Millionday News 1/12/15 Part 1
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Millionday: Called a member of the parliamentary Economic Committee, Najiba Najib, the government to postpone the payment of debt and activating investment and agriculture sectors.
She said Najib told all of Iraq [where] "We put several solutions to address the financial crisis, including the need to have a monetary policy of the Central Bank to cover the deficit, and secondly on the government to postpone the payment of debts to countries, such as delayed Kuwait war debt."
Millionday: NOTE -- THEY HAVE POSTPONED SOME PAYMENTS OF DEBT THROUGH AGREEMENTS DUE TO THE GREAT EXPENSE OF THE WAR AND TERROR THEY HAVE SUFFERED
Millionday: NOTE -- THE REQUEST IS TO ACTIVATE THE NEW MONETARY POLICY FROM CBI
Millionday: "We must activate the sectors of agriculture, investment, and start to make economic Corrections through the fight against corruption."
She predicted that the ratification of the budget are the end of this month.
Millionday: House of Representatives continues to discuss the draft federal budget law for 2015, as confirmed MP Magda Tamimi having accelerated changes in the price of a barrel of oil in the budget, which was based on the $ 60, but the low price of a barrel and not to check the amount of export will affect the budget.
He said a number of deputies on the importance of finding new imports by diversifying sources Kalahtmam agriculture, industry, and not rely on oil imports only.
Millionday: NOTE -- THE LOW PRICE OF OIL HAS HELPED PUSH THROUGH ALOT OF DIVERSIFICATION –
THE REQUIREMENT BY SO MANY INTERNATIONAL ORGANIZATIONS MAKES THIS A GREAT THING FOR THE NEEDS OF THEIR GDP %
Millionday: It is said that the Iraqi economy is suffering a crisis as a result of a failure to approve last year's budget in 2014, and the security conditions taking place in some Iraqi cities, in addition to the drop in oil prices.
The religious authority said on the tongue of its representative Mr. Ahmed net that "the fight against financial and administrative corruption will help to overcome the financial crisis resulting from the drop in oil prices."
Millionday: NOTE -- THE GOV PROGRAM, THE COUNTRY PLANNING ,
AND ALSO THE PRIVATIZATION OF IRAQ THROUGH TRADE HAS A GREATER NEED WITHIN THE COUNTRY NOW AND ALSO THE REGION -- SO THIS IS GREAT TO SEE
Millionday: SO THE BEST OF THIS IS THE HUGE NEED FOR ALL REFORMS RIGHT AWAY SO THAT THEY CAN COMBINE THE BENEFITS OF EACH -- SMILE
awesomedtl: DID THEY FINALIZE THE SECOND READING TODAY OR IS THAT SCHEDULED FOR JAN 20th
Millionday: IT IS NOT MENTIONED IN THIS REPORT
Millionday: WE WILL KNOW BY THE END OF NEWS ALL THAT HAS HAPPENED AND WHERE WE ARE GOING
Millionday: I HAVE BEEN DOING A LOT OF READING -- SMILE
Millionday: THE LAST REPORT HAD A STATEMENT IN IT THAT CAUGHT MY EYE -- THE REASON BEING ....
Millionday: THEY HAVE MADE MANY PUBLIC AND MEDIA STATEMENTS THAT THEY ARE HUSTLING TO MINIMIZE THE DEFICIT –
OF COURSE FOR THE SAME REASON ANY COUNTRY OR EVEN A PERSON WOULD BE DOING THIS SAME THING FOR -- WHO WANTS DEBT HANGING SO HEAVY UPON YOUR HEAD OR COUNTRY
Millionday: BUT HERE IS THE STATEMENT>> the need to have a monetary policy of the Central Bank to cover the deficit,
Millionday: SO MY POINT BEING THAT ONE OF THE SOLUTIONS TO THE DEFICIT IS THE NEW MONETARY POLICY -- THAT IS SOMETHING TO SMILE ABOUT -- SMILE
cindy3: what does the monetary policy say?
Millionday: IT IS THE COMPLETE MONETARY POLICY OF CBI FOR THE COUNTRY FOR THIS YEAR –
IT SAYS A LOT BUT ONE OF THE BEST OF COURSE IS THE BALANCE IT IS TO CREATE AND ALSO THE MOVE TO A MARKET ECONOMY IS ALSO REFLECTIVE IN IT ---
IT IS ON THE CBI SITE SO TAKE A LOOK AT IT WHEN YOU GET A CHANCE -- IF THE NEW ONE IS NOT OUT FOR PUBLIC THERE THEN I WILL POST IT -- BUT IT HAS TO OBVIOUSLY BE FOR THE YEAR 2015
Millionday: Committee announced the United Nations Compensation Commission, on Thursday, their consent to request Iraq to postpone the deposit of 5% of its oil revenues in compensation to Kuwait from the Gulf War ,
indicating that the delay will be for a period of one year, with Ezzat reason accept a delay to effect the payment of compensation for the time being on the Iraqi economy As a result of lower oil prices and the war against al " Daash .
Millionday: The Legal Committee supervising Leah Kraft said in an interview reported by " Reuters "The" Fund of the United Nations for Gulf War reparations and agreed to Iraq's request to postpone the deposit of 5% of its oil revenues in compensation to Kuwait for a year because of the difficulties faced by the budget.
Kraft added that "the powers that control the compensation fund has taken a decision and approved it unanimously because of the impact on the Iraqi economy as a result of lower oil prices and the war against al-Daash."
