Category: Finance Committee

BLC Admin Tlm724 News & Comments

Morning News Comments 01/10/2014

[tlm724] we have a press release from parliament, lets look at the highlights

[tlm724] House of Representatives continue to discuss the budget in 2015 and hosts the governor of Anbar province and the provincial council chairman January 10, 2015 Continued Majlis deputies third minutes of the second legislative term legislative Psonth the first held under the chairmanship of Dr. Salim al- President of the Council 

and in the presence of 266 deputies on Saturday, 10.01.2015, discuss the 2015 budget with hosted the Governor and Chairman of the Anbar province, to discuss the security situation in addition to the completion of the first reading of the bills. 
~~~

On the other hand, the Council continued to discuss the draft federal budget law for 2015. In the interventions of the ladies and gentlemen of Representatives MP Jawad al-Chairman of the Economic Committee demanded the cancellation of deputations out of Iraq and accounted for specialists and the development of the poor live in the priority projects included in the budget. The MP behind Abdul Samad on the importance of providing the final accounts of the region of Kurdistan and the amount of oil exported from the region.

[tlm724] The MP behind Abdul Samad on the importance of providing the final accounts of the region of Kurdistan and the amount of oil exported from the region.

[tlm724] gotta have the final accounts, can’t calculate without them   

focused MP Ibrahim Bahr al-Ulum on the lack of indicators inspire reassurance about the price remains fixed for oil in the budget on the situation and the possibility of falling, which may increase the deficit situation where, demanding the re-balancing of the government to review the oil revenues earned.  

[tlm724] For his part, MPAbbas al-Bayati, to reduce the financial budget of 125 to 100 trillion dinars to address the deficit, pointing to the importance of benefiting some provinces of imports customs.

[tlm724] pointing to the importance of benefiting some provinces of imports customs.

[tlm724] thats good, get that tax revenue flowing into the coffers Wink 

He accused the MP Hassan Salem United States of being behind the reduction in oil prices to influence the situation in Iraq, alluding to the sagging career, which affects the budget. 

[tlm724] MP Hassan Salem *slap*    

[tlm724] For his part, Mr. Speaker face the relevant committees to hold meetings with stakeholders to discuss the budget to be next Monday, the last day To complete the discussion of the budget to allow theFinance Committee for study and preparation of the final wording before voting on them. 

[tlm724] Monday will be the final discussion then the finance committee does the final draft and on to the vote, works for me   
  
and completed the Council for the first reading of the draft treaty contract law and provided Foreign Relations Committee after the changes taking place in the new Iraq in light of the evolution witnessed by the world at all, 

whether the political, economic or social or means of communication or international trade, and to keep abreast of this development through international treaties contract or ratification or accession, after it emerged conditions require a new law. 

[tlm724] to keep abreast of this development through international treaties contract or ratification or accession, after it emerged conditions require a new law.

[tlm724] Then I decided presidency of the Council to adjourn the meeting on Monday 12/01/2015 11:00 pm.

http://www.bondladyscorner.com/t110005-morning-news-comments-01-10-2014

Saturday News Summaries by Aggiedad77 at KTFA

aggiedad77 » January 10th, 2015, 11:11 am 

Saturday News Summaries and Commentaries

It is one of those days when you wake up and realize that our news folks seem to have been on steroids overnight….many news articles to work on today….sit back and enjoy….will try to make it as enlightening as possible.

Jubouri: Iraq is open to international relations

Speaker of Parliament Jubouri met with a number of international delegations sending the message to them that Iraq is willing to be open with regard to international relationships…..just don’t try to muscle in on our political process….Iraq is a big boy and can take care of itself in that regard today…..otherwise cooperative efforts with Iraq and other international entities is very welcome.
….

Deputy: the cause of delay in approving the 2015 budget is a drop in oil price

Oil….it is what’s for dinner…..if there was ever a reason to delay an action….the falling prices of oil would be that reason for Iraq at the moment…..after all, oil is their life thread….and they want this 2015 budget to be set in as solid a wall of bedrock as they can find…not shifting sands which is what they are seeing…..their crystal ball is being clouded by the oil sands at the moment and they are showing signs of hesitancy in making a final commitment….but it is time to look at the board and throw a dart at a number.

Parliament held its session today … and the continuation of the second reading of the budget is the most prominent on the agenda

I continue to be encouraged at the seriousness that is being taken with the 2015 budget by Parliament….they are bringing up valid points about the budget and working together in a unified effort to get through those points…..far better than the bickering and constant number of walkouts and no-shows we witnessed in the prior Parliament….give this group a great deal of credit for suddenly acting like such a body should act….very professional.

Krhot: Abadi and Anbar delegation in search of the most important files that will present the latest in Washington

Again, more unity and encouraging news as Abadi and Anbar officials strive to work together as they prepare to meet up with Washington in hopes of securing more aid in arming their tribal members to put up the fight against terrorists embedded in the province…this is not what we would have seen under Maliki’s rule.

Erbil continue to insist on borrowing ‘sovereign’ from international banks

Erbil leaders continue to beat the streets looking for international money to aid their region….they continue to attempt to play catchup to the rude blow dealt to them last year when funds were cut off by Baghdad severely hampering their entire regional government process…..certain Kurdish leaders believe there is a constitutional mandate that would allow for such international loans to be pursued and they are heading in those directions.

Parliamentary economy calls for the formation of a committee of the Ministries of Finance and Planning and the World Bank to monitor the monthly revenue

