Millionday News 4/25/15 Part 1
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Millionday: Commission revealed the economy and investment parliamentary Saturday, its intention to submit a proposal law establishing a sovereign wealth fund to attract investment in Iraq, while showed that this fund will be linked to the International Monetary Fund to give guarantees to investors.
Millionday: NOTE -- I WILL BE BRINGING THE INFO ON THIS WE HAVE FROM THE IMF -- DEFINITION AND EXPECTED OUTCOME ETC
Millionday: A member of the committee MP proof Almamori in an interview with the Sumerian's News, "The Commission has adopted a proposal to the law establishing the sovereign wealth fund of the Presidency of the Council of Representatives for approval,"
explaining that "this fund exists in neighboring countries and more than 100 countries, and works to attract investments into the country." .
Millionday: NOTE -- THIS IS A DEFINING LAW FOR IRAQ AND WE WILL LOOK AT THE INFO TO STUDY THAT POINT IN A MINUTE
Millionday: He added that "the fund comes through the financial allocation of the financial budget or from other sources," noting that "the fund may be a common link between the Central Bank of Iraq and the Iraqi government, as well as have a link to the International Labour Fund."
He Almamori, that "the purpose of linking the International Monetary Fund, is to give guarantees or immunity to foreign investors when he came to Iraq, because of a lack of confidence as a result of the country's situation," noting that "the management of the Fund is through her company a certain percentage."
Millionday: NOTE -- THE GUARANTEE IS GIVEN BY THIS FUND ACCORDING TO THIS REPORT DUE TO ITS LINKING TO THE IMF OBVIOUSLY –
WE HAVE DISCUSSED THE NEED FOR CONFIDENCE AND ITS IMPACT ON THE MARKET AND ALSO BANKING WHICH WE HAVE ALL SEEN IN OUR OWN HOMELAND
Millionday: Almamori He pointed to the "Committee of Economy and investment parliamentary meetings and seminars will be held with Iraqi economists and government agencies concerned, to have their views taken and included before the law passed."
It is noteworthy that "sovereign wealth" fund, is owned fund by the state consists of assets such as land or stocks, bonds or other investment devices, and can be described these funds entities runs surpluses state for investment, a group of money is worth billions of dollars invested by states stocks and bonds.
Millionday: SO AS WE SEE HERE -- THE FUND WILL REQUIRE MULITPLE MEETINGS FOR THE DEVELOPMENT OF THE FUND LAW BUT –
THIS IS DONE IN MANY COUNTRIES SO THE PURPOSE ETC IS NOT INVENTING THE WHEEL AS WE WILL SEE IN ITS DESCRIPTION -- ALSO THE FUNDING AND OWNERSHIP IS THE GOV AND FUNDED BY ASSETS –
SO NOTE-- A VALUE IN THESE THINGS MUST BE CALCULATED AS WELL IN ORDER FOR THIS TO BE APPROPRIATE IN FUNDING ------ IMF=INTERNATIONAL MONETARY FUND -- SMILE
jimplants: just what they needed some backing that is action not talk
Millionday: I AGREE -- VERY IMPORTANT AND ALSO THE FACT THAT THEY ARE ESTABLISHING THIS AS LAW -- SHOWS US THAT THE FUND IS GOING TO BE SET UP WITH THE IMF OR THEY WOULD NOT BE TO THIS STEP --
Millionday: WHOOOOPOW BRB WITH INFO ON THE FUND
Millionday: NOTE -- WE ARE GOING TO LOOK AT SOME ASPECTS OF THIS LAW AND THE VIEW OF THE IMF ON ITS USE ACCORDING TO THIS PAPER I FOUND ON THE IMF SITE ABOUT THIS
Millionday: II. WHAT IS A SOVEREIGN WEALTH FUND?
SWFs are defined as a special purpose investment fund or arrangement, owned by the general government.
2 Created by the general government for macroeconomic purposes, SWFs hold, manage, or administer financial assets to achieve financial objectives, and employ a set of investment strategies which include investing in foreign financial assets.
SWFs are commonly established out of balance of payments surpluses, official foreign currency operations, the proceeds of privatizations, fiscal surpluses, and/or receipts resulting from commodity exports.
