, "As soon as possible".. imo  ~ MM

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"Globally, American companies will continue to compete and lead the world through our work ethic, entrepreneurial spirit, respect for the rule of law, modern workforce, access to capital, and commitment to free markets—all of which are built into the culture of American Democracy. Strong U.S. engagement in markets around the world through trade will be essential to our own long-term growth and global stability. And the leadership and partnership of the American business community will be needed to seize major opportunities for global progress, from distributing vaccines worldwide and addressing climate change to solving food scarcity and lifting people out of poverty."

https://www.uschamber.com/small-business/enduring-mission-and-vision-the-future

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The World Bank and the American Chamber of Commerce are discussing the electronic payment file in Iraq

17th October, 2022

Today, Monday, a delegation from the World Bank discussed with the American Chamber of Commerce the electronic payment file, while indicating efforts to develop it.

A source I followed (Al-Oula News) said, "The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, participated in the annual meetings held by the International Monetary Fund and the World Bank in the American capital, Washington."

He added, "A delegation from the World Bank discussed with some officials of the International Monetary Fund, ways to cooperate with Iraq, and to provide the necessary support for the development of various economic sectors, especially the banking sector."

He continued, "The delegation discussed with the American Chamber of Commerce and a number of American companies the electronic payment file in Iraq, and the efforts of the Central Bank to develop it, which contributes to increasing the rate of financial inclusion."  LINK

Samson:  Civil Aviation: Iraq will soon be free from international sanctions

17th October, 2022

Today, Monday, the Civil Aviation Authority announced that Iraq will soon be free of international sanctions

A spokesman for the Civil Aviation Authority, Jihad Al-Diwan, told the official news agency, "Iraq is among the five countries that have not passed the ICAO Global Safety Oversight Audit Program, known as (USOAP)," noting that "the Civil Aviation Authority is working to pass the test that is on the several stages

He pointed out that "during 2019, Iraq reached the rate of passing about 75% of the testing and auditing," stressing that "Iraq will pass the remaining percentage in the near future to get out of international sanctions

And the Ministry of Transport announced, earlier, that Iraq had taken action to complete the requirements for lifting the European ban on airlines   LINK

Humble1:  A definite move in the right direction IMO

MilitiaMan Sunday Afternoon "It Is Definitely Underway" 10-16-2022

KTFA:

The Central Bank of Iraq participates in the annual meetings of the International Monetary Fund and the World Bank  LINK

MilitiaMan:  There is a 15 page pdf file on this subject out from the CBI in Arabic. It goes into detail for letters for credit and guarantees. All of it on and about their electronic platform.. They are readying to get this country into an international environment for trade.

The likes of the World Bank, International Monetary Fund, US Treasury, American Chamber of Commerce, etc.. of late are all about moving forward and apparently finalizing necessary formalities. The document is instructions on the implementation and rules of the platform, letters of bank credits and guarantees.

All items are looking to be in place now or at least well underway.. A good thing.. imo ~ MM

KandG:  Thanks MM - what are your thoughts about all of the instability that is now occurring based on multiple articles today.  Do we really think the CBI will act under these conditions. Seating a government and seating this train wreck are 2 separate things.  Will the CBI choose to ignore the politics which we have been taught - in order to releive the pressure of the UN, WB, etc - assuming their pressure is really being applied for the good of the Iraqi citizens ??  Inquiring minds would like to know your thoughts on these specific points.  IMO  

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MilitiaMan: Just because one feels the circumstances are a "train wreck", may not be the case at all. Once the voted the president and then the PM we watch for a seated cabinet.. There is nothing to say that is not underway nor going to be postponed. They gave a within time frame. The authority on the matter has not spoken to a date specific. A deputy apparently has stated end of next week.

As I pointed out today, they are in consistent with news and likely on purpose to keep things specific to be on the backfoot if you will. Something Dr Shabibi told us would happen at the end.

Kuwait had no running water nor electricity when they RI'd. They have a President and a PM working to sort the cabinet while today there is a new Finance Minister in her office while the deputy is in WDC with the World Bank, IMF, UST, US Chamber of Commerce...

The CBI is independent don't forget.. The meetings are all about electronic platforms and letters of credit and guarantees.

The meetings are likely final training on the new system.. They are not going to drop off a new electronic system and not train them on the rules and regulations and processes.. That would be like bringing a new MRI machine to a hospital and drop it off with out instructions.. lol

Getting the purchase power is all about the citizens. My contact source "a Doctor" from Iraq tells us that the citizens are happy and expectant of a rate change..

So, there are my thoughts.. I am in a good place as I understand it to be, it is not all about Iraq.. It is far bigger than that and it is definitely underway and we see evidence in the aforementioned articles too.  imo.. ~ MM

There is nothing politically incorrect about calling something a train wreck. Call it for what it is.. The thing that gets me is many do try and bring in links to support the good side of things and even the bad side of things.. I would bet if I were to go to articles and look for all the negative things that can be found in them and then focused in on them and put that negative focus into the forum, there would likely be mayhem. 

I can see where people see things after 10-15 years or more of things not having happened yet. There is laundry list of reasons why to that, that are very valid to support the why they haven't changed the exchange rate yet. For instance. ISIS, Spichter massacre, new electronic digital systems coming on line, political shifts, Iranian influence, Covid-19, Oil shocks, etc..

All of this things are in articles and support that what I am saying is and are very real. I get the frustration just as much as anyone, however, I get the positives too, and when we can clearly see the positives unfolding before us, it is surprising to me to see such  frustrations and the negativity. 

The atmosphere I see leads me stay with those items of positivity. This is not all about Iraq, but, it has an Iraq centric component to it be sure. Iraq is a very wealthy country and in the global scheme of things, she is a necessary component to help fix the financial system before us..

Iraq knows that they are a key player, not the only player. What we have witnessed from and by the pressures from the UN, IMF, WB, UST, etc.. are all focused on a legitimate government and reforms to be completed for the citizens and to interconnect with the international markets via electronic platforms.

True, there are many that don't want change.. Those that are a part of the cash cow of corruption know if they lose that? They likely will lose immunity from the circumstances they see before themselves. That is likely t obe  life threatening for some. Hence, the extreme push back to not get reforms done..

With what we see with the push now to get the GOI off and running is a very good sign that should actually be a breathe of fresh air. Even with the Coordination Frame work influence. Sadr has told the UN and the Frame work that corruption  is on watch for the next six months.. The man may have not taken a seat that helm in the GOI, but, he can easily throw cross currents in the millions of supporters on the street and quickly. We can see that there is a peaceful side to the street now, thus likely what Sadr did was not a mistake, but a tactical move that was agreed upon by the whole.. 

Global expectation is very high for Iraq and the world to interlink with electronic trade on platforms.. That will take an international Article 8 compliant currency.. That is what the world expects and likely to have been the focus of the past few days in DC... Follow the money... There is going to be much afloat here on out.. imo  ~ MM

"Iraq's Trillion's in Dinar Tax Theft" News posted by Samson at KTFA 10-16-2022

KTFA:

Samson:  Integrity clarifies the circumstances regarding the theft of 3.7 trillion dinars

16th October, 2022

The Federal Integrity Commission clarified the circumstances that accompanied the news of the theft of more than (3.7) trillion Iraqi dinars from the General Tax Authority, and the publication of a book by the Ministry of Finance entitled to the authority.

The authority, while talking about the book circulated by some media and social networking sites and issued by the Ministry of Finance entitled the Integrity Commission, stated that the authority confirms that the case has been investigated and is now before the judiciary, and it will accompany the information contained in the Ministry of Finance’s book after it is organized according to Minutes with investigative papers and deposited with the judiciary; for the latter to issue the appropriate decisions against the defaulters.

She added that the judiciary had previously issued summon orders against senior officials in the ministry regarding the loopholes that led to this major breach and the terrible abuse of public money, pointing out that the letter of the Ministry of Finance, which the authority was surprised to see leaked to the media, reached the authority at the end of the official working day on Thursday, corresponding to the third The tenth of this October, calling on the ministry to investigate the leakage of its book entitled to the commission.

