Millionday Roundtable 12/11/13 Part 1 of 3
millionday] i need the floor please -- i was reading our past news and realized i have misspoke while we were discussing the news in the last couple of days
[millionday] the problem is this -- the item VIII is in the IMF not the UN --- in the UN Iraq has been moved to article 6 ---- in the IMF they have been placed in item VIII
[millionday] so the confusion concerning it has been due to what i was saying --- not the UN --- it is item VIII of the IMF --- i am sorry i didnt catch what i was saying but am sure that is why it didnt make sense to you and thought i better address it
[millionday] so my mistake and I hope that helps because the statements i was making -- made no sense – lol so i will brb with news
[Fresh] millionday no biggie it happens when you run through the amount of news we do at PI!!
Read More Link On Right
millionday] here we go
[lorijeanmarshall] millionday Thank god. That is why I was so confused last night. I thought I was loosing my mind!
[millionday] i normally catch it but my mistake this time smile
[millionday] The Council of Ministers held its fifty-first routine in Baghdad on Tuesday morning, 10 December 2013, headed by Prime Minister Nouri Kamel al-Maliki, issued by Council decisions:
1. authorize the Finance Ministry the power to challenge the laws and commands listed below before the Federal Supreme Court, in coordination with the Legal Department of the General Secretariat of the Council of Ministers to abolish the pensions of members of the disbanded Governing Council, deputies and members of the interim National Council, members of the National Assembly and provincial Council members and districts and all, as follows:
[dlherm] np md. it's all good news no matter whether it is item viii or article 6!!
[lorijeanmarshall] millionday Thanks for clearing it up. I was really starting to worry about my mental state. LOL
[millionday] smile -- here is the statements and research concerning it
[millionday] 1. order No. (9) of 2005 disbursement of pensions, published in Official Gazette No.: 3993 on 13/2/2005 (Amendment) Ordinance No. (31) of 2005, published in Official Gazette No.: 4003 on 17/3/2005, regarding the pensions of members of the Governing Council and their alternates.
2. Act No. 3 of 2005 the National Assembly law, published in Official Gazette No.: 4002 on 16/8/2005. 3. Law No. 14 of 2005 law on pension rights for members of the interim National Council, published in Official Gazette No.: 4010 on 23/11/2005.
millionday] 4. law of the governorates that are not organized in a region in respect of pension rights for members of local councils (provinces, districts and sub-districts) and members of the municipal councils.
2. confirm the Cabinet's earlier decision on approval of the draft law amending the law of commercial agencies sent to the House by giving the private sector a priority in grant agencies, and ministries urged contracting private companies to grant the private sector a priority in commercial agency rather than a foreign agent and don't mind hiring foreign franchisers in the present to approve the Bill.
[millionday] 3. to accept undergraduates from the Yezidi Community universities in Kurdistan as well as accept some in Kirkuk University, as this year for those who cannot move to other provinces, in never fail and the postponement of their studies this year, Mosul University expenses their interior if accommodated in the universities of the region.
4. pursuant to Cabinet of Ministers decision No. 374 in 2013, except for the Ministry of health approval of contracts on the purchase of medicine elevators on the origin of the strong Western European or Japanese and incorporated into the projects of the Ministry of health of the investment budget for 2013.
[millionday] 5. approval of the Ministry of finance to pay the contribution of the Republic of Iraq on the increase (14) for the resources of the International Monetary Fund in accordance with the following mechanism: 1/25% of (118850000) one hundred and eighteen million eight hundred and fifty thousand dollar special drawing rights. 2/75% of (356550000) three hundred and fifty-six million five hundred and fifty thousand special drawing rights deposits in local currency in the Fund's account at the Central Bank of Iraq. 3/the Central Bank tells IMF to increase its official quota.
[millionday] 6. to approve the extension of the work of employees assigned to work in the Kurdistan region of Christians for another year, until 31/12/2014.
7. transfer of $ 20 billion from the budget surplus to the national implementation of the business crowd mandated in 2013.
8. approval of the draft law on cancellation of the dissolved Revolution Command Council decision No. (959) of 1978, the State Auditor, and submitted it to the Council of representatives, based on the provisions of articles (61/item) and (80/item 2) of the Constitution.
[millionday] 9. approve third amendment Bill to the law on the Ministry of Finance No. 50 of 2008, Checker by the State Council and submitted to the Council of representatives, based on the provisions of articles (61/item) and (80/item 2) of the Constitution.
10. approval of the draft law of the first amendment to the law on remuneration of trainees in vocational training centres of the Ministry of labour and Social Affairs, and submitted it to the Parliament on the basis of the provisions of articles (61/item) and (80/item 2) of the Constitution.
11. sale of residential land area (200 m2) to the imams of mosques in the Sunni endowment and the Shiite and Christian sites in their installed permanent price (100) 100 dinars per square meter.
millionday] let me show you why everyone is so excited about item VIII
[millionday] Section 1. Introduction In addition to the obligations assumed under other articles of this Agreement, each member undertakes the obligations set out in this Article. Section 2. Avoidance of restrictions on current payments (a) Subject to the provisions of Article VII, Section 3(b) and Article XIV, Section 2, no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions.
[millionday] (b) Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member.
