aggiedad77 » July 2nd, 2015,
Thursday News Summaries and Commentaries
Looking Abadi, head of the UN Mission with the US and British ambassadors guard the law
PM Abadi meets with the UN Mission rep to Iraq and both ambassadors from the US and Britain, stressing the need for national reconciliation meetings as well as the importance behind the National Guard Law, the importance of it to all of Iraq as this group will be grounded to provide security in all areas of Iraq on a consistent basis.
He appreciates the support from the three individuals and their respective bodies they represent and hopes for this continued support as Iraq pushes this agenda forward in the coming days and weeks.
Interior announces the arrival of the first shipments of crude national card
Are we being provided with hints of the HCL to come....are these cards the precursor of how the citizens portion will be loaded and provided to them in an automatic and "e" function type of manner....wouldn't that just be the icing on the cake, maybe the cherry atop the ice cream.....keep an eye on this process and see what it brings to the Iraqis.
Image: global markets able to receive bonds that will be launched by the government
Those bonds, the illusive bonds that Iraq continues to talk about, the fervor seems to mount with them, all that seems to be lacking is the credit rating that they seem to suspect or know is coming and will be worthy of them putting these bonds on the open international market....an attraction for a variety of investors no doubt....but not for you and I....these will be high level bonds meant for countries and very large companies or whales to invest in most likely....from the issuance of these bonds they are expecting a number of jobs to be created (20,000 in fact) and that is a good thing for the economy and Iraqi citizens.
Economist: the fiscal deficit for Iraq amounted to $ 7 billion up to the month of May
Well yes the deficit is real and building....thru the end of May it amounted to $7 billion dollars for the year......they need to push the price of oil up over the $56/barrel target....they are close to that but close doesn't count in this game of swim or sink....their nose needs to be above the budget line.....their plans for oil production did not quite meet expectations either....but June is looking like a good month finally.....stay focused and keep pushing for more production....expect some backsliding though if the Kurds do pull out of the oil deal signed with Baghdad like some there are talking of doing.
Deputy for the Kurdistan government warns of "repercussions" of the World Bank loan and invites them to take advantage of the "oil of Kurdistan"
Some Kurd Parliament members are still looking for an agreement between Baghdad and Erbil on the oil issues, thinking such a deal would be more advantageous to Iraq than borrowing $800 million or so from the World Bank....they believe that such a loan would be crippling to Iraq due to constraints the WB would place on Iraq as part of the payout for the loan. Every street corner has an opinion on what is good or bad, if you don't like what this corner is saying....just walk to the next corner or cross the street.
Approval of the owner and director of the prison Ahli Bank stole more than 625 billion dinars
No surprises here, you do the crime then PM Abadi says you do the time...prison time....in this case the owner of the National Bank in Basra and several of his staff get caught taking more than 600 billion dinars....so was it worth 10 years of your life....I seriously doubt it.
Parliament held its second meeting in the presence of 216 deputies
Parliament's second session in a row was just as productive as the first....not being demeaning to them for they were indeed busy....just not with any laws of significant consequence.....but those are coming I am sure....the hokey pokey always starts out just a bit slow to let everyone find the right rhythm.
Abadi adviser: Money Laundering Act contributes funds looted Iraq returns
The Anti-Money Laundering Act/Law has been put on the table for Parliament to deal with now.....remember there is a time gun associated with this and that will be the end of this year so let's not dilly-dally on this until the very end.....get this passed so Iraq stays off the money laundering black list of the world.....in other words....keep this out of the hands of the Finance Committee if you expect to see anything done with it.
Parliamentary Finance denies intention Iraq withdraw any loan from Japan
Someday.....one day....these boys and girls are going to learn to just be quiet and try and identify what their jobs really consist of...until that time....I guess we just have to keep listening to their drivel......for starters and I could be wrong on this...but the Minister of Finance works for the PM....not the government.....if he's working any deals around the world...with Japan or anyone else for that matter I am sure he is doing his job at the request and full understanding from PM Abadi.....not so much from the Finance Committee.....they operate on two completely different planes.....one day they will understand the distinction.
$ 25.5 billion of Iraq's oil revenues during the first half of 2015
Reports are indicating that for the first half of 2015 the oil revenues for Iraq amounted to just over $25 billion dollars...this on an export of 530 million barrels of oil...and based on sales prices ranging from $50-55/barrel.....getting close to the breakeven budget point of $56/barrel....hopes are for the second half of the year to continue to show improvements both in export quantities and oil prices.
Parliament's legal (et): next week will hold consultations between the three blocs to pass important laws
This is a sign of some positive action that could be coming up next week within Parliament....plans by the Legal Committee to get a couple of these more important laws pushed to the forefront of the Parliament agenda hopefully....the National Guard Law, the Federal Court Law, and the Law of Parties....apparently these are close to a vote and are believed to be doable in the very near future.
