Post From Dinar Updates 3-05-16
Chat Room Excerpts & Highlights
Dinar Updates Saturday AM Chat 3-05-16 Part 1 of 2
larrykn says():Loop gee I wonder what that means :D
rcookie says():THEY ARE CIRCUMVENTING THE NEED FOR HARD CURRENCY EXCHANGE FOR PAYMENT OF SALARIES AND EASING LIQUIDITY CRISIS....
LLN65 says():good morning again I seem to have lost Internet connection again
rcookie says():Rafidain Bank issued the smart card industry staff
Economy Since 2016-03-05 at 08:40 (GMT)
Baghdad — the balance of news Rafidain Bank, announced Saturday, issuing smart card "card" for some staff services of the Ministry of industry and minerals for the purpose of delivery of monthly salary.
The Bank said in a statement/balance of news copy, that "smart card issued to employees of certain companies belonging to the Ministry of industry and minerals to receive their monthly salary instead of manual cash."
He noted that "the issuance of more than 650 staff card public company Northern cement also issued a smart card for 450 employees manufacturing refractories, while more than 700 card issued to staff of the General company for ready-made garment industry.
The "continuation of the Bank granting the smart card to the staff of State institutions and reduce red tape in the distribution of salaries". ended 29/38 http://www.microsofttranslator.com/b...258A%25D8%25A9
Read More :http: bad link
larrykn says():still can't figure out how they can load those cards that you can use anywhere without a true value rate
rcookie says to larrykn():GM LARRY!
larrykn says():gm rcookie :)
Loopback says to rcookie():So how many sectors now are using the the smart cards to get paid instead of currency?
rcookie says to larrykn():THOSE ARE SALARIES FOR STATE INSTITUTIONS BEING PAID ELECTRONICALLY IN COUNTRY...
rcookie says to larrykn():HEALTH...MINERALS...GARMENT
larrykn says):O ok , I thought I read they were to be use for salaries anywhere
larrykn says():but a mastercard is an international card
Loopback says to rcookie():The cards insure the use of the banking systems.
rcookie says to larrykn():THERE WERE REORTS OF RETIREMENT SALARIES LOADED TO CARDS...WHICH WOULD SUGGEST AVAIALABILITY TO EX PATS LIVING OUTSIDE IRAQ....
larrykn says():yes that is what I was refering too
Loopback says to rcookie():Meaning adding liquidity
Loopback says to rcookie():(y)
rcookie says to larrykn():AGREED...ANYTHING TO ENCOURAGE ENGAGEMENT OF BANKING SERVICES....SAVINGS...BOND PROGRAM PARTICIPATION...BILL PAYING..
larrykn says():its all going in the right direction :)
larrykn says():what is your take on the imf and un coming
rcookie says to Loopback():THE DEMAND FOR HARD IQD IN MARKETPLACE IS DIRE...
wilson6060 says():GM you awesome newshounds and chat copiers...you guys and gals ROCK....love it, love it, love it
larrykn says():they need is liquidity back into the banks , people need to put their money back in banks soon
rcookie says to Loopback():I POSTED AN ARTICLE ABOUT PEOPLES ECONOMY VERSUS THE MARKET ECONOMY...
rcookie says to Loopback():LOOP YOUR REPORT ON INTERNATIONAL AUDITORS FINDINGS OF WASTE AND INEFFICIENCY IS A PRELUDE TO WHAT THESE AUDITS WILL REVEAL...
Loopback says():An international report reveals wasted the ministries of oil and millions of dollars in reconstruction
Author: AR, ASJ, HH Editor: AR, HH 5/3/2016 12:50 Long-Presse / Baghdad
An international watchdog's report on Saturday, wasting millions of dollars in the ministries of oil and Construction and Housing in ten years, while noting the two ministries are working to solve problems with lagging companies to "compromise."
He said the international auditor external audit of ministries in 2014, in a statement issued by the Committee of Financial Experts received (range Press), "The Ministry of Oil and its specifically Midland Refineries Company contracted in 2005 with the Free Company and hydrocarbon the Supply US to implement the complex project to improve gasoline at $ 81382683 dollars and the duration of implementation of 28 a month. "
Loopback says():International auditor said that "the two companies Tlkota in implementation reaching implementation rate of 29.75% until the month of January of 2015, having reached the additional periods granted 58 months has been to increase the contract amount by more than $ 27 million due to higher prices in the markets and although it got Minister agrees to solve the subject consensual,
"adding that" the Midland oil company was delayed in all things, including a draft cooling towers, which forced it to give Armada company additional periods of more than 148% of the duration of the contract due to the delay Midland oil company to obtain the results of soil testing the delay in the extension of the permeability of shipping as well as changing the basic schemes in addition to the delay in the opening credits, customs clearance and tax exemption. "
Loopback says():He said the international auditor, that the "oil projects company referred the four projects contain concerns and legal problems and material contracts resulting in a late start to work on projects or suspension of the project, as well as delays in answering correspondence
The contract for the design and processing of materials for warehouse Shuaiba where contracted projects the company with the company (GOG ) Jordan on the project in March 2012, but the completion rate was 0% up to check out the project from the Jordanian company in July of 2014, without any action only given a warning, resulting in increased costs and wasting time and effort. "
Loopback says():He revealed the international auditor's report on the "reluctance of the public Ezz in the implementation of its contract with the lines and pipes company processing and installation detecting containers and trucks the site in the month of November 2012 devices at $ 20,527,941,175 Dinara implementation period of 270 days where the completion rate of 50% paid from the amount of the contract 80% so August of 2015, noting that Ezz company did not insure their material processed in the event of an injury or damage. "
With regard to cases of sabotage of oil pipelines noted international auditor to "the existence of 74 cases of sabotage only during the year 2014, repair of $ 16.6 million cost, amounting cost repair the pipes for the years 2011, 2012 and 2013 of more than $ 60 million was due to inadequate taken security measures to protect the pipe" .