The media and social networking sites had published a book issued by the Ministry of Finance entitled to the Integrity Commission regarding allegations of theft of tax deposits deposited in Al-Rafidain Bank amounting to (3.7) trillion Iraqi dinars.  LINK

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Samson:  Human Rights Center: The amount that was stolen from the secretariats of the Tax Authority will build 4,000 schools

16th October, 2022

The Vice President of the Strategic Center for Human Rights in Iraq, Lawyer Hazem Al-Rudaini, revealed that the sum of the two and a half billion dollars that was stolen from the General Authority for Taxes’ trust account in the Rafidain Bank is enough to build 4,000 modern schools

Al-Rudaini said in a statement, “The Iraqi citizen is beginning to not comprehend the amount of thefts that are taking place in the country,” noting that “if these numbers are converted into services, this amount is sufficient to build four thousand modern schools, or build forty thousand apartments that match Samaya’s apartments, or build a power station that suffices.” To equip three governorates instead of importing them from neighboring countries, or to pay the salaries of all employees, retirees and the social protection network for a whole month

He called on the Supreme Judicial Council, the government and the Integrity Commission to "swiftly take legal measures against everyone involved in stealing this huge amount and to preserve public money, and we demand that all measures be announced publicly  LINK

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Expert: The stolen amount represents the tax authority's revenue for 10 years

16th October, 2022

A professor of economics at Basra University, Nabil Al-Marsoumi, confirmed on Sunday that the stolen money from the Tax Authority is equivalent to the authority's revenues for 10 years, and is also equivalent to half of Syria's budget

A few days after the resignation of the technical finance minister, financial and banking specialist, professor at Harvard University, and expert in the World Bank, this man filled Iraq with his white paper and occupied the Iraqis a lot by devaluing the Iraqi dinar exchange rate while trying to reform the Iraqi economy at a time when he was unable to reform his ministry, which it has become the source of corruption in Iraq

Al-Marsoumi said in a post on his Facebook page that “the Minister of Oil, who performed the duties of the Minister of Finance, was not well versed or expert in the world of finance and banking, but he discovered the largest theft in the history of Iraq, worth 3.7 trillion dinars from the trust account of the Tax Authority in the Rafidain Bank by editing 247 checks to five Contracting and oil services companies from September 2021 to August 2022, through which this large amount of money was delegated from the account of the General Authority for Taxes to these companies

He added, "The strange thing in the matter is the short period of time during which the amounts were transferred to these companies, which amounted to only 11 months, in addition to the fact that whoever discovered corruption was exempted by Parliament from the duties of the Deputy Minister of Finance, and that the one who signed the book proving the existence of this theft He was the Director General of the Legal Department of the Ministry of Finance, and he was not from a high-level group or any of the specialized financial and banking cadres in the Ministry of Finance

He explained that "the large size of the stolen or wasted amount, which may represent tax revenues for 10 years, which is equivalent to approximately half of Syria's budget for 2022, puts us in front of several possibilities.

The second is that the amount was invested by the five companies in collusion with some employees of the Tax Authority and the Rafidain Bank. The third is that we are in front of an Indian movie that we have not seen before, and politics may play a major role in this scandal, which will enter the Guinness Book of Records   LINK

Samson:  Against the background of the theft of 3.5 trillion .. the judiciary issues an order to stop the disbursement of tax deposits

16th October, 2022

On Sunday, the Iraqi judiciary issued an order to stop the disbursement of tax deposits by the Ministry of Finance, against the background of the theft of 3.7 trillion dinars.

According to a document issued by the Presidency of the Baghdad / Al-Karkh Appeal Court, the second Karkh Investigation Court, dated August 21, seen by Shafak News Agency, the court informed the Office of the Minister of Finance to stop disbursing customs and tax deposits. She indicated that this matter came until the completion of the investigations and fundamental scrutiny of the case.

Earlier today, the Federal Integrity Commission clarified the circumstances that accompanied the news of the theft of more than 3.7 trillion Iraqi dinars from the General Tax Authority.

The commission indicated that the case was investigated and is now before the judiciary. It will accompany the information contained in the Ministry of Finance’s book after organizing it according to minutes with the investigative papers and depositing it with the judiciary. For the latter to issue the appropriate decisions against the defaulters.

 She added that the judiciary had previously issued summoning orders against senior officials in the ministry regarding the loopholes that led to this major breach and the outrageous abuse of public money.

Representatives and officials had previously revealed an estimated 3.7 trillion Iraqi dinars theft from the General Tax Authority, and investigative committees were formed, in turn, confirming the theft. LINK

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Samson: The presidency of the Iraqi parliament vows to hold accountable those involved in the theft of two and a half billion dollars

16th October, 2022

Mohsen Al-Mandalawi, the first deputy speaker of the Iraqi parliament, vowed on Sunday to hold accountable those involved in stealing two and a half billion dollars in tax funds in Al-Rafidain Bank.

Al-Mandalawi said in a tweet on the social networking sites “Twitter” today, that what happened from the “looting” of the funds of the General Tax Authority, and the withdrawal of (2.5) billion dollars from the Rafidain Bank, will not pass easily. He pointed out that there is an upcoming account for all those involved in the process that is intended to demolish the state, destroy its economy and spread chaos, stressing that the House of Representatives will have a strict stance in the coming days.

For its part, the Parliamentary Integrity Committee announced that it had followed up the reports received about the process of losing an amount of 3.7 trillion Iraqi dinars from the General Tax Authority's trust account in the Rafidain Bank.

Committee member Vian Dakhil said in a statement today, that the committee will hold an extraordinary and urgent meeting, in which it will summon the Acting Minister of Finance, exempted Ihsan Abdul-Jabbar, Deputy Minister of Finance and General Director of the Tax Authority, the former and current, and the general manager of Rafidain Bank, as well as hosting the head of the Integrity Commission and the authorities.

All concerned and responsible, in order to verify the reasons for the loss of this huge amount. She noted that the committee will announce the results of summoning and hosting to public opinion immediately after the meeting, and will continue to monitor all investigation procedures.

On Saturday, Acting Finance Minister Ihsan Abdul-Jabbar announced the theft of an estimated two and a half billion dollars in tax funds from the Rafidain State Bank. Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, "The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance." He pointed out, "The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group."

Abdul-Jabbar added that "it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media." The Minister of Oil said, "We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money."

Last Tuesday, the House of Representatives voted to terminate the assignment of Ihsan Abdul-Jabbar, Minister of Oil, from the position of Minister of Finance/Agency.

In mid-August, the Iraqi Prime Minister, Mustafa Al-Kazemi, assigned Oil Minister Ihsan Abdul-Jabbar with the tasks of managing the Ministry of Finance as an agency. The decision to assign came after the approval of the resignation of Finance Minister Aslah Ali Abdul Amir Allawi.

Yesterday, the head of the Turkmen Front, Hassan Turan, announced the assignment of a woman to the component as the acting Iraqi Minister of Finance, instead of Ihsan Abdul-Jabbar, who occupies this position as acting in addition to being the original Minister of Oil. "We congratulate Tasnam, the first Turkmen woman of a sovereign ministry," Turan said in a brief statement. He added, "Ms. Hiyam Neama Koberlo is the Acting Minister of Finance."

It is noteworthy that the Parliamentary Integrity Commission has attached its statement with documents confirming the theft of an amount of two and a half billion dollars. Shafak News Agency, published by my agencies:  LINK

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Samson:  Al-Rafidain Bank distances itself from the issue of stealing billions of dinars from the tax account

16th October, 2022

On Sunday, Al-Rafidain State Bank distanced itself from stealing more than 3 trillion Iraqi dinars from the account of its General Tax Authority.

In a statement received by Shafaq News Agency, the bank's media office confirmed, in response to what is being circulated regarding the theft of sums of money from the account of the General Tax Authority in Rafidain Bank, that it "has nothing to do with any manipulation or theft that is being talked about, and that his task was limited to disbursing the bonds of the General Tax Authority from its branches after verifying the validity of their issuance in official letters between the bank and the authority. He explained that "what is being talked about recently is an issue related to the General Authority for Taxes and their bank accounts."

Al-Rafidain Bank stressed, "not to steal any sums of money from its branches, and indicates that it is committed to the mechanisms related to the anti-money laundering and terrorist financing law, and that the whole issue is being examined by the judiciary, and that the bank continues to cooperate with the competent authorities to reveal the facts."

The media and social networking sites had published a book issued by the Ministry of Finance entitled to the Integrity Commission regarding allegations of theft of tax deposits deposited in Al-Rafidain Bank amounting to (3.7) trillion Iraqi dinars.

Prime Minister-designate Muhammad Shiaa al-Sudani commented on the incident and said, "We will never hesitate to take real measures to curb corruption, which has brazenly spread in the joints of the state and its institutions." ? He continued, "We have put this file in the first priority of our program, and we will not allow the Iraqis' money to be stolen, as happened with the funds of the General Tax Authority's trusts in the Rafidain Bank."

Today, Sunday, an Iraqi lawyer submitted a request to the Public Prosecution Authority to prevent the travel of Prime Minister Mustafa Al-Kazemi and his government team outside the country until the completion of the investigation procedures on charges of financial and administrative corruption. LINK

KTFA Members "News and Views" Saturday 10-15-2022

KTFA:

Samson:  Iraq tops the list of Arab countries with economic growth for 2022

12th October, 2022

Iraq is heading towards achieving the highest economic growth rate among the Arab countries for the year 2022 by 9.3%, and half a percentage point higher than the expectations of April, taking advantage of the rise in oil prices

This came according to a report issued by the International Monetary Fund for the month of October, which was reviewed by "Al-Iqtisad News", and it was titled "Global Economic Prospects"

According to the fund's report, it estimates the average price of a barrel of oil at $98 this year, to drop to $85.5 next year 2023

The report indicated that Kuwait comes in second place with growth this year, which will reach 8.7%, followed by Saudi Arabia third with 7.6% growth, then Egypt comes fourth with 6.6% growth, then the UAE 5.1%, Algeria 4.7%, Oman 4.4%, Palestine 4% and each of Qatar and Bahrain with a growth of 3.4%

The report expected that Jordan would reach 2.4%, then Tunisia 2.2%, then Yemen 2%, and Morocco 0.8%, while growth in Sudan would decline by 0.3%  LINK

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Samson:  Discovery of new oil and gas fields in western Anbar

14th October, 2022

The director of the Jubbah Municipality Department in Anbar Governorate, Qatar Al-Obaidi, announced on Friday the discovery of new oil and gas fields not indicated by the Ministry of Oil in the western Anbar desert regions.

