aggiedad77 » January 27th, 2015, 11:19 am
Tuesday News Summaries and Commentaries
I'm calling a foul....piling on...roughing the quarterback....wow.....where did all this burst of news come from.....I thought I was never going to reach the end of things today.....one more article after another....but I believe all is good....Hi Frank....see you out early this morning too....want a cookie.
We have some interesting things in the news this morning...the CBI is waking up their vocal cords it seems, talking of loaning money, buying bonds, in an attempt to help with the budget shortfalls....
Parliament leaders met with PM Abadi....talk continues on just how poor Iraq really is, or are they in fact rich.....budget oil prices were dropped from $60 to $55 per barrel....
Thursday still looks like the target vote date on the budget.
Iraq forces 'liberate' Diyala province from IS
More good word regarding the defeat and ouster of IS from areas of Iraq....this time the province of Diyala....Iraqi forces say they are now in full control of areas around the Diyala capital that until recently were strongholds for ISIS....one of the most refreshing aspects of this information is that Iraqi forces are fighting alongside Kurdish troops, Shiite militia, and Sunni tribesmen in their battles with ISIS....a harmony that did not exist previously with the groups....these forces now must work on maintaining what they have retaken and the reconstruction efforts must then follow.
Central Bank decides to support banks five trillion dinars and finance the budget six trillion dinars
Good Morning WalkingStick....thanks for the flurry of CBI articles regarding their intentions in helping with budget issues....will use this first article to summarize all that you have shared here....or attempt to...the best of my knowledge.....
seems the CBI has identified three means for help that they can be instrumental with....the first of which is providing 5 trillion dinars to support liquidity of commercial banks for the purposes of loans in the areas of industrial and agricultural sectors as well as for housing and real estate loans all designed to stimulate economic activities and job creation....
then they have agreed to finance 6 trillion dinars that is to be run through 50% of commercial banks in support of the budget....the third prong of their approach involves buying back 5 trillion dinars of treasury bonds through the secondary market....the CBI is apparently able to do these things and protect its reserves at the same time....
it appears they are leaning on the Law 56 of 2004 to make these efforts transpire.....talk about a 16 trillion dinar shot in the arm....this should help with the budget situation I would think in a healthy way....all the while these steps do not impact the CBI "special reserves."
Parliamentary economy: study the amendment of the Investment Act to end the routine
The Committee on Economy and Investment is studying ways to bring an end to some of the red tape associated with the investment law and the ability to draw investors into Iraq....this involves the application process to a large degree and they search for ways to streamline things and make the whole process look more attractive to potential investors....the committee is strongly urging all who are involved in the investment process to move away from any efforts that make the process more difficult than it has to be.
British MP: Erbil has Great Opportunity to Become Financial Hub in the Region
One British MP sees Erbil as becoming a hub...a financial hub for the Kurd region....I thought it already was well on that way....this gentleman sees a strengthening between the Brits and Erbil through financial resources into the region as well as with continued British coalition training for Peshmerga forces....forces who are independent and do not expect British boots to be on the ground except in a training capacity....they recognize the terrorist fight is theirs...and one they must accept responsibility for in order to be totally successful.....they are also in desperate need of help to rebuild their economy after the devastation that was wreaked upon them in 2014 by Maliki and the terrorist efforts....falling oil prices have also had a significant impact as well....but it can all be overcome in time.
The government excludes the Pilgrimage of instruction execution of contracts and agree to the Islamic Banking Act
If I'm reading this correctly...the COM in their meetings today excluded implementing regulations of government contracts that pertain to the transportation of pilgrims to and from the Holy Land...stating this should be undertaken as a private matter...maybe I'm misreading the couple of times they use "exception" here....and it means they will pick up these costs....scratching my head....in the meantime they did approve the draft Islamic Banking Act and have moved that document on to Parliament for their required work, reading, and vote.
Economic situation is reassuring .. .. and the only Iraqi citizen aggrieved with weak purchasing power
Iraqi citizens are speaking up regarding their situations with regard to the economic problems and their weak purchasing powers....who needs purchasing power when you have no money.....what little money that comes in goes right back out again paying essential bills.....leaving little if any for such necessities as food and other needed commodities.....store owners can't keep the lights on because they aren't making enough in profits to pay the electricity.....
the citizens are looking to the countries leaders to find real solutions....solutions that work at the working man's level...people need to be put back to work....get the budget approved so projects can be restarted that have lain dormant for a year or more.....this government can do it....they have the wherewithal to create a better economic environment....they are headed in the right direction.
Jubouri hosts Abadi and MPs and ministers to discuss speeding up the implementation of the political agreement document
PM Abadi met with Speaker President Jubouri and talked about speeding up political agreement documents.....this in an attempt I think to keep various political blocs happy that efforts are visibly being made for inclusion of promises made to them back in September of last year.....