Where was this committee during Maliki’s reign you might ask…..this is a good thing…a sort of checks and balances system being put into play for the good of all I think….a way to keep everyone in all directions more honest.

Deputy Prime Minister: Senior officials on the list of arrest

Be looking and watching in the near term for arrests of senior officials we are believed to be corrupt in one way or another….this is not a worthy piece of experience one would want to have on one’s resume where PM Abadi is concerned…..oh how the tides have turned…and for the better I might add…meanwhile the search continues for other revenue sources to help bolster the affects being felt by falling oil prices.

Iraq Ex-Leader Maliki Tries Political Comeback

Maliki trying a comeback…..who turned this bull lose in a china closet…..like he would have a leg to stand on….well at least some of his hangers-on supporters think he may have an inroad once the terrorist threats are squashed by PM Abadi….I’m not so sure of that though,

Abadi has a huge positive track record that continues to grow in the right direction….he may not be the strongest link in the chain, but he has garnered support in areas where Maliki could never have ever hoped for support….I am thinking either through the judiciary or some other “clandestine” means….M’s days are numbered…..it’s just his huge ego that refuses to let go.

Suhail: Part of the money owed by the Kurdistan exist in foreign banks and another in Erbil

Of course Erbil has money in banks…..where else would their oil revenues been going since May of last year….remember HulkBank in Turkey….now the fact remains to be seen who has rightful ownership of that money….does Baghdad get a portion of it….or have the Kurds truly let it sift through their fingers already…..I am of the belief that the Kurds will do the right thing and allow Baghdad to have their share of what should have been coming to them….all part of the agreements either signed or being signed between the two entities.

Iraqi Kurdistan Quietly Annexing Kirkuk

The Kurds didn’t fall off the pumpkin wagon yesterday…..they know it is better to ask forgiveness than to ask permission….at least in their pursuit of Kirkuk and its oil riches…..they quietly stepped in when the Baghdad army quickly left the scene this past summer and have not let up since then….they also understand that possession is seen as 9/10’s of the law….and they rightfully believe that Kirkuk was theirs all along anyway…..all that needs to be worked out are the final agreements of Article 140…and from what we see and read….that is in the works….this will be a win-win for the Kurds and in the long run a win for the residents of Kirkuk too I believe.

Three billion and 250 million dinars, the cost of issuing smart cards for the displaced

The cost of doing business….is often not cheap…..3 billion and change to issue smart cards to displaced citizens….but it seems there may be questions as to whether the citizens received this effort…..or is there evidence of wrong-doing that is worth investigating and pursuing at this time…..evidently the Integrity Commission has been alerted and found 100 signatures to commence interrogation efforts into corrupt files…..this could be another valiant effort on the part of Abadi to rid the government of the evil head of corruption that was so rampant in the past.

KDP: The problem of delayed salaries in the region ended

According to Kurdistan Democratic Party representatives the issue of region employees receiving their salaries is coming to an end with them being paid at the same time as other Iraqi employees are paid….at long last the end to the dry spell.

Minister: Turkey not specify the amount in the share of Iraq’s water under the recent agreement between the two countries

The Minister of Water Resources is saying that talks with Turkey last year focused on water qualities and not quantities…but should not be constrained to specific reservoirs but all sources should be considered….sounds like they need some further clarity in this area….hope it is forthcoming.

Senior officials on the list of arrest soon

More noise about senior officials maybe finding their names on the wrong list…..just a different source than was discussed earlier……makes me wonder….just how “senior” these officials are that are showing up on the list though…..are there any Maliki’s on that list.


Aajl..alajabura sets deadline next Monday to discuss the budget in preparation for a vote

Finally….final preparations being made to the budget to allow the Finance Committee to make the necessary and expected changes to wording prior to a vote…..hopefully we see that vote coming soon.

Conscious / Abadi, visiting Egypt tomorrow at the head of a government delegation

PM Abadi and delegation are headed to Egypt to discuss bilateral relationships at the invite of the Egyptian government…this comes as a followup to a recent visit to Iraq by the Egyptian PM…..security files will be the strong suit being discussed during the visit.

Maliki alone in their own coalition and his supporters to abandon him

The truth hurts sometimes….especially those who seem to want to ignore it….this appears to be the case with Maliki….he may be dreaming of a come-back….but his supporters are bailing from the ship….like rats leaving a ship on fire….the handwriting is on the wall…and it is in plain Arabic….Maliki is not being supported at least as he thinks he is in his own mind.

Well there you have some quite interesting news articles I think….thanks guys and gals for all the great finds…..your efforts help support all that KTFA is about with regard to info and intel on the IQD……enjoy these tidbits and I’ll see if there is more to come later.

Aloha   Randy

Opinion vs Perspective Intention On The IQD Part 2

My Two Cents from a Perspective of: Opinion vs Published Intention on the IQD  Part 2

Opinion:
 The probable scenario for the upcoming redenomination/revalue will be that the existing high denomination De La Rue IQD banknotes will have their value raised; plus at the same time new IQD currency of smaller denomination notes will be put into circulation and with the same new RV exchange rate that the higher denomination notes are given.

 People will continue to trade in their De La Rue high denomination notes for USD cash and eventually, only the 25,000 notes will be pulled from circulation while all the rest of the existing higher denomination De La Rue notes from IQD10000 on down will be left in circulation to co-exist indefinitely with the newer lower denomination notes which will be in denominations all the way down to IQD 1.
~~~

