aggiedad77 » March 10th, 2015, 11:25 am
Tuesday News Summaries and Commentaries
In the news today, the CBI....the COM....various ministries....the war on terrorism....loans to pay for work being done....the reforms....they are in the air....they are active....things are on the move....moving forward....remember.....the BEST is yet to come.
Concern about the deterioration of the price of the Iraqi dinar with stop auction
Everyone is so quick to blame the CBI....like a knee-jerk reaction...tap on your knee and your leg kicks....that simple....well in real life it isn't that simple....and the CBI is not the cause of the problem here....the market issues....the street issues with the exchange between the USD and the IQD have driven things up and put people into a turmoil wondering what is going to happen next....
look at the liquidity issues that Iraq claims it is having....how does that play into the exchange rate....as we've said often....everyone has an opinion...some are more vocal with their opinion than others.....listen instead to the CBI...watch what they do.....pay attention to their words....not the opinions of those who have no ability to control the outcome.
Parliamentary economy calls for the central bank to take measures to save the dinar
Now the Parliament Committee on Economy and Investment claims that swift action is needed from the CBI to stop the decline in the IQD.....maybe.....just maybe this member of Parliament needs to look within her own political organization and see who put caps on the CBI efforts to start with.....maybe they need to look at the real factors associated with the Iraqi economy and identify those issues such as liquidity, low oil prices, unemployment rates that soar over 30%, and stop doing the simple thing....point blame at the CBI....but that is so much easier to do and doesn't hurt as much as admitting you were wrong in your own actions.
Central Bank: We have six lines for the advancement of the economic and financial reality
Is the CBI panicking....no.....they are multi-tasking...they are working on six efforts to deal with the economic and financial realities....they continue to push for and stress the independence of the bank from the political game being played within Parliament.....
They work on such things as money laundering and strengthening what is within the Banking Law in this regard...they work on transparency of all they do for the good of everyone.....the CBI is working to get bank deposit guarantees approved....
They work on trying to build up the Iraqi banking system comparable to that of banking systems in other regional countries....they work toward e-banking systems that will foster electronic payment systems not just for government but for the private sector as well....and the CBI is working to be seen as an equal with government entities working in conjunction with each other...not the CBI working for government but as equals to better push for and foster strong economic growth throughout all of Iraq.
Between speculators and the central procedures dollar exchange rate up to the highest rate in two years
Who have driven up the dollar exchange rate in Iraq....the speculators.....they do this while the CBI works diligently to maintain stability....something they have done for over 12 years....but no one seems to want to recognize that fact.....to the bank's credit....they see this rise as a normal event...one to be expected when you switch processes....
It is about change and how change is accepted and how change impacts or affects those who must live with it....change is never an easy thing to deal with....so is being evidenced in Iraq today.....Dr. Saleh continues to insist what they are facing is merely a bubble....due to the change that has occurred....
He stands steadfast on the idea that the Iraqi dinar remains strong...backed by 1.5 times in hard currency reserves...it is not faltering....in real terms if anyone has caused a panic....it was the actions of Parliament...it was the actions of the Finance Committee acting as some cowboy in their efforts to think they could lasso the CBI and put them under their thumb.....time will tell of their success as this works its way through the Federal Supreme Court.
Industry Minister directed the Committee on mineral investment by creating mineral wealth investment files
Mineral wealth within Iraq is starting to draw some attention....the Minister of Industry and Minerals is creating a file that will highlight the importance of these areas as potential investments, areas such as sulfur, phosphates, glass sand, and various muds that can all stand to be a part of the Iraqi revenue building process.....secondary markets to oil....markets that need to be shaken awake and realized their true role in the economic success of Iraq....stand up and be heard.
Wednesday and Thursday, an official holiday in Kurdistan
Title says it all....Wednesday and Thursday are holidays in the Kurdistan.
Jones: trade between Baghdad and Washington amounted to more than $ 16 billion
Trade between the US and Iraq is open and free-flowing says the US Ambassador.....to the tune of $16 million dollars currently with more than $7 billion coming Iraqi exports...and Washington wants to expand this trade.
PESHMERGA FORCES CLEAR OVER 100 SQUARE KILOMETRES SOUTH AND WEST OF KIRKUK AND CONTROL KEY ROAD CONNECTING MOSUL TO KIRKUK
Peshmerga efforts are reclaiming large amounts of real estate south and west of Kirkuk and at the same time they have retaken control of the road connecting Kirkuk to Mosul.
Oil: Financial T_khasasatna is not sufficient to pay the dues of foreign companies
The Oil Ministry does not have enough in the 2015 budget to pay oil companies....they seek the release of $12 billion dollars in the way of Treasury bonds to help pay what is currently due...this is acceptable according to Article 34 of the 2015 budget....if they make this happen the first payment to these companies will occur by the end of March.
Special / customized file of national reconciliation is not enough money
The money set aside in the 2015 budget of $22 billion dollars is not enough to make the national reconciliation meeting happen....I suspected they might be a little short in this regard....perhaps they could meet at Motel 6 instead of some posh Baghdad hotel in an effort to cut the budget for the meeting some....meet around the pool instead of around some gold ornate table....they want to ask for more money to pay victims affected by the economic crisis....what about how to fund the national reconciliation function itself...where is that money going to come from...it doesn't grow on date trees you know.
Launch treasury bonds worth $ 12 billion to pay dues of oil companies
This is a bit of a repeat of an earlier article and is also definitely a repeat of articles we've seen in recent days....I put it here to draw upon a point.....the use of language here and what it could mean.....the Oil Ministry is agreeing to call upon the CBI to launch their efforts associated with $12 billion dollars worth of Treasury bonds....notice not today nor in any day or article in the past have they said this effort "HAS BEEN DONE....or....COMPLETED"......
