Millionday News 3/21/15 Part 1
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Millionday: According to the Information Office of the Foreign Minister, that "the Iraqi - Russian Committee for Economic and Commercial, Scientific and Technical Cooperation held a meeting under the chairmanship of Foreign Minister Ibrahim al-Jaafari for the Iraqi side, while the Russian side was headed by Deputy Prime Minister Dmitry Oligovi_."
He added that "negotiations were conducted in an atmosphere of understanding, and reflected the aspirations of the two countries to develop and expand trade and economic cooperation."
Millionday: NOTE -- THIS IS HUGE AND IS ALSO INCLUSIVE OF AGREEMENTS WE HAVE READ ABOUT IN THE PAST
Millionday: The two sides stressed the "possibility of increasing trade exchange and raise its quality," stressing "the need to play the Iraqi and Russian Chambers of Commerce and council business role in the development of trade cooperation between the two countries,
especially in the exchange of information, experience and organization of conferences and exhibitions in the two countries."
The two sides expressed "mutual interest in expanding cooperation in the field of oil and gas, electric power, and reached a common understanding on Iraq's announcement of international rebuilding electric power plants tenders."
He announced the Russian side expressed its readiness for "cooperation in the aviation industry and to develop and strengthen this area on the basis of mutual benefit, as well as the development of bilateral cooperation in the field of mining and transport industry, machinery and agricultural equipment."
Millionday: NOTE -- THEY ARE SHOWING HUGE INTEREST IN MANY FIELDS BUT IT LOOKS LIKE ENERGY IS THE HUGE ATTRACTION NOW WHICH WOULD BE EXPECTED
Millionday: SO AS WE SEE THIS IS A HUGE CONFERENCE BUT I FIND IT VERY INTERESTING THAT THEY ARE INCLUDING THROUGH THIS CONFERENCE EXCHANGE STUDENTS AS WELL AND PROFESSORS --- VERY INTERESTING
Millionday: The Provincial Council of Diwaniya announced opening a branch for industrial bank which is considered the first of its kind in the province.
Chief of Diwaniya Provincial Council, Jubair Al-Jubouri told Alforat "The governorate agreed with director general of the industrial bank to offer banking services to the industrialists and plants' owners and those who want to establish new factories in the province."
Millionday: NICE -- NEW BANK FOR DIWANIYA
Papatom: a new bank... to fill the need of anyone wishing to open new factories..... and Plant owners..... i'd say they are getting ready?????
Millionday: SOUNDS LIKE FOR INVESTORS AND INDUSTRIAL -- I LIKE IT -- SMILE
Millionday: OWNERSHIP WAS AN ISSUE SO VERY INTERESTING WITH THE INVESTMENT LAWS ETC
Millionday: Rafidain Bank announced on Saturday the launch of the short message service sms to report the date of disbursement of pensions through the smart card.
The bank said in a statement Agency / Source News / received a copy of it, that "the last and in coordination with the global smart card agreed with Zain Telecom to follow a specific mechanism to inform retirees about the date of their salaries through sms SMS.
He stressed that "this step comes in the context of easing the burden on retirees.
Millionday: SO AS WE SEE THEY HAVE LAUNCHED THE ELECTRONIC INFORMATION TO INFORM OF BENEFITS OF RETIREMENT FOR SMART CARDS (GLOBAL)
Papatom: just a wow
Millionday: I AGREE -- ZAIN TELECOM -- LOVE IT AND THEY ALSO WILL BE ABLE TO USE THIS CARD GLOBAL ACCORDING TO REPORTS -- SMILE
Papatom: keep those phone bills paid on time!
Millionday: Praised the Deputy Special Representative of the Secretary-General of the United Nations in Iraq, Georgi-Posten, the announcement, Finance Minister Hoshyar Zebari receipt of the Kurdistan Regional Government, the amount of $ 420 million from the federal government from oil revenues.