Perspective: According to Iraqi mainstream media, when the new currency becomes available, Iraqi citizens will have little choice but to go to their local banks or currency traders to trade in their high denomination De La Rue banknotes for the new CBI-issued lower denomination banknotes.

A financially aware Iraqi citizen (make that most of the population) will undoubtedly ask for USD at their local bank or exchange, since that is all that has been available for trade right up until……yesterday?

That Iraqi citizen will then undoubtedly be told that he would first have to trade his high denomination Bremer era, soon to be extinct, De La Rue notes for the brand new currency at a direct ratio of 1000 old to 1 new. He will be told that those new lower denomination IQD notes can be had either in cash right there on the spot or from an ATM machine via debit/credit card later ~ as they are needed.

If that particular local Iraqi bank has the USD available, that particular Iraqi citizen might get to have the option of trading his newly acquired lower denomination IQD for USD at the newly announced exchange rate.

If that’s how it goes, and the announced rate is say $0.50 or 50 cents on the dollar ~ affecting both IQD currencies simultaneously ~ then all the Iraqi citizens trying to trade in cash banknotes (in a mostly cash society) are going to be told that they must first turn in their IQD10000 notes (supposedly worth US$5,000 to foreign speculators) for a new IQD10 note worth only US$5. Certainly no profit there.

That might tend to make a person mad if he was stuck in Iraq with no other choice; and especially in light of a definite, selective, lack of profit for Iraqis themselves, in a deal that seems to favor only foreign currency speculators holding high denomination De La Rue IQD banknotes outside of Iraq.

Will foreign speculators have to go through the same drill as an Iraqi (trading from old notes, to new notes, to USD) in order to get paid? If so, where is the profit in that?

Opinion: The exchange of the old currency for the new has nothing to do with value.

During an exchange period lasting anywhere from 90 days up to two years where nobody in Iraq loses anything by just exchanging the notes, foreign investors will also be able to exchange old currency for new and then watch the value of the new notes climb against the USD (within the time limit of whatever exchange period actualizes) until such time as they will be able to cash in the new lower denomination notes for USD at no loss.

Perspective: 90 days was the time given for the last Iraqi IQD redenomination exchange period when Bremer and his boys added the zeros to the currency and this transition period was necessarily short because of the war.

According to the published CBI plan for the project, a “peacetime” redenomination scenario will be scheduled with a minimum of 2 years allowed to exchange high denomination notes for the new lower denomination notes

Most foreign investors holding IQD cash paid close to US$1000 per IQD Million (including shipping) at a time when bank prices were near US$855 per IQD Million. There will also be an additional fee to exchange old IQD for new IQD, plus the additional fee to finally exchange new IQD for USD.

Even if those last two exchanges (from old to new and then new to USD) were made for free with absolutely no dealer/bank fees involved, there’s still the $1000 (cost) – $855 (sell) = $145 (loss) per IQD Million to make up for in the cash-in exchange rate (within the exchange period time limit) before most foreign cash speculators can expect to cash out with no net loss.

In order for that to happen the new IQD lower denomination notes would have to rise in value against the USD from the initial outing of (US$0.85 per IQD 1) up to (US$1 per IQD 1) within the 2 years’ time allowed for the exchange.

This at a time when the exchange rate has been steady at 1:1166 for the past 4 years. At a time when oil prices are plunging to 5 year lows, causing the GOI Budget to be too skinny to pay Kuwait the last US$4 Billion Iraq still owes in reparations for the 1990 invasion. Instead, that final payment has been put off until 2016.

Meanwhile, Iraq and Kuwait are strengthening diplomatic ties and not just because they share a shipping port on the north end of the Gulf and a lake of oil under the sand.

This repayment of reparations is still being monitored by the Security Council at the UN.