Wonder why that hasn't happened....could be because they need a change from the program rate to make this kind of work or effort by the CBI to happen...sure we want to pay these oil companies....but one simply does not snap a finger and make it so....it is what we watch for I am afraid....one of the actions that the CBI could take that would signal the real change we hope for....until then....just more talk and reporting on "needing" it done.
Iraq plans to open new markets for international companies to invest re infrastructure
The Ministry of Housing and Construction is working to open up new markets within Iraq that will be attractive to international companies and their investment money......plans that are tied to the Investment Law that will reduce red tape and dry up corruption and make work within Iraq look lucrative to those who are willing to take the risk and bring their investment dollars to this area of the world that holds the potential for monumental returns...but one must be bold to take such action.
Cabinet to vote on the General Authority Act to ensure the rights of the province and the provincial non-performing province
Today the COM voted on the General Authority Act that ensures right of the provinces...they also withdrew the law that would amend the Federal Civil Service Council in order to make further amendments to it....they authorized the Ministry of Transportation to seek a loan to pay for Boeing aircraft.
Source: Chairman of the Integrity Commission submit a request to the Prime Minister for his removal from office
The Chairman of the Integrity Commission wishes to step down and has submitted his request to PM Abadi so a predecessor can be found....interesting to note that it was actually Maliki who put this person in charge of the Commission....well now Abadi has the chance to name his own leader for the Commission....makes me wonder if the water is starting to boil for the one wanting to leave.
Conscious / Minister brought to their achievement Ebadi, the government program for the past months, reports
It is expected today that all ministers in the COM group will provide reports to PM Abadi of what their respective ministries have accomplished over the past 6 months....applaud this effort by Abadi in asking for such updates and accountabilities.
Council of Ministers approved a draft amendment to the Federal Service Act and the Public Authority for provinces
More evidence that the COM was active today in their weekly meeting....approving a draft amendment to the Federal Service Act as well approving projects associated with the General Authority act that pertain to the provinces...these will be forwarded to Parliament.
Speaker of Parliament: the stability of Iraq will contribute to the stability of the entire region
Wise words spoken by Speaker Jubouri....Iraq's stability looking forward will be a definite contributory effort towards the stability of the entire Middle East...why so....because they will be evolving as a major player....one with a huge new role within the ME...and the world for that matter.....as they expand beyond oil as their cash cow....looking upon other market sectors to bring revenue to not only their country but to their neighbors as well....Iraq will become the donor nation to many.
Cabinet approves appeal substances added to the budget law by Parliament
The COM approved today appeals in all legal material added by Parliament to the budget which has not been submitted by the COM....where does this leave PM Abadi and his challenges.....are there to be any details of his thoughts on any areas of questions within the budget....or are they saying they are actually approving Abadi's challenges....would be interesting to see more in regard to this effort later today......there still is the little matter that I believe is before the Federal Supreme Court pertaining to Article 50.
Economic parliamentary: budget wronged private and mixed sectors
The Vice Chair to the Committee on Economy and Investment believes the current budget has wronged the private sector and other specific sectors as well by not properly addressing imports of shoddy products as opposed to what Iraqis could produce on their own that would be better quality but also cost more at the same time....they need a "buy locally" campaign it sounds like.
Parliament will vote on a proposal to donate half the salaries of members of the popular crowd
Supposedly the Parliament voted to donate 1/2 months salary to be paid to the popular crowd to keep their morale high as they fight terrorism.....this raises a red flag for me...what about the Sunni tribal fighters, what about the other tribal fighters around the country....why not offer this same to them...why single out a group that is supposed/allegedly being pushed by Maliki...why this group....where is the validity to this effort....after all the report comes from a State of Law MP....sorry but the disbelief level is ebbing rather low at this moment.
Iraq needs justice, not revenge
This is PM Abadi speaking towards the need for justice.....justice that is claimed through a cohesive work effort and solid dialogue that bring former enemies together to work upon a common bond and towards common goals that only seek to better their country and all it stands for.....justice does not come by revenge and through retaliatory efforts....as such revenge is no longer a part of justice within the Iraqi political philosophy or its legal practices...what Iraq today seeks is restorative justice...compensation to people for their losses....the wrong-doers must be made to pay their penalty....but they must also be rehabilitated at the same time....even in times of war moral rules and ethics must be followed...for those who are captured allow the courts to provide the punishment for their wrongs....strong words for sure....but they must be promoted at all levels if they are expected to be followed.
Economic Adviser to the servants, administrative constraints behind the rise in dollar prices
Dr. Saleh again....speaking out about the issues with the rise in dollar prices.....not because of some weakness...the Iraqi economy is strong...the Iraqi reserves are even STRONGER....this revolves around one problem.....an administrative constraint....a CAP that was placed by the Finance Committee.....what is believed to be an illegal action on their part....let the courts decide.
Family....IMO....Iraq is trying to "Twist and Shout"......they want and need to be heard.....they know their presence as a world leader is coming.....they are in the same boat that Frank was in as he worked towards the first CC with Bill Rasmussen....wanting everything to be perfect.....well it was a success...yes thanks to much effort on Frank's and TINK's part but also from what Bill and crew put into it as well....
Iraq works feverishly in the same light....they want and expect perfection....will they get it....no not likely.....but because of their diligent efforts they will get a quality and worthy result....count on it....and remember....the BEST is yet to come.