aggiedad77 » March 9th, 2015, 11:57 am
Monday News Summaries and Commentaries
Quick note to Family....you will see a couple of article from WS today that speak to an auction that the CBI held today...this auction is nothing like the daily auctions they stopped on 2/20/15.....this is more of a bond kind of thing that they have been doing periodically and it is typically for a term of 91 days....again...not the same as the daily auctions but has been ongoing by them for a number of years.
As for the rest of the news....the Kurds are back in Baghdad talking oil issues and salary issues....the Peshmerga have left Baghdad happy it seems....oil and gas law remains in the COM at this time despite what other sites might be telling you....
Basra continues to seek recognition....but you can't eat a title....Kurds say that by the end of February they supplied 97% of the oil they were supposed to....time to pay us....nailed a former Minister of Electricity for playing with public money....
CBI continues to work on ways of working with the dollar....oil minister continues to work on rehashing oil contracts with foreign oil companies....how's that working for you....Integrity Commission continues hard at work knocking hard heads.
CBI news and Announcements
Ok, let's lead off with this announcement from the CBI about the auction that I referenced up above....again not the same as the daily auctions.....they are not starting up again......this auction has been a periodic thing for them for a number of years, more like bond auctions.....good for typically 91 days to maturity I believe....no need for excitement here.
Central and the procedures of imported goods behind the decline in the dinar exchange rate
CBI still claims their actions with the removal of daily auctions was to combat smuggling and counterfeiting.....and they continue to take the blame for the rise in the USD over the IQD....at least some economists are seeing the light that the rise is actually due to a combination of things all added together that are creating the currency issues......most if not all are external to the CBI itself....having to do with imports, looming tariffs, lack of the budget, and the liquidity issues.....all are pushing the USD higher on the street.
Parliamentary Finance: the nature of the budget and behind the economic recession of the country
Another day....another opinion.....yet another member of the Finance Committee getting his 2 cents in about why Iraq is facing a recession.....the budget for 2015.....lack of investments at the moment.....the big dip in oil prices....all a temporary thing....take a deep breath and wait it out.
Oil and gas law raises the differences again between Arabs and Kurds
Arabs and Kurds....apples and oranges....dates and camels.....there are claims that the oil and gas law lacks proper wording and that is the hold up in in the COM with it at the moment....get it right...quick....the whole country awaits it....heck the whole world is looking on.
Parliamentary oil: the draft oil law is still with the government
Black and white.....the HCL is still sitting in the laps of the COM....has not been made law....not yet anyway....read between the lines here....Parliament still has to read it twice and do a vote...but it is coming baby.
Parliamentary oil: the draft oil law is still with the government
One thing is for certain....everyone has 8 fingers and 2 thumbs...well most everyone...and they can all be put to good use pointing the blame of things in some other direction....the recession....blame it on the budget....or blame it on the low oil prices in the world today....the lack of the oil and gas law in Parliament....well blame that on the COM....they still have it after all....meanwhile the CBI points to the need for programs and plans...in other words laws....that will help with the financial reform....the economic reform....whatever name today you want to peg to it.
Directorate of Nationality: national card project requires infrastructure and a comprehensive database
There is and has been a strong push towards a national card that identifies Iraqis with pertinent personal information on the card....almost like a big brother kind of scenario....yes sort of scary....the powers to be associated with the push are saying to make it happen will require the implementation of an intense infrastructure system along with a very comprehensive database that to me seems almost impossible to maintain giving the shifting sand movement of many Iraqis this day and age....with all the displaced citizens and such....maybe a thing of the future....but for now let's spend our money in more fruitful directions for the good of the country.
Parliamentary Finance: The government launched a volunteer dues and began their salaries
So volunteer in Iraq and get paid in meals.....sort of like spending time in prison and get three squares a day....just kidding....but all the same they have the money to fork out these meals for people who are only volunteering...but not enough money to pay state employees...hmmm.
Jubouri calls for Maliki dimensions of responsibility Spyker crime !!
Speaker Jubouri has in his possession the report on what happened at the Speicher Base camp....this will be read in a closed session of Parliament in the coming days due to the sensitivity of the report and those that may be named in the report....anyone with a name starting with an M and ending in an I.....ok, enough said.
Ministry of Municipalities and resume the stalled projects in the liberated areas
The Ministry of Municipalities is hot to get projects back underway in the liberated areas especially important things like potable water systems, sanitation and such.
