Aggiedad77: January 28th, 2015, 11:36 am
Wednesday News Summaries and Commentaries
It's Hump Day Family and we are already seeing some juicy morsels in the news today....more from the CBI....a welcome noise that they want to talk....
The Finance Committee is finished with the budget....meetings at high levels to discuss the budget and how it will be dealt with tomorrow, Thursday in Parliament....Investment Law news....banking news....and the list goes on.
Special / cabinet is preparing to pass laws that support the national reconciliation
PM Abadi is definitely onboard with the direction being taken towards a national reconciliation meeting....this meeting looks to be held sometime in February but at this point no date has been set....
He sees great unity between the sects and political blocs of this new government.....putting an end to terrible bickering that was often witnessed within the previous government....great unity strides have been made by Abadi and his new government in their abilities to get along with one another....
One key indicator is their ability to agree upon and pass laws through COM so efficiently and then see these laws move through Parliament with little resistance as well....this government is bonding together in a very professional manner and the external world to Iraq has to be very pleased.
Parliamentary Services: coming days will witness a change Abaub
It appears that the Mayor of Baghdad is not happy with the performance of the company providing services to Baghdad and is wanting to do something about that....looking for a new company to take on these responsibilities....the Mayor will meet with PM Abadi soon regarding this matter.
Expectations of increasing the share of the Kurdistan Region of government jobs in the budget
How interesting that Kurd MP's can be talking of increasing their share of government jobs at a time with much of the rest of the government seems to be looking inward upon itself at how jobs can be cut during this period of austerity.....or are the Kurds seeing and believing the austerity period will indeed be short-lived......we shall see.
Abadi Office: The government is keen to provide a safe environment for airlines and exceptional incident UAE plane
PM Abadi is serious about maintaining safe airways for all airlines and is quick to say that the recent incident with the UAE plane was isolated and in no way should hinder other flights into or out of Iraq.
Cabinet approval for the initial formation of the National Guard leads the pages of newspapers today
The COM this week worked on what would be the formation of an Iraqi National Guard....a group at the local levels...local military forces within each province that would aid in the protection of the Iraqi people, so there would not be as great a dependence on the Iraqi Army to provide the same services...part of this same effort through the National Guard is seen as a deterrent to what happened near the Baghdad Airport that saw a UAE plane shot at while landing in Baghdad....the Iraqi's are very quick to jump on and respond proactively regarding this incident and do not want to see a repeat as it could have a huge detrimental affect on foreign visitors to Iraq in the coming days and weeks....no one wants to think that the Baghdad Airport is suddenly unsafe again.
Shell signs $11 billion deal to build petrochemicals plant in Iraq
The Dutch company Shell inks a deal with Iraq to build a petrochemicals plant in southern Iraq in the Basra province...this would be the largest petrochemical facility in the Middle East and is expected to be operational within the next 5 to 6 years....this is big news for Iraq....such a facility with its technology would open up many avenues for Iraq in the way of additional revenues besides their current king of exporting oil.
Virtue calling on the government to issue a national bond to encourage citizens to save Optional
Talk of optional savings requirements for Iraqi citizens...members of the Virtue political bloc see this kind of savings effort as a contribution to the funding of state liquidity...but they go on to also mention the events from the CBI from yesterday concerning loans, bonds, and buy-backs that too will go a long way in eliminating liquidity issues...got to give them credit for the ability to think outside the box though....it will surely be interesting to see what the Parliament session on Thursday brings us.
Abadi economic adviser praises central bank action to lend budget
I wondered when Dr. Saleh would enter into the equation regarding the CBI lending....and today he does so....stating the this effort will serve to enhance and develop the market and be a positive reflection on the citizens....Saleh also confirms what the CBI stated yesterday that their action regarding the 6 trillion dinars will not affect the Iraqi reserves in any way.
Parliamentary Economy: Abadi agreed with the legislation of new laws for investment
There is agreement between PM Abadi and the Economic and Investment Committee within Parliament regarding the development and implementation of investment laws....Abadi's comments made a Davos last week make this very clear...in particular how these laws will have a positive impact upon the private sector....the common ground they seek is that the investor will be relieved of much red tape that bogged them down within the previous government.....
Dr. Saleh weighs in with his opinion headed in the same direction.....free up the process and streamline what is required to improve the draw capability with investors from the international arena....this will see the evolution of a system that is driven more from the province and local levels than ever before....we believe these laws are just waiting in the wings....soon to be implemented.
Karbala: borrowing from banks to consolidate financial resources
Karbala seems to be the first to step up to the plate concerning borrowing at the bank....after the announcements from the CBI yesterday.....I don't believe money would have been available to them before.....this is a good sign in my opinion....need to keep an eye out for more of the same.
Parliamentary Finance completed the final version of the draft budget
The Finance Committee is a bit bug-eyed this morning from lack of sleep.....they worked through the night to make final preparations on the budget that is to be presented to the President of the Parliament today and then voted on by Parliament tomorrow....we hope.....committee members are saying that a complete agreement has been reached by the committee and they are ready to proceed towards a vote......here they too give hint to "internal" borrowing.....what the CBI was referring to yesterday.