Banking bonds to ease the Iraqi fiscal deficit
Some say the bonds that Iraq speaks of are going to help ease the burden associated with the budget for 2015 others say these bonds could be harmful.....I say that if they sit around and merely continue to talk about these concerns without taking action that in and of itself will prove harmful for all of Iraq.....get the credit rating....float the bonds out both domestically and internationally as has been proposed and see what happens.....
With the right kind of rating I think the process will be a big boost towards lessening the deficit they now face....on top of this if the Oil Ministry can issue bonds as well to pay off the international oil companies that will be another plus and an incentive for those boys to keep working full speed ahead instead of slowing down because of lack of payment.....bonds....bonds....bonds.....they are seriously cropping up everywhere.....like the stars.
A national plan to attract talent from abroad
Iraq is working on a plan....and enticement plan that could draw professional talent from abroad into the country to help them overcome some serious hurdles in key areas of industry....money, land, and tax exemptions might fare favorably for some who would want to take the risk of coming to the aid of Iraq as they continue to work on economic recovery and the rebuilding of their private sector businesses.
Deputy Kurdish: The government is on track to borrow "800" million dollars
More talk of ill-will should the Iraqis follow through and obtain an $800 million dollar loan from the World Bank....great impositions are seen falling upon the southern part of the country....and this is all for helping with the salary actions for those who work in the power generation sector for Iraq....some think the WB will cause Iraq to cower due to the repayment structuring that is rumored to be going into place with such a loan as this.
Economist: Iraq threatened to enter the black list
Ok, serious business here....listen up Iraq and in particular you Parliament members.....the Anti-Money Laundering Law is in your laps....the COM got thru this fairly quickly and now there are expectations from COM and the CBI for you folks to hustle up and do your job....talk to Michael Jordan for a definition of hustle if you have to.....but "git 'er done" folks that black list is not something you want to wake up one morning and find your name on.....stay away from that like the plague.....sooner would be better than later on this issue.
Kurdish lawmaker: the second year of the parliament will be the enactment of important laws Bus
Bus, train, plane, or automobile.....don't much care how you make it happen....but get some of these laws on the fast track and get them passed.....stop the stonewalling and get on with the show....for your next act...an agenda that has some worthy laws appearing on it.
KRG to set up Foreign Loans Committee
Yes there is definitely austere programs running all through Iraq today due to the fall in oil prices, the fight against DAASH, the issues over liquidity and the list goes on and on.....but are the Kurds getting the short of end of the deal from Baghdad, they have pumped a large amount of oil out of their region this year and have yet to see even half of the budget funds allotted to them in return....
They also have taken in hundreds of thousands of displaces citizens in the past year or so who fled their homes and provinces in front of the nasty dealings they would have faced with DAASH had they stayed home....something needs to give here and some compassion needs to be shown to the Kurds and these people....times are tough yes indeed....but sit down at a table somewhere and strike a deal that can be worked from both angles.
The World Bank in the rescue Iraq from the financial liquidity crisis
Again more talk good and bad about loans from the World Bank.....can they rescue Iraq from a financial crisis and do it in such a way that will not lead to other forms of detrimental consequences for Iraqis.....the WB I am sure will want to see some meaningful concessions being made by the Iraqis....just what at this point is anyone's guess.
Banking bonds to ease the Iraqi fiscal deficit
Article after article on these bonds....they need a credit rating to move things forward....will that credit rating be worthy enough to attract investors....the Iraqis sure seem to think so.....the proceeds from these bonds will be allegedly used to retire some of the deficit associated with the 2015 budget.....they need something north of $20 billion dollars to handle these issues with the budget...meanwhile the Oil Ministry wants to use bonds to raise money to pay what they owe the international oil companies....bonds they are on everyone's check list right now it seems like.
The Investment Committee is a parliamentary laws "important" will raise the capacity of the Iraqi economy!
The Investment Law coming to a Parliament agenda near you....sometime....soon we hear....but soon in Iraq....well never mind on that....we will keep an eye out for this law to surface for a vote and hopefully it does happen and they stop ducking the issue or kicking the can down the road.
Parliamentary power: the Shiite alliance behind disable oil and gas law
Make it so No 1.....wish it were so easy.....problem is the illusive oil and gas law is much like trying to find Carmen Santiago.....where is it....in the budget....in the hands of COM.....it definitely does not seem to be in the lap of Parliament.....just make it happen already....get an agreement ironed out with the Kurds and move the ball forward.....on the attack....proactive.
Araji of the Parliament: Coming Soon gas oil law in the Council of Ministers and the siege on the region
So Araji is a Deputy PM to Abadi.....he's saying that COM has the ball with regard to the oil and gas law.....he spoke at length it seems, mainly focused on energy in other forms than oil....electricity for a big choice and power generation.....all of which is vitally important to Iraq for one reason or another.....but the bottom line is they need to find a agreement stance with the Kurds and then roll forward with the oil and gas law that will help to define many things to many in Iraq.....move it forward.
Break time for me here.....lots to digest today, but mostly all upbeat and positive.....keeping things in motion that is what it is all about....remembering the BEST is yet to come.