aggiedad77 » February 22nd, 2015, 12:30 pm
Sunday News Summaries and Commentaries
Sunday, give thanks to God for this day and all that it brings.....it would appear that the budget for Iraq has been published....and as I start to write here there is yet to be an auction today at the CBI....HOOORAAAHHH.....do you really care about the rest of the news or what time it is.....LOL.....of course you do.
Thieves dollar starve the poor decrease the value of the Iraqi dinar
Some articles are rather difficult to interpret or decipher...this is one of them.....so who are the thieves they point to here.....obviously this is an opinion piece by an Iraqi writer...but it would appear they have done a fair amount of research....just not sure how well their "facts" can be backed up....this individual says that the $75 million dollar cap on the auctions of the CBI is not the cause of the fall in value of the IQD in recent weeks....he is saying that it is the dealers who are the real winners in this game.....
From the years 2006-2013 the CBI sold something in excess of $300 billion dollars in auction sales....yes they gained from these auctions....but the real winners again were the dealers....or was it....regardless a handsome profit has been made here for a number of years.....a profit to rival the oil sales during that time....
Again this writer's opinion that this entire process was put in place by the occupying group and mainly one individual, Paul Bremer, back in the early occupation days of 2004 when the new government was being formed....things were established that were not done so as to benefit the people or the Iraqi economy and at the same time making Iraq so dependent on oil exports.....
well with the new government has come the Integrity Committee and they have formed a sub-committee to begin an investigation into this entire process....may the chips fall where they may depending on what this real-time investigation uncovers....that is the fact of the day....may their work be done with integrity and honor.
Our economy is still Mnfelta which controls the strongest !! .. law confirms the transition to a market economy, but
Another opinion piece by economists, that states the bottom line to the Iraqi economy is that economic reform has been on the table ever since 2003, with the fall of the former regime....however those in power have been blinded by the potential gain from big oil bucks.....and economic reform didn't even take a back seat in the bus because it didn't even get on the bus....the other sectors outside of the oil and gas arena were basically ignored....ignored until the formation of this new government and now that they have inherited such a gross amount of negligence after 8 years of embarrassing glut by their former government leaders they have a HUGE mess in aisle 3 to clean up and contain.....
In top of that they are saddled with one of the biggest terrorist threats of the world, plus the greatest death spiral of oil prices over the past 8 months.....is it any wonder they appear to be failing....but are they really.....they at least acknowledge the issues they face today and are trying to make amends....their effort is great.....
but from the outside looking in....the effort almost seems fruitless because it isn't what we want or seek....but it is.....they have to clean up aisle 3 before real progress can be shown and they are doing that.....the BEST is yet to come....bank on it.
Kurdistan Alliance: boycott the political process is an option if Baghdad continued to cut off the province's budget
The Kurds are saying they have done everything they can on their part of the deal signed in December, yet Baghdad continues to withhold salary payments to Kurd employees....perhaps the only thing left is to boycott the Parliamentary political process....
I am thinking that this is talk of a few Kurd politicians who think their words will scare Baghdad into some kind of action....their PM Barzani while concerned is not visibly upset with things at this point in time......he has stated that it is necessary to continue negotiations with Baghdad and that they both are wanting the same thing....resolution of oil issues....resolution of salary problems.....
will a boycott really serve a purpose other than to potentially delay activities associated with needed laws....those that speak of boycotts I am afraid do not view the biggest picture, nor do they have the total interest of Iraq at heart.
Taking bribes in the Municipality of Baghdad circles ratios
Read and heed....if you do the crime....be ready to do the time....the Integrity Commission is looking over your shoulder and all through your files.....so it says about the Municipality of Baghdad.....prior to Abadi taking office I am sure the bribery was almost expect as a way of life....since he took office.....it is done at a high risk to one's reputation....shame on them.....two wrongs don't make a right.
The government borrows billion dollars from the central bank to pay the salaries of staff
I believe this is the first time of a mention of borrowing from the CBI to make salary payments.....they are a bit cagey in announcing how much they would like to borrow and give no details of where it is to come from....but I am doubtful that the CBI will allow the government to touch their reserves.
Disclosure is a special implementation of the shares of Bank of Kurdistan company in the Sunday session 22/2/2015
While they mention 119 million shares of the Bank of Kurdistan....they don't mention share pricing...but it will almost assuredly generate a fair amount of cash for them.
Iraq participates meetings of the Economic and Social Council of the Arab League
Ministry of Commerce is participating in the Economic and Social Council of the Arab League....what a letterhead that must create.....Iraq knows that economic reform is about to steamroll through their country and they want to be heard amongst their Arabic brothers and sisters with all they intend to do and this conference is a great way to begin to be heard....good things to come.