Al-Obaidi said in a statement to the "Information" agency, "The Oil Exploration Company of the Ministry of Oil conducted exploration operations targeting the desert of Hit district, west of Anbar, which resulted in the discovery of new oil and gas fields that are not listed by the Ministry of Oil.

These fields contain large quantities of oil derivatives, minerals and phosphates." The targeted areas are still subject to exploration operations, according to indications that these areas are floating on large quantities of oil and gas fields."

He added, "The discovered fields contain billions of cubic meters of oil and gas, noting that" exploration operations are still going on, and it is hoped that the results of exploration in those areas will be announced within the next few days."

 He pointed out that "the security forces have completely secured all the areas where excavations are being conducted, in addition to the explosives handling teams neutralizing the remnants of the ISIS terrorist."

It is noteworthy that a short time ago, the Ministry of Oil sent new seismic teams to the western regions to conduct exploration operations for oil and gas fields.  LINK

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Samson:  The Central Bank: The inflation rate is controlled and we are not thinking about changing the exchange rate

15th October, 2022

The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, confirmed that there is no justification for thinking about changing the exchange rate of the Iraqi dinar, especially in light of the high oil prices and foreign cash reserves, which amounted to more than 80 billion dollars, noting that the inflation rate is about 6% and is controlling. It is necessary to stabilize the exchange rate of the Iraqi dinar

Khalaf said, in an interview with the Kurdish media network "Rudaw", on the sidelines of the IMF and World Bank meetings in Washington, which he described as "the mission", that "there are serious attempts to reform the Rafidain and Al-Rasheed banks, so that they can play their role in the Iraqi economy

He added, "The annual meeting of the International Monetary Fund and the World Bank, the meetings held by central bank governors, finance ministers, and the governors of the IMF and the World Bank are important to exchange experiences, and to meet with leaders of the financial sector as well as international institutions, in addition to bilateral meetings with some central banks and international institutions, which are very important." To continue communicating with international organizations and exchanging experiences

He added, "Iraq's foreign reserves are more than 80 billion dollars, and the credit for this increase is due to the rise in global oil prices," stressing, "there is no thought or desire to change the exchange rate, especially in light of the current circumstances and the high prices of oil and foreign reserves, there is no reason to think about changing the exchange rate of the Iraqi dinar

He explained that "the introduction of more dollars in the markets depends on the demand from banks and traders, and the sales of the window have been stable for a while," noting that "the inflation rate in Iraq is now around 6%, and it is controlled, especially because of the stability of the exchange rate in the local markets, which is controlled." by the Central Bank of Iraq

And regarding the opening of branches for Rafidain and Al-Rasheed banks in the Kurdistan region, Khalaf explained that "these are important Iraqi banks owned by the Iraqi government, which constitutes 80% of the banking sector, and there are serious attempts to reform these banks, to play their traditional and important role in the Iraqi economy  LINK

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KandG:  Typical Iraq - the new Admin comes out of the gate talking about a new exchange rate and here comes the Central Bank.  Kuwait did the same thing and changed it the next day I believe - according to our study, if correct - it is already changed and just needs to be published - We wait – IMO

GMan:  No need to change it. Just release the R.E.E.R ( real effective exchange rate) ... for sure certain

KandG:  I hear you - I will take a REER and go on about my business also

Harvestor:  Boom!  There is an “explosion” taking place in Iraq!  It will be heard around the world by all of us investors! What an explosion of new articles!  I can imagine the dancing for joy in the streets by the citizens.  In fact, didn’t Eddie say his banker told him, “the rate will change after the seating of the Gov.”?  I bet he is excited now.  Looking forward to Franks you be tube Monday.

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Samson:  Iraq and the Philippines discuss signing a number of agreements and memoranda of understanding, foremost of which is the Agreement on Avoidance of Double Taxation

13th October, 2022

Iraq and the Philippines discussed signing a number of agreements and memoranda of understanding, foremost of which is the agreement to avoid double taxation.

A statement by the Ministry of Foreign Affairs stated that the Chargé d'Affairs for Iraq in Manila, Bashar Saleh Ibrahim, met the Philippine Assistant Foreign Minister for Middle East and African Affairs, Alfonso Ferdinand Feer, and discussed with him a number of issues and files of common interest, as well as ways to enhance bilateral relations between the two friendly countries. By signing a number of agreements and memoranda of understanding, foremost of which is the agreement to “avoid double taxation and prevent tax evasion,” which would positively affect economic and trade growth between the two countries and how to activate it, in addition to the file of Filipino workers in Iraq.”

For his part, the Philippine Assistant Foreign Minister confirmed that he will communicate with the competent authorities in the Philippine government and coordinate with them to activate the files that have been touched upon, and inform the Iraqi side.   LINK

Samson:  Integrity: The former head of the Salah al-Din Council received 8 billion dinars and did not distribute it 

12th October, 2022

\On Wednesday, the Federal Integrity Commission announced the issuance of a summons order against the former head of Salah El-Din Provincial Council; For deliberately causing damage to the funds and interests of the entity in which he works or is connected by virtue of his position or “the money of the persons entrusted to him.

”The authority said in a statement, “The Rusafa Investigation Court, which is specialized in integrity issues, decided to bring in the former head of the Salah al-Din Governorate Council; In the case related to receiving an amount of (8,209,185,500) billion dinars under the rewards item during the years (2014-2018) without distributing them among those who are entitled to it.”

The commission added, “The Rusafa Investigation Court specialized in integrity issues in Baghdad issued the recruitment order, in accordance with the provisions of Article (340). ) of the Penal Code.   LINK

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Samson:  The Iraqi parliament begins the procedures for referring Al-Najjar to integrity 

15th October, 2022

The Integrity and Investment Committees in the Iraqi parliament began collecting signatures today, Saturday, to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar.

Member of the Integrity Committee, Representative Hadi Al-Salami, said, in a statement received by Shafaq News Agency, that he and MP Hassan Al-Khafaji, a member of the Investment Committee, started collecting signatures to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar, due to suspicions of corruption, waste of public money and illegitimate gain, indicating that it was so far, 75 signatures have been collected. 

According to Al-Salami, the two deputies confirmed that the file was referred to the Integrity Commission and the Integrity Investigation Courts to resolve corruption cases.

Earlier, on Wednesday, First Deputy Speaker of Parliament Mohsen Al-Mandalawi had directed the formation of a fact-finding committee against the Investment Authority, describing the corruption in the commission as "unparalleled."

This coincides with a protest demonstration organized by the residents of the Basmaya housing complex in Baghdad, in protest against the policy of the Investment Authority, which prompted the Korean "Hanwha" company to withdraw from the completion of the complex project, which is the first and best housing project in Iraq, and work began in 2012.   LINK

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Samson:  Abdul-Jabbar reveals theft of more than two billion dollars after leaving the position of Acting Minister of Finance

15th October, 2022

Acting Minister of Finance Ihsan Abdul-Jabbar announced, on Saturday, the theft of an estimated two and a half billion dollars in tax funds in the Rafidain Governmental Bank

Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, "The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance."

He pointed out, "The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group."

Abdul-Jabbar added that "it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media."

The Minister of Oil said, "We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money."  LINK

MilitiaMan Friday PM "The Opportunity is Now and it's a Golden One" 10-14-2022

KTFA:

Clare:  Blackshart to Al-Sudani: We expect the government program to address a long list of urgent issues     10/14/2022    LINK

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Clare: The United Nations: Assigning Al-Sudani to form a government paves the way for addressing Iraqi issues

Friday 14 October 2022 

 - The Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed that assigning candidate Muhammad Shia Al-Sudani to form the new government paves the way for addressing urgent and outstanding issues in Iraq.

"On behalf of the United Nations Assistance Mission for Iraq, I would like to extend my sincere congratulations to you on the occasion of your assignment as Prime Minister of the Republic of Iraq," Plasschaert said, in a press statement today, Friday.

She added, "We hope and expect that the formation of the government will pave the way for a government program that addresses Iraq's long list of urgent and pending issues and meets the needs of the Iraqi people." / 

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MilitiaMan:  The language that is used is strong. The UN now expects the plan to take shape and it is an urgent matter.

I am sure the pending issues for the people is Exchange Rate related.

The opportunity is now and it is a golden one. Now that the UN doesn't have to put Iraq back into the stone age again (Chapter 7) we are likely to see results from the new government as planned and is expected. There are billions of dollars of contracts outstanding and on the table. Total, is one of them in the tune of $27 Billion alone..

The new government spoke directly about announcing his cabinet within two weeks and address the exchange rate.

The man has hit the pavement out of the the gate..  The UN is likely to have had a word with him, as would the Ambassadors of the USA, Canada, Japan, Norway, Europe, etc..

All currencies have been under extreme pressure lately and the meetings in Baghdad the other day must have been an event of all events.

The immediate rate at which the new PM spoke is very telling and supports the idea his collar was tapped.. lol Sadr gave him six months leeway is keen focus too..

His eyes are all about the people and now the 15 days has been reduced to ten days and reflective of the above and all about the people. More meetings on the Cabinet today, as well.

Pompey Peter says hello and so does Petra, they are also happy campers... lol ~  imo ~ MM

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Economist: The new government has a golden opportunity to reduce the dollar exchange rate

Information / Baghdad...

