Wed Night News Time w/Millionday 5/14/14
[millionday] This is about the may 22nd finds protection
[millionday] The Ministry of Finance , said on Wednesday that it would not seek renewal of American protection to Iraqi funds deposited in their banks , to assume the CBI liability management after coming out of Chapter VII of the Charter of the United Nations ,
while the central bank that it fulfilled its obligations to the vast majority of the creditors , and the rest of them " do not constitute a source of concern ," objected to the parliamentary finance committee , and carried it to the government and the central bank responsible for " any loss of those funds,
[millionday] note -- this reports gives us alot of info -- first that the coverage of funds will not be extended
[millionday] The agent said the Finance Minister , Fadel prophet , in an interview to the ( long- Presse ) , said that " Iraq has asked the U.S. administration three times before to protect his money deposited in their banks ,"
noting that "the first of these applications was for the period from 2011 to 2012, and the second for the years 2012 - 2013 , and the third for the years 2013 - 2014.
[millionday] note -- we remember those extensions as they came for those of us that have been here – smile
[millionday] The Prophet added , that those " requests usually end in ( 22 May ) a year ," noting that "Iraq has decided this time not to renew the administration's claim to the protection of his money,
[millionday] The Deputy Minister of Finance , that the " decision was made for various reasons, most notably that of Iraqi funds in U.S. banks are safe and do not fear it because its ownership is the Central Bank of Iraq , according to the law and the U.S. judiciary ,"
pointing out that any money back to the central banks , which are independent bodies concerned organize and develop the economy of their countries , under the protection of U.S. banks.
[millionday] The Prophet said , "The other reason for the non-renewal of such protection , due to the large pressure experienced by the U.S. government by public opinion and the political center , and some members of Congress , to increase protection for those funds because they are embarrassed for their country."
[millionday] note -- Iraq wants the globe to have confidence in the country and their ability to maintain their own funds understandably
[millionday] For his part, Central Bank of Iraq , Iraq's ability to protect those funds , especially since he plans in advance for how to manage them and defend them under the regulations and international conventions, A former deputy governor of the central bank , the appearance of Mohammed Saleh, said in an interview to the ( long- Presse ) said that " Iraq has met its obligations to creditors who appeared after the year 2003 ,
whether they are governments or traders or businessmen on according to the Paris Club agreement, the judge, pay 20 percent of the amounts owed by him in the form of payments for waiver of those actors about 80 percent , or 10 percent cash payment in exchange for ceding 90 percent.
[millionday] note -- 90% of funds paid back
[millionday] The promise of favor, that " the rest of the creditors do not constitute a source of concern for Iraq because the debt some of them are not true and can be canceled , and other debts very few do not constitute critical for the Iraqi government ,"
stressing that " Iraqi funds will remain in the Development Fund for Iraq in America and will continue to work out according to the existing regulations. He continued good financial , that " the Iraqi Central Bank to take a proactive step in 2008 , converting a large portion of the funds reserves of Iraq in U.S. banks and distributed to a number of central banks,
[millionday] note -- meaning that they are going to have international banking anyway
[millionday] and no one is concerned with the accounts they have with their control being given to Iraq
[millionday] European , France, Britain , Germany, Italy and the Netherlands, noting that the " central banks of the European her Law is similar to the U.S. banking laws to protect the funds of the central banks of other countries to economic considerations, including the independence of the central bank , and his quest to develop his country's economy and maintain the stability of the market. "
[millionday] note -- in other words -- the goal is the same everywhere -- Iraq activating their economic reform
[millionday] But the parliamentary finance committee , objected to the decision of the Iraqi government and the Central Bank , on the non- renewal of the U.S. to seek protection of Iraqi funds , laden with the responsibility of both sides for the loss of any of those funds.
Said a member of the Committee, Najiba Najib , in an interview to the ( long- Presse ) , that there is " probable emergence of creditors new Iraq, despite government assurances and By central termination of financial obligations on Iraq," she wondered ,
"What guarantees do not receive state credit or traders demanding Iraq repay more debt, real or forged documents.