Iraqi Gazette newspaper published the general budget of the Federal Republic of Iraq
This orchestra has been warming up for the past few months and now you hear the cacophony of so many kazoos all seeking harmony as they burst forth with this concerted effort that so many have awaited.....the BUDGET is posted...the BUDGET is posted.....so says WS and the Iraqis.....
with a budgeted value for oil of $56/barrel and export rates of 3.3 million per day....somewhere it has been said that for every dollar the price of oil climbs above $56 the Iraqis take home an additional $1 billion....imagine that.....but keep in mind...that while the price of say Brent Crude might say $61/barrel today...that is not likely the price the Iraqis are getting for their crude.....it still ranges from $51-$54 per barrel....largely based on their markets and the quality of their crude....but still keep that price on the up swing....meanwhile the budget is saying 940 million dinars of revenue.
To discuss the oil agreement with the government in Baghdad ... Barzani meets with parliamentary blocs and the ministers of the Kurds in the Iraqi government
Kurd PM Barzani will be meeting with the Kurd Parliamentary blocs today as well as with the Kurd ministers within the government in all likelihood to discuss their strategy for going forward....I am sure at least one will bring up the idea of a walk-out of all associated with Baghdad Parliament and government....but is that the right thing to do....I hope that Barzani's cooler head will prevail and bring forth a worthy plan of action to continue serious talks with Baghdad and maybe some mediators as has been suggested over the past few days....as he has stated both want the same goal....they just have to get on the same page about how to get where they want to be.
Parliamentary Finance for "direction Press:" The government would provide loan amounts after the liquidity of the State
Finance Committee talks of loans being made available....once there is cash available....again the mention of loans from the CBI and the Rafidain and Rasheed Banks....to the tune of 11 trillion dinars.....6 trillion coming from the CBI....the source of this 6 trillion will be "domestic borrowing" as approved within the 2015 budget....purchasing treasury bonds and remittances.....I'm thinking out loud here....you won't see this loan though until after the budget is published....and after they announce some kind of rate....then they can legally do such "borrowing"....watch for it.
Iraqi government: are committed to the oil agreement with the Kurdistan Region
The Office of the Prime Minister reports that both Baghdad and Erbil are committed to the oil agreement that was signed in December.....the "government" is looking to overcome any obstacles that stand in the way....talking like the issues lie with Baghdad not so much with the Kurds at this time.....they want to continue the dialogue they have established and keep looking for solutions with issues surrounding liquidity....make it so #1.
Kurdish lawmaker: the oil agreement between Baghdad and Erbil is going in the right direction despite the existence of some cacophony
Everyone has an opinion.....so says on Kurd MP....the oil talks are headed in the correct direction even with all the squabble talk that we hear from others....cohesion and unity are still being stressed as the means to find an agreement that will serve all equitably.
PM of Iraqi Kurdistan threatens withholding oil without budget share
PM Barzani said in an interview that if they don't send our salaries we will stop sending oil....this kind of push and pull will not likely get things very far down the road....stay focused on the goal line.....know what it takes to get there and be united in how all can be satisfied in the effort that will provide the desired outcome, not just for the Kurds but for all of Iraq.
Baghdad decided to exchange 250 billion dinars for the Kurdistan Regional Government
Finance Minister Zebari, a Kurd himself I believe, has decided to cut loose with 250 billion dinar and send it to the Kurd government within the next two days....partial payment for January salaries....a small token of our appreciation....this is to hopefully keep the talks between the two parties going forward....now it remains to be seen how PM Barzani and his Kurd peers take this gesture.
Hamoudi emphasizes the need to promote national industry to correct the economic reality
The promotion of national industry laws and legislation needs to be promoted so says the leader of the Council of Representatives.....serving in the best economic interests of all of Iraq.....through the implementation of stronger emphasis on other sectors outside of the oil arena.
Economic center: Determine the amount of central bank auction will reveal the actual market need of dollar
If the CBI intends to stop the auctions....as we've read....I am not sure of the purpose behind what is said with this article....they still accuse speculators as being behind the price driving of recent times.
Mr. Prime Minister, Dr. Haider Abadi
So what is the good word today Mr. Prime Minister......give me a B....give me a U....give me D....give me a G....give me an E....give me a T.....what's that spell.....a better future for Iraq and the world.
Integrity: Maliki bought 12 train lines .. without Railway!
Buying trains without track.....guards for those trains...again without track.....so where are these trains you ask.....so doe the Integrity Commission.....here try this tie on for size Maliki....don't worry though....one size fits all, we can make immediate adjustments....now kindly step upon this box and wait your turn.