Opinion: Before issuing the new lower denomination IQD banknotes which will then be exchanged for the existing De La Rue notes now in circulation, the GOI will have to educate its own citizens and the rest of the world about its proposed project plan via mass media; and that education period may cause a short delay between the time the new currency is released (with its increased value against the USD) and the time when foreign speculators might actually cash in the De La Rue notes they are holding for these new IQD notes and then eventually for USD.

Opinion: During this delay the CBI may temporarily halt daily auctions, which could mean no USD will be allowed out of the CBI during that time. It could also mean that during that time no banks outside of Iraq will be buying IQD with USD ~ since they can’t expect to turn any IQD notes purchased into the CBI to exchange for USD.

Opinion: Once the auctions resume, the IQD should be back on the foreign exchange platforms, and foreign speculators (unlike Iraqi citizens) will get to cash out their De La Rue high denomination notes at the same exchange rate (US$0.85 per IQD 1) that will be applied to the new lower denomination notes inside Iraq; but without having to first go through that pesky ole routine of exchanging old IQD notes for the new IQD notes.

Get ready to be rich all you foreign IQD currency speculators!!

Opinion: The CBI will issue new fiat IQD currency with lower denominations on their face to exchange and coexist with the currently circulating high denomination fiat IQD currency and then the CBI will RV all circulating banknotes, both high and low denominations, as a managed float at anywhere from (US$0.10 per IQD 1) to (US$1 to IQD1) and then the demand for oil will drive its value against the USD up from there.

Perspective: The very public statements to the press about the future of the IQD by Iraqi Finance Ministers, CBI Directors and Iraqi Finance Committee spokesmen as well as the published statements from the same sources have all been put out there with the same coordinated message; which is, that the CBI wants to reduce the size of the Iraqi total money supply, eliminate the zeros on the face of its currency, raise the value of the IQD against the USD, reduce Iraqi inflation and de-dollarize Iraq.

The last prediction issued by the CBI Board of Directors spokesman in the fall of 2014 was that the project to eliminate the zeros could not begin until at least 2016 due to the tightened GOI budget and the continued lack of stability in the country. When the stability of the country allows it, the project to eliminate the zeros on the nominal face of Iraqi currency will proceed.

The project will proceed with the continued education of the Iraqi public by mass media and local bankers and currency exchanges to prepare for the issuance of new currency that has been upgraded with 3 languages on the notes, with three zeros less than the currently circulating Bremer era De La Rue notes and with improved security features to prevent counterfeiting. This new currency will also have proportionally more value against the USD than the existing currency.

These new lower denomination notes will be traded directly for the currently issued notes at a ratio of 1:1000; and at no cost to either party involved in the exchange.

Each note in the 1:1000 exchange will be of equal value as expressed in USD.

For example: The currently circulating IQD10000 note, at the current exchange rate of is 1 USD to 1166 IQD is worth $8.58.

A newly issued IQD10 note will be able to trade for either a circulating IQD10000 note or for US$8.58, because it will have had its value against the USD proportionally raised so that it too is worth US$8.58.

That would mean that the new currency will have an exchange rate against the USD of US$1.00 per IQD 1.166 while the existing currency would continue at the current rate of 1:1166.

This coexistence of the currencies is projected to last for a 2 year period or until the CBI is sufficiently satisfied that the Iraqi Total Money Supply, through the systematic removal and destruction of the large denomination banknotes, has been reduced enough for the CBI to feel confident enough to continue to raise the value of the IQD up towards 1:1 and thereby have a chance at the de-dollarization of Iraq.

Opinion: By the time any on par (1USD:1IQD) exchange rate happens, the Bremer era, De La Rue IQD banknotes will be out of circulation and will no longer be honored or redeemed.

Opinion: The CBI will most likely not delete the zeros from their currently circulating high denomination banknotes and any publications about that scenario coming out of Iraq should just be ignored ~ they are meant to fool you into selling your dinar too soon.

Instead, the CBI will most likely raise the value on all notes including the simultaneously introduced new lower denominations notes.

 Opinion: There are USD millionaires who have purchased US$ Millions worth of IQD and are now holding IQD Billions and they should know what they are doing, since they are already USD millionaires.

If millionaires who can afford to speculate with US$ Millions think that there is a chance to make a profit speculating on the IQD, then it should be all right for the less well-heeled speculator, shouldn’t it? After all, these millionaires didn’t make their millions by being stupid about money, did they?

Opinion: Even if there is a huge rush to cash in and trade IQD’s for USD’s by both Iraqis and (millionaire) foreign currency speculators at the very first re-valued exchange rate published, the IQD will still continue to rise in value against the USD; even at the same time the CBI is depleting its USD Cash Reserves to pay out for the in-coming De La Rue notes.

Only people in the know, such as millionaire currency speculators, understand why this is possible in Iraq, but nowhere else in the world.

Opinion: People in the know such as Accredited Investors and Professional Financial Advisors understand about protecting their assets; so it pays to be prepared for an overnight windfall of wealth by following their example or the example of millionaires when preparing for a sudden windfall of wealth.  

