aggiedad77 » February 6th, 2015, 10:59 am
Friday News Summaries and Commentaries
It is Friday, an Iraqi Holy Day and we see some interesting things in the news.....it seems the Finance Committee wants to bark....the CBI barks back at them.....who barks the loudest and who has the actual "bite"......it is believed that Abadi is keeping campaign promises.....while Maliki....well maybe he "ain't" as popular as he thought.....meanwhile the US is moving more helicopters to Erbil.....and oil climbs again to $58.
Parliamentary Finance confirms that determine the time to delete the zeros
A member of the Finance Committee is speaking out that he believes the Finance Committee thinks it is time to remove the 000's...but, according to him, the CBI says no it is not time.....the Committee sees many positives from an economic standpoint, noting the fall in value of the dinar, believing the removal of the 000's would strengthen things for the dinar....but the bottom line to this back and forth conversation is that the Committee really doesn't have the clout with the CBI to make things happen.
Economic parliamentary: Investment Law is working to lift the economy and improve the stability of the currency and
The Economic and Investment Commission apparently has a line drawn in the sand.....that demarcates economic stability for Iraq and everyone is working in that direction....they state that economic stability is everyone's responsibility....calling for the activation of the private sector as well as the investment process.....the investment laws are meant to protect investors and should do so even as the laws are strengthened through amendments and updates.
Is not the time to delete the zeros of the Iraqi currency
Do not be alarmed by the title....same topic as the first article I talked about, just a different source.....Finance Committee saying one thing.....the CBI saying something else.....Committee says the time is right....the CBI is saying no this is not the time....the thing to remember is.....this could change with the CBI at a moments notice....at the blink of an eye.....and remember who is in control of this decision.....the CBI.....they are the ones who must feel ready to make the change.
Transportation approaching borrow about one billion dollars from a US bank to finance the Boeing aircraft deal
The Ministry of Transport is working a bank loan with the US for the purchase of Boeing aircraft to the tune of one billion dollars....apparently the Finance Committee through verbiage in the Balancing Act 2015 has the ability to sign such a deal through the CBI....this will see their fleet of aircraft jump from 24 to 76 by the end of 2016...this loan is a soft loan for ten years and comes without interest.
Washington deployed aircraft in Kurdistan to save the coalition pilots
In an attempt to prevent other atrocities like what recently happened with the Jordanian pilot who lost his plane in an area controlled by DAASH terrorists....the US is moving search and rescue aircraft into the Kurdistan region to be closer to the battlefield and speed up the rescue process for downed pilots of the coalition forces.
Parliamentary Finance: The government has a strategy plans will increase the sources of state revenues
A member of the Finance Committee is quoted as saying that wrong fiscal policies from previous years have led the way to the current liquidity issues that Iraq suffers with.....however.....the long term strategic plans of the government today will bring about solutions that include increases in oil production and favorable importance being placed on other industry sectors as well....they are looking at changes in taxation and customs procedures as well as setting up an electronic system within the government to more accurately maintain and monitor financial statements and guard against corruption.
Parliament rapporteur: The government and the House of Representatives obligations and formed a parliamentary committee to follow up the implementation
Parliament will see the implementation of a high level committee chaired by Speaker Jubouri that will monitor the work of Parliament against what has been promised to ensure that nothing falls through the cracks and that the government is doing what it says it is doing and has agreed upon in political arrangements made at the time of the elections....a watchdog group so to speak....but more like the chicken watching the henhouse.....this committee will also see to it that a committee is formed to deal with constitutional amendments and will work with other Parliamentary committees to this end.
Sadrists Maliki: militarily ignorant has no right to the leadership of the popular crowd
The Liberal bloc is saying that Maliki has no right to the leadership of any popular crowd, especially after he so shamefully led the Iraqi Army leading to such loss of life, loss of Iraqi territory and property to terrorists....while allowing corruption to run rampant during his time in office.....any such attempt by Maliki would only serve to rekindle the flames of sectarian strife all over again.
Official presence .. activists in Dhi Qar organizing campaign "Thank Abdul-Mahdi," in appreciation for his role in the founding of Dhi Qar Oil Company
So the Dhi Qar Oil Company is back in the news again....does it exist or doesn't it.....it would seem that a few members of Parliament and others seem to believe that it does....or is being formulated into a company.....especially after Oil Minister Mahdi said a few days ago that the company is being formed.....this effort should be helpful to the province by increasing their ability to produce and refine oil and gas from within the province.
Deputy for the citizen: Abadi carried out most of the terms of the political agreement
A member of the Citizen coalition is stating that PM Abadi is believed to have carried out most of the initial terms of his political agreements in his first days of office....this is seen as a very positive reflection on Abadi's time in office.