I think Abadi sees things bogging down in Parliament....maybe the budget has been an issue...but he wants this to be overcome....especially as they walk into February with the national reconciliation meetings looming ahead during the month.....he has momentum going his way at the moment and wants to be assured it continues swinging his way....they have made much headway in 6 months and yet there is more to come.
Parliamentary Finance: Abadi agreed to reduce the budget without (60) dollars and we will complete the formulation of the day / extended
According to the Finance Committee PM Abadi has agreed to lower the price of oil in the budget from $60 to $55....not sure if we will see much in the way of confirmation on this until Thursday when the budget is put before Parliament in a vote.
Iraq: We will be the fifth country in the world in oil and gas
I've always been told if you want to better your position in life you have to "see" yourself in the new position or at the new level....I see Iraq taking those steps in believing they will be moving up in the world in the future.....moving to 5th largest producer/exporter of oil and gas...meanwhile they also look for other energy niches in which to grow with at the same time...much like Saudi Arabia is doing today....sometimes you have to watch what the top dog is doing in order to learn....pay attention.
Cabinet decides to lower the price of a barrel of oil to $ 55 budget
Thanks JJ....good confirmation to the article just above about lowering the budget price of oil.....can't get much better than the COM telling us this has transpired.....$55 it is....at the same time the Finance Committee is making noise towards the Kurds to perhaps not expect 17% as their budget share...but instead expect to receive a budget share based on earned income....wondering how this will shake up the apple cart....if it is true....and what happened to the signed agreement from December 2014.
Kurds are putting a requirement to pass the federal budget
"Poof" there is your answer....perhaps....the Kurds are insisting their signed oil agreement be a part of the budget...can't say that I blame them.....and who had the power in the first place to remove said agreement.....sounds like PM Abadi needs to maybe step in and clear the muddy water a bit.....I honestly don't see the Kurds threatening a boycott of the vote....they have far too much skin in the game at this point....and for an 11th hour hiccup to bring this budget to its knees....I'm banking on this either being smoke by some member of the Kurdish delegation....or that any issues will be ironed out before Thursday.
Basra proceed with the transfer of powers of the three ministries next week
As PM Abadi has promised in the past....more power is being sent back out to the provinces...and here is proof of that effort happening in Basra with the transfer of powers from Baghdad back to the province associated with three ministers and more promised to come in the weeks ahead....now let's just hope they can manage this new found power with the expertise and professionalism that will keep them out of harm's way with regard to things like corruption and graft.
Consultant Abadi: Increased oil production is the only solution to meet the price fluctuations
Dr. Saleh speaking up again.....this time regarding oil production....believing that raising oil production will be the best way to combat fluctuations in oil pricing today.....they work hard to keep their priorities straight, knowing they must put forth the effort and resources to push DAASH and their terrorist cells out of Iraq....create jobs for Iraqi citizens....while attempting to maintain a steady flow of revenue for the state....this has to come from oil revenues at the moment....pushing production upwards is what he sees as a solution going forward at least for the time being.
Parliamentary Finance describe balancing the budget in 2015 (burden)
Apparently some within the Finance Committee do not like the idea of borrowing from within Iraq to deal with balancing the 2015 budget....but at the moment that is a viable means to an end for them....at the moment any movement towards the World Bank for help may seem off the table....but I suspect they have something waiting in the wings from that direction as a stop-gap effort if their other internal efforts fall short.....they will not allow this budget process to fail...failure is not an option for Iraq at this point....too much rides upon their success...their continued efforts to stay above the fray.....to jump upon the world bandwagon at some predestined time as a winner and leader.
Zubaidi recognizes the inability of his ministry is implementing a project port of Faw attribute the cause to "budget."
The port of Faw is in need of upgrades but is staring at work that is dead in the water because of budget constraints...what is the answer....most likely to see funding through private investors who see the benefit to be gained from making improvements to this port....a viable alternative to depending budget monies.
Planning searching with "UNAMI" to activate the reconstruction fund the liberated areas of terrorism
The Ministry of Planning is turning to UNAMI to look for ways in which reconstruction funds can be used in liberated areas to commence reconstruction efforts of structures destroyed by ISIS terrorists....they are asking for top priorities to this effort due to humanitarian reasons.
Call to activate the role of private banks to cope with the financial crisis
Calls going out to the CBI to extend help towards private banks in a manner that will stimulate the economy.....seems the CBI might be one jump ahead in this process from what we've seen in earlier articles.....it is refreshing to see others independent of the CBI backing up their ideas though....measures that will seen to boost liquidity across the country.
Wow what a wild burst of news this morning....thanks guys for your continued strong and consistent efforts each day.