aggiedad77 » June 4th, 2015, 10:22 am
Thursday News Summaries and Commentaries
IMO....the news today is full of stars and great information....and I think more to come...enjoy this day and what it brings to us.
Iraq looking with the International Monetary mechanics lend
The Iraqi Finance Minister is telling us today that Iraq is seeking $827 million dollars from the IMF....makes you wonder....why that specific amount.....he mentions such things as a need for rapid financing....maybe he believes that this small of a request can be pushed through the necessary channels of the IMF with greater ease.....
He also mentions bridging the deficit gap in the budget but I can assure you that this amount is a mere drop in the bucket with regard to the budget deficit we keep hearing about.....the CBI governor was also present at this meeting.....makes you wonder how many of these "smallish" type loans will the IMF be willing to agree to....what might be next....I think this points to bigger things to come in the near future.
Iraq ranks 180 out of 189 countries in the process of providing credit
We know that Iraq has been trying to get or improve their credit rating in order to issue bonds on the international level....but in the meantime....how do they rank as far as "giving" credit to others, their citizens and businesses.....well out of 189 countries they rank near the bottom of the barrel 180 in fact in providing credit....this is largely attributed to a decline in banking efficiency....providing credit is a fundamental aspect of any economy and the banking sector of Iraq need to be seen as the leaders of this function....not an entity that people are afraid of using.....through the help and support of the CBI the banks need to work on their credit abilities.
Zebari: seriousness of the financial crisis is over
According to Finance Minister Zebari Iraq has walked through their financial crisis and now Iraq approaches the World Bank for a loan that will bridge their budget deficit.....this could very well be the serious loan...the loan that will do some damage to the budget deficit which is said to stand at 25 trillion dinars.
Bring a civil action against the Council of Ministers for the implementation of the budget items Trath
So the Finance Committee continues their efforts of making life difficult for other Iraqi groups....this time focusing upon the COM....making claims through a suit brought against the COM that their efforts to delay certain aspects of the 2015 budget is illegal....the Fin Comm is calling the COM out and asking that budget lines be implemented so that the entire budget is made available at this time....no more delays for the excuse that has been used thus far.....lack of liquidity.....my simple suggestion to the Finance Committee, stop being a part of the problem and work on being a part of the solution....look at yourselves and identify what you have done as a committee to improve the economy....enough finger pointing.
Council of Ministers directed to reduce working hours during Ramadan
Point to make here....notice the COM is saying that working hours may be REDUCED during Ramadan by ONE hour for ministries and departments where they are able to make this happen.....they aren't saying to stop work altogether....for they recognize that many things are needing attention even as Ramadan is observed....work will not stop, nor will issues be set aside.
Paris meeting: Fund for ages liberated areas
The recent meeting that PM Abadi attended in Paris was a vital meeting that allowed him to gain further confirmation from the International Alliance for funding of reconstructive efforts within Iraq where damage has been done by the terrorist efforts of DAASH....donor countries were identified but amounts to be forthcoming remain to be seen....it has to be reassuring though that the world recognizes the need for such efforts to help countries like Iraq who have witnessed such devastation at the hands of savage terrorists.
Conscious / General Secretariat of the Council of Ministers held an expanded conference Saturday for the success of the government program
An important meeting coming up on June 6, Saturday, led by the General Secretariat of COM who is hosting a number of ministry heads, members of Parliament, ambassadors, a large contingent of international companies working in Iraq and a host of other organizations with the aim or theme of the meeting being non-governmental achieving success of the government program....in other words how can non-government entities best play a role in the success of Iraq to come.
Parliamentary Finance: the issuance of large sections of the coin Saakhvd dollar exchange rate
Once more the Finance Committee puts itself in front of a microphone and reporters.....the dollar exchange rate has again risen...and why they ask....because of reduced sales by the CBI and an increased demand...this member of the committee continues to tout the foolishness surrounding the issuance of new currency....this kind of action would not have an impact on the demand associated with the currency rate....none whatsoever....but they want you to think so and panic....don't go down that rabbit hole....it is dark and wet in there...stand in the light and support the CBI in their real efforts.
Abadi's office denies receiving conditional promises at the Paris Conference
Remember a couple of articles from yesterday that seemed to indicate conditional promises made to Iraq, to PM Abadi while in Paris....we will provide you "this"....but you have to get "that" done in a certain time frame.....yes that is what I'm referring to....
Today Abadi's office has issued a statement that those claims from the media are not true....support was received at the Paris conference but no such secret agreements were made with any participants...the Iraqi government remains committed to what they have maintained now for some time, to eradicate the DAASH threat within Iraq and to provide security for the nation while at the same time providing economic stability.....
