[Oil and Gas Law]
So out pops another good article this week about HCL. Remember I told you that Iraq must distribute the funds now to the citizens now that the HCL law is all done, and I mean DONE !
There are many parts to the law and one of the parts the USA needs to see is the distribution of the excess oil revenues to the citizens. Sure the Kurds go their 17% but was any of it distributed to the people as of yet.
This is very important and is another part of fully implementing their constitution. So this week we see another article now from Kurdistan telling they are working on legislation through their government on how to do this allocation and how they plan to legislate other parts of the HCL in their provinces.
Remember Kurdistan operates also like an independent state outside of the Baghdad government. This following article is a bit late but nonetheless we got the positive confirmation now.
Remember last week we read that they intend to pay out to the citizens sometime in June and July timeframe for the very first time since the war. This was amazing news. This is what the UN and the USA need to see prior to any RV.
So now if you don’t believe that HCL has been done, is done, I have no hope for you…lol…..
BARZANI SIGNS OIL AND GAS INCOME FUND BILL
The Kurdistan Region President Massoud Barzani signed a bill outlining an oil and gas income fund, last Thursday 30th April.
The Kurdistan Region Parliament released a statement which declares that the bill was passed on 1st April and the draft delivered to President Barzani for further consideration.
“The Kurdistan Region President signed the bill on April 30th,” read the statement.
The bill consists of 16 articles which aim for increased transparency and development in the Kurdistan Region’s oil and gas policies.
The Kurdistan Regional Government (KRG) launched oil exports a few years ago, creating disputes and tension between Erbil and Baghdad as the Iraqi central government cut the KRG’s share of budget.
Okay so do you remember I told you a few news letters ago that one condition that Dr Shabibi put to Abadi if he was going to come back to fully run the CBI was have total autonomy and no more interference from the GOI?
So when I heard they finally are putting a law in place (no more trusting nice guy stuff as before with Maliki) to prevent possible takeovers and interference in CBI and banking policies administered I jumped for joy.
Maybe the GOI learning its lesson too with the economic liquidity problem? If Dr Shabibi had been fully at the helm I do not believe this would have occurred. So now he is standing firm on his promise and the GOI also is standing firm on their promise and giving him what he needs.
Do you think maybe Dr Shabibi is doing some negotiating too on the RV and telling them NO RV unless I can manage it my way? Gotta luv it !
PARLIAMENTARY FINANCE: DOLLAR CRISIS BE RESOLVED THROUGH THE AMENDMENT OF THE CENTRAL BANK LAW
I know it's about more laws but I like this lady.
Qurtas News / Baghdad
Announced the parliamentary finance committee member Majda al-Tamimi, Monday, that the solution to the dollar crisis is not until after the amendment of the Central Bank Law.
He said al-Tamimi told the "Qurtas News" that "the crisis relating to the market, especially with the rise of the dollar against the dinar as well as financial liquidity, can not be controlled, but to amend the Central Bank of Iraq Law No. 94 of 2004 and in harmony with the stage Wares of the country".
It added that "the Committee supports the central bank to amend the new law, which is now in the Council of State and we are waiting send it to us for discussion and reading in the House of Representatives."
She pointed out that "the adoption of the amendment to the Law of the Central Bank will make him independent of the government in his administration," indicating that "the economic problems began Ttrutb result of a law conflicts with a lot of economic and financial aspects that have been developed in Iraq."
It is noteworthy that the Iraqi banking system Atkn of 54 banks, including seven state banks Islamist, one of them newly established, as well as 23 commercial banks special distributed by nine Islamic banks, and there are also 15 branches of foreign banks, and there are many institutions that do some banking business, including 34 money transfer and nearly 200 belonging to the banks foreign exchange company or dealing with banks with loan guarantee company and to finance small and medium enterprises with two companies for services of electronic banking and smart card company, in addition to nearly 800 branch subsidiary banks and distributed all over the governorates of Iraq.
It is all coming together nicely! I hope this news letter today was useful.
It is funny now how after so many years of reading articles and watching how Iraq works, I can almost predict their next step. So if I believed an RV was imminent I would definitely know and tell you. But I can see it happening in the not too far out future.
I hope everyone reading this news letter today decides to continue to read them since they are a continuing sage.
There are other sources of good information too and I hope everyone will also continue to read the articles even though I do not mention them in my news. I am trying to lead you to see that the news does tell it all. You just have to take the time to read it carefully and take off your RV hype hat.
Peace and Luv To Ya All,