In addition, members may, by mutual accord, cooperate in measures for the purpose of making the exchange control regulations of either member more effective, provided that such measures and regulations are consistent with this Agreement.
[millionday] note -- reality rates for currency and abide my all agreements
[millionday] Section 3. Avoidance of discriminatory currency practices No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any discriminatory currency arrangements or multiple currency practices, whether within or outside margins under Article IV or prescribed by or under Schedule C, except as authorized under this Agreement or approved by the Fund.
If such arrangements and practices are engaged in at the date when this Agreement enters into force, the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 3 of that Article shall apply.
[millionday] Section 4. Convertibility of foreign-held balances (a) Each member shall buy balances of its currency held by another member if the latter, in requesting the purchase, represents: (i) that the balances to be bought have been recently acquired as a result of current transactions; or (ii) that their conversion is needed for making payments for current transactions
[millionday] the next part is very interesting and is not possible without reality either due to the basket imo
[millionday] The buying member shall have the option to pay either in special drawing rights, subject to Article XIX, Section 4, or in the currency of the member making the request.
(b) The obligation in (a) above shall not apply when:
(i) the convertibility of the balances has been restricted consistently with Section 2 of this Article or Article VI, Section 3;
(ii) the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2;
(iii) the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them;
(iv) the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3 (a); or
(v) the member requested to make the purchase is for any reason not entitled to buy currencies of other members from the Fund for its own currency.
[millionday] so obviously this would have to be backed by a reality rate or it could not make sense with the sdr or their currency - but lets read further and try to make sense of what they are saying
[millionday] this is a requirement of this item as well -- whooop whooop
[millionday] Section 5. Furnishing of information (a) The Fund may require members to furnish it with such information as it deems necessary for its activities, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters:
(i) official holdings at home and abroad of (1) gold, (2) foreign exchange;
(ii) holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange;
(iii) production of gold;
(iv) gold exports and imports according to countries of destination and origin;
(v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin;
(vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items;
[millionday] hmmmmm so they must submit the rates -- how interesting
[millionday] (vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information;
(viii) national income;
(ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices;
(x) buying and selling rates for foreign currencies;
(xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and
(xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.
millionday] as we can see --- the item VIII of the IMF is very exciting
[Florida Country Girl] Whoop whoop
[All4HIM] So, they are in 8 then? they have met all requirements?
[millionday] and a huge change in the direction we would like to see Iraq going in and obviously after reading this -- this is the direction they are going in with the order to present the rates --
[millionday] the IMF has really made some great demands as far as I am concerned
[millionday] (b) In requesting information the Fund shall take into consideration the varying ability of members to furnish the data requested. Members shall be under no obligation to furnish information in such detail that the affairs of individuals or corporations are disclosed.
Members undertake, however, to furnish the desired information in as detailed and accurate a manner as is practicable and, so far as possible, to avoid mere estimates.
(c) The Fund may arrange to obtain further information by agreement with members. It shall act as a centre for the collection and exchange of information on monetary and financial problems, thus facilitating the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.
[millionday] keep reading >>>>>>>>>> smile
[millionday] Section 6. Consultation between members regarding existing international agreements Where under this Agreement a member is authorized in the special or temporary circumstances specified in the Agreement to maintain or establish restrictions on exchange transactions,
and there are other engagements between members entered into prior to this Agreement which conflict with the application of such restrictions, the parties to such engagements shall consult with one another with a view to making such mutually acceptable adjustments as may be necessary.
The provisions of this Article shall be without prejudice to the operation of Article VII, Section 5.
[millionday] Section 7. Obligation to collaborate regarding policies on reserve assets Each member undertakes to collaborate with the Fund and with other members in order to ensure that the policies of the member with respect to reserve assets shall be consistent with the objectives of promoting better international surveillance of international liquidity and making the special drawing right the principal reserve asset in the international monetary system.
[millionday] so wow this is huge a down right wonderful love it love it so is anyone here to even say yay
[wheresmyRV?] Great news!!!!!
[Florida Country Girl] Whoop whoop
[Dovi] whoooooop whoooooooop
[dinarforme] Whoop whoop
[rollonjohn] millionday Yippppppppeeeeeeeeeeeeee!!!!!!!!!!
[letsroll] heck yea its great the best yet .... whoopow
[Melba] millionday no just waiting for more great news
[Dovi] millionday So not to sound like a broken record but are they in 8 now?
[millionday] this is explains what the transition contains and how it is done
[millionday] Dovi yes
[millionday] Section 1. Notification to the Fund Each member shall notify the Fund whether it intends to avail itself of the transitional arrangements in Section 2 of this Article, or whether it is prepared to accept the obligations of Article VIII, Sections 2, 3, and 4. A member availing itself of the transitional arrangements shall notify the Fund as soon thereafter as it is prepared to accept these obligations.
[millionday] Section 2. Exchange restrictions A member that has notified the Fund that it intends to avail itself of transitional arrangements under this provision may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances the restrictions on payments and transfers for current international transactions that were in effect on the date on which it became a member.
Members shall, however, have continuous regard in their foreign exchange policies to the purposes of the Fund, and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the promotion of a stable system of exchange rates.
In particular, members shall withdraw restrictions maintained under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the general resources of the Fund.
Comments may be made on part 3 after it is posted - that way all comments will be together - not scattered - thank you