aggiedad77 » May 6th, 2015,
Wednesday News Summaries and Commentaries
Parliamentary Economic demanding lend self-financing companies to pay its employees
A member of the Economy and Investment Committee says that Parliament will approach the government to provide loans self-financing companies so they may pay employees.
House of Representatives discusses the Federal Court Act and the Convention on cooperation with Kuwait and the amendment of the Investment Law
Parliament met today and was supposed to vote on the Federal Court Act....this meeting is also to include a first reading on the Investment in Crude Oil, second reading on Passports Act, and some work ratifying cooperation between Iraq and Kuwait.
Rate of exchange
One academic economist predicts that the exchange rate of the IQD to the USD will return to normal levels in short time as the price of oil continues to work its way upward.....believing that measures taken by the CBI in March will bring about this change.
World Bank: We will give a loan for Iraq let loose during the 35-year-old
Apparently the World Bank Group will be offering a loan to Iraq with an interest rate of 1.5% to be repaid over 35 years....loan amount is not disclosed at this time....but it is said to be a financial and economic benefit to Iraq....the WBG says the loan will be for purposes that include reconstruction and provision of services related to those areas liberated from the grasp of DAASH.....somehow the loan will aid Iraq in getting through its current crisis in record time.
Economists: Dollar bubble caused by pessimistic expectations and preference for foreign exchange expanded ..tgarir
Economists are saying the large bubble that exists in the exchange rate of the IQD to USD is simply the result of speculation and they expect recovery in the near term as oil prices recover....the new taxation on dollars sold also has contributed to the rise of the USD over the IQD.....then there is continued talk from the Finance Committee and the Economy and Investment Committee about work of the CBI what it supposed will or will not be doing....but absolutely no discussion coming from the CBI itself as to what it is working on at this time......I strongly encourage you to only pay attention to what the CBI speaks of....and what they can show or prove they are doing.
Balaguetsadah parliamentary: Member of Iraq on the verge of an economic breakthrough and no fear on the employees' salaries
A member of the Economic and Investment Committee states that she believes Iraq is on the verge of an economic breakthrough...that is being brought forth partially by high oil prices....and that such an event will definitely lead to security with regard to payment of employee salaries.....they again state the reserves exceed $60 billion dollars and they have in excess of 80 tonnes of gold.
Important amendments to the investment law
The Economic and Investment Committee is seeking to get through a draft of the second amendment draft of the Investment Law that would include an investment bank within the private sector of banks, investor insurance and it sounds like they are cutting out much red tape and definitely working on potential corruption issues.
The Ministry of Finance announces the release of all the provinces hot salaries security
Salaries were paid to employees in the provinces of Anbar, Salahuddin, and Nineveh....all that have had DAASH presence in the past year....they did this after making reassurances that the employees themselves would receive the money.
Special / Presidency of the parliament decided to cut holidays and double absences
So Speaker Jubouri is cutting vacations an unpopular move I am sure.....meanwhile the Parliament in their session today had enough members to vote on the Federal Supreme Court within its Federal judiciary....right where it belongs along with the required judges and staff.
Barzani to make public address in Washington
Kurd President Barzani will be making a public appearance and address on Wednesday while he is in Washington...speaking on the future of the Kurdistan, the challenges and priorities of the Kurds, their battle against terrorism, and Arbil-Baghdad relationships.
Jubouri receives a formal invitation to participate in the World Economic Forum
Both PM Abadi and Parliament Speaker Jubouri have received invitations to participate in the upcoming World Economic Forum later this month in Jordan.
Kurdistan’s Erbil Stock Exchange comes to life with new dynamic displays
The Erbil Stock Exchange (ESX) has come to life with a full wall electronic/video board displaying ticker tape results and other pertinent news.....this has been a long time in the planning.
Parliamentary Finance denies Iraq withdrawal amounts of central bank reserves
Now the Finance Committee jumps up and declares that Iraq is not withdrawing funds from the CBI reserves...claiming that Iraq has not reached such a level of deterioration....again the media is overreacting and not vetting sources properly they claim.
Baghdad sent 543 billion dinars to the province of Kurdistan
According to Baghdad 543 billion dinars were sent to the Kurds for the month of March salaries....about half of what should have been sent.
Kurdish Ministry of Finance announces the electronic system of salaries adoption
The Ministry of Finance in the Kurdistan is attempting to switch over to an electronic system for payment of employee salaries....this will also include private banks in the system.
Newspapers Baghdad talking about cabinet reshuffle soon and pay attention to the Federal Court Law
According to Baghdad newspapers, PM Abadi is receiving some US pressure to do a reshuffle of some ministers...those have yet to be named by any sources...and they speak of a potential vote by Parliament today on the Federal Court Act.
Baghdad sent 543 billion dinars to Arbil versus source of oil during April
Earlier it was said that 543 billion dinars were sent to the Kurds for March salaries....now here is an article saying the same amount but for April....media smoke and confusion.....maybe....it sure muddies the waters between the two it would seem and on the outward appearance makes room for further issues between both entities....the Kurds allegedly have provided the oil required by their agreement....but the Baghdad government seems to fall short of expectations on salary payments...again.
Urgent Brent continues to record gains of $ 69
I post this article simply because its author tries to tie Iraqi oil prices to Brent Crude prices....not a direct equal corollary Iraqi oil prices always lag Brent prices by $7 or so dollars or more....but at $69 per barrel.....Iraqi oil prices are surely at or exceeding the $56/barrel budget rate for 2015 an especially positive thing for them.
German Foundation grant Karbala $ 540 million for the implementation of humanitarian projects
A German foundation has granted $540 million dollars to the Karbala province for use in humanitarian efforts and projects...this is the kind of outside effort that Iraq needs to be receiving....only more of it.
Parliament postpones vote on the law to the Federal Court tomorrow
The vote on the Federal Court Act was postponed until tomorrow so that the Thursday session of Parliament will see votes on that act as well as the National Guard act.
Kurdistan region issued 562 000 barrels of oil per day during the month of April
Ok the Kurds claim for April they exported 562,000 barrels of oil per day....while SOMO declares they exported 468,000 barrels per day....why the big discrepancy....someone isn't counting equally....who is it.
Good News and Morning Family and Frank.....let this Wednesday abound with love and generosity towards others....enjoy this tidbit of news and rejoice in this day our Lord has made.....now where are the cookies. Aloha Randy