Millionday news 3/11/15 Part 2
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Millionday: Iraq's prime minister called on Thursday for "patience" while the government implements economic reforms that include restructuring of many state-owned companies,
saying the plan would deliver growth and development. Haider al-Abadi, who took office in September after Islamic State militants seized control of large parts of north and west Iraq,
is under pressure to improve economic and security conditions while navigating a polarized political landscape. Iraq is struggling to attract foreign investment and diversify its revenue sources away from oil, the price of which plunged in the second half of last year.
Millionday: NOTE -- ABADI IS ASKING FOR PATIENCE FROM ALL CITIZENS FOR ECONOMIC REFORM
Millionday: "We call on citizens to be patient. Success and development are coming," Abadi told an investment conference in Baghdad.
"If we stick to the reform plan, soon there will be economic breakthrough."
Abadi said the government aimed to restructure some state-owned companies although he did not say which, when changes would happen, or whether it would entail privatization.
"We want these companies to be more efficient and contributive to the Iraqi economy," he said, adding: "The government has no intention to get rid of the workers in these companies."
Millionday: NOTE -- HE IS SAYING THAT THEY CAN EXPECT THE ECONOMIC REFORM BUT GAVE NO DATE
Millionday: Many state firms have barely functioned since the U.S.-led invasion to topple Saddam Hussein in 2003 and many related to the military have been shut down.
Iraq's economy, which gets about 90 percent of its revenues from oil, was battered last year by plummeting global oil prices and the land grab by Islamic State which prompted big spending on the military and displaced populations.
Defence alone is expected to take up 20 percent of 2015 spending in a budget passed by parliament last month which includes a deficit of 25 trillion dinars ($22 billion) to be financed through borrowing.
Millionday: NOTE -- WITH THE OIL PRICE FALLING LAST YEAR -- THEY WERE SHOWN WHAT IS WRONG WITH RELYING ON ONE MARKET -- AND NOT DIVERSIFYING
Millionday: The government also has to ensure more than 5 million state employees are paid.
Finance Minister Hoshiyar Zebari has said Iraq plans to use its Special Drawing Rights to raise financing from the International Monetary Fund.
A senior IMF official told Reuters the financial institution was open to providing additional funding to the war-torn nation.
"They certainly could (ask for more money). So far they haven't ... We had a program before with Iraq. It's their call," the official said.
Millionday: NOTE -- ZEBARI IS SAYING THAT IRAQ HAS PLANS TO USE THE SDR -- BASKET OF CURRENCIES
Millionday: NOTE --- IRAQ COULD ASK IMF FOR MONEY BUT HAVE NOT -
Millionday: When extending emergency loan programs to countries, the IMF has often pressed them to introduce economic reforms such as restructuring state finances.
Millionday: SO IN THE PAST IT IS COMMON THAT THE IMF LOANS MONEY WHEN REFORMS ARE BEING INTRODUCED '-- HMM
coolspot: so are they struggling to attract investors because they have no International Rate?
coolspot: investors will feel more confident with an international rate
Millionday: THE INK THAT I HAVE SEEN IS SAYING THAT THE RED TAPE AND INVESTMENT LAWS HAVE NOT BEEN ATTRACTIVE TO INVESTORS UNTIL NOW –
THEY HAVE DONE A LOT OF WORK ON LAWS AND REGULATIONS AND MANY REPORTS HAVE STATED THAT CHANGES HAVE BEEN MADE –
FOR INSTANCE -- STATING THAT THE IMF IS ASSURING THAT THEY WILL LOAN MONEY IS HUGE -- THEY HAVE TO HAD MADE CHANGES FOR THIS TO EVEN BE BROUGHT UP IMO
MArco: how do we go from last night having to get er done because of the rise of the dollar and then today Abadi telling people to be patient. EIther they need to get it done or they don;t .
Asking for patience says we still have a ways to go and no urgency regardlwss of what the dollar is doing. How many times do you have to say implementation and not implement.
Millionday: I DO AGREE -- AN INTERNATIONAL RATE WOULD MAKE PEOPLE FEEL MUCH MORE CONFIDENT
MArco: nothing seems to mean anything it seems
Millionday: HE IS SAYING JUST BECAUSE IT IS NOT TODAY DOES NOT MEAN THAT IT IS NOT COMING -- THERE IS NO DATE GIVEN --
awesomedtl: ITS SEEMS WE ARE STILL AWAYS FROM AN RV BEING THAT ABADI IS ASKING EVERYONE TO STILL BE PATIENT!!! EVEN THOUGH THEY ARE SAYING THEY ARE READY NOW!!
Millionday: THIS IS NOT THAT HARD TO UNDERSTAND >>>(Reuters) - Iraq's prime minister called on Thursday for "patience" while the government implements economic reforms that include restructuring of many state-owned companies, saying the plan would deliver growth and development.
Millionday: THERE IS THE WORD -- IMPLEMENTS
RML: Have they (GOI/CBI) been "granted" UN "approval" to drop the program rate or is this no longer in play? Or, is it still a requirement at this point in releasing their currency for world trade?