[millionday] note -- the power of the decision is with the gov and CBI
[millionday] They believed Najib, that "when states or traders tactics and leveled own Ihtallowa by law and the U.S. judiciary and force him to pay their dues ," afterthought " but with explicit protection from the presence of the U.S. administration and the signing of the U.S. President ,
those fears dissipated and no one can dare to funds Iraqi. And confirmed a member of the parliamentary finance committee , that between "Iraq and America's long-term strategic agreements , imposed on Washington not to leave Baghdad in half way to display the creditors do not know their intentions.
[millionday] note -- the strategic framework agreement shows how the US cares and why – smile
[millionday] In contrast, the financial expert warned , Hamid al-Bayati , of the consequences " because of the loss of Iraqi funds enable creditors to seize it.
And explicit government intervention traveled around the central bank 's policies , and make her a follower , " returned that" it topples the independence of the central bank . "
[millionday] Promised financial expert, that government intervention policies would cause the central bank to drop the argument entities garrison Iraqi funds, to be prone to acquire them easily. Deposited in ( the Development Fund for Iraq ) Iraq's revenues from oil exports ,
and the United Nations withdraw from such proceeds five percent compensation to Kuwait for the invasion , while the Ministry of Finance to pay the debt of Iraq by the Government recognizes the responsibility of overseeing the fund.
[millionday] note -- due to the agreement -- they are actually trusted to handle the funds and agreements as they have stated
[millionday] The UN Security Council has committed the Iraqi government at the end of 2010 to develop a plan for the receipt of the oversight functions on the " Development Fund for Iraq," the United Nations the end of 2010 , of the Iraq after placing it in the locker U.S. federal to ensure immunity by law the U.S. presidential him and that would the protection of Iraq's oil imports from custody by a lot of creditors. The UN Security Council voted in (the 27 of June 2013),
unanimously approved the decision to remove Iraq from Chapter VII, in the presence of Iraqi Foreign Minister Hoshyar Zebari, and before that Iraq sought to cancel the debts arising during the reign of the former regime,
amounting to more than 120 billion dollars, which date back to some compensation because of wars waged by his neighbors and others countries and traders, with some states requiring the government and Iraqi traders need to pay their dues and are threatening to sue in international courts to fund Iraqi import
[millionday] so some of the agreements to drop their debts required that trade benefit those countries so they are getting upset over the lack and the progress up to now so more pressure for sure -- smile
[millionday] end of report robin
[carpet] what happen at the ISX meeting 13 & 14?
[millionday] I believe it isn’t over oh wait a minute
[millionday] I have something on it and will see what it is in a sec hun
[letsroll] so will the dfi be counted in Iraq’s reserves even though its been released from protection but held in other central banks
[millionday] letsroll -- it will be as funds of oil revenues to be distributed and appears to be used as calculation as well -- the accounts will be used to hold the funds but the oil production monies are revenues
[millionday] wow check this out
[millionday] described the Minister of Finance Agency purity of net debt failure to approve the budget so far b »crisis artificial» by the House of Representatives used for political purposes,
blaming him the responsibility for its negative effects on the state and citizens alike, likely to resort the government to adopt the principle of credit departments the decisions of the Council of Ministers in the absence of approval and the end of the legislative term.
[millionday] Safi said in an interview with the «morning», Sanscherlahaka, that «the current year budget was a political rather than a technical, professional and development.