Millionday: NOTE -- ZABARI HAS RECEIVED OIL REVENUES FROM OIL REVENUES --
Millionday: NOTE -- THIS IS PER THE AGREEMENT THEY ARE GOING BY NOW
Millionday: Posten said in a press statement received by the Agency / Source News / copy of it on Saturday, "confirms the transfer of funds carried out by the central government to the Kurdistan Regional Government, that both sides are committed to the implementation of the oil agreement signed in December of last year."
He called on both sides to "move forward in a spirit of cooperation itself, with respect to the full implementation of the Convention in the interest of Iraq and the Iraqi people.
Millionday: SO THE FUNDS HAVE BEEN TRANSFERRED AND THEY BOTH ARE HAPPY WITH AGREEMENT -- WOW
mrref1216: STILL JUST AN AGREEMENT NOT LAWmrref1216: BIG DIFFERENCE
grover: 420 million is it dinar or dollars
Millionday: OIL FUNDS
Millionday: US Centcom announced The US-led Coalition conducted 10 airstrikes on the locations of the terrorists of the ISIL in Iraq and Syria.
A statement by US Centcom stated that " The strikers conducted 7 airstrikes on the ISIL locations near Mosul, Kirkuk, Al-Ramadi and other places", adding that "3 airstrikes were conducted in Syria targeting the ISIL locations near Kobane'
Millionday: NICE -- US CLEANING BORDER
Millionday: International Monetary Fund forecast the high proportion of the budget deficit in 2015 to more than the proportion of the 12 percent announced by the government, to "significantly higher levels", due to lower oil prices, a weak possibility of Iraq's commitment to export 3.3 million barrels per day,
and assume the budget proposal implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses,
and reconsider the limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.
The IMF said in a statement, issued by the Chairman of the negotiating mission with Iraqi authorities (Carlo Sdralvić), following a round of negotiations included the ministers of oil and finance Iraqis,
and the Governor of the Central Bank, and Iraqi officials in Amman, Jordan, which ended last week, and received a (long-Presse) a copy of it
Millionday: NOTE -- THE BUDGET WILL RESORT AS IS MUCH HIGHER IN DEFICIT AND THE IMF HAS CALLED FOR REFORMS AND ALSO LESS SPENDING AND LESS GROWTH (TIGHTEN BELT)
Millionday: "The budget of 2015 (Iraqi) assumes achieve exports of 3.3 million barrels per day at a price of $ 56 a barrel, and therefore include increases in non-oil tax and strives to contain spending through measures such as the application of compulsory savings on the wages of civil servants,
however, given the the massive drop in oil revenues, there is still the budget anticipates a deficit of almost 12% of GDP. "
He added, "In the more conservative oil revenue assumptions, taking into account the payments due to international oil companies, which are not listed by the budget, t
he great possibility that up deficit to a much higher To address this negative probability levels,
the government is committed to the implementation of the expenses of less than budgeted when you need to exercise precision in cash management and rationalization of capital investment and defer some investment projects. "
Millionday: NOTE -- THE IMF IS SAYING THEY HAVE TO SPEND ALOT OF MONEY TO MAKE MONEY AND THEY THINK THEY SHOULD REFER SOME OF THE IRAQI INVESTMENTS DUE TO THIS FACT
Millionday: Fund stressed in his statement that "the matter requires further fiscal conditions for through measures on both sides of revenues and expenditures to contain the budget 2015 deficit commensurate with funding constraints,
and ease the pressure on the domestic banking system, and to reduce domestic demand to contain the decline in international reserves, and should be fiscal adjustment measures be permanent until underpin fiscal sustainability foreign accounts in the long average, which would be of great importance in view of the weakness of the prospects for oil prices. "
Millionday: NOTE -- THEY ARE SAYING THAT THEY SHOULD ADJUST THEIR EXPENDITURES AND ATTACK THEIR SPENDING HABITS WITH SO MUCH NOT LISTED AND SO MUCH GOING OUT IN INVESTMENT --
Millionday: VERY INTERESTING >>and "foreign exchange market stable has been in 2014 following the steps taken by the Central Bank to edit that, and close the gap with the parallel market to 3.5% at the end of the year,
but the authorities should reconsider the limits for sales of the central bank's foreign exchange and collection of customs duties through commercial banks,
where these measures cause already restrict pumping foreign exchange to the Iraqi economy and led to the arrival of the parallel market prices to record levels in recent weeks. "
He continued "Due to a decline in economic activity in the occupied territories of the organization" Daash "and rigidity of government spending, estimated to shrink GDP growth by more than 2% in 2014 and is expected to come back to rise a little more than 1% this year."