The economic affairs specialist, Muhammad Al-Saadi, confirmed that the new government has a golden opportunity to reduce the exchange rate of the dollar in the local markets and raise the value of the Iraqi dinar, pointing out that all conditions are prepared for this measure.

Al-Saadi told "The Information", "Iraq has achieved a great financial abundance after the significant rise in international oil prices, which raised the central bank's reserves to more than 80 billion dollars."

He added, "The increase in oil prices and cash reserves will enable the new government to gradually reduce the dollar exchange rate during the next stage, as this is considered one of the first decisions that can serve the people."

And he indicated that "there is an appropriate ground to attract foreign investments to establish oil refineries in the governorates and work on the export of derivatives and thus return to the country with large revenues, as well as achieving self-sufficiency in derivatives, and in sum, the government's high exchange rate achieved can be achieved through other doors." LINK

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A member of Fatah: Al-Sudani will announce his booth within two weeks and reduce the dollar exchange

10/13/2022 

 Ali Al-Fatlawi said; For the program “Al-Mastra” broadcast by Al-Furat satellite channel tonight, it said: “We have now begun a stage of balance and true partnership, and an exploitation of time that surprised the coordinating framework and the forces with it to assign the Sudanese at the same time as the election of the President of the Republic.”

He added, "The Sudanese is serious about supporting the prestige and sovereignty of Iraq, and the economy is at the forefront of the files that he will care about and will work to gradually reduce the price of the dollar. The framework supports it in 3 files of economy, service and politics, and he will present his expected government within two weeks."

Al-Fatlawi pointed out, "Al-Sawadni's ability to take control of matters and the framework has confidence in crossing the country to safety. As for the talk about changing security leadership positions, it is a fantasy, and we cannot speculate, and the whole issue is entrusted to the prime minister, who will also choose the ministers nominated by the political forces."  

Commenting on the difference in the framework on Abdul Latif Rashid and Barham, Al-Fatlawi explained, "The difference was positive, as it led to the withdrawal of the Democratic candidate from the competition for the position of president, and the political process needs flexibility to end the blockage."  

He concluded by saying, "The National Union is a key element in the coalition of state administration, and Paval Talabani is a key partner for the framework that cannot be abandoned, and all the demands that fall within the constitution will be resolved."

The House of Representatives, in its session today, Thursday, elected Abdul Latif Rashid (of Kurdish nationalism) as President of the Republic after two rounds of secret ballots in front of his rival, former President Barham Salih, and the first won by 162 votes against 99 votes for the latter.

Today, the elected President of the Republic, Abdul Latif Rashid, commissioned the candidate of the most numerous parliamentary bloc (the Coordinating Framework) MP Muhammad Shia Al-Sudani to form the government.    LINK  

Some "Tuesday News" Posted by Samson at KTFA 10-11-2022

KTFA:

Samson:  Parliamentary Investment: Iraq has a financial abundance of more than 86 billion dollars

11th October, 2022

The Parliamentary Investment and Development Committee considered that Iraq, "for the first time since the establishment of the Iraqi state," has so far had an abundance of money that neighboring countries do not possess

Committee member Hussein Al-Sabri said, "Iraq has a financial abundance of more than 86 billion dollars and does not need aid, and thus Iraq's economic strength has become very large, as Iraq, for the first time since the establishment of the Iraqi state until now, has financial abundance that neighboring countries do not possess, they are all negative and have economic problems, as do European countries

In his speech to the official Al-Sabah newspaper, Al-Sabri continued, "Iraq lacks a strong government, if it existed, there would have been a boom in its economy," expressing his hope that "a government with full powers will be formed and bring people who are interested in serving the citizen  LINK

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Samson:  The Iraqi parliament sets a session to elect the president of the republic

11th October, 2022

The House of Representatives has set a session the day after tomorrow, Thursday, to elect the new President of the Republic of Iraq in light of the intensification of differences over this position by the two main Kurdish parties (the Kurdistan Democratic Party and the Patriotic Union of Kurdistan).

Parliament Speaker Muhammad al-Halbousi announced in a statement today, that the session will be held on Thursday, October 13, and the agenda will consist of one paragraph, which is the election of the President of the Republic.   LINK

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Samson:  Ihsan Al-Shammari : Barham Salih is the most likely to be elected President of the Republic

11th October, 2022

Head of the Center for Political Thinking, Ihsan Al-Shammari, confirmed: that the candidate of the Patriotic Union of Kurdistan for the post of President of the Republic, Barham Salih, is the most likely to renew his selection as President of the Republic.

He told the National Iraqi News Agency ( NINA ): The lack of agreement is not related to eligibility, despite the existence of a prior agreement that the position of the President of the Republic belongs to the Patriotic Union's share, but the Kurdistan Democratic Party turned against this agreement and constituted a provocative factor for the Union, which firmly stuck to this position.

Al-Shammari added: The chances of Barham Salih are more for his support for reforming the political process and for setting a solution to the crises, and the Democratic Party should not antagonize Barham Salih because it will cost him a lot.  LINK

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Samson:  The Center for Banking Studies signs a memorandum of cooperation with its Egyptian counterpart

11th October, 2022

Yesterday, Monday, the Center for Banking Studies at the Central Bank of Iraq signed a memorandum of cooperation with the Banking Training Institute at the Central Bank of Egypt.
 
The memorandum aims to enhance cooperation in the field of training and development of human resources and workers in the banking sector in the two countries, as well as the exchange of experiences and studies between the two sides, especially in modern fields.
 
The signing of the memorandum of cooperation comes as one of the results of the visit paid by His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mikhib, to the Republic of Egypt earlier this year. The memorandum was signed on the website of the Egyptian Banking Training Institute in Cairo, Director General of the Center for Banking Studies at the Central Bank of Iraq and Director General of the Egyptian Banking Training Institute.

It is noteworthy that the Center for Banking Studies signed a number of agreements with local and international training centers, as part of its endeavor to enhance the training courses it provides to workers in the Iraqi banking sector annually.

Central Bank of Iraq
Media Office 
11-October – 2022  LINK

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Samson:  With the participation of Iraq, the international exhibition for national security and risk prevention was launched in Abu Dhabi

11th October, 2022

The activities of the seventh edition of the International Exhibition for National Security and Resilience "ISNR Abu Dhabi 2022", organized by ADNEC Group in cooperation with the Ministry of Interior, and in strategic partnership with the General Command of Abu Dhabi Police, kicked off today, with a high-level international presence, and the participation of a prominent group of Major national, regional and global companies specialized in the field of national and cyber security.

This year, the exhibition attracts 120 official delegations from all over the world, an increase of 20% compared to the previous edition, including delegations from Saudi Arabia, Iraq, Bahrain, Singapore, Egypt, Greece, Italy and Ethiopia, in addition to a delegation from Interpol.

The exhibition, which runs until October 12, has wide local, regional and country participation, as the number of exhibiting companies in this year's edition increased by 121% over the previous session, and the space allocated for displays increased by 15% compared to the previous edition of the exhibition in 2018. The number of participating countries increased 120% to 33 countries, and the percentage of new companies participating for the first time in this edition reached 8%, and the percentage of national exhibiting companies reached 34% of the total number of companies.  LINK

Samson:  Integrity arrests six suspects, including the director of the tax department in Baquba, red-handed with "bribery"

10th October, 2022

The Federal Integrity Commission announced Monday, the arrest of a director accused of bribery, the head and members of a procurement committee; For harming public money, in two districts in Diyala Governorate.

In a statement received by Shafaq News Agency, the commission's investigation department said that "the staff of the Diyala investigation office moved to the General Authority for Taxes in the province, and it was able to arrest the director of the tax department in Baquba red-handed, red-handed," pointing out that "the accused received the bribe, in exchange for conducting a transaction. Tax accounting for an auditor.

The department added that "the office's staff carried out two separate operations in the Diyala Electricity Distribution Directorate." The department explained that "the origin of the exchange transaction that led to damage to public money was seized, pointing out that the amount of damage amounted to (62,359,570) dinars."

The department pointed out that "the other operation, which was carried out by the office's staff, who moved to the Diyala Electricity Distribution Directorate, during which the owner of an electrical materials company was arrested in possession of exchange transactions belonging to an electricity maintenance center in Canaan district, as well as seals, receipts and purchase books for various offices."

And the department indicated that "three arrest warrants for operations were organized, and they were presented, along with the criminal features and (6) accused, who were arrested, to the judge of the Integrity Investigation Court in Baquba, who decided to arrest them in accordance with the provisions of Articles (307 and 340) of the Penal Code."  LINK

KTFA Monday Night CC "CBI Opening Banks Around The World" 10-10-2022

KTFA

Monday Night KTFA CC with Frank26

10-10-22…….CBI OPENING BANKS AROUND THE WORLD

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=MpAw-cYirvc

Some "Monday News" Posted by Samson at KTFA 10-10-2022

KTFA:

Samson:  Al-Mandalawi: A request signed by 170 deputies to hold a session to elect the President of the Republic next Wednesday

10/10/2022 15:06:13

 First Deputy Speaker of Parliament Mohsen Al-Mandalawi revealed today, Monday, that he had received a request signed by 170 deputies to hold a session to elect the president of the republic.