Peshmerga: meetings of the delegation with Baghdad positive and we agreed to increase air support and secure financial allocations
Once again the Peshmerga arrive in force....they conquer and they leave happy....they have won greater air support in their efforts to fight DAASH...and they have won recognition in the way of financial allocations....that will be pushed higher up the food chain....hope they see the moolah soon for their hard earned efforts...they deserve to be paid.....they have apparently agreed on the amount of 1 trillion 200 billion dinars for the Peshmerga forces as well as a percentage of the Defense Ministry budget....woohoo....a decisive victory one would hope.
Consultant infallible: President of the Republic will convince all parties to make the capital of Basra, Iraq's economic
President Masum has a task....to convince the necessary powers to be that Basra deserves to be the Economic Capital of Iraq...meanwhile he is on a road trip tasking himself to determine the needs of other areas of Iraq as well...I'm thinking though that Basra may have this sewn up....they deserve the recognition.
Call for an increase in the proportion of the profits of banks to increase deposits
The head of the Association of Private banks is calling for an increase in the proportion of profits the banks see as deposits rise...they are wanting the Iraqi citizens to bring their money back to the banks....increase deposits and are expecting to see profits rise within the banks based on this action....further growth in the economic development of Iraq.
Expert: national economic growth needs to prudent fiscal management
If I had a dinar for every time an expert in Iraq spoke I would still be poor.....but at least according to one expert there are signs of economic growth....I think what this guy is seeing is almost on the level of pie in the sky....yes the CBI is injecting things into the economic development of some banks.....allowing them in turn to provide loans in certain sectors thus putting people back to work and stimulating the economy....but the other things regarding tourism, increases in quantity of goods and services, jobs and such will come over a longer period of time....I guess he is saying this....but don't be counting these chickens yet, they are not even in the egg yet....as the title says....be prudent and frugal.
Baghdad and Erbil experiencing intensive meetings .. and paper closest to the National Alliance for the implementation of the national reconciliation project
Talk about a balancing act.....we've got ongoing meetings by the Kurds and Baghdad on issues that pertain to oil and gas, salary, and national reconciliation...which meeting are you going to choose to attend....they are running concurrently......oh decisions, decisions, decisions.....of course national reconciliation is important to one and all...and it is critical that it happen without intervention of the wrong neighbors.....and we definitely do not need one political entity being more powerful than another....reconciliation is the theme here.....laws have found a way to delay things and now it is time to get on with the show....in the coming period.
Kurdistan: we assume 97% of the agreed oil to the center and wait for our rights legal
Kurds claim their records indicate that they pumped 97% of what was asked of them for the months of January and February...now they look for what the state owes them....money....show us the money.
Keywords: Central introduces a strategy to keep the dollar
The governor of the CBI is announcing a new strategy or method they have developed that will allow them to sell the currency in a manner that will not condone smuggling or counterfeiting.....he indicates this will be done on some periodic level and will not be a permanent thing....
He also claims that the banking sector has in place the necessary tools and the broad market to handle the program but also needs support of the government....as for the deletion of 000's project....he is not stating anything new....it will not impact inflation.....will be ongoing....over a period of two years....we've heard all of this before.....
He says the CBI has reserves of at least 1.5 times the Iraqi market today.....a part of which is in gold....remember what they have been purchasing....it is expected that the CBI actions in association with the economic reform will see an improvement in jobs bringing an improvement to the lives of Iraqis.....must be speaking of something more than a program rate to make this happen I would think.
Cabinet approves World Bank's support for environmental projects in Iraq
Kind of roughly worded but believe the COM has agreed to allow the World Bank Group to continue to be supportive of environmental projects in Iraq....something the group likes to do and sees as a humanitarian effort on their part especially with struggling countries such as Iraq....this will be monitored and maintained by the Secretariat General of the COM going forward.
Baghdad: Cancel contracts Aalmhalih and direction for Europe
The Baghdad Provincial Council has recently reviewed the status of 42 projects and associated contracts with local companies and deemed them to be lagging in their work progress and have since cancelled these contracts and are looking toward Europe to award them to other companies....they even involved the Integrity Commission in their investigation so this probably would not end good for these identified companies.....hoping that corruption is not the end culprit here.
Eliminate judged in absentia to seven years imprisonment on the former adviser to the Minister of electricity for harming public money
Former Minister of Electricity has been charged in absentia for wrong doing with public money....another Maliki henchman that has apparently left the country or is lying deep in some rabbit hole.....sentenced to seven years for his corrupt ways....sounds like a shortage of funds may have found their way into his pockets and bank accounts.