[millionday] note -- so what he is saying is that the budget arguments are false and were only told to be problems for political reasons at the expense of the citizens and the contracts etc
[millionday] adding that «the government cast the argument entirely on the House of Representatives by clarifying the size of the budget and revenue and deficit located where », pointing out that« discussed personally budget with the Committees of Finance and Economic especially in relation to the size of spending resulting from the issuance of legislation and lack of clarity of revenue because of the thumb big on the amount of export from the provincial government »,
[millionday] note -- so this is saying that the budget was not passed to make the figures of success look worse for the current parliament -- bad stats in other words
[millionday] indicating that in the case handed the Kurdistan region of revenues 400 000 barrels will be the budget deficit of more than 30 trillion dinars, and if they do not deliver it continued to take its share amounting to 17 percent, the deficit will exceed the 50 trillion dinars.
revealed net for the current year budget was characterized by the separation of the budget State institutions centrally funded from the budgets of the institutions self-funded for the lack of relationship between the two parties in the sense that institutions self-funded, could operate as soon as the ratification of their budgets on their own and
[millionday] revealed net for the current year budget was characterized by the separation of the budget State institutions centrally funded from the budgets of the institutions self-funded for the lack of relationship between the two parties in the sense that institutions self-funded,
could operate as soon as the ratification of their budgets on their own and therefore if you have the opportunity to set progress on that and if they have the transfers between them can direct them regardless of approval of the federal budget,
as is the case with network media and other companies and institutions of self-financing, pointing out that the link in the previous budgets was an error of law.
[millionday] note -- they are stating that the disagreements of the kurds and the federal gov did not happen and it was just used through the media as an excuse
[millionday] was likely net asylum government in the event of a failure to approve the budget for the adoption of the principle of firing advances to state departments the decisions of the Council of Ministers in the sense grant amounts to Account settled down and later, as a director and is the most popular constitutional stroll to matters of state and ministries.
[millionday] wow that was an eye opener
[OOTW] MD do you feel we need to be concerned that Iraq will become a BRICS nation? I ask this in part, because we've seen so many articles that Iraq was going to sign the SFA, but as far as I know they have not. [OOTW] I also ask this because we see that Maliki is going to China and China is upset with the US currency QE status
[millionday] the strategic framework agreement is signed - they had a meeting that was broadcasted I believe but don’t have it in front of me -- they have started the application with the first helicopter and f-16 etc delivery and have numerous meetings on the agreement to move forward with all of its contents and also have met with other countries that hold one with Iraq ---
I don’t believe we have worries no -- and with China -- they are very concerned and many are over the condition of the usd and its results on the globe
[hub] am I misreading this or is a person of prominence fessing up???
[millionday] I can’t blame them at all about that --
[millionday] whether he is fessing up as part of it or he is leaking about the actual moves of parliament and the false info about the budget
[Pablo] So, let me get this straight, this whole stuff about the budget arguments was just political theater? To what end?
[millionday] yes according to this he is stating that it was just a political show to present the statistics of this parliament to look worse than they are for the electoral process I would assume but for politics anyway –
[quicktolegit96] IYO, do u see them passing this quickly now? and TY
[millionday] except that we are sitting here --- but all that should be ready and sitting on the shelf together is sitting on the shelf
[millionday] yes I do see them passing the budget in a hurry -- just this report being said is news in itself imo smile
[OOTW] why don't their banks have liquidity if this is the case? and what about the kurds filing law suits for lack of payment for their govt employees? Are these claims untrue as well? Maybe I'm misunderstanding your point MD?
[millionday] the fact that the budget is not done has affected the pay and distribution of much needed funds -- the reason of why it is not passed is what they were discussing -- for political reasoning and stance -- not for disagreement of distribution etc
[millionday] here we go
[millionday] Hashemi reflected the role of the free zones to attract investment companies through the signing of agreements and conclude contracts with the countries of the region and its investment to strengthen the Iraqi economy and diversify revenue financial supply the budget resources other than oil.
comes after it announced the General Authority for Free Zones for the strategy include the development of the reality of work for the purpose of strengthening the government's budget financial resources of the non-oil sector, where he discussed the Director General of the General Authority for Free Zones, Dr. Salah al-Din Hamid Djaath with the Secretary General of the Arab Union of Free Zones Mahmoud Qteishat ways to develop and promote investment in the free zones in the country.