Millionday: NOTE -- SO OBVIOUSLY AS STATED HERE -- THE FUND IS FOR MACRO -ECONOMICS AND IS OWNED BY THE GOVERNMENT
THE FUND IS FORMED OUT OF PAYMENT SURPLUSES, OFFICIAL FOREIGN CURRENCY OPERATIONS <<<, PROCEEDS FROM PRIVATIZATION<<<, FISCAL SURPLUS (FINAL FISCAL ACCOUNTS) ,AND/OR RECEIPTS FROM COMMODITY EXPORTS -- WOW ALL THINGS THAT >>>>>>ARE NOT GOING ON RIGHT NOW <<<<<<
Millionday: NOTE -- READ EVERY WORD >>>>>With a capacity to operate over a long-term investment horizon, SWFs are less risk averse compared to agencies managing traditional foreign exchange reserves.
The definition of an SWF excludes, inter alia, foreign currency reserve assets held by monetary authorities only for the traditional balance of payments (BoP)
or monetary policy purposes, operations of state-owned enterprises (SOEs) in the traditional sense, government-employee pension funds, or assets managed for the benefit of individuals.
Millionday: NOTE -- SO OBVIOUSLY GOV FUNDS
Millionday: . While SWF is an all-encompassing term, it covers a group of heterogeneous funds that have existed for years. What these funds have in common is the public ownership
and the fact that these funds are often established to meet a macroeconomic purpose, though these purposes may at times be multiple in nature (e.g., savings and fiscal stabilization).
Millionday: NOTE -- SO THE FUND ITSELF IS FOR THE STABILIZATION -- WE CAN UNDERSTAND HOW GREAT IT IS FOR IRAQ TO BE AT THIS POINT--
IMO -- IN ORDER TO MAKE STEPS TO ADD CONFIDENCE IN YOU --- THE CONFIDENCE MUST ALREADY EXIST IN THEM----
Millionday: NOTE -- SO WHAT CLUE CAN WE GET FROM THE TIMING?>>>>III. WHEN TO SET UP AN SWF?
Some commodity exports based funds have been in existence for several decades with the goal of managing a portion of the countries’ foreign exchange revenues.
More recently, a number of countries have also set up SWFs using fiscal surpluses and accumulated foreign exchange reserves. Despite this experience, there are no theoretical models yet for deciding when to set up an SWF.
Millionday: NOTE -- THIS FUND IS USED IN MANY INSTANCES TO MANAGE THE >>FOREIGN EXCHANGE REVENUES AND ALSO THE SURPLUS ----
EITHER OF THESE ARE APPLICABLE WITH THE ECONOMIC CHANGES THAT SHOULD OCCUR REPORTABLY FROM THE REFORMS --- SMILE
Millionday: NOTE -- VERY INTERESTING POINT >>>READ EVERY WORD>>>This concept could be applied to understand how a country divides its pool of sovereign assets
For example, when a country discovers an oil reserve, it may trigger a process of considering the implications of such a new wealth. It may consider what is the “adequate” level of revenues so that the “excess” revenues can be set aside.
3 Likewise, if a country is in the process of accumulating foreign currency reserves, it may earmark them for meeting liquidity needs with a high priority for safety, similar to an individual’s account set up to purchase necessities.
Millionday: SO AS WE SEE HERE THE FUND IS VERY INTERESTING TO US AT THIS POINT AND IS DEFINITELY SOMETHING WE WILL BE TALKING ABOUT AS THE PARLIAMENT PUTS IT TO LAW
zidziljian: Sounds like this needs to be set up and in place before they issue the new dinar notes?
Millionday: IT SEEMS AS THOUGH THE CONTRACTS ETC THAT ARE GOING TO HAVE AN INITIAL COST AND THE MANY INVESTORS MAY CAUSE AN IMMEDIATE NEED FOR THE FUND -- WHOOOPOW
Millionday: THE DEVELOPMENT IS GOING TO BRING IN HUGE FOREIGN CURRENCY EXCHANGES WE WOULD ASSUME ----
Millionday: INTERNATIONAL INVESTORS ARE BEING PROMOTED IN MOST REPORTS WE SEE
Millionday: NOTE -- INTERNATIONAL INVESTORS AND THE EXCHANGE AT PORTS AND THE EXCHANGE AT AIRPORTS AND THE FUND CALCULATIONS WOULD LEAD YOU TO BELIEVE THEY ALSO NEED TO HAVE AN INTERNATIONALLY ACCEPTED CURRENCY --- OR IT IS NOT REPRESENTED BY THEIR GPI
Millionday: LOOK WHO IS ADDRESSING THIS MEETING
Millionday: The President of the reconciliation committee and parliamentary accountability and justice, Hisham Abdul-Malik al-Suhail, Saturday, for the separation of the Baath ban law for accountability and justice and enacted in a separate law.
Suhail said in a statement followed the "Obelisk", "The Parliamentary Committee voted unanimously to separate the Baath for Justice and Accountability Act prohibition, is to be read separately and simultaneously within the Council and then its approval."
Millionday: NOTE -- THE SEPARATION HAS BEEN PRESENTED AS A NEED AND ALSO FOR A VOTE -- OVER AND DONE AND VOTED ON TO BE DONE BY PARLIAMENT -- WOW THAT WAS FAST
Millionday: Suhail said that "the Committee vote on this matter is to achieve some kind of justice for the victims of the Baath Party and redress the wronged him, for legal reasons,
because the accountability and justice for a transitional period expires after a period, but the ban on Baath Party constitutional article fixed and does not change."
Committee members stressed the "need to enact a ban on the Baath Party Law independently in accordance with Article VII of the Constitution before the approval of the Justice and Accountability Act."
Millionday: NOTE -- THE ACCOUNTABILITY AND JUSTICE WILL CHANGE BUT THE BAATH LAW WILL NOT SO THEY ARE SEPARATE
Millionday: Article (7) First of the Constitution provides that: Any entity or program that adopts racism, terrorism or atonement or ethnic cleansing or incites, facilitates, glorifies, promotes, or justify it,
especially Saddam's Baath in Iraq and its symbols under any name, and may not be be within the political pluralism in Iraq, and is regulated by law.
Millionday: SO AS WE SEE -- THEY HAVE IMPROVED IN KNOWING THEIR OWN CONSTITUTION AND ITS INCLUSION IN LAW --
Millionday: The President of the Republic Fuad Masum that "achieved victories against the terrorist organization Daash create an atmosphere appropriate for national reconciliation and justice to the oppressed and to prevent dictatorship and monopolize power."
Said in a speech major Balahtphalah day Iraqi martyr and held by the Supreme Islamic Iraqi Council to mark the anniversary 12 of the martyrdom of President of the Council, former Mohammed Baqir al-Hakim that he "can not forget the pivotal role of the martyr Mohammed Baqir al-Hakim in promoting understanding between the opposition forces, which enhances the end of 2002 where he developed the basic principles of stage transitional and permanent constitution, which reflected. "
Millionday: NOTE -- THIS SPEECH WAS MADE TO THE PUBLIC BY PRESIDENT MASUM CLAIMING THAT THE COUNTRY HAS ACHIEVED VICTORIES THAT CREATE ATMOSPHERE FOR THE NATIONAL RECONCILIATION CONFERENCE ---- WHOOOPOW --
Millionday: He added that the infallible "one of the most Macd it martyr not download any party or sectarian nationalism brunt of terrorism, which appeared in the country after the 2003 platform of the principles of true religion and human rights, as established by the regulations of the human society."
He explained that "Iraq today Maishdh displacement of more than two million people and, most recently displaced people of Anbar and receive their brothers from other cities and provinces have an open mind and an open heart and Aqtzmoa with them for a living gives us an important lesson that we must do."
Millionday: NOTE -- HE MADE THE POINT THAT HAVE AN OPEN MIND TO HELP THE DISPLACED IN THE REGION THAT ARE ARRIVING IN PROVINCES FROM THE BATTLE
Millionday: He stressed that the infallible "This is a great lesson to take good deal positively with him and take him political blocs to translate this cohesion to work in a spirit of struggle has sister to accomplish a number of steps and procedures to make reconciliation a reality on the ground."
He said the "victories of our troops in various configurations and with it the people require a unified position to be strengthened by relying on ourselves and on the countries of the region and the brothers,
Millionday: NOTE --THIS NEEDS TO BE EXPRESSED TO THE BLOCS AS HUGE STEPS AND PROCEDURE THAT HAS PAVED THE WAY TO NATIONAL RECONCILIATION -- WHOOPOW
Millionday: >>>>>victories create an appropriate atmosphere for the achievement of national reconciliation on the basis of justice to the oppressed and freedoms and to prevent dictatorship and monopolize power."
The al-Hakim was killed in a car bombing on 29 August 2003 after his release from the Imam Ali shrine, where he was cast Friday prayer sermon.
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