Loopback says():And on the Ministry of Construction and Housing, revealed the international auditor, for "Notes relating to the contract the establishment of a residential compound in Karbala - Al Jazeera 1,
which transmit the Department of Housing where the blue ocean company in October of 2008, and was pulled to work them in the month of April of 2011 and the completion rate did not exceed 14.6% after giving the company more of a chance to raise the percentage of completion in September 2011 referred contract and the decision of the Council of Ministers to the dams company,
"explaining that" in spite of the reluctance of the company mentioned in the completion of other projects of the same circle and pull the project Last of them, and the percentage of completion of dams 4% company until June of 2015, however, the Department of housing is working on the topic consensual solution with the company's lagging. "
Loopback says():International auditors stressed that "the same problem handing the workplace is free from concerns repeated with the Ministry of Housing circles has been referred three decades without verifying the readiness of the work site, which led to delays in the implementation of projects,"
pointing out that "the delay in the completion of projects and not to benefit from the allocations and the difficulty in obtaining their funding in the years 2014 and 2015, led to delays in the completion of four projects have been contracted in the years 2008.2011, 2013 between the percentage of completion between 32.3% and 66.28% up to perform the audit.
Loopback says():International report noted the presence, "another problem in the Ministry of Housing through the assignment of more than a decade to incompetent companies as referred three decades to Sadu company at $ 153172437550 dinars, and did not fully implemented, although that one of them had been brought in 2008, and referred two decades to agreed company Zora amount 19917800000 dinars,
"stressing that" additional periods granted to companies had exceeded in some cases 105% of the duration of the contract because there are mistakes in the designs and bills of quantities in addition to not creating the job site. "
Loopback says():t is noteworthy that Iraq has long occupied the advanced ranks in the global indices of corruption, since corruption is a challenge, "no less a threat" from terrorism faced since 2003, despite the announcement of successive governments to the fight against corruption a priority of its work. Source
larrykn says():so this international auditing is complete then, corruption is a big problem over there but it seem they are now getting a handle on it ,
Loopback says():WHAT A SHOCKER. OIL AND RECONSTRUCTION WASTED BILLIONS OF DOLLARS.
larrykn says():look at the money they can save when Adabi puts in people that know what they are doing
larrykn says):the not that
larrykn says():oops scratch that lol
Loopback says to larrykn():THIS IS WHY THERE IS SO MUCH RESISTANCE TO THE REFORMS BY THE CORRUPTED POLITICIANS. THESE REFORMS MEANS THE END TO THERE GRAVY TRAIN AND FOR MANY A NEW TYPE OF NECK APPAREL>
larrykn says():I agree it will be interesting to see what happens with this in the next few days
larrykn says():this seems a good way to stop the corruption
Loopback says to rcookie():(y) Very exciting news.
rcookie says to Loopback():WHAT THEY ANNOUNCED YESTERDAY ABOUT PAYING OIL COMPANIES $2 BILLION IN ARREARS PAYMENTS WAS HUGE...HUGE...HUGE...HUGE
rcookie says to larrykn():BECAUSE IT DEMONSTRATES THEIR EXECTING THE BUDGET IN FULL...THEY ARE PAYING ARREARS...PAYING THEIR BILLS BEFORE THEY PAY THEMSELVES....
larrykn says():it also is telling me they are opening the budget
larrykn says():just seems to me they are wasting a lot of money by not raising the value of the dinar
rcookie says to larrykn():THE OTHER HUGE INDICATOR WAS BASRA GETTING BOTH THE 50% SHARE OF CUSTIMS TARIFFS REVENUES COLLECTED AT PORTS...
BUT ALSO THE 5% PROVINIAL OIL REVENUE SHARE...AGAIN ACCORDING TO 2016 BUDGET TERMS...
larrykn says():yes I was talking about that last night and this morning great news :)
pizzaman says to rcookie():Good Morning....just curious if a report has been issued by the IMF upon what I understood was to be Iraq's progress through February of required actions / projects to be implemented for which Iraq was performing ahead of schedule ?
rcookie says to larrykn():THE ARREARS AUDITS HAVE BEEN GOING ON SINCE APRIL 2015 AND ARE COMPLETED MAY2016...
larrykn says():rcookie we also know they are ahead of the game too , this audits could already be over with
larrykn says():pizaman I have not heard about that sorry
rcookie says to pizzaman():NO NOT AN IMF STATEMENT ABOUT THEIR REVIEW STATUS...IRAQ HAS BEEN GOING THROUGH THESE REVIEW PERIODS SINCE 2011...REMEBER THEIR SMP RUNS THROUGH 2016...
larrykn says():sorry pizzaman oops
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