[millionday] note -- this is a huge whopper
[millionday] this is actual signing of contracts for the free zones
[millionday] now lets look at what the free zones are
[millionday] they are ports that will not be charging tariffs
[millionday] now that means that the market economy would be activated because -- in order for the free zone to be a benefit to one there has to be one that is not free to others -- meaning imports and tariff taxes being activated for a market economy
[millionday] note -- don’t miss a word of this
[millionday] said a source in the body (l morning) that Djaath presented Qutaishat During the meeting, which took place in the Jordanian capital Amman, a detailed explanation about the reality of investment in the free zones of Iraq and the role they play in increasing the volume of investments in the country.
source added that the two sides agreed to hold a special meeting of the Board of Directors of the Union on the discussion of the development of relations between the two sides and how to promote investment in the free zones.
[millionday] note -- marketing the new Iraq meeting
[millionday] The General Authority for Free Zones of the Ministry of Finance had announced earlier in the strategy work includes the completion of the investment plan for the development of the infrastructure of the free zones currently operating or free zones,
new and complete the procedures for the investment of a piece of land near the Baghdad International Airport so as to establish a free trade zone on them, and looking to open new free zones near the border crossing points with business outstanding (such Trebil, Zurbatiyah, Mundhiriyah, and Safwan.)
[millionday] WHOOOPOW >>>> in the same context and signed an investment contracts with three companies to invest in the Free Zone in Khor Al-Zubair in Basra province.
The same source said that the first contract was with the company resources Khor Al-Zubair to trade and processing of cement limited area close to ten thousand square meters, adding that the capacity of a production company of cement amounted to sixty-five thousand tons per month.
adding that the second contract was with the company Aleman General Trading Co. Ltd., which boils down to activity compiled a small buses and cars pregnancy (1 ton) and saloon cars to Chinese public company for the automotive industry.
[millionday] source continued either supplement contract other Vtm signed with one of the investors in the Directorate of the free zone in the Khor Al-Zubair, who wanted it to change his investment from commercial to industrial, where he created Economic plant bulbs and sockets.
mentions that Iraq includes three free zones located in the head of each of the Khor Al-Zubair in Basra and in the province of Nineveh, pimento and the other based in Anbar province.
[millionday] SO WOW -- the signing of free zones in the Anbar area shows that maybe there has been some calming in the area and of course that some Iraqis tonight are excited that their jobs are about to begin and be more plentiful -- love it
[millionday] end of report robin
[hub] are these free zones like our enterprise zones?
[millionday] yes they are at country crossing and also are free zones of tariff and maintained and audited etc by customs
[slh5282] where are we on the duty free zones and the tariffs? has this been put into play or is there a play for this?
[slh5282] think my question just got answered
[millionday] they signed three contracts today for them
[radronin] MD- have you seen the article from the World Bank? Do you have any thoughts on this? http://www.albayyna-new. ··· id=30607
[millionday] here is the World Bank report
[millionday] The World Bank warned the Iraqi government of the consequences of the monetary policy pursued by the Central Bank of Iraq.
He demanded the World Bank, in a letter addressed to the Iraqi government to exert pressure on the management of the Iraqi Central Bank's current policy change for the better, without having to address the current policy of the Central Bank will lead to the collapse of the Iraqi economy, where the Bank has a foreign policy or internal to the challenges. .
[millionday] let me tell you my thoughts on this
[millionday] the World Bank signed and approved the monetary policy months ago or maybe even the end of last year if I remember right -- and the policy must have been changed in some way that was not approved by the looks of this -- so they are certainly getting a response from the World Bank -- smile - and a warning –
[millionday] I don’t see a change in it but have not read it in a few days so -- I will look it over tomorrow and see what I find
[slh5282] did they do aaaanyyyy thing on the budget
[millionday] they have been meeting on the budget and are full of kurds waiting and adding pressure to get it through
[millionday] remember that the UN gave them until June 1st for the projects to be activated for the budget