Parliament receives National Guards, J&A law drafts
After some amendments Parliament receives the National Guard law draft and the Justice and Accountability law drafts....will they make it onto the agenda for Tuesday though.
Protests in Kurdistan over delayed salary payments
Some state employees are marching in Kurd cities protesting the lack of payment of salaries from the central government....some claim that the liquidity claims of the government are false....others just want what is rightfully theirs for the work they have put in.....needless to say these voices are signs of growing restlessness among the Kurds.
Abadi receives an invitation from Obama to visit America and confirms the improved international support for Iraq
PM Abadi acknowledged receipt of a request from Obama to visit the US and says he will...at the appropriate time....good for him to not jump up and down with joy at a visit to the WH.....yes international coalition help has improved lately...but more is needed he says.....even the head of Central Command of US forces says that security over the past 6 months has improved in Iraq.
Traders Mosul abstain from small coins receipt and parents complain difficulty of living
Citizens of Mosul complain of higher prices while many traders refuse to take in 250 and 1,000 notes due to damage to them....meanwhile the dollar exchange rate has grown especially high in the city....coalition air strikes continue in the Mosul area in preparation for the coming strike by Peshmerga and Iraqi forces to retake the city.
Iraqi parliament is to reconsider the provincial law to meet the shortfall and give them greater power
Another campaign promise of PM Abadi moves closer to fruition...the redirection of power from the central government to the provinces....this will be happening as the Provincial Law 21 of 2008 is revised and turning this power the other direction where it should have been all along.
Kurdistan: 250 billion down payment and understand the financial crisis in the country
Again....a downpayment....or "earnest money" if you will.....a show of "good faith".....but the central government is still saying there is a financial crisis at hand......give us a little bit longer....trust us....we know what we do....and you will not be forgotten because you are a large part of what makes up Iraq.....the BEST is yet to come.
Abadi sends 250 billion dinars, "calms the soul" and cancel the idea of Kurdistan's secession from Iraq
Ok, as WS says, different source...but packed with goodies....it seems that PM Abadi is the one calling for this good faith payment to the Kurds and from the meeting of the Kurds today it seems there is a commitment from them to not back away from the central government/Parliament at this time.
Commission Economy: Investors received proposals and prepare investment law requires time
The Commission on Economy and Investment states that it has received many proposals for amendments to the investment act and due to the large amount of responses it will take time to wade through them and make changes that seem appropriate....remember their goal is to eliminate or minimize red tape and rid themselves of corruption that had to do with the investment process.
Abadi Office: Baghdad and Erbil Mthompsktan
PM Abadi's office is saying that both Baghdad and Erbil are seeking resolution to any issues associated with the oil and gas agreement signed by them last December and what appears in the 2015 budget.....they state that claims regarding liquidity issues are real and must be understood....and that they work with the CBI as they speak to overcome some of the liquidity problems....remember those loans we spoke of earlier.
Vice confirms the existence of a consensus among the governments of the center and the region to activate the oil agreement
Ok, this coming from basically a third party disinterested type....or maybe he is very interested as I think about it....but he says from the Citizen bloc coalition standpoint the central government and the Kurds are very interested to see the oil agreement activated.....they still have differences though to iron out......keep talking and making progress.
Parliamentary Finance: Soda investment will increase the production of electrical energy and provide hard currency for Iraq
Finally they are awakening to the total waste of their gas from the well head and seeing that they have the natural resources to run their electrical generation facilities.....stop burning it into the atmosphere and start using it to fire these facilities so you don't need to import it any longer.
Iraq's defense minister criticizes America due to the timing of Mosul attack
Iraq's Defense Minister is critical of US Command attempting to make the call of when the attack on Mosul should take place....stating that Iraq is capable of making that call on their own.....Iraqi officials are calling for more international support to start this attack, and are reluctant to set a date....probably wise on their part...why telegraph this to the enemy....let them keep wondering when the push will actually occur....after all this is war....and secrets are ok in order to gain the upper hand...despite what some in the media might think....keep your cards close to your chest....but get the best training for the event you can...as well as the best support.
Kurdistan calls for Baghdad to deal with the budget and in accordance with law and constitute a committee to coordinate
The Kurds are calling for Baghdad to uphold the law of the budget and see to it that the Kurd employees are paid as soon as possible.....we want our money and our hamburgers today....we will have it our way.....despite the fact that the government says there is a liquidity problem....but remember the loans....maybe they will help alleviate some of the pain.
Whew!!!!!!! Thanks to the news crew for the great finds today....am taking a break at this point to post what I have thus far...enjoy
The BEST is yet to come!!! Aloha Randy