Perspective: Even prudent (non-millionaire) people have been known to run out of funds diligently earmarked for the maintenance of offshore corporations, bank accounts, trusts, etc. which were set up, kept open and prepared to receive and deal with a sudden windfall of wealth; and that happened while they are waiting on that very same windfall of wealth.

All qualified and certified financial advisors and professional investors are not necessarily sufficiently schooled in the international rules governing currencies; despite having passed extensive testing to be qualified and licensed equity traders.

Both the IQD and the USD are fiat currencies backed by absolutely nothing more than their own Central Bank’s declaration of worth; neither one is backed by oil, or gold, or silver.

In fact the accepted value of the USD and therefore the IQD (which is pegged to the USD) is only ‘reflected’ in the spot prices of either silver or gold.

Those spot prices are kind of benchmarks to help estimate the purchasing power of the USD (and the IQD) at any given time.

The Fed declares what its notes (promises to pay) are worth and the CBI gets to decide what its own notes (promises to pay) are worth relative to the petro-dollar, aka the USD.

Iraq is still the nominal head of the 22 member Arab League of Nations and so anything financial coming out of Baghdad ~ good and bad ~ will be affecting the entire region.

Besides Iraq, these countries all call their own fiat currencies, the Dinar: Kuwait, Bahrain, Jordan, Libya, Tunisia, Algeria and Serbia.

Besides the Iraqi IQD, both the Bahrain Dinar and the Jordan Dinar are pegged to the USD and Iraq is increasing its diplomatic relationships with Kuwait, again.

With these relationships already established and on-going it appears that any major RV of the IQD against the USD might also immediately and directly affect the Kuwaiti Dinar, the Jordanian Dinar and the Bahraini Dinar all of whose central banks are CBI’s immediate neighbors in the region.

To be neighborly, the CBI might feel the need to inform those other central banks (and trading partners) that their own currencies were about to be affected by the CBI’s plan to redenominate/revalue the IQD against the USD.

Opinion: It’s probably not possible to keep such an IQD RD/RV event a secret given all the trading partners having to be in on the action.

Economic adviser: the economy did not diversify properly and re-balancing of the government is useless

BAGHDAD / newspaper integrity – said the prime minister for economic affairs adviser to the appearance of Mohammed Saleh, on Thursday, that the Iraqi economy was not being diversify properly, noting that there are attempts to export a few thousand barrels above the rate at which they put in the budget, while noting that the reconstruction of the budget to the government is useless.

Saleh said in an interview televised seen it (the newspaper of integrity) that “the Iraqi economy is not being diversify properly,” he said, adding that “over the past decade ceilings budget rose seven times, and oil prices have risen five times, but Iraq did not take its share of the global market.”

Saleh added that “there are attempts to export a few thousand barrels above the rate at which they put in the budget,” noting that “this solution is very inefficient but it’s better than nothing.”

And on news that talks about rebalancing the government .. Salih stressed that “re-balancing is useful to the government,” pointing out that “Iraq is passing through an emergency situation and needs help from the international community.”

He revealed the parliamentary finance committee member of Haitham al-Jubouri, the existence of a trend in the House of Representatives to return the law to the general budget of the new cabinet, as described by (phantom), confirmed the allocation of two billion dollars for the popular crowd and Nazhan.

LINK

Baghdad allocates 102 billion dinars for the Committee of Article 140

Shafaq News / The Finance Committee in the parliament announced on Wednesday, that the Iraqi government has allocated 102 billion dinars for the Committee of

Article 140 of the Constitution of the disputed areas.

Some MPs and Kurdish parties complained from not allocating any amount for the Committee of Article 140 after the first reading of the draft budget, considering that as suspending the mentioned Committee’s constitutional functions, according to previous press reports.

The committees’ member , Ahmed Sarhan held (yesterday last) Tuesday , meetings in the presence of all its members and its president, noting that the representative of the Ministry of Defense Committee has demanded a private budget from the Ministry of 15 trillion dinars in the text of the draft budget.

Sarhan said he asked the representative of the Ministry of Defense about Peshmarga’s benefits and the possibility of disbursement of that budget, he stressed that the amounts will be allocated to be spent in training, arming and expenditure of Peshmarga as part of the Department of Defense, reassuring him that all Peshmarga’s benefits will be given.

He said the representative of the Council of Ministers attended part of the meeting and asked the Committee on Article 140 budget, he said in his reply that the parliament has added a paragraph to its expenditures by allocating an amount of 102 billion dinars for the committee on Article 140.

He noted that the meetings continued during the past three days, pointing out that the report will be submitted (today) to the parliament and then meeting of the parliament begins in order to conduct the second reading of the draft budget for the current year 2015.

LINK

Parliament to complete the budget’s discussion

Shafaq News / The Iraqi Parliament, headed by Salim al-Jubouri began to hold its usual meeting to complete the discussion of the report of the Finance Committee on the draft fiscal budget for 2015.

