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DELTA: The Finance Committee holds a workshop to review the draft Federal Financial Management Act
April 16, 2019
Under the patronage of the Finance Committee and with the support of the Canadian Governance Institute, the third workshop was held on Tuesday 16/4/2019 at the Kalgamesh Hall in Babel Hotel in Baghdad to review the draft Federal Financial Management Law, in the presence of the delegation of the Canadian Governance Institute and the Undersecretary of the Ministry of Planning.
The workshop was opened by MP Faleh al-Sari, a member of the committee, in which he praised the role of the institute in establishing courses and workshops on the laws in the House of Representatives with a view to maturing them and involving governmental institutions and non-governmental organizations in the discussions to make amendments to the laws and make opinions and suggestions thereon.
First and second and pending vote on it.
Al-Sari stressed the importance of the law in the formulation of fiscal policies in Iraq, and the provinces can benefit from the law significantly, expressing the hope that the workshop comes out with a clear vision of the law and is maturing at a level that meets ambition.
For his part, Mr. Silvan Dibwa, deputy director of the Institute, expressed satisfaction at the holding of the third workshop on the law, stressing that the institute held two workshops in the previous parliamentary session on the same law. He stressed the Institute's support to the House of Representatives in providing advice and holding courses and workshops.
Deboa expressed his hope that this workshop will come up with proposals and opinions that will help in coming up with an appropriate law for fiscal policy in Iraq.
The workshop discussed the articles and paragraphs of the law with a view to reviewing them and soliciting the proposals and opinions of the representatives of the ministries of planning, finance, economy and finance experts to attend.
The Commission promised to study these proposals
And take them into account and discuss them within the Committee before the law is submitted to the vote.
Department of Information
Frank26: GOI ........ ALSO WANTS THE RI ......
MilitiaMan: Thanks Samson! Frank told me this one is like they put their foot on it and to the floor!! .. lol ~ MM
Samson: Trade Bank of Iraq to open first Saudi Branch
17th April, 2019
The state-owned Trade Bank of Iraq (TBI) will reportedly open its first operational branch outside Iraq on Thursday.
Chairman and President Faisal Al-Haimus told Arab News that the new branch in Saudi capital Riyadh will also be the only active Iraqi bank in the Kingdom. LINK
Samson: Trade Bank of Iraq to open first Saudi branch
17th April, 2019
The Trade Bank of Iraq (TBI) is entering the Saudi market with the opening of a branch in Riyadh on Thursday. It will be the bank’s first operational branch outside Iraq, and the TBI will be the only active Iraqi bank in the Kingdom, TBI Chairman and President Faisal Al-Haimus told Arab News on Tuesday.
On Thursday, a ribbon-cutting event will be held at the Riyadh branch in Al-Olayya district. Attendees on the Iraqi side will include Al-Haimus, the prime minister, the finance minister and the Central Bank’s governor. Saudi officials will also attend. LINK
MilitiaMan: The TBI’s board of directors has also expressed plans to expand to Turkey.
TBI was ranked No. 1 in the cost to income category in the Middle East by The Banker.
As we all know that this bank is going to be helping facilitate exchange trade for Iraq and Saudi Arabia. They are opening the first, only active and operational branch inside the SA kingdom. The key point is it is an operational bank.
For that to have or be the case, then they will be needing an international rate to go with it's operations into the future, ioo.
So for the Prime Minister, the Finance Minister and Central Bank Governor are to show up tomorrow all together, is imo huge!
If this was to be an ordinary bank opening, they would not be attending all at the same time, imo.
The curious part to me is or will be when they actually do the ribbon cutting.. I imagine it will be in the after noon. Thereby, getting the ceremony done on or around close of business, as it is possibly more of an opening and ceremonial process in nature, more so than come on in and open an account, imo.
It could also be a signal for those the have a need to know what Iraq is doing and the implications of the opening of an operational bank. (BIS)?
Those operations will be most likely starting once back from holiday next week. It could also be since the word operational is being used, they clearly mean something different than before.
This to me is saying they are ready for operations and those that have the need to know what operations are going to go into effect will be on hand at the ceremony to make sure that all who attend have agreed that this bank is to operate by their standards in place with the associated mechanisms. Tools of the trade if you will.
I believe they timed this one very nicely! It also precedes the Parliamentary blocks arriving to Iraq Saturday. Lets not forget the ISX / NASDAQ were also scheduled to celebrate a 10 year anniversary on Friday.
Lets look at what they have told us of late. They told us they were paying citizens electronically starting 04/08/2019 thru 04/18/2019 which is tomorrow. Just as the ITB gets a ribbon cutting ceremony.
Then the next day "Good Friday" if they stick to it the ISX / Nasdaq gets celebrated ahead of markets opening Monday. Again, wondering how that fits, as banks are open Friday, but, markets are closed.. Anyway, the next day is the parliamentary blocks from surrounding Countries throughout the region are to be in for the festivities.
They are calling for Holiday's for Sunday and possibly Monday. So, the timing of this all is just before FINANCIAL INCLUSION day that for some reason has become a time frame of 04/25/2019 - 04/30/2019.
My view on that time frame is not terribly important, as they will be teaching about the new products for some time to come.
My main focus is on the activities they are openly telling the world by what they are saying and doing now. Mahdi told us they were going to raise the exchange rate prior to June. Well with this above it looks like they will meet that by far. ~ Imo.
So lets see how this all shakes out. Like Frank26 told me effectively. "The out of country opening of the first operational bank in SA and by one that is to facilitate exchange trade shows they have put their foot to the floor now.." Way cool!! imo ~ MM
MilitiaMan: By the way, Kuwait is also in line just as Saudi Arabia.. They will facilitate trade. The article in post #14 says Turkey is too..~ So lets watch and see what Rafiadain Bank and the Iraq Trade Banks too with the new mechanisms.. Walking Stick and Frank told us months ago to watch for what they do.. Well they are becoming operational. They all need to be on the same page! imo.. ~ MM
Frank26: Excellent analysis MM !!! KTFA .............. please do not miss the word .......... “ OPERATIONAL”
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