Parliamentary Energy: Oil Law legislation will contribute to solving the outstanding problems between the center and the region
The Commission on Oil and Gas is calling upon the COM to send a bill or law to Parliament for consideration...believing and rightfully so I think...that such a bill or law will put an end to issues between the state and the provinces regarding oil and gas efforts and what is rightfully a part of the Iraqi citizens.....we know the COM is working on a new model of the law having said there were too many issues with the 2007 version to push it forward....I'm believing what they are doing is very close to being ready to jump out of the starting gate....probably right behind the budget.
World Bank donates to Iraq for 6-trillion budget
DONATES....the WB donates 6 trillion dinar to Iraq budget....since when did any bank "donate" money to anything besides maybe Girl Scout cookies....they are in the business of making money....not giving it away.....they are doing this to help reduce the deficit they say.....hope we can hear more about this as the day progresses.
Salim Shawki's "direction Press": central bank reserves fills state coffers
Yes we know we heard from the CBI yesterday regarding how they intend to lend back to the banks and at the same time not touch their protected reserves....ingenious on their part...then just above we hear the WB wants to "donate" money to Iraq to reduce the budget deficit....the news is filled with stars I believe.
Three presidencies will meet this evening in the presence of Chalabi and Zebari to discuss budget
There will be a meeting tonight between Finance Minister Zebari and Finance Committee Chair Chalabi and the three Presidencies to go over the final version of the budget in prep for tomorrow's vote....time will tell us if they allow the budget onto the Parliament floor for a vote tomorrow or not.
After Six Months, Kurdish Oil Tanker Leaves US Harbor
Well after a six month standoff in the Gulf of Mexico the tanker is now permitted to leave and has not yet unloaded its cargo...reportedly sailing towards the Strait of Gibraltar....for ports unknown at this time....sounds like things have been worked out between Erbil and Baghdad though.
Maysan: Opening of the Union Bank of Iraq for the development of the banking business
Another bank opening this time in the province of Maysan that sees the Union Bank of Iraq opening doors to bring further aid to the province and offer assistance with regard to investments and other banking efforts.
Abadi undertake to fulfill the legitimate demands, which came in a paper political agreement.
This speaks loudly to PM Abadi's desire and wishes to bring about a national reconciliatory effort for all of Iraq....across all religious sects and political blocs going forward....he has a vision for Iraq that will see great benefits being reaped and Iraq emerging as a leader in many ways in the world.....the COM is currently working on a number of draft laws that will aid in the reconciliatory process.
Conscious / government takes decisions and recommendations in the development of the private sector banks.
The Intergovernmental Economic Commission for Refugees met again this week for a second time, being chaired by Deputy Prime Minister Shaways.....much discussion was made regarding work initiated within the private sector regarding industrial decisions and opinions from an economic standpoint...recognizing that a strong banking sector is a must in overcoming obstacles and problems in order that solutions may be found....this meeting was populated by a number of high ranking individuals many at the ministry level....telling me this effort has a high degree of attention within Abadi's government and is seeking to bring about a welcome change for all Iraqis.
Abadi turn against al-Maliki and al-Adeeb, poses an alternative to the position of vice president!
Maliki being pushed from his position as Vice President....with the current leader of the State of Law Coalition possibly taking his place....this could be the beginning of the end for Maliki if it is indeed true.
Consultant Abadi: finished stage oil sale and distribution of salaries and the trend now is towards product people
Dr. Saleh is really liking to talk these days it seems.....he appears to be pushing strongly the idea of people getting more and more into production jobs...working for themselves....creating their own wealth and being less and less dependent upon the wealth generated by oil...which is not so generous in these times of falling oil prices.....one that certainly affects their economy in a big way...
But he also goes on to say they are not in a financial crisis but rather a financial hardship....being faced with falling oil prices and having to fight terrorism....he sees the future as trending towards the labor force being pushed towards productive activities.....he sees the World Bank also as a reliable source....which we saw this as true in an earlier article.
PM Barzani: we will not export more oil than agreement allows
Kurd PM Barzani says the Kurds will stay committed to the agreement that was made previously on oil production even if they can produce more...they feel obligated to their agreement with Baghdad.
Sunni forces: Abadi closed the road in front of our withdrawal and carried out his promises within hours
The Sunni's see PM Abadi and his promises as a good thing for them....a welcome change from what they witnessed through the previous government.....a government where they were prone to walk out on....in fact walked out of Parliament for a number of sessions, refusing to show up.....now they see Abadi as a breath of fresh air.....someone who has taken their concerns to heart and is attempting to make strides that positively affect all Sunnis.....this all speaks to the national reconciliatory efforts being fostered by PM Abadi.
Parliament allocates tomorrow's meeting to vote on the budget, hosting and Minister of the Interior
Parliament to dedicate the Thursday session to voting on the budget....and hearing from the Minister of Interior....starting at 11:00 am.
Well more than just a flood of news again today.....it seems that many in Iraq want to talk.....still waiting to hear the CBI screaming that change is in the air......remember....they need to put things into play....just voting on the budget does not necessarily make happen what they have proposed....meanwhile keep watch of what they do and say.