Iraq’s autonomous Kurdistan government looking to borrow internationally
The Kurds may see the need to try and borrow internationally to right their economic issues within the region.....Baghdad is believed to be onboard with this move as well as long as the KRG agrees to repayment on their own without any support from Baghdad.....they are looking to support economic infrastructure for the next three years....the loans may come from Germany and the US.....this money will not be allocated to make salary payments.
US moves more helicopters to Erbil despite protests from Baghdad
Again news of the movement of US helicopters being moved into the Kurdistan region to support search and rescue operations for downed pilots....this comes at the insistence of the UAE for improved protection of their pilots who have been grounded since the Jordanian pilot was captured in December....this only makes good battlefield sense....however Baghdad sees it differently in that they believe this can potentially lead to action by the Kurds towards independence with this kind of fire power sitting in their backyard.
Baghdad traders expressing optimism to lift the ban of night and are looking forward to the return of economic activity
Traders and economists see the lifting of the travel ban in Baghdad during the night will bring back some levels economic stability to the tune of $4 billion dollars a year....night life in Baghdad is what we are talking about here.....the curfew had been in place since 2007.....economic stability as well as security stability are driving this ban lifting....and it's not just the night life that will see improvements, but commercial plants and other industrial activities can start planning deliveries and such during this hours as well....operations for some can start around the clock meaning more jobs.
Hammam ecumenical *: Notes on an article d. Ali Mirza, entitled "2015 budget and determined to cap the dollar sales in the currency auction: the potential for applying the consequences."
This is quite the interesting read and interpretation of the Iraqi Constitution as it pertains to the CBI independence as a banking entity.....from the interpretation it would seem that based on Article 103 of the Constitution the CBI in principal is responsible to the Parliament.....
Again this is one person's interpretation and the final ruling on their independence from the Parliament will come from a Federal Court ruling that we are now waiting on......I am of the opinion that if there were the case that Maliki would have done much more than he did to attempt total control of the CBI during his time in office....
There has to be more on this subject than what is surfacing here, thus I await the Federal Court decision....time will tell......plus....why haven't we witnessed the Parliament stepping into the CBI business before now if they have had this capability.....hmmmmm......
This same article states that the high cost of imports will stimulate national production relying on local products and lead to less dependence on the dollar....they also state that the increased demand on the dollar since 2012 has been because of sanctions imposed in this time on Iran and Syria....that Iraq is their source for the dollar....thus creating a scarcity of the dollar in the Iraqi market and driving the increased gap in the official exchange rate and the market exchange rate.
Economists and politicians: the first investment conference is an important step to support the investment sector
No doubt this Investment Conference has been a success in being a spark for the investment sector of Iraq's economy.....it was useful to hear the comments of many speakers and participants and I am sure there were many from Parliament in attendance taking copious notes so that changes can be made in investment laws that will allow for investors both domestic and foreign to become involved in the Iraqi economy without so much red tape and without the threat of corruption hanging over their heads and operations.....it will be interesting to see the outfall from this conference going forward....I hope it will all be positive.
The arrival of National Guard and accountability and justice bills to parliament
Three new bills have landed before Parliament today.....the National Guard act....and bills on accountability and justice as well as a bill concerning the prohibition of the Baathist Party....let's see how they prioritize things and how quickly these run thru the mill with them....it is looking like these bills will be moved together thru the reading and then voting process.
The government plans to issue a new system of salaries and reconsider retirement system
The Iraqi government is working on plans that will bring a new structure to the salary system, better balancing things and at the same time is giving consideration to revamping the retirement system......this relates to the higher echelon of positions within the government at this time...those who have been impacted by cuts and by forced savings...the middle to lower levels of positions will go unchanged....from the sound of things they are planning on employee cutbacks due to overlapping responsibilities and may take care of this issue through early retirement opportunities for some.....an effort that has been a long time in coming.....thanks to Maliki and he allowing things to basically run rampant without any stopgaps.
Parliamentary Finance emphasizes the government's ability to overcome the economic crisis
Different source of an article previously discussed above.....Parliament Finance Committee is looking beyond the crisis they face today and seeing opportunities on the horizon.....the liquidity problem of today was caused by the previous government and their wrong final policies....improvements will be expected as oil exports are increased and greater attention is given to other industrial sectors....just as it takes time to turn a sailing ship....it takes time to right such wrongs that have occurred from the past.
Miladinov: The United Nations is working to support Iraq's stability and prosperity
The UN is working with Iraq and neighboring countries to ensure the stability and prosperity of Iraq.....they work with neighboring countries in an effort to stop funding of terrorist activities within Iraq at this time.....they are working hard to bring about greater harmony within the region.
Committee of the Regions: Amendment of the provincial law a serious step to build a decentralized state
The COM is working on amendments to a law that will see the decentralization of power from the state back to the provinces and regions....giving more powers to the governors....allowing them to operate as they probably should have been operating all along....but the former government was afraid to give up this power....wonder how quickly this will get to Parliament and how quickly it will be passed.
Break time for a while....plenty to crunch on here for now. Aloha Randy