Sale of 138 billion dinars in the auction, "remittances" Central
Again, not the daily auctions that were stopped as of 2/20/2015....these are a horse of a different color and were not impacted by Article 50 of the budget.....more like bond auctions that mature in 91 days and have been ongoing for a number of years.
Public, "the Bank of Babylon" to discuss the capital increase March 21
Will just say....liquidity must be getting freed up somewhat for this to happen.
How reached Ceyhan downloads of Kirkuk crude?
Kurd exports of crude to Ceyhan, Turkey have reached 400,000 barrels in the past week....still not clear in my mind that they can say they hit 97% of their target of exports for January and February....maybe 97% of production for that time period would be more like it....good to see Kirkuk oil kicking in though.
Oil: We seek to enter the investment patches or new licenses tour of national effort
Oil Minister Mahdi is seeking to improve production of oil and gas for Iraq through improved licenses, working closely with production companies in how they manage Iraqi wells, and also with neighboring countries...this third element has to do with border oil and gas operations...who takes responsibility for what oil and gas....don't steal my stuff out from underneath me....since the oil and gas contract bidding in 2009 and 2010 not much has increased in the way of overall exports for them....they have a long way to go to attain 2017 targets at this point.
Staff tried to adjust received 121 million dinars in compensation illegally
Three staff members of the Property Claims Commission got sticky fingers with 121 million dinars....and got caught with cash in hand.....not a good thing....looking at some jail time undoubtedly.
Financial crisis, "hamper" the establishment of the port of Faw and Vice Besrion promising investment "solution" to complete
The Iraqi port of Faw is seeing their port reconstruction efforts falter and are blaming it largely on the financial crisis as well as potential corruption associated with nearby Kuwait ports....work is falling behind schedule or just stopping altogether due to economic issues....past corruption has been an issue that unfortunately must be dealt with today.
Iraqi minister: We're comfortable receiving aid from Iran
Iraqi Defense Minister states that Iraq is ok with receiving aid from neighbor Iran....while the US worries over the impact that Iran may have with Iraqi affairs....the situation is balanced according to the Iraqi minister.
Source for "information": 31 billion dinars per month presidencies, ministers, members of parliament and local government salaries
According to "official sources" the combined salaries of the President, PM, and Speaker of Parliament and associated deputies and ministers amounts to 31 billion dinars per month.....then tack on additional money for incidentals, car allowances and maintenance, security and the figure just goes higher.....the salaries of the Parliament members taps out at 17 billion per month....and then the provincial salaries for their leaders.....wonder why some aren't getting paid....times are tough so they say....and I will add this caution....since we do not know the source of the information or how fresh it is...take it with a grain of salt at this point in time....almost not newsworthy material.
Moussawi: Federal Court Act is heading to the legislation
According to a member of the Citizen Bloc the Federal Court Act is heading to Parliament to be read and then voted upon....even though there are points of contention within the writing of it now....it is expected to be read and passed in the coming days...or weeks....depending on your frame of time.
Council of Karbala: All provinces seek to establish private companies, whether oil or other sectors
A spokesperson from the Council of Karbala claims that all provinces are anxious for the decentralized system of government to reach them....they are also interested in working to establish private companies in all sectors including oil and gas....this will likely spawn a number of new Iraqi companies within each province....an interesting process lies ahead of them in this regard I believe.
Muhammadawi: Faw port would be an alternative to the Suez Canal and the great need for support
More talk towards the modernization and reconstructive efforts associated with the port of Faw......upon its completion the work will open this port city of Iraq to the world in many good and productive ways...meanwhile though the work flounders and sits idle due to financial and economic reasons...there is talk of working on credit....but nothing moves forward yet.
Kurdish official: the Peshmerga will continue editing the areas of Kirkuk and will not wait for the army and the crowd
Peshmerga forces continue to protect areas around Kirkuk and ferret out cells and gangs of DAASH despite lack of arrival of Iraqi troops and the popular crowd at this point in time.....the Kurds recognize the importance of who holds and controls Kirkuk and its oil fields....and feel strongly that it all belongs to them at this point.....they are hoping that possession is 9/10's of the law it would seem.
Kurdistan Parliament ends of the preparation of the draft law for the reconstruction of Kobanî
Kurd Parliament finalized a draft law for the reconstruction of Kobani City and is expecting it to pass Parliament soon....the law provides for well designed reconstructive efforts and includes involvement of engineers in the rebuilding process.
Onward we march....forever positive in our step.....always assured of our direction....for we follow the Great One....our Father.....let these words of summary not cause confusion but build upon your present knowledge....enjoy...and know.....the BEST is yet to come.