 A parliamentary source told Al-Furat News: "Al-Mandalawi received a request signed by 170 deputies to hold a session to elect the president of the republic next Wednesday." 

He added, "Al-Mandlawi promised that the request would be discussed and decided upon by the parliament's presidency."    LINK

Samson:  A request signed by 170 deputies to elect the President of the Republic in Wednesday's session

10th October, 2022

The deputy of the Coordination Framework, Ibtisam Al-Hilali, announced on Monday that he had submitted a request signed by 170 deputies to hold the presidential election session next Wednesday.

Al-Hilali told Shafaq News Agency, "Members of Parliament and from different political blocs collected more than 170 signatures to hold a session on Wednesday to elect the President of the Republic," explaining that "the request was submitted during today's session to the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi."

She explained that "Al-Mandlawi will meet this evening with Parliament Speaker Muhammad al-Halbousi to discuss and consider the request, and in the event the parliament's presidency approves, Wednesday's session will be dedicated to electing the president of the republic."

In this context, the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, noted, according to a statement by the Media Department of the House of Representatives received by Shafak News Agency, to submit a request signed by 170 deputies to hold a session to elect the President of the Republic next Wednesday, noting that "the Presidency of the Council will discuss the request and decide on it." LINK

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Zeeman:  its been a one year delta since the (Iraqi) elections, i would like to thank malaki his party the federal court and iran for doing a bang up job in preventing the gov from forming.besides the above you have the corrupt  gov officials lining their pockets as well as the cbi whom has tripled their reserves since 2020 all at the expense of its citizens iimo even though its all fact

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Samson:  The United Nations Mission: The 2023 budget decision before the end of the year is urgent

10th October, 2022

Today, Monday, the United Nations mission called on the active actors in Iraq for dialogue and to meet the needs of the people.

The mission stated in a statement, "The Iraqis went to the polls a year ago in the hope of drawing a new future for their country, and the elections were held with great difficulty, which came as a result of popular pressure through protests that swept across the country, in which several hundred Iraqi youth were killed and thousands were injured." That "democratic practice was followed by divisive policies that generated general and bitter disappointment."

And she added, "Iraq does not have much time," noting that "the protracted crisis portends more instability and also threatens the livelihoods of citizens." And she stressed, "The adoption of the 2023 budget before the end of the year is urgent." 

And she continued, "Now is the time for the political class to take responsibility and match words with deeds," stressing that "all actors must engage in dialogue without preconditions and collectively agree on the main results by making concessions that reaffirm their stated goal, which is to meet the needs of the Iraqi people and the formation of a government with full and effective powers."  LINK

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Samson:  The decline in oil prices .. and “Brent” crude recorded $ 97 a barrel

10/10/2022 08:28:48

 Oil prices fell, today, Monday, from their highest levels in five weeks, with the market reaping profits, following strong gains last week, amid expectations of tight supplies after the OPEC + decision to reduce production and before the European Union imposed a ban on Russian oil.

  Brent crude futures fell 81 cents, or 0.8%, to $97.11 a barrel by 0131 GMT, while US West Texas Intermediate crude recorded $91.88 a barrel, down 76 cents, or 0.8%, according to "Reuters". Both contracts touched their highest level since August 30 earlier in the session, but they lost their gains, and retreated with stocks in Asia amid thin trading with markets in Japan and South Korea closed due to public holidays. "Profit taking may be the main reason for pressure on oil prices today, after five days of gains last week," said Tina Teng, an analyst at CMC Markets.

The "OPEC +" production cuts, which come before the European Union's ban on Russian oil, will lead to a decline in supplies in a market that is already suffering from a tight supply. European Union sanctions on Russian crude and Russian oil products will enter into force in December and February, respectively.

Analysts at banks and brokerages raised their forecasts for crude oil prices, as they expect Brent crude to rise above $100 a barrel in the coming months. Teng said that the possible easing of the "Covid-19" restrictions imposed by the authorities in China in the last quarter and in 2023 may lead to a recovery in oil demand and allow for a further rise in its prices.   LINK

Samson:  Al-Sari: The amount lost in taxes has increased to two billion dollars, and the Finance has 7 days to answer or we will sue

10/10/2022 18:40:59

 The head of the State Forces Alliance bloc, MP Faleh Al-Sari, announced that the amount lost in the Tax Authority of the Ministry of Finance has increased to two billion dollars.

Al-Sari said in a press conference held at the parliament building today, Monday: “There is a loss of 800 million dollars from the General Authority for Taxes in the Ministry of Finance and committees that were formed for them. He added, "The amount has exceeded two billion dollars until this moment," calling on "the Ministry of Finance, the Judiciary, the Integrity Commission and the Public Prosecution to open an urgent investigation into the matter because the amount is constantly increasing."

And Al-Sari indicated that the origin of the amount is "the issuance of bonds for trusts deposited in the tax accounts in the Rafidain Bank, and these instruments are for large companies with amounts of up to 400 million dinars and up to 800 million in each instrument, and these amounts are aggregated."

He pointed out that "the response of the Ministry of Finance was not satisfactory and did not inform us of the entire issue, and we will give it 7 days. On the contrary, we will take measures in the judiciary, the Public Prosecution and the Integrity Commission." He stressed the existence of "waste and waste of public money in the most important department, such as taxes."

On September 26, the Minister of Oil {Finance Agency} Ihsan Abdul-Jabbar announced the embezzlement of $800 million that had been illegally withdrawn from the Rafidain Bank. Abdul-Jabbar said in a televised press statement: "At least 800 million dollars were illegally withdrawn from Al-Rafidain Bank in the Ministry of Finance, and there is a judicial investigation, and those responsible for this dangerous file have been dismissed."

He added, "The parties behind the embezzlement of this large amount will be revealed, and the Government Integrity Commission has launched an investigation into the embezzlement of this amount, which was illegally withdrawn from the Rafidain Bank."   LINK

Some "Vietnam News" Posted by Samson Friday PM 10-7-2022

KTFA:

Việt Nam's GDP projected at 7% in 2022: AMRO

7th October, 2022

The ASEAN+3 Macroeconomic Research Office (AMRO) has joined many international organisations in revising up Việt Nam’s GDP growth this year thanks to the country’s strong performance since early this year and success in containing inflation.

In its quarterly update of the ASEAN+3 Regional Economic Outlook released on Thursday, Việt Nam’s economy is projected to expand by 7 per cent in 2022, up from 6.5 per cent in its July forecast and making it the second-highest gainer in the region this year after Malaysia with expected growth of 7.3 per cent.

Việt Nam’s GDP will likely slow down in the next year to 6.5 per cent, topping the region and followed by the Philippines at 6.3 per cent.

AMRO’s forecast followed recent moves by Moody’s, the World Bank (WB), the International Monetary Fund (IMF) and the Singapore-based United Overseas Bank (UOB) which forecast Việt Nam’s 2022 GDP will reach between 7 per cent and 8.5 per cent. “Việt Nam is doing well,” said AMRO chief economist Hoe Ee Khor at the Thursday meeting.

Though attributing the high GDP growth partly to the low base from last year, Dr. Khor said the opening up of the economy, relaxation on pandemic control, increase in domestic demand, recovery in tourism and successful attraction of foreign direct investment (FDI) all contributed to Việt Nam’s quick recovery.

“On top of that, the Government’s policy is quite supportive this year. So, because of all these factors, we expect Việt Nam’s economy to grow strongly,” Khor said. However, Khor pointed out an external risk of import inflation coming from high oil prices. “I mentioned the Vietnamese Government has cut taxes to curb inflation, but that’s not sustainable or the switch you need to refer back to normal,” Khor said, adding the Government needs to start raising the policy rate to contain coming inflation.

For the first time in two years, the State Bank of Việt Nam (SBV) decided to raise its policy rates by one percentage point on September 23. SBV’s move was deemed inevitable as the FED has been raising interest rates, subsequently putting pressure on exchange rates.

Khor also endorsed the Vietnamese central bank’s move, emphasising Việt Nam’s economy is already recovering very strongly and there’s no need for monetary stimulus at this point in time. “The focus is shifting from supporting growth to containing inflation,” he said.

Việt Nam’s inflation is expected to reach 3.5 per cent this year and drop slightly to 3.3 per cent in 2023. This year, most countries are forecast to see their inflation surpass their targets but in the case of mainland China, Hong Kong and Việt Nam, the expected inflation by year-end will be under the ceiling target.

Regional outlook

For the regional outlook, AMRO revised downwards its short-term growth forecast for the ASEAN+3 region due to the continuing strict dynamic zero-COVID policy and real estate sector weakness in China and potential recessions in the United States and the euro area.

The ASEAN+3 region (ASEAN plus China, Japan and the Republic of Korea) is expected to grow by 3.7 per cent this year – down from the 4.3 per cent growth projected in the July forecast.

China’s growth was revised down to 3.8 per cent in 2022 from 4.8 per cent in the previous forecast. Japan and Korea’s GDP were projected at 1.6 per cent and 2.4 per cent, respectively.

The ASEAN region alone is slated to grow strongly by 5.3 per cent. The region’s inflation rate for 2022 is now projected to be 6.2 per cent – a full percentage point higher than previously forecast. Growth is expected to increase to 4.6 per cent in 2023 as China’s economy picks up, with inflation moderating to about 3.4 per cent.