The Parliament discussed yesterday, 41 items from the budget.

Another meeting will also be held next Saturday to discuss the budget.

LINK

Mnt Goat Thursday Morning Update – “A New RV Window”

(Thank you George for emailing this to Dinar Recaps.)

UU4790 – “A New RV Window”  by Mnt Goat

Hi Everyone,

Quick update again today……lol…..lots of news floating around and needs clarification.

Today I wanted to give everyone a brief news letter!  I hope everyone also read my last news letter dated 01/07 (LINK) since this is a continuation of this ongoing saga of the revaluation of the Iraq dinar and in particular the budget bill.

I take the time to write this news letter can you kindly take the time to read all of it and not jump out and make assumptions and spread rumors about something I did not say on many of the conference calls. If this continues I will simply stop sending my news letters out to the general public and keep the news to my team only. WARNING !

Today’s News

Today is Jan 8th and I wanted to pop in an let you know what truly happened in parliament  yesterday on Weds Jan 7th and what is expected in the days that lie ahead and talk about a new RV window.

The session of parliament  conducted the second reading and the budget bill was read. The first reading revealed the need to shrink down the deficit. This second bill revealed yet more cuts are necessary.

After the session was over I snooped around to see what the results of the session really were since many “intel gurus” are claiming it was “done” and blew off even trying to find out what  really happened in yesterday’s session. All they want to do is move forward to the RV and don’t care what really is happening.

What the heck does “done” mean anyhow?  I don’t know about you but I am getting a little tired of the use of this term.

“Done”….really?  The fact is they were not impressed with the changes made by the GOI to shrink down the deficit and are thinking about shrinking it yet even more.  Yes –it is not “done” as I  said it may get kicked back to the GOI once again for more changes after the second reading. So there were issues still. Will it go back to the GOI however?

So later on in the day here is what happened as the speaker of the house came out with a statement in the news media and I quote the speaker -“the Finance Committee and chairman of the parliament are working on completing the budget and NOT to bring it back to the government (GOI) to rehash because this will delay approving the budget in parliament.”

What does this mean?
It means to me first of all they know about the urgency to get this budget implemented and are pulling whatever strings necessary to make it happen. Second we should not have to wait much longer since their new target is Jan 11th.

We wait and see and I would not be so presumptuous to say it is “done” but there is hope of sooner than later.

They are making progress and this is good. Remember too that it still needs a voting session and this can not happen until a minimum of 4 days past the last reading (per Iraq constitution). The last reading was yesterday do this brings us to once again the Jan 11th date. We do not yet know if they will need a third official reading in an official session but my assumption is they will NOT do one based on the statement of urgency by the speaker Jubouri yesterday.

This is what I believe will happen next-
 The Finance Committee will take the budget and make the necessary deficit cuts needed, as recommended by the chairman. Then the chairman will bring it up for a vote, after a quick review in parliament for the changes. This will all take place between now and Jan 11th.  On Jan 11th Sunday parliament will vote on it.

So if we do not see the budget bill passed by a voting session by Monday morning then we can expect to wait until Jan 20th as our next target date. This date has already been made clear to us it is a possible next target.

The odds are the they will try to meet the Jan 11th date  since the finance committee and the CBI also desires to have the ISX  start international trading with the live links to the global money exchanges and do it on Jan 11th and they need the IQD rate to be live and a tradable rate.  Do you understand what this means? It means we have a new target date of Jan 11th verified again.

Again don’t get all hyped up since this is just another target date to shoot for that is all. Just like Dec 1st, then Dec 25th then Jan 7th  and now Jan11th. We are also hearing many members of parliament believe this can not be done prior to Jan 20th  and so they struggle to satisfy these constituents too.

I will add my own comments to this later part about Jan 20th. This kind of laid back thinking from some parliament members is just what gets them in trouble all the time. This I call the “do-nothing Maliki” mentality as we witnessed in the last 8 years in parliament. These stalling tactics will not work under the GOI prime minister Abadi and the Parliament leader Jubouri partnership to kick start this government.  It kind of like many of these parliament members need to be shaken up to realize it is not going to business as usual. If it was up to these lame members we would be sitting here through 2015 without a budget, as in previous years. This of course can not and will not happen.

So hear is the news that come out of Iraq after yesterday’s session-

Alsumaria News / Baghdad
Revealed in the House Finance Committee member, on Wednesday, the existence of a trend in the House of Representatives to return the general budget bill to the cabinet again, and while he described as “delusional”, confirmed the allocation of two billion dollars for the popular crowd and displaced persons.

The MP said Haitham al-Jubouri said in an interview for “Alsumaria News”, “there is a tendency among deputies to return the general budget bill to the Council of Ministers once again as a result of the existence of concern from the figures upon which the budget”, stressing said: “I am I share this concern because it can not rely on balancing fake price exceeds 25% of the original value of oil prices. “

He said al-Jubouri, the “return of the general budget is out of the question for the Finance Committee,” pointing out that “the budget may be accepted in its current form and approval within three weeks.”

