Militia: In the CC around the 12th just after the Amman meeting where Zebari got his hinny chewed they were told to get the reforms done and pronto. Pressure cooker got turned up to high.
The IMFs check list was all but complete with only about two main items that were needing to be finished; ECONOMIC & FINANCIAL REFORMS. Then we see Saleh tell the world Iraq has completed the items required by the IMF per Abadi.
Mean time Iraq was again told stop with the corruption files and bring what you have to DC as we have enough already on that and we want to finalize what was supposed to have been done already.
Frank and teams in an earlier CC suggested that we won't see anything substantial on Maliki until the reforms were completed. Just before, during and after the Amman and DC meetings we see them (Maliki connection or motivated) going after Zebari and he gets sacked.
Well, guess what? We now know that the reforms were met IMO and we witnessed it on tv with Abadi and Obama sitting across from each other, US & Iraq flags at the end of a well dressed table all in blue for the world to see unity.
Militia: Then we see the whole time, not a dis heartened man like we saw apparently snubbed time back on the WH lawn, but a man not only sitting with Obama, but, with more than 30+ world entities and the highest finance woman in the world Christine Legarde, with a sorta sly (pay back, snub me and tell me to not open corruption files....hello UN lol) smile on his face.
Well let's think about that. Abadi apparently gets everything he dreamed of and most likely deserves, winds up ahead of schedule and beats feet home!
All those people didn't have to hammer things out, it was already done. It must have been "a hey world" come in and drop all the dossiers we already signed and agreed upon on the table, as I am picking through Obamas ties before I leave. ,Lol
Then hours later we see a Statesman (ABADI) arrive back in Iraq with a look of accomplishment, I am home now and it is going to be all business. Oh and Zebari, get on Tv and expose Maliki, since all is done (like Fank26 says) with reforms.
That's why Abadi is IMO home early and Maliki is now seriously in the hot seat.
Frank also said watch what happens when the pressure cooker reaches explode temps. We saw it in Baghdad the other day. We are closer than ever it seems, as what we are seeing is effectively the warp speed in hyperbole and on steroids.. Can't wait to see how gorgeous a transformation has been done to the Fat Lady.. Lol oh aimho
Jay: Here is where or around when the math started imo. I looked for the comment Frank made to me directly about the Math (International Calculation, IMO).. The math was done around the 7th of July if I recall.. But, time has shown us, what we believed and knew was to come and it is unfolding, if not all, but, lifting the Value of the Currency is left to be completed.. Talk about COOL!
Militia: We are seeing a fast track of PAYMENTS and SETTLEMENTS. This is E- Banking.. This is a must for imports and exports. Now with the international calculation being finalized, imo. TAXES & TARIFFS at the northern borders can get plugged in for the Kurds and Baghdad .. I believe that is what we are seeing too.
DELTA: FAMILY I GOT THE ARTICLE ENJOY:
IMF calls on the Government of Abadi to achieve reforms in exchange for loans
July 9, 2016
BAGHDAD / News Network Iraq and the IMF agreed on Saturday to give Iraq a line of credit worth $ 5.34 billion to help it overcome the financial crisis faced after the deterioration of oil prices and the war against Alarhab. ooodh Fund said in a statement, that the Iraqi government will take place in case a loan an initial value of $ 634 million, while it must implement a series of economic reforms to get the rest of the installments of this assistance plan for three years.
The statement quoted Zhou Min, one of the assistant directors of the Fund, as saying: "Iraq's economy has suffered severely from the double trauma of the organization of the Islamic state and severe attacks decline in oil prices." Fund expressed in his statement expressed concern about the arrears, especially the "big" accumulated on Baghdad, which is struggling to meet its financial obligations.
The fund was granted in Baghdad in July 2015 a loan of $ 1.24 billion to help the advancement of the public own finances. Under the previous rapid financing tool program.
Iraq is going through a financial crisis due to falling oil prices, which constitutes 90% of the public budget is paid to borrow from the International Monetary Fund and the World Bank and earned them about $ 15 billion received by over three years
Jay: Imo...Looks like proof of HCL being done or at least a final outlined draft.
Imo..pretty much laying it all out about how its going to be or BEING implemented.
VERY HUGE article/news. TY WS.
Frank26: BOOM !!!
Walkingstick: Economic reform in Iraq
Adnan al - Janabi * transition from a rentier state to state collection rentier state is a state that relies primarily on the rentier income (oil) derived from abroad (oil export) and go directly to the government. The state of collection, it is the state government in revenue based on tax collection citizens. the
Iraqi Constitution states in Article (5) thereof that «people are the source authorities», and in Article 111 that «oil and gas belongs to the Iraqi people in all the regions and provinces» this means that the spirit of the Constitution is in the principle of ownership of the people (and not the government ) for oil and gas resources.