The prolonged war in Ukraine is deepening Europe’s energy crisis, pushing it closer to recession. In the United States, aggressive monetary tightening to fight persistently high inflation is intensifying fears of a hard landing. “A simultaneous economic slowdown in the United States and euro area, in conjunction with tightening global financial conditions, would have negative spillover effects for the region through trade and financial channels,” Khor said.

In ASEAN+3, inflation is accelerating. Food and fuel prices remain elevated despite recent easing in key global commodity benchmarks. Subsidy cuts in some economies and depreciating currencies have also pushed prices higher. “Central banks in the region are raising policy interest rates to safeguard price stability and support their currencies. However, the pace of monetary tightening has generally been more measured and gradual than in the United States and the euro area,” Khor said.  LINK

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Samson:  Symposium seeks to foster Vietnam-Korea  co-operation in digital banking

3rd October, 2022

Korea’s digital transformation policy and implications for Việt Nam, Việt Nam’s digital banking transformation policy, the importance of credit information system in digital transformation, the leap towards digitisation and the recent trend of digital banking and payments in Asia were discussed at a symposium in Hà Nội last week.

Organised by Shinhan Bank Vietnam to mark the 30th anniversary of Việt Nam - Korea diplomatic relations, the event discussed the vision for and direction of Việt Nam's digital bank, and sought to foster collaboration between the two countries in investment and development of a secure financial framework.

Attendees included senior officials from the State Bank of Vietnam, the prime minister's economic advisory group, the Korean embassy in Việt Nam, the Korean Financial Services Commission, the Korea Credit Information Service, Shinhan Bank Korea, Shinhan Bank Vietnam, Korean financial companies, and major local banks and fintech companies.

A spokesperson for Shinhan Bank Vietnam said: "This symposium is the driving force for Shinhan Bank to continue its efforts to promote effective digital bank development towards its objective of becoming a leading digital banking in Việt Nam by 2030’. “Furthermore, this is a valuable opportunity for our bank to promote and maintain sustainable financial cooperation between the two countries, contributing to Việt Nam's future socioeconomic growth.”

Shinhan Bank Vietnam established a ‘future bank group’ last May to strengthen internal digital capabilities and respond immediately to the rapidly changing digital financial environment. Since its inception, the future bank group has effectively promoted its capabilities by cooperating with digital enterprises in various industries to provide innovative, safe, and convenient digital banking services.

Its Mobile Banking SOL digital banking application had 800,000 users by the end of August 2022, a big achievement by the bank in its efforts to promote digital banking. LINK

Samson: Việt Nam retains positive economic outlook in short-term: World Bank

28th September, 2022

World Bank experts has forecast Việt Nam's economy to grow by 7.2 per cent in 2022, the highest growth rate among East Asian and Pacific economies. 

According to the East Asia and the Pacific (EAP) Economic Update October 2022 released on September 27, WB experts said the growth will be supported by a strong recovery in domestic demand and continued solid performance by export-oriented manufacturing. However, it would revert to normal rates over the medium-term, with 6.7 per cent for 2023 and 6.5 per cent for 2024.

Việt Nam's inflation rose to 3.1 per cent in July on grounds of higher transport costs, which increased by 15.2 per cent. It is projected to accelerate to 3.8 per cent in 2022 and 4.0 per cent in 2023 due to second-round effects of community price impacts.

Its public debt is estimated at 39.9 per cent of GDP in 2022 and 40.5 per cent for 2023, sustainable and well below the threshold of 60 per cent of GDP set by the National Assembly.

Its poverty is expected to decline from 3.7 per cent in 2021 to 3.3 per cent in 2022. The same goes for lower middle-income poverty, which would fall from 3.7 per cent to 3.4 per cent, before ending up at 3.1 per cent in 2023.

Its public expenditures are likely to speed up in the second half of the year, resulting in a fiscal deficit of 2.8 per cent of GDP in 2022. The deficit is projected to rise to 3.2 per cent next year as the implementation of the 2022-23 support programme picks up.

In the short term, given Việt Nam's ongoing economic recovery and well-controlled inflation, the current accommodative monetary policy remains appropriate whereas a more supportive fiscal policy would hedge against downside risks, including heightened financial risks.  However, if inflation overshoots 4.0 per cent and core inflation hikes up, Vietnamese authorities should consider recalibrating monetary and fiscal policies.

Notably, higher financial sector risks would require intensified prudential supervision, reporting and provisioning on NPLs, and improved corporate insolvency and banking sector resolution frameworks.

In the regional scale, three factors could be a hindrance to regional growth beyond the end of 2022, which are global deceleration, rising debt and policy distortions. The growth is projected to slow to 3.2 per cent this year and accelerate to 4.6 per cent in 2023.

The consumer price index has been on the rise in recent months but remained around target ranges in several major economies. Meanwhile, inflationary pressure is building rapidly in other countries, reflecting mounting energy and food prices, as well as idiosyncratic factors.

In most EAP countries, the rise in public debt during the pandemic was driven primarily by an increase in domestic debt. At the same time, private sector debt remains high, especially household debt in China, Malaysia and Thailand.

Poverty in the region is expected to fall thanks to continued recovery from the pandemic. The pace of poverty reduction returned to pre-pandemic levels in 2022 and the number of poor is projected to reach historic lows.   LINK

"20K Note Confusion" with KTFA Members Friday 10-7-2022

KTFA:

Clare:  The Central Bank: We will not print a currency higher than 50 thousand Iraqi dinars

06/10/2022   Baghdad -

the Central Bank of Iraq confirmed, today, Thursday, that the new twenty thousand category will carry high security marks, and while he pointed out that there is no tendency to print a category higher than 50 thousand, he revealed that the volume of cash circulating in Iraq is 84 trillion dinars.

Central Bank Adviser Ihssan Shamran Al-Yasiri said that "the printing of the new 20,000 dinars denomination is part of the normal monetary practices of the Central Bank and within the framework of reconsidering the structure of the national banknote series."

He added, "This category will be an intermediate currency structure and will be enhanced with high security marks from the latest globally and will provide an addition to smaller denominations such as the five thousand and ten thousand."

He added that "the denomination of twenty thousand will be of the (standard) size under which the denomination of fifty thousand was printed, and it will also bear Iraqi features, as was done in the currencies that preceded it," noting that "there is no current trend to reprint the current currencies with new copies."

In response to a question about the possibility of issuing higher categories, between Al-Yasiri, that "the 50 thousand category is sufficient at the present time for the upper limit of the Iraqi currency, which is a very strong and sober category and can be used for storage, savings and cash transactions."

He pointed out that "the size of the monetary mass circulating in banks and the public currently ranges between 83-84 trillion Iraqi dinars, and the new issuance of the 20,000 denomination will not change much of the volume of circulation because it will enter into the existing liquidity."

He stressed that "the printing of the new category will not affect the value of the Iraqi currency and will not cause inflation, and the issue of inflation is linked to economic policies and has nothing to do with monetary circulation."    LINK

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Margarita:  Ok I am freaking out a little.  Can someone explain to me like I am a 5 year old why this 20k note is a good thing?  And can they really RV 1 to 1 with 84 trillion dinars in circulation?  I mean I know everyone wont be exchanging for the U.S. dollar...Many iraqs wont...I wonder how much of that is in USA?  

My brain cannot grasp this.  It takes me to the place of the dreaded L word.  Can MM or PEtra weigh in again on this?  Geez...84 trillion.  I thought they had reduced that elephant.

Frank talked about some satellite banks that were going to open this week.  Well I went to the ole google machine and cannot find even a definition of a satellite bank.  Help us please.  We need some clarity here.

Zeeman:  as frank said the international world uses 20000 dollar bills and also the banks will use it more then the people as well as companies

KandG:  The math certainly doesn't work at a pre-war era of $3 per dinar - I'm with you - don't understand how that can work.

OlLar:  IMO 84 trillion includes all the notes in the Central bank but not on the street , they are considered in circulation until they are marked for destruction, the real numbers on the street are top secret, we may never know .

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Samson:  20 thousand dinars.. the new category under the lens of experts, negative and positive

07/10/2022 10:32:12

 The Central Bank of Iraq is heading to issue a new category of local currency for cash circulation that is not very high, after the depreciation of its currency against the dollar, in a move described as useless and will increase inflation on the one hand, and its goal is to improve the efficiency of the performance of the cash payments system in the country in intermediate currencies that serve the speed of monetary exchange and facilitate settlement of transactions and payment methods within the economic community on the other hand.

This trend came on the lips of the Governor of the Central Bank, Mustafa Makheeb, who revealed during his participation in the “Al-Rafidain Forum for Dialogue” last September 27, about the Iraqi Central Bank’s intention to issue a new denomination of the Iraqi currency with a value of 20 thousand dinars (approximately $13) based on comparative study and research. With neighboring countries, he is working on completing the paper's form, and in the coming days it will be announced

He said, "We are working on a new currency, a category of 20 thousand dinars, after studies in order to keep pace with the requirements and to match the neighboring countries," adding, "We will start announcing the new category after completing its requirements."  

It is noteworthy that Iraq possesses - so far - 7 categories of local currency issued by the Central Bank of Iraq, which are {250 dinars, 500 dinars, 1000 dinars, 5000 dinars, 10,000 dinars, 25000 dinars, and 50,000 dinars).