Abadi's office cautioned the media for providing erroneous information that only serves to support the efforts of DAASH.
Abadi adviser: banks are dealing with the citizen by his desire to acquire the currency with the exception of foreign remittances
Dr. Saleh spoke today about reports that banks being told to only deal in IQD with Iraqi citizens is completely baseless.....words once again being twisted to incite confusion it seems.
Iraqi newspapers dealing with the decision of the Kurdistan Region Parliament borrows amount from the International Monetary Fund
This article speaks to the Kurds being cut off from the budget funds that were to go to them last year because of differences concerning oil exports for the region.....Baghdad seems to be saying that any attempt by the Kurds to obtain a loan from the IMF is illegal on their part....but the region believes that since Baghdad is not forthcoming with funds it is within their rights to seek a loan from the IMF for up to $5 billion dollars.....wondering where this new confrontation between the two entities will end up.
International buyers of Kurdistan oil at higher prices, which is sold by the Iraqi SOMO
The Kurds seem to be all over the map in trying to secure funds for their region......trying to get oil companies and countries interested in their oil to pay a higher price for it than SOMO was getting....good for them in this regard....however they so soon forget that if they sell on their own the Turkish government will simply deposit their revenues in the Halk Bank in Turkey and await approval from Baghdad to release said funds.....the Kurds seem to think they can go this route and it would prevent them from having to seek international loans of upwards of $5 billion dollars.....someone needs to learn how to communicate better I think....and I believe that has to happen on both sides of the coin here...from the Kurds but also from Baghdad....work together to find harmony.
Iraqi Central: dollar exchange rate will remain high because of monopolists
Dr. Saleh spoke today concerning the dollar exchange rate remaining high for the time being pointing to monopolists that seem to be controlling things at this time looking for high profitability, the making of a quick buck it would seem.....he puts some blame on the falling oil prices and the ensuing austerity program that Iraq has implemented this year due to liquidity issues...
He states that the CBI is making attempts to stabilize things but continues to struggle in this endeavor...basically what we seem to be witnessing is a tying of the hands of the CBI against what the big dogs of the market are trying to do....and in the back of my mind I can't help but think who started this mess but the Finance Committee and their Article 50 in the budget....makes me wonder who is behind those trying to monopolize the currency market.
Fulfillment of customs tariffs in all border crossing points, without exception,
According to the COM this week tariffs and taxes are coming....look for them on or around August 1......all ports and border crossings will be expected to comply...no exceptions....this is said to be in alignment with Article 33 of the 2015 budget....are we seeing more of the budget being opened here....potentially that all of it will be exposed.....roughly 45 days until August 1.....is that time enough to create "the event".....the BEST of things yet to come....it makes sense.
Iraq's oil on the right track after year loss
I would change one word in this title and say "years of" loss instead of year loss.....they talk down in the article of the issues that beset PM Abadi and his new government that put things into a downward spiral...the most daunting of which was the misdirection by former PM Maliki and his thugs who managed to run Iraq into the ground before they were kicked out of power....
So since that time Abadi and crew has worked steadily to improve things....worked steadily swimming upstream against a flow of falling oil prices and liquidity issues.....when you are left with weeds it can be difficult to get good crops to grow right off the bat...but they are working in the right direction.
Trade: New and simplified procedures for the registration of Iraqi and foreign companies
Ministry of Commerce announced today that procedures to register both domestic and foreign companies within Iraq will be simplified as of next week and should bring a strengthening to the Iraqi business world going forward....they expect to see an increase of companies working within Iraq in the coming years.
Kurdish lawmaker: investment companies in the region increased the number of lawsuits to demand financial entitlement
One Kurdish Parliament member spoke today of lawsuits being filed by investment companies operating in the region where they are not receiving payments.....wonder where they stand in line for payment, probably behind the government employees and others who hold more critical jobs....but none the less this remains a volatile problem for the Kurds and all other areas of Iraq who continue to face problems of liquidity that prevent salaries being paid and companies being paid what they have earned for their efforts within Iraq.
Parliamentary source: the European Union will provide a grant for displaced people in Iraq, $ 500 million
Speaker of Parliament Jubouri is in Brussels to deliver a speech and also to receive a grant from the European Union for the amount of $500 million dollars to be used to bring further aid to displaced Iraqi citizens.
United Nations expose Iraqi officials have turned to the suffering of the displaced and fake projects
The UN has apparently uncovered some alleged wrong doing associated with the displaced citizens within Iraq that may include the forgery of documents for such people....sounds like an investigation is underway and they are trying to get in front of the right Iraqi officials to gain further knowledge of just how extensive the issue is at this time.
Time for a cookie break....oh snap there's Frank.....wasn't he supposed to be on vacation.