Recaps Note: We apologize for posting this a little late as it was accidentally overlooked
Millionday News 4/27/14 Part 1
Welcome to Sunday Night News Time With Millionday!
[millionday] we have a lot to look at because things are moving fast so here we go
[millionday] Shkran Fatlawi stressed experts, researchers and specialists in economic affairs on the need to find appropriate solutions to bring out the Iraqi economy from the problems experienced by,
and addressing structural imbalance in the legislation relating to this side and that caused the events of a lot of Alarbakat of the most important performance degradation in implementation of projects and underdevelopment across the country, came during a seminar extended held by the "Institute for the progress of policy development and attended by" morning ".
[millionday] note --- this seminar is to move to a market economy
[millionday] president of the Institute of the progress of the policy development, Dr. Mehdi al-Hafez said that the economy in the post-change in 2003 and the subsequent did not achieve the reform,
which was a basic goal of the change process, which resulted in the continuation of the proceeds of the oil industry that plays directed and leader of the economic activities of basic market economy and pointed out that the overall development lies in a market economy,
which combines the state administration and the market are paired and this is what poses to be a reference guideline and practical economic performance sought an approach that supports the development of the private sector and make it a leading real national economy and provides potential diversification destruction.
[millionday] note -- the president of the institute of the progress of the policy develoment is in Iraq and working on the move for what? -- i would say policy development -- and this is all economic reform
[millionday] implementation of projects and pointed Hafiz that the importance of the reform integrated, which aims to protect the state's resources and control the implementation of projects and economic plans properly, pointing out that the facts indicate that the level of implementation has fallen.
noted that the fiscal and monetary policy are other need repair through the importance of restraint by past agreements between the Ministry of Finance and the Central Bank of Iraq in 2006,
which was aimed at restructuring the banking sector, the government of Bmusrfa Rafidain and Rasheed and settlement budgets and building healthy relationships with private banks and private removal All obstacles by creating a sound environment to work and repair the infrastructure of the banks and a commitment to oversight and registration of credit and
[millionday] guarantees necessary and Bending financial auditing and accounting. adoption of the budget , while suggesting Director General of the Trade Bank of Iraq Hamdiya dry in her presentation that there is a reluctance in the projects attributed the reason to the delay in approving the budget,
primarily the first as well as the existence of companies that are not efficient, pointing to the need for companies entering foreign discreet to Iraq and to facilitate the procedures in front of these companies.
(3) million housing units called dry necessity to hold the reforms required by the assignment of projects to companies sober relying on standard sobriety,
[millionday] note -- so the reforms were to be done at the same time as the budget and the beginning of the projects and now things have taken a turn if they do not put the budget through -- international projects and banking to back the Iraqi banking --- this is a huge step and will pressure as we talked about before
[millionday] efficiency and similar works as well activation of the construction industry to provide raw materials for construction, especially in the area of housing, because the country needs to more than 3 million housing units, she said.
expertise of university invited the professor of sociology at the University of Baghdad, Dr. Fawzia Al-Attiyah to create a state of coordination between the university and institutions government in order to benefit from the experience and university research and studies as well as learn from the experiences of other countries and the preservation of human wealth.
[millionday] note -- this is referring to a program we have all taken advantage of here -- corporations are going to universities and getting new grads -- that is great for many reasons we can all guess
[millionday] note -- this is all being done for one purpose --- moving to a market economy -- which trades with the globe -- running on supply and demand is what that means
[millionday] private sector banking expert Dr. Ali Al-Shalabi said there are calls to move towards a market economy, but the reality of the situation is still the public sector is in control of the levers of the economy process of import are by institutions and not by the private sector, pointing out that the latter is unable to perform the role required in the absence of support for this sector and the migration of capital.
[millionday] so they are saying that yes it can be done but the "splash" they want to achieve would forever be lost on this one time EVENT -- so do they wait or go? -- they have moved up a meeting with budget discussions to may 3rd --
[kimberly1] Does this mean what I think it does?
[kimberly1] Cause it sure seems like we are looking at them going online
[millionday] wow -- if you were here i would try to read your eyes but mind ? not that good hun lol smile
[kimberly1] I'm sorry it just seems like they are finally ready to get the ball rolling for real
[millionday] yes they will be taking all of their markets into the 21st century --- and they have been making it clear that their intentions is for the private sector to be able to sell and buy online -- huge
[millionday] their market will be moving and expanding so fast because of it -- and oh what a huge expansion it will be
[millionday] kimberly1 i agree
[lstar877] Is it very important to iraq that budget gets done first before open market?