Millionday: NOTE -- RECENT WEEKS HAVE SEEN THE ARRIVAL OF THE PARALLEL MARKET PRICES AND AS WE HAVE SEEN -- DAASH IS CAUSING A DROP IN ACTIVITY
Millionday: He added " Inflation recorded an average low in outside the control of "Daash" regions, where it was less than 2% at the end of 2014, but could rise after raising tariffs measures ",
stressing that" the CBI international reserves fell from $ 78 billion at the end of the year 2013 to $ 66 billion at the end due to lower oil revenues and the high level of imports,
"noting" and reflects the level of international reserves at the end of 2014, Iraq Development Fund of $ 0.7 billion, the balance of which was converted to Baghdad at the end of last May. "
The statement stressed that "Daash attacks did not lead to stop the expansion of the oil sector of each oil-producing regions, exports are expected to rise from 2.5 million barrels per day in 2014 to 3.1 million this year, taking advantage of the agreement with the Kurdistan region. "
Millionday: SO THE MEETING WITH IMF IS DONE AND THAT IS THE REPORT
RML: What's your takeaway from the IMF scenario?
Millionday: I THINK THAT THEY ARE RIGHT WITH WHAT HAS NOT BEEN INCLUDED IN IRAQ`S BUDGET -- THE INTERNATIONAL INVESTORS –
THE BUDGET COULD SHOW SOME HOLES IN IT AND MAY SHOW A HIGHER DEFICIT BUT –
I THINK REVENUES WILL ALSO COME FROM THE TARIFF AS WELL --- HUGE AND VERY INTERESTING -- MERGING MARKET WITH NO DEFICIT TO BEGIN -- HARD TO SEE THEM START WITH ONE
mrref1216: I KNOW THIS IS OFF TOPIC BUT JUST WANTED TO KNOW IF YOU HAVE HEARD ANYTHING ON ARTICLE 140
Millionday: NOT NEW ONLY HARD TO ACTIVATE WITH DAASH ON BORDERS ETC
Millionday: SO LETS LOOK AT WHAT A PARALLEL MARKET IS
Millionday: ANYONE KNOW ?
Millionday: LET ME SHOW YOU WHAT I HAVE -- SMILE
Millionday: NOTE --- THIS IS HOW IT COULD MEAN
Millionday: Using the parallel exchange rate as a guide of setting the official exchange rate. Ideally, policymakers would set the exchange rate at the level that would balance trade and sustainable capital flows--that level is referred to as the equilibrium exchange rate.
In practice, it is difficult to identify the equilibrium exchange rate, particularly in countries that have experienced macroeconomic volatility and/or structural change.
Millionday: Where parallel markets for foreign exchange exist, it is natural to consider the parallel rate as a proxy for the equilibrium exchange rate, since it is set directly by the market.
Millionday: SO SOME ARE VERY EXCITED ABOUT THE OPTION THAT THEY COULD HAVE BEEN REFERRING TO THE BLACK MARKET OR THEY COULD BE ALSO REFERRING TO A PARALLEL MARKET USED IN SETTING THE MARKET RATE SOMETIMES AS A TOOL
Millionday: IT HAS TWO MEANINGS IN MOST DISCUSSIONS
Millionday: SO WE DONT KNOW
Millionday: MAKE SENSE?
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