There is nothing to prevent states from enacting a law to give oil and gas resources to the citizens directly and evenly, in whole or in part. Mr. Adel Abdul - Mahdi , suggested in 2011 the oil income distribution among citizens equally, and he called « the basis of income». He suggested imposing a tax on oil income base rate (70 percent).
The rest is deposited in the bank accounts of citizens. As has been the display in the draft of the Iraqi National Oil Company Act , which was trading at the Oil Ministry that the company 's shares are each Iraqi citizen is not sold or inherited, and the distribution of the company 's profits between shareholders (citizens) evenly.
As apractical matter , we must enact the law waives the people whereby some of its share of oil and gas revenues to the government.
And able people through the legislature amended the law to increase or decrease. People also owned by the legislature toapprove the imposition of certain taxes on the share of each citizen through the annual budget and give the federal, regional and local governments , the law of the validity ofthe meeting what they offer him Governments of the services and security and other matters prescribed by the Constitution and laws.
For the purpose of discussion we suggest, may enact majoring in law where 50 percent of its oil and gas revenues to theIraqi state budget, and the remainder is distributed equally among all citizens ,neighborhoods, residents in Iraq. In the budget law consists of state resources from various budget sources in addition to: 1-50 percent of oil revenues and be within ayear. Act 2 - Tax determine the annual share of every citizen of the oil resources of thebudget law, and could change the tax each year ratio as needed in the budget public, annual. example:
If we assume that Iraq 's exports of petroleum and petroleum products and gas equivalent to three million barrels per day, and that the price of oil , the source of 50 dollars per barrel, the Iraq 's revenues from these exports will be around 54 billion dollars a year. The 27 billion dollars of which will go directly to the State under the law. If we assume that the House of Representatives agreed to impose a tax on the share ofeach individual oil rose (50 percent), the budget will get a tax source of oil last amount (13.5) billion dollars and the same goes directly to the citizens equally.
If we assume that the Iraqi citizens residing in Iraq are the 30 million citizens, the share of every citizen of (1,800) dollars a year go of them (50 percent) to the State under the Act, ie , (900) dollars. The state collects from the remainder of the annual budget law (450) dollars from each individual. It remains the amount per capita cash income of 450 dollars for that year filed to him in a special account.
If we assume that the family rate in Iraq is (6) persons, the annual family income rate will be 2,700 dollars a year , or (225.5) dollars per month. Should be accompanied by such a procedure to cancel the various types ofsubsidies on petroleum products and on the ration card and electricity and other and it requires that: ( a) pricing of crude oil consumed locally on everyone 's export price (less a discount of $ 10. per barrel , for example , the consumption of procedure).
This will add to oil sales of about eight billion dollars, of which goes (6) billion dollars to thebudget and (2) billion added to the share of the citizen. This adds about 70 dollars ayear per citizen to share oil revenues from the sold internally. ( B ) still balancing theelectricity of support (5-7) billion dollars annually.
C- canceled ration card daughter (4-6) billion dollars. Benefit budget of 6 billion dollars from the elimination of subsidies foroil products, and about 6 billion for electricity to support about 5 billion dollars from thecancellation of the ration card for a total of $ 17 billion for the budget.
current social welfare programs continue to gradually raise with every increase in oil and gas revenues (either increase prices or export volumes) until its complete abolition when universal basic income exceeds (Universal Basic Income) poverty level of about $ 1.5 per day limit, or about $ 550 per person per year, the equivalent of $ 3.285 per year for a family consisting of six individuals.
the application can this level of direct distribution of basic income above the poverty line when they go beyond the oil and gas revenues (50) billion dollars annually. this difference is greater than the amount that was distributed directly among citizens equally and caused a shortage of budget revenues of $ (13.5) Billion dollar.
This process is in the re - distribution of GDP achieved social justice and raised who are below the poverty line to above the poverty line, and allowed for the budget more resources than take them. It is important in all of this is to achieve several objectives , including:
( a) the restoration of sovereignty to the people as the right holder in the oil and gas resources. And turns citizen of parasite subsisted on the largesse of the rentier government to master decides what he deserves ruling for the services provided to citizens , which, turns populist conflict of conflict over quotas rentier (rent-seeking) that people say: «not taxed without representation» (No taxatinon without representation), and the move from dictatorship rentier state to a democratic state collection.
( b ) remove distortions in economic allocations caused by subsidized prices.
C- given flexibility through the common law and the annual budget in the annual budget allocations, and performance monitoring efficiency in providing services and security. w - the achievement of social justice to re - GDP distribution (GDP) and the elimination of poverty and an end to physical destitution of the entire community.
( c ) remove the most important sources of rampant corruption in the country through support programs and departments sunken corruption on the poor citizen 's account. * Deputy economic Researcher