Millionday: SO THEY RECEIVED A YEAR FOR THE KUWAIT PAYMENT TO ALSO HELP WITH BUDGET
Millionday: THIS WAS APPROVED FORMALLY BY THE UN
Millionday: NOTE -- THIS IS FROM THE IMF
Millionday: Iraq is facing a “double shock” from the self-proclaimed Islamic State of Iraq and Syria (ISIS) insurgency and the global plunge in oil prices. While the new government led by Prime Minister Haidar al-Abadi was formed with the express objective of dealing with the insurgency and addressing the humanitarian disaster it has caused,
it is now facing another threat, this time of an economic nature, which brings into sharp focus the underlying vulnerabilities inherent in the country's heavy reliance on oil.
A recent IMF mission discussed these challenges with Finance Minister Hoshyar Zebari and Deputy Central Bank Governor Zuhair Ali Akbar and their staff
Millionday: NOTE -- OBVIOUSLY ANOTHER SIGN OF THE IMPORTANCE OF THE HUGE WORK THEY ARE DOING FOR DIVERSIFICATION
Millionday: Despite a stall in ISIS’s advance following targeted airstrikes by the coalition forces supporting the government, the conflict seems far from over.
The violence has triggered a humanitarian tragedy, with more than 2.1 million internally displaced people and countless casualties among the civilian population.
The insurgency is heavily affecting the non-oil economy through destruction of infrastructure and assets, trade disruptions, impeded access to fuel and electricity, and deterioration of investor confidence.
These negative effects drove the IMF’s revision of GDP growth in Iraq in 2014 from over 6 percent in the spring, before the beginning of the insurgency, down to a contraction of about 0.5 percent—despite a better than expected performance of the oil sector, which expanded even in this difficult situation.
Millionday: NOTE -- THE EXPANSION OF THEIR OIL MARKET IN ALL OF THIS IS RESPECTED INTERNATIONALLY -- AND DOMESTICALLY –
WITHOUT HAVING TO PAY OUT THE 5% AT THIS TIME REALLY IS MORE HELP THEN MOST REALIZE IN THIS TIME OF DEVELOPMENT AS WELL
Millionday: The recent collapse in world oil prices has added to the tensions caused by the ISIS insurgency and is complicating efforts to deal with it. With oil export revenues accounting for more than 90 percent of total government revenues, Iraq has always been highly vulnerable to oil price volatility.
Falling oil prices are already reducing government revenues (and dragging down the economy through lower government spending), while security and humanitarian expenditure due to the conflict are increasing. As a result, the government deficit is likely to have reached 5 percent of GDP in 2014.
Millionday: NOTE --- HAS ADDED TO THE AMOUNT OF GAS IN MANY TANKS THOUGH I MIGHT ADD --
Millionday: In addition, international reserves have fallen from over $77 billion at end-2013 to about $67 billion at end-November due to the combination of lower oil revenues and relatively high imports, particularly by the government.
These figures exclude the Development Fund for Iraq (DFI) which was created in 2003 mainly to funnel Iraq’s oil revenues and serve the function of a fiscal buffer. The DFI was already down to $6.5 billion at end-2013, and declined further to about $4 billion in November.
Millionday: NOTE -- THEY RECENTLY HAVE MADE A DECISION TO USE THE DFI TO HELP THE DEFICIT AS WELL
Millionday: NOTE -- HUGE SMILE >>>>The government’s highest priority is clearly resolving the security situation. But to do so, it needs a realistic and coherent fiscal policy that can support an effective use of the oil resources and strengthen government credibility vis-à-vis its international partners.
The cabinet’s go-ahead for a draft 2015 budget based on a $60 oil price is an encouraging development in this regard.
Millionday: NOTE -- THE CRUDE PRICE WRITTEN IS ACCEPTED AND ALSO THE ACTUAL POLICY IS TO STRENGTHEN THE INTERNATIONAL PARTNERSHIPS -- (LOVE THAT PART)
Millionday: NOTE -- READ EVERY WORD >>>>>>>>>>>>>>>>>>>>>>Looking forward
Iraq also needs to look beyond the current emergency. I see three main areas where work is needed to increase the capacity of the economy to handle future crises. First, the country would be advised to push ahead with the transition to a market-based economic system.
Millionday: NOTE -- A MARKET BASED ECONOMIC SYSTEM AS THE IMF IS STATING WOULD BE RUN BY SUPPLY AND DEMAND -- THE IMF SEES THIS NUMBER ONE OF THE MOVES TO BE DONE
Millionday: NOTE -- PLEASE WHILE SMILING -- READ ON >>>> THIS IS GREAT >>>>>>>>>>
This requires a continued effort to reduce the role of the government by restructuring state-owned banks and enterprises while implementing reforms that remove obstacles and administrative impediments to a competitive private sector and a sound financial sector.
The goal is to build a lively, diversified economy which does not depend so heavily on government spending and, ultimately, on oil money
Millionday: NOTE -- IMPLEMENT THE REFORMS PLEASE -- SMILE
Millionday: NOTE -- READ EVERY WORD -- THIS IS THAT LAST TWO AND THEN I WILL BRING THE STATEMENT -- WHOOOPOW
Millionday: Second, Iraq would benefit from a strengthened capacity to manage oil resources through better public financial management practices, and resume accumulating fiscal buffers that would allow the government to implement anti-cyclical policies when needed.
This is best done through the rehabilitation of the Development Fund for Iraq as a transparent and efficient tool for managing oil resources.
Third, the country could look into how its huge oil resources are redistributed among the population, and how fiscal decentralization institutions and practices can improve fairness and sense of belonging among all citizens.
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