aggiedad77 » June 11th, 2015, 10:36 am
Thursday News Summaries and Commentaries
The central bank back on its earlier decision to deny an auction of 14 banks currency terms
Earlier this week we saw the CBI take action against 14 banks within Iraq where they withdrew their ability to participate in the currency auction....well today that decision was rescinded or turned around by the CBI.....
Not without consequences it sounds like....each of the 14 were made aware the CBI would be monitoring the actions of the bank closely through some traceable means available to them.....the CBI wants the banks who are involved in the currency auctions to be seen as clean and above board in their currency transactions....no smuggling....no corruption....
Their earlier actions had of course pushed the dollar higher as would be expected that old "supply and demand" issue that we've talked about for months....each of the banks has 10 days to get its house in order or face losing the ability to participate in the auctions altogether.
Abadi waging war on red tape to "e-government"
PM Abadi is proving to be quite the juggler it seems, with issues in the air over DAASH, the Kurds, liquidity, support from the outside, the MR, now he's pushing buttons to make a major dent in "red tape" issues associated with electronic forms of government.....we see the kickoff of new government programs aimed at lessening the red tape that has long been around in Iraq especially with association to any interaction with the government.....
With slogans like "Your government serving you" Iraqis are waking up to a whole new view of government both for the private citizen as well as for businesses both local and international.....if this program is successful it should be a welcome breath of fresh air for all....they are working through information technology methods to simplify and streamline many processes.
Parliamentary power: the actual budget deficit exceeded 30%
The Oil and Gas Energy Committee is reporting this week that Iraqi's budget deficit has exceeded 30%...this coming largely from their attempt this year to increase oil exports which comes at a cost...and oil prices which have not bounced back as swiftly as they needed them....remember they budgeted $56/barrel for oil export prices and they are just now starting to see oil being sold at or near that price....anything over that would be good for them but it is coming late in the year.
Zebari: the need to be 2016 budget facto budget and budget programs do not make it doors
Yes my fellow munchins it is that dreaded time of the year when we must again address the concept of building a new budget for the coming year.....best to start those talks now so that by the time this year-end rolls around we are ready with something worthwhile in place for 2016.....early signs indicate they may be looking at ways to improve the taxation process...which probably means getting it off the ground.....modernization of programs that will help in the budget development process can be of great assistance as well.
Ghadban: government is preparing a package economic laws
PM Abadi advisor talks of the work that appears to be ongoing to prepare a draft oil and gas law....that is all encompassing, the state run oil companies, the refineries, how oil products are sold and bought, etc.....all fine and good...where has this draft been....get it to Parliament STAT.....also within the realm of Parliament's duties are several key laws.....Federal Court Law, Law of Parties, National Guard Law....it is time to push and move these important entities forward because the oil and gas law...the granddaddy of them all is coming....clear the slate they are saying so you can wrestle with this anaconda and not take 10 years to get something done.
Iraq signed a cooperation protocol with the Federation of Egyptian Industries
A brand new protocol is being established between Egypt and Iraq with regard to business relations....while this will be a two-way street it is more going to be of help to the Iraqis it seems at this point in time.
Jordan calls for Iraq debt dating back to the reign of Saddam
It's been 12 years since Saddam was last in power, but Jordan is now talking to Iraq about prior debts that amount to $1.5 billion dollars....which includes interest.....they are meeting and attempting to negotiate through this issue at the current time.
Expert (time): overlap FAQ encourage money laundering in the country
The Finance Ministry is attempting to bring a halt to money laundering and smuggling of currency out of the country.....they apparently have been struggling in this area and as a result have asked the US Treasury for assistance in monitoring what goes out of Iraq....who is sending, where is the currency going, how is it being used and such......in 2014 Iraq ranked 6th globally as a high risk of money laundering....not a list you want to be at or near the top of for sure.
World Bank: a program to simplify government measures reflected positively on the implementation of business and economic growth
The World Bank weighs in on Iraq's efforts to stimulate business and economic growth as they attempt to remove red tape issues and streamline access to various parts of government for many within the country as well as international investors and companies....they see this as being a time and cost saver.
U.S. military considering more Anbar-style hubs in Iraq: officer
"Prudent Planning"....that sounds rather strong.....let's do something and do it right....get the right people in the right places and watch some DAASH butt get kicked in a new way....creation of military hubs...whatever it takes to turn the tide of this operation....what the world needs to understand is this DAASH threat is not just an Iraqi or Syrian threat it is a global thing...and it's time people step up to the plate to squelch it once and for all.
Shaways: If you do not offer support for the displaced will have disgruntled people and take up arms against us.
Deputy PM Shaways spoke in London and touched on the delicate issue of displaced citizens within Iraq.....basically saying that if we don't somehow figure out how to provide support and humanitarian aid to these folks it is likely they may pick up arms and suddenly we have yet another fight on our hands.....remember Shaways is a Kurd and he sees and hears of so many of those who are displaced ending up in the Kurdistan region....this is an issue close to home for him....he spoke about how Iraq is being financially drained in their fight against DAASH and is in sore need of continued financial support to help these people who have been uprooted from their homes and land.....more sectarian strife is not needed at this point.
Iraq's oil in good hands
"Your in Good Hands with Iraq"......well sort of....oil has certainly dominated the scene for a number of years and even with the sudden fall in prices it still remains king in Iraq.....they are attempting to pass the baton to the provinces with regard to some controls of the oil industry....and they are also working to harness the energy that is so often burned at the wellhead in an attempt to bring on another source of revenue for the country and at the same time allow themselves to be yet more self-sufficient by using their natural gas as a source of energy to turn turbines and generate power for the country....all good and positive signs for the country and its people.
Chalabi: Abadi al-Maliki and paced him to abandon the ignorant advisers and heads of independent bodies change
Bulls butting heads in the china closet.....PM Abadi being accused of being like Malik by the head of the Finance Committee....hmmm....makes me wonder if he has a bag packed....so it seems the Fin Comm is staying stirred up on things and continually pointing fingers because of a great dislike of Abadi....true relations are starting to surface....well I know who carries the bigger stick in this fight.
Parliament opens debate on laws broken
A member of the Legal Committee speaks out on the lack of passing important laws within the Parliament stating that Speaker Jubouri does not want to attempt to pass anything unless all points of contention are resolved.....as a result several important laws are stalled at the moment.
Economic Adviser to the Prime Minister calling for adjusting exchange policy
Dr. Saleh is calling for an adjustment in the currency exchange.....something that will bring the actual sales price from the CBI and the street market prices closer together in a reality adjustment.....IMO....what truly needs to be adjusted is a house cleaning of the Finance Committee....top to bottom....their minimal effort this year is a large cause of the currency exchange issues.....and I'm hearing rumbling on the plains.....me thinks PM Abadi is only going to take so much guff from certain people before he wades into the room with both arms swinging.
National Pension Authority confirms that transactions will be completed within 15 minutes after the launch of its website
More evidence of the good to come in Iraq....further streamlining and modernization of government systems that provide citizens with faster access.....improving access from a week to 15 minutes that is an astronomical jump....warp speed #1.
Parliamentary Finance check convert $ 312 billion out of Iraq in ways that suspicious file
Once more with gusto.....the Finance Committee needs to learn about etiquette and keep their noses out of other people's business, mainly the Integrity Commission who investigates crimes of theft, corruption, money laundering, and smuggling....show us for once you actually do what you are supposed to do.....in fact why don't you tell us your real job.
Well time for a break....enjoy. Aloha Randy