He Jubouri, a deputy from the coalition of state law, it “has been allocated billion of popular crowd, and the amount of the like for the displaced,” calling the political blocs to “desist from logos and do not use the budget for political ends, and claim things are already present in the budget.”

The House of Representatives ended earlier on Wednesday (December 7, 2015) Read the initial report of the budget bill which was raised by the Parliamentary Finance Committee, and to raise its tomorrow, Thursday

So to make a long story short – when I told you there were members of the parliament that said to the news media this could take until Jan20th to complete, I tend to believe them. No hype, no bull,  just the news ! Bu this is contingent upon them having their way. Abadi and Jubouri are not going to sit down and let this stalling continue.

Another development that may make a difference in settling the Iraq budget deficit:
It was confirmed by the Parliamentary Integrity Committee, yesterday 1/7, that the recovery of looted funds from abroad in Iraq (from corruption) would be able to bridge the 2015 budget gap/deficit. In fact maybe for years to come. They do not yet have the funds but it is close. This could change the entire picture of the deficit vs the budget saga very quickly. We wait and see.

Anbar Update
I also want to emphasize the situation in Anbar is still ongoing. Chairman of the Board of Anbar morning Krhot revealed that members of the delegation will visit the United States mid-month January to discuss the matter. As I told you in my last news letters dated 1/5 and 1/7 this Anbar DAASH fighting is still a serious matter and a concern for the USA prior to allowing the RV to go.

Now, using my common sense (which seems to be at a shortage in this RV intel arena), this is telling us what?  Can you see it will not even be before mid month of  January until they talk about getting help from the USA.  They are coming to USA sooner than later with such a short notice  because they know the USA demands now that they clean this up, and it is a major holdup to having a more secure Iraq. Mid month is only a week away.

This is a stickler too and USA will not pop the RV without it. I do not care who is telling you otherwise. No RV until this is mess in Anbar is under control. So now what is the nearest possible date? Remember I did not say this mess has to be all cleaned up,  just under control. That is why they are going to the USA to negotiate on the level needed, set goals and get help to accomplish it.

I saved some really good news for last.

I have heard from my sources in the USA Treasury that China intends to purchase yet more oil from Iraq. As I stated many times that the USA now basically controls the flow of oil from Iraq. Of course Iraq will never admit such control exists but it does. Basically USA is going to sell more oil credits to China. Yes – another round of oil credits. What does this mean to us as investors?

The pool of funds available under exchange contracts will soon now grow once again and I am hearing will be overflowing. They will need holders of dinar to access the banks and use these contract rates for exchanges. The question is what will be the limits and how much dinar can you exchange under these rates.

What kind of rates are we talking about? The rates are not any lower than previous pools and very much above the market rate. We should all be all very happy !  This is all I can say about this topic at this time. Doubt me? Watch it all play out !

What do I suspect will happen very shortly? Since it is a very cold winter throughout the USA, the oil prices will soon begin to climb while they are negotiating these oil deals to China. Watch for this in the coming weeks. It is already mid January and we are in the middle of winter. The higher the demand the lower the supply drops. Then the price goes up to replenish. It is nothing more than a game about to be played out.

By the way, this has absolutely nothing to do with getting rid of the Federal Reserve, going back to a totally gold back currency or going back to the “Republic” as some will try to tell you.  How ridiculous !

So hold your horses and don’t listen to these groups about to take credit for these oil deals. They have absolutely nothing to do with it. I already am hearing rumors they are attempting to take credit and it is part of dealing with the “carbal”…..gotta laugh….!

So when can we expect to see the RV?

I am still in the notion of the window of opportunity between today Thursday 1/8 and Sunday 1/11 sometime. This is contingent upon getting the budget bill deficit cut done and getting parliament to vote on the final bill prior to or on Jan 11th.

Peace and Luv To Ya All,
Mnt Goat

Millionday Wednesday Night News Part 2

Millionday news 1/7/15  Part 2

Welcome to dinarupdates.com for news time with Millionday!

Millionday: REUTERS    NOTE –HUGE NEWS

Millionday: Economic Commission parliamentary announced the possibility of a reduction in the federal budget for the 2015 deficit.

The committee member said Jawad al-Bolani in a press statement that “there is a possibility to follow the budget deficit and reduced administration.”