During the post-2003 years, the Iraqi currency went through volatile and volatile stages that lost its local value and market influence, but it was subjected to what can be described as a “semi-collapse” on December 21, 2020 when the Central Bank reduced the exchange rate from 1190 to 1450 dinars against one dollar, with the aim of better managing payments and the economic crisis in the country, and estimated that the value of the local currency in the market would fall by about 22% of its previous value.

Repercussions and risks

The devaluation of the Iraqi dinar against the dollar resulted in significant repercussions, as this resulted in increases in the prices of most consumer and food materials and services, in particular, by more than 45%, according to economic estimates, which reduced the economic welfare of the local currency against other currencies and the dollar. specifically

And what made the recent devaluation of the Iraqi dinar against the dollar, which is the harshest and most harmful - according to experts in economic affairs - is that it came at a time when the correct premises are not available in terms of the existence of a reliable base for industry and agriculture and the availability of a commodity alternative to many imported industrial and agricultural commodities whose prices have risen. Also, the change in the exchange rate was sudden and not gradual

What makes the devaluation of the Iraqi currency in embarrassment due to its low price, is that the country’s economy is single in production and relies on oil exports to secure its annual budgets. In other words, decreasing the exchange rate does not contribute to an increase in oil exports, since the latter’s prices are set in the world market by a single price system

This report answers a set of questions: What are the main reasons for launching the new Iraqi currency at a value of 20 thousand dinars (about $13)? What are its pros and cons? Then what role is it supposed to play in improving the image of the local currency after a wave of "semi-collapse" following the rise in the price of the dollar and its depreciation about 3 years ago

The pros and cons of the new cash category

A member of the Parliament’s Finance Committee, Jamal Cougar, disagrees with the Central Bank of Iraq and believes that it was more appropriate to print small denominations of cash, such as the 150 dinars denomination, but he went to print a new denomination (20 thousand) between two currencies far from each other (10 thousand and 25 thousand) and there is no between them any other currency

Cougar expressed his support for printing small currencies instead of large or high ones because it contributes to creating space for goods entering the country, so that they are sold in a way that serves the citizen more. But the situation would have been better if there were another, lesser currency, such as 150 dinars

Representative Cougar suggests printing the new category gradually, not at once and for varying periods, especially since there is talk about the possibility of printing about 70 trillion Iraqi dinars (about 45 billion dollars) for several categories, especially the 25 thousand dinars category, warning of market inflation in the event that all payments are made. These quantities of categories printed to market

What is the supposed role of the new class?

The appearance of Muhammad Salih, the financial and economic advisor to the Prime Minister, shows the assumed role of the new monetary category, saying that it comes within the framework of improving the Central Bank’s policy in managing the cash payments system, which required - through experience - the need to issue a category (intermediate currency) divisible by two to facilitate Cash payments (not large) within the cash circulation system

Saleh denies that the issuance of a new category of cash circulation is an expression of inflationary conditions, but rather a measure to improve the efficiency of the performance of the cash payments system in the country with intermediate currencies that serve the speed of monetary exchange and facilitate the settlement of transactions

Does the issuance of the new category contribute to the increase in inflation?

Economic researcher Diaa Al-Mohsen acknowledges in his response to the possibility that the issuance of the new category would contribute to increasing inflation or not; The lack of any benefit from the idea of ​​the Iraqi Central in this approach as much as it will be a burden on the economy, as "the more monetary issuances will lead to the disappearance of other monetary categories in the market, and this may lead to a kind of inflation in the Iraqi economy, which exceeded 6%

He describes the Mohsen as a “dangerous indicator of the economy,” especially that the country’s economy is rentier and the real sectors are ineffective, while stressing that Iraq does not need to issue a new currency because it will affect the rate of inflation and therefore the citizen will be harmed by this issuance instead of being a benefit to him.

What is the purpose of printing a new banknote?

In the case of the Central Bank of Iraq, the main objective of issuing a new currency denomination of 20 thousand dinars comes to give individuals greater flexibility in local commercial and financial transactions and obligations, according to the hadith of the economist and academic Ali Dadush, and at the same time its costs will be covered by the difference between the amount of the banknote (as an ordinary paper). ) and its actual amount after trading in the markets, and therefore there is no loss or waste of public money

In return for the printing of any currency by the central banks, Daadush requires that it be matched by assets or assets, whether foreign assets or domestic credits, and then we see the goals that central banks want from issuing or printing new banknotes (or adding new categories of currency), in addition to not ignore printing costs for new or added currency

The economic expert comments on the possibility of the Iraqi currency entering another stage of collapse against the US dollar - as it is said from time to time - that the oil dollars leading to an increase in foreign reserves with the Iraqi Central prevent the collapse of the local currency, through the foreign currency sale window, and also led to confidence relatively individuals in dinars, and the narrowness of the dollarization phenomenon that the Iraqi economy was suffering from   LINK

Samson: The methodology of the interrelationship between oil prices and the exchange rate

7th October, 2022 by Aqil Jaber Ali Al-Muhammadawi

The methodology of the interrelationship between oil prices, the exchange rate and macroeconomic variables in Iraq / a proposal of the Granger measurement model

We would like to discuss a very controversial and challenging topic and the method of dealing in research and analysis and at the level of privacy of expert and specialized opinion building related to this fundamental and strategic issue of estimating the course of fluctuations in oil prices and its relationship to oil prices and macroeconomic variables and its impact on the development of the structure of the global economy in general.

Changes in crude oil prices, especially price fluctuations, are certainly an important factor in determining the global economic structure. Supply and demand in the oil market has a significant impact on world currencies in the exporting countries. In 2014-2016 the oil market was characterized by high volatility. This was affected by a number of fundamental factors. Among them: macroeconomic conditions, market conditions, the transformation of the regulatory component, changes in the cost structure, and the geopolitical and geoeconomic confrontation.t

As it is related to the determinants of fluctuations in world oil prices, from our angle we show that these unstable fluctuations in conditions of uncertainty are subject to the relationship between oil prices and macroeconomic indicators and the situation of the global oil market in Iraq, as the world oil price is still one of the most important external factors that affect the exchange rate, the dollar against the dinar. 

Iraq is one of the largest suppliers of “black gold” in the world, and its economy is mainly linked to oil production, with more than 90% of the federal budget’s revenues. Therefore, the slightest fluctuations in oil prices have a strong influence on it. 

The purpose of this subtraction is to study the relationship between macroeconomic variables and oil prices. Objectives: Determining the factors that have a positive long-term relationship with oil prices based on a mathematical approach and preparing proposals to improve the macroeconomic indicators of Iraq.

The authors, analysts and researchers use modern mathematical methods of vector automatic regression (VAR model), the Granger measurement method, and the Dickey-Fowler test to study the long-term and short-term relationships between time series for the period from 2014 to 2016. 1% GDP growth leads to a strengthening of the national currency by 1.47 %. This fact can be explained by the growth of the country's economy as a whole. The results of the Granger test model show that the price of oil (as well as GDP) has the greatest effect on the exchange rate in the short term.

The following actions are proposed to improve macroeconomic indicators in Iraq: Stability of foreign economic policy; Diversification of exports: oil revenues can become a tool for improving the quality of the development of Iraq's economy and the life of society as a whole; Formation of the Iraqi oil standard and increase its trading volumes to the global level; Convert oil payments to dinars or petrodollars; The use of the dinar index (a dinar barrel) for the price of Basra oil in the formation of the financial and economic policy for Iraq.

There are now three major oil indices or markers on three major exchanges:

• WTI crude oil is traded on the New York Mercantile Exchange (NYMEX).
• On the London Petroleum Exchange (IPE) - Brent North Sea Crude (Brent).
• On the Singapore International Commodity Exchange (Simex) - Middle East Oil (Dubai)

Previously, there was an OPEC basket, which included 12 grades of oil. In addition, many oil-exporting countries have their own oil basins that have certain fixed parameters (Statfjord in Norway, Kirkuk in Iraq, two types in Iran - Iran Light and Iran Heavy). The price of oil is determined by differentiation depending on its quality and location in relation to consumers. The drop in oil prices in 2014-2015 was so rapid that it became almost a determining factor in the world's economic and geopolitical structure. In December 2014, West Texas Intermediate (WTI) oil prices fell from $100 a barrel to $60 a barrel, and the decline continued into 2015, breaking through $40 a barrel after a slight recovery.

The main reasons for this fall are called “the shift in the methodology of the oil price situation in the oil market.” The world's first shale oil company was created in the United States. The United States provides 95% of its own needs, and is no longer one of the leading countries in global imports. Saudi Arabia has increased production growth. Black gold shipments from Libya and Iraq also started against the backdrop of Iranian exports at dumping prices. These processes have been accompanied by a slowdown in economic growth, improved processing efficiency, changes in the regulatory environment, and geopolitical factors.

The oil market greatly affects the exchange rate in particular. While less influence is observed in the relationship between the dynamics of the dollar index and changes in oil prices. The strengthening of the US dollar, as one of the catalysts for lower oil prices, has not attracted much attention. Since oil prices are set in dollars, when this currency strengthens, cheaper oil is obtained. We are trying to build a path or a Guanger test model to explain and understand the theoretical and empirical aspects of the mutual influence of oil prices and long-term exchange rates.