Millionday: CBI IS INDEPENDENT AND SHABIBI WAS WORKING FOR THEM WHEN HE SPOKE OF THE PROGRAM RATE IN THAT REPORT -- THE GLOBAL PRICING INDEX IS A CALCULATION –
THAT IS GLOBAL -- BOT JUST A RATE DECIDED ON OR IT IS NOT FAIR TRADE
poppy3 GUYS YA'LL EVIDENTLY NEVER PLAYED SPORTS. WE ARE IN THE LAST INNING AND WE ARE COMING TO BAT FOR OUR LAST TIME AND OUR CROWD NEEDS TO GET TO THEIR FEET AND BEE PATIENT AS OUR LEAD OFF HITTER COMES TO THE PLATE.
THIS INNING WE ARE GOING TO SCORE POINTS AND WE STILL HAVE OUR BEST HITTERS TO COME TO THE PLATE . THIS CAN BE A LONG INNING FOR US TO SCORE THE WINNING HIT AND RUN.
QUIT TRYING TO JUMP ON THE MOST NEGATIVE WAY TO LOOK AT YOUR SITUATION OR READING WHAT IS SAID AS DELAY THE NEXT HIT CAN WIN THE GAME. POPPY3---- PUT THIS IN IF YOU GET CHANCE.
CanTWaitwoRV: This Abadi "patience" article came out Feb 12th the first time around via reuters..so did it come out again today?
Papatom: I don't see abadi asking for patience bad... the way he says it ...isn't he saying we are working on it...we will do it right... FOR YOU. so let us do our job...
he's careful not to say HOW LONG to have patience....just have patience...and I see this as a good leader, showing concern for his people... and understanding thier stress, fear, and need... Million day...do you agree,? or do you see something else?
Millionday: YES -- THIS IS GREAT NEWS
Millionday: I THINK THIS IS GREAT WHAT ABADI IS SAYING AND AM VERY EXCITED OVER IT -- HE IS SAYING THAT THE ECONOMIC REFORM IS COMING
Millionday: HERE IS WHAT THEY SAY THE CALCULATION IS >>The open-economy IS curve:
Now 2 channels through which i affects demand:
1. Conventional channel: lower i means higher investment
2. Exchange rate channel: lower i means higher E, hence higher
EP*/P (real exchange rate), hence higher X-M at any given Y
Millionday: Monetary policy: higher M means lower i, higher Y, higher E;
current account can go either way
Fiscal policy: higher G or lower T means higher I, lower E,
higher Y; current account moves toward deficit'
Millionday: READ EVERYWORD -- THIS WOULD NOT BE AN ISSUE IF IT WAS NOT A LAW TO ARGUE ABOUT -- JIM HOPE YOU ARE HERE
Millionday: Kurdistan Alliance, on Wednesday, the subject of the appointment of judges and scholars of religion from the major powers of the Republic and the Minister, is unconstitutional.
A member of the Alliance MP Bakhtiar Ali Jabbar, told the "eye Iraq News", "The House of Representatives was based on the two tasks, namely, legislation, regulations, and control over the implementation of laws."
Millionday: NOTE -- THIS IS FOR THE FEDERAL COURT ACT
Millionday: He added that "the subject of the appointment of judges and scholars of religion in the Federal Court by the President and the Prime Minister exclusively, it is contrary to the Constitution."
He explained that "the Federal Court must be independent, so that it can launch decisions professionally and far from the political orientations." The mass of virtue in the House of Representatives,
confirmed Wednesday that the presentation of candidates for membership in the Federal Court on a committee composed of the three presidencies of their choice and to approve the appointment without the consent of the House of Representatives where a clear constitutional violation.
Millionday: NOTE --- THEY ARE PLACING THE POSITIONS FOR THE FEDERAL COURT ACT -- AND THE KURDS ARE STATING THAT IT IS NOT CONSTITUTIONAL
Millionday: The head of the bloc MP Ammar Tohme said in a statement "Eye Iraq News" received a copy of it, that the constitution stipulated in the appointment of special grades and agents and some members of the judiciary and other approval of Parliament and members of the Federal Court on them this provision applies Almtabqah give indications or measuring priority.
Millionday: NOTE -- HERE IS THE EXPLANATION WHY IT IS NOT CONSITITUTIONAL
Millionday: He added that the importance of the powers and terms of reference of the Court (constitutional control over the laws, the interpretation of provisions of the Constitution,
the ratification of the results of the general election, and others) with the award decisions binding for all authorities and fortify the objection and debate underscores the need to authenticate the Parliament on the appointment of its members,
to prevent inventory approval decision the appointment of members of minors by clergy limited partnership as narrow space in the selection of this important institution, which constitute the most important of the new democratic system guarantees
Millionday: SO THE PROBLEM IS THAT THEY MUST BE APPOINTED AND THEY ALSO HAVE TO BE AGREED ON AS IN ALL DEMOCRATIC SYSTEMS
Millionday: THE MOST IMPORTANT THING TO ME IS THAT THE LAW IS BEING PUT IN PLACE BY PLACING THE JUDGES AND SCHOLARS
Millionday: BUT THEY ARE NOT BEING PLACED PROPERLY --
Papatom: do you think they are trying to HURRY and that's why it's not being done properly?
Millionday: I DONT KNOW -- BUT I KNOW THIS IS VERY FAST WITH THIS BEING IRAQ
Millionday: I HOPE WE WILL HAVE SOME ANSWERS ON THE ECONOMIC CONFERENCE TOMORROW AND I HOPE TO SEE YOU HERE AT 730 EST ON FRIDAY FOR NEWSTIME AND 1 EST FOR ROUNDTABLE –