He noted that “deficit reduction is through the Central Bank’s support for activities that will help us to overcome the economic downturn. “

He stressed the need to “provide financial institutions special activities to move the market.”
~~~
Millionday: NOTE — CBI IS SAYING THAT STRATEGIC MOVE TO THE MARKET IS GOING TO HELP MINIMIZE BUDGET

Millionday: He said al-Bolani said “the draft budget is currently in Parliament had studied experts, academics and all those interested in the budget as one of the important topics and sensitive.” 

He said the committee is continuing to Follow-up to the government’s economic plans, pointing to encourage investment and reactivate agriculture and industry sectors to add other financial resources other than oil to the general budget. 

The budget deficit in 2015 amounted to 25 trillion dinars from the size of the budget of 125 trillion dinars. 

It is worth mentioning that the year 2014 has seen the adoption of the budget General for Iraq.

Millionday: SO THEY HAVE FINISHED THE 2014 BUDGET AND HAVE ALSO DECIDED THE MOVE TO THE MARKET IS THE BEST WAY TO MINIMIZE THE DEFICIT — NICE

Millionday: ARTICLE 25 OF THE CONSTITUTION AS WRITTEN

Millionday: THIS IS TOMORROW

Millionday: AGENDA OF PARLIAMENT

Millionday: Agenda of the meeting (2) Thursday (8) in January 2015

First, read verses from the Koran.

Second: The vote on the draft of the Ministry of Health Act. ( for the Health and Environment Committee , the Legal Committee ). (Article 21).

Third: The vote on the formation of the investigative committee for the fall of Mosul.

Fourth: the continuation of the second reading and discussion of the draft general budget of the Federal Act of 2015 ( the Finance Committee ).

Fifth: The first reading of the draft law and the ratification of the letters exchange of notes and minutes of discussions on the Japanese loan to signed on 02.16.2014 the Republic of Iraq. ( Foreign Relations Committee , the Finance Committee ), (2 items).

Millionday: NOTE — WE HAVE THE LAST DISCUSSION OF THE 2015 BUDGET AND ALSO WHAT TO DO ON MOSUL AND JAPANESE AGREEMENT

Millionday: Sixth: The first reading of the draft accession of the Republic of Iraq to the International Convention for the Law on Road Traffic of 1968 and the European Agreement supplementing her for the year 2006. ( Commission services and reconstruction). (Article 2).

Seventh: The first reading of the draft law on political parties. ( Legal Committee , the Committee on civil society institutions ). (Article 69).

Eighth: the second reading of the draft law regulating the work of advisers. ( Legal Committee ). (Article 5).

Millionday: NOTE — LAW OF PARTIES

Millionday: NOTE — ADVISORS WORK DISTRIBUTION

Millionday: IX: The second reading of the bill to establish the Aliens Act. (Commission on Security and Defense, the Legal Committee ). (Article 55).

Session begins at: eleven in the morning.

Millionday: OH AND ECONOMIC GROUP WE JUST DISCUSSED

Millionday: WHOOOPOW >>>Published by all of Iraq [where] the parliamentary finance committee report on the federal budget for fiscal 2015, which was read today in the parliament session.

Millionday: Announced the legal department at the General Secretariat of the Council of Ministers, on Wednesday, 11 on the completion of the project and two international agreements and six MoUs law during the last three months of 2014.

Department of the Office of Information and government communication, said in a statement reported for “Twilight News”, that the most prominent laws of completed projects during the fourth quarter of last year, is the law of accountability and justice, and the prohibition of the Baath Party,

 and the draft of the General Authority to ensure the regions and governorates not organized the rights of the province of the law in a fair participation in the various state institutions management and

Millionday: NOTE — WE HAVE THE LAW OF ACCOUNTABILITY AND JUSTICE AND GEN AUTHORITY ON BORDERS ETC — ALONG WITH CIVIL SERVICE LAW LAWS OF THE AUTO IN THE LAND AND PUBLIC CONSULTANTS

Millionday: Legal department said it has completed a draft diplomatic passport holders agreement, private or service from entering between Iraq and Armenia feature, 

and a draft of Iraq’s accession to the United Nations immunities of States and their property Convention on jurisdictional law, in addition to the six memoranda of understanding with Turkey, Australia, Serbia, and the Iraqi ministries .

Millionday: NOTE — ADMISSION TO UN AND ALSO PASSPORT HOLDER AGREEMENTS WITH SOME

Millionday: LOOK AT THE NUMBERS THERE >>According to the statement, the litigation department in the legal department of the General Secretariat of the Council of Ministers has completed 193 administrative, civil, and criminal investigative and other proceedings, in addition to the 850 functionally request.

Millionday: NICE — BETTER THAN THE CONSTANT STANDING STILL

Millionday: SMILE

misterq: OK……Sorry about that…..Is the 2015 budget out ( public) in ink???

Millionday: THEY STATED THAT IT WAS AS OF TODAY

Millionday: NOTE — THIS IS GREAT NEWS

Millionday: Finance Committee in the House of Representatives confirmed the possibility of the use of the amounts in the reconstruction of Iraq Fund of the United States of America (DFI), amounting to about two billion dollars to fill part of the budget 2015 deficit, denying the rumors about the fund in which $ 100 billion. 

The Member Services Committee and reconstruction parliamentary Emotions grace, called using reserve Iraq in the Fund (DFI) in which up amounts to about $ 100 billion to address the financial crisis experienced by the country. 

Committee member Jabbar al-