Accordingly, if the prices of “black gold” in the world market tend to decline (in dollars), the Iraqi economy begins to lose a certain part of the profits from selling oil. Therefore, there is a continuous need to evaluate the devaluation of the national currency in Iraq and the extent of the need for a future devaluation in light of the lack of standard models to measure the reciprocal relationship between fluctuations in oil prices, the exchange rate and macroeconomic variables on a systematic basis. Oil (and gas in the future) is one of Iraq's most important export products. In this regard, the amount of foreign exchange earnings depends on oil prices.

Objectively, we believe that the OPEC + decision is a very successful decision that includes purely economic and geo-economic reasons and geopolitical reasons and justifications in light of the repercussions of the stagnant snowball roll, the continuation of the Russian-Ukrainian crisis and the urgent need for consumer imports for the ongoing war in light of the presence of indistinctly hidden damages between the leading oil-producing countries. 

The objective function is heading towards restoring balance, stimulating production, rebalancing markets and competition, although the risks of inflation are increasing, but it is gradually absorbed by reducing the quantities of oil production and reducing the margin of costs of production factors, transportation, etc.

The main objective of the great powers is to impede the restoration of the dollar to its true value! This is what we see clear in the precautionary step of the United States of America, with the decision to use the American oil reserves to confront and confront the OPEC + decision. We wonder about Iraq's future oil methodology regarding the decision to reduce oil production and include Iraq by reducing the amount of production of 220 thousand barrels per day, starting from the beginning of next month and for a period of two months?

Iraq should take advantage of the real opportunities for the growing demand for oil and the indicators of price rebound towards rise and stability according to the model drawn by OPEC + by reducing production quantities, and the importance of preparing and developing a new approach methodology for the national oil policy based on advanced thinking and mentality

Targeting national industrial investment and investing in reducing oil quantities and market fluctuations Global and the strength of OPEC + towards the path of building industrial, investment and trade relations with OPEC countries, building the industrial and agricultural base and moving to the approach of building industry and qualifying industrialists according to the industry model, generating promising trade opportunities and a trade model that supports the industry and integration between them?  LINK

KTFA Members "News and Views" Friday 10-7-2022

KTFA

Samson:  Bloomberg: A trillion dollars evaporate from global foreign exchange reserves!

6th October, 2022

Global foreign exchange reserves are declining at the fastest pace ever, as central banks intervene from east to west to prop up their currencies.

According to data compiled by Bloomberg, reserves have fallen by nearly $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since it began compiling the data in 2003.

Much of the decline is due to valuation changes. With the dollar jumping to its highest levels in two decades against other reserve currencies, such as the euro and the yen, the dollar has thus reduced the value of these banks' dollar holdings. But dwindling reserves also reflect pressure in the currency market that is forcing an increasing number of central banks to turn to their currency assets to stave off a decline.

For example, India's reserves declined by $96 billion this year to $538 billion. The country's central bank said asset valuation changes accounted for 67 percent of the decline in reserves during the fiscal year beginning in April, meaning the rest came from intervention to support the currency. The rupee has lost about 9% against the dollar this year and hit a record low last month.

Japan spent about $20 billion in September to slow the yen's decline in its first intervention to support the currency since 1998. This would represent about 19% of the loss of reserves this year. Currency intervention in the Czech Republic has helped reduce reserves there by 19% since February.

While the scale of the decline is unusual, the practice of using reserves to defend currencies is nothing new. Central banks buy dollars and increase their stock of currencies to slow the appreciation of a currency when foreign capital flows. In bad times, they rely on reserves to cushion the blow from capital flight.

 “Some countries, particularly in Asia, can go both ways, to quell weakness,” said Alan Ruskin, chief international strategist at Deutsche Bank AG.

Most central banks still have enough strength to continue interventions, if they so choose, as India's foreign reserves are still 49% higher than 2017 levels, enough to pay off 9 months of imports.

Central banks including Indonesia, Malaysia, China and Thailand will release their latest foreign reserves data on Friday. But for others, they deplete quickly. Data compiled by Bloomberg shows that after a 42% drop this year, Pakistan's $14 billion in reserves are not enough to cover 3 months of imports.   LINK

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Samson: The Kurdistan Regional Government will suspend the official working hours tomorrow, Saturday

7th October, 2022

The Information and Information Department of the Kurdistan Regional Government announced the suspension of working hours in all official institutions in the region, on the occasion of the Prophet's birthday.

The Prophet’s birthday is an annual commemoration that coincides with the birthday of the Prophet Muhammad bin Abdullah on the 12th of Rabi’ al-Awwal, as Muslims celebrate it every year in some Islamic countries not as a holiday but as a joy at the birth of their Prophet.

The popular celebrations begin from the beginning of the month of Rabi’ al-Awwal to its end, by setting up councils in which he sings poems in praise of the Prophet, and in which lessons are learned from his life, his merits are mentioned, and food and sweets are served, such as the sweetness of the birthday.

LINK

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Samson:  Parliamentary Integrity reveals the theft of more than (800) million dollars in tax revenues

6th October, 2022

Thursday, the Parliamentary Integrity Committee revealed the theft of tax funds exceeding $800 million

Committee member Ahmed Al-Rubaie said in a statement received by Al-Ghad Press, a copy of it, that "there is a theft in the revenues of the trust accounts belonging to the general tax in Al-Rafidain Bank, which exceeds (800) million dollars, and no authority or entity can cover or deny this theft. in favor of thieves of public money

He added, "After addressing the Ministry of Finance to disclose the results of the investigative committees on the file of the loss of trust account revenues related to the general tax in the Rafidain Bank, which is estimated at more than one trillion Iraqi dinars, and to indicate the real numbers of the amounts and suspected persons who illegally acquired the funds, the ministry answered It has formed an investigative committee to conduct an administrative investigation into the matter

He pointed out that "the investigative committee recommended precautionary measures regarding what was changed in the investigation, because the loss of these huge sums from the account of the General Tax Authority was during the period of their administration and under their direct responsibility and authority

He pointed out that "the answers of the Ministry of Finance confirm the existence of this theft, and no party or authority can cover it or even deny it," calling on government and regulatory agencies to "prevent the travel of some managers and senior cadres in the Tax Authority who have been changed until the end of the administrative and judicial investigation  LINK

Samson:  The repercussions of the OPEC Plus decision .. a draft law to withdraw US forces from Saudi Arabia and the UAE

7th October, 2022

Three members of the US House of Representatives announced that they had submitted a bill requiring the withdrawal of US forces stationed in Saudi Arabia and the UAE, and stressed that they did not see any reason for US forces to stay there after the UAE and Saudi Arabia supported the OPEC Plus decision

"Saudi Arabia and the UAE have long relied on the US military presence in the Gulf to protect their security and oil fields," the three members of the US House of Representatives, Tom Malinowski of New Jersey, Sean Kasten of Illinois, and Susan Wild of Pennsylvania, said in a joint statement

"Following their (Riyadh and Abu Dhabi) support for the OPEC Plus decision, we see no reason for US forces and contractors to continue providing this service to countries that are actively working against us," the statement added

The statement indicated that "if Saudi Arabia and the UAE want to help Russian President Vladimir Putin, they should look to him to defend them," according to the statement, which stressed that "this decision is a turning point in our relationship with our Gulf partners

"If Saudi Arabia and the UAE hope to maintain the good relationship with the United States that has always been beneficial to them, they must demonstrate a greater willingness to work with us, not against us, in advancing what is now our most urgent national security goal, which is to defeat Russian aggression in Ukraine   LINK

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Sir:  IMO-This is the end of the road for the Federal Reserve note , the petro-dollar is officially dead. Prepare for the flood of dollars coming home as you will see inflation in America never seen before. You will witness first hand the rise of all countries currency against the dollar . That’s why you have witnessed countries continually up their gold reserve like never seen before. This is Biblical and we are here to witness it first hand. Hold on tight people, it’s going to get rough here in the states. 

MOakes12:  It is way past time the families who own the Federal Reserve are bought to their knees. They have been ripping off people since Pres. Woodrow Willson signed the Federal Reserve Act into law. We will have to deal with the pain in order to get out from under their control.

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Samson:  What to do...before Plasschaert delegitimizes you

5th October, 2022

In front of representatives of all countries, the UN envoy, Jenin Plasschaert, spoke in a way that causes “shyness”, “humiliation” and “shame” about Iraq, and described the regime in Baghdad, in which it “does not respect the people”, and that the parties are working against the Iraqis.

This utterance is not insignificant, as it is an internationalist view extracted from the practical experience of Plasschaert in Iraq, and no matter how much we support him or disagree with him, we must stand with him.

The influential elites have no reaction when they listen to an international representative who considers them enemies of their people, and almost delegitimizes them, after a global, historical insult.

The most dangerous thing in Plasschaert's briefing is her saying that the political class is unable to resolve the crisis, and any local leader can drag the country into a bloody conflict, and this is an inferior view of our leaders, unfortunately.

It may be early to talk about Iraq's return to Chapter VII, but it will be a possibility, if we put Plasschaert's ruler on the international tools, especially since the regional alignment allows this, to keep Iraq away from Iran.

Did the bell sounded by Plasschaert reach the leaders?

O frame, hold things, or else leave the leadership to the Sadrists.

I heard if you called alive..  LINK

DoTalkToMe:  the way the leaders are not handling the affairs of the country...they deserve to be thrown back into chapter VII