[ROBINREDHED] lstar877 good question
[millionday] not according to CBI -- they have stated they have every intention to move forward with international projects and trade if they have to -- not going to hold the growth of the country back --- great news for us -- not so much for the private sector of Iraq
[millionday] let me say one thing ---
[millionday] let me have the floor for a sec and make a point
[millionday] the economic collapse was not an unforeseen event --- the globe had ample warning that all countries were going to feel the impact and it was coming years ago when it first had its most pain to slap us with ----
the thing was -- it isnt something that can not be understood that a country that was completely closed off economically and had the resources to maximize in their stock market -- if it was created -- would be the saving grace for the globe -- Iraq is the only country that was not effected by the recession so
[millionday] as we look at that point -- we are completely capable of seeing the results that are coming --- i am a firm believer that an EVENT this large was not done without a whole plan by the best of the best – so the thing is this
[millionday] those experts and specialists ---- are active in Iraq during the time we are seeing now -- so it is easy to realize that the bow is getting wrapped and we see that the end results for the trade hub it will be and its results are in perfect sink with all of the international economic news we are seeing as well
[millionday] smile make sense ?this is bigger than us fish - so know we are not behind -- we are right on time and it is looking very pretty at the station
[larrykn] the thing is it looks like they would like to see the budget in place before they release the RV
[millionday] key word -- like but not willing to change the whole plan for bad politics
[larrykn] O I hear ya and I'm praying we see it like now
[millionday] the budget not being done will not stop the plan -- but the idea is for them to get it done
[millionday] smile brb with more
[Rockin'RV] MD, keep in mind that Shabb's always wanted a stable government....I believe this will happen after the elections.
[millionday] here we go - The head of the National Commission Ahmad Abdul Jalil, Center Brief for the Iraqi Media Network, to be able to retired military and security forces and the families of martyrs military and the Martyrs Foundation, Review Centers Exchange smart card to receive their pensions in accordance with the new increase.
[millionday] now the fact that the smart cards will be loaded for exchange due to the fact that they are also abroad --- is a great point in this and also this is coming from the head of the national commission --smile
[jtank] the smart cards from the budget?
[millionday] the smart cards are from federal benefits being distributed --- all social programs and also work programs etc
[Road_Kill] Are they going to load the smart cards time? We've heard this before, why is this time different?
[millionday] they are supposed to be paid into but i would assume the gov has them budgeted in at this point
[ivorygal] "In accordance with the new increase".....new increase from what?
[millionday] Road_Kill the situation in Iraq is different -- they have announced the reforms and the economic status of these reforms and also can not move forward without the promises for survival that they have made -- also the banking reforms are in a entire different spot now -- they are hooked to the data entry needed to move forward
[millionday] the new increase of pay they voted on
[millionday] we dont know if that is at new value or not -- but we know the loading of the smart cards mandates that they are internationally capable of drawing funds from across the globe
[millionday] and that is the whoppow smile
[millionday] citizens of Iraq are abroad as well -- always keep that in mind so beneficiaries of this program -- are in need of the right and way to exchange no matter where they are visa/mastercard
[Road_Kill] That is huge!! TY, TY
[millionday] smile i agree brb with more
[millionday] here we go notice the GOAL - The governor of the Central Bank and the Agency Abdul Basit Turki Saeed, on Sunday that the private banking sector in Iraq has seen little growth over the past decade. He said Turkish for "tomorrow's Press,"
"The private banks in Iraq did not work as a sector integrated during the past 10 years, but I just tried to take advantage of the opportunities of the Iraqi Central Bank in its daily auction," noting that "the work of the banking system in a simplified lies role in receiving Savings and secure individual investor Mini (credit + loans) in addition to the normal role of banks to provide the necessary funds for investment
[millionday] He added that "some of these banks rely in this way depends on what most of the banks of the profits achieved Mnamilit buy foreign currency at the central bank auction daily, while other banks adopt my game so-called letters of guarantee to increase its capital."
He pointed out that "the central bank since 2013 and has tried to reduce this effect, and the adoption of recommendations to support the role of the president of the private banks on credit and loans to the private banking sector to move forward."
[millionday] note -- we are very aware they have been working at full force to get the banking ready for the globe and are very happy
[millionday] DUE TO >>>>It is noteworthy that many officials are demanding the private banking sector to give special attention to the growth of investment and the country's economy in general.
[kimberly1] If they RV won't that kick off the private sector?
[kimberly1] It should take care of itself in that aspect so to speak
[millionday] exactly right – smile because of many things but
[kimberly1] The Market economy should take care of the rest
[millionday] no one knows what to pay for advancements and those of us in business understand that it is very very important to keep your profit margin to a % that is acceptable amount to be able to be a success -- the overhead can not be questionable -- that is ridiculous and not a way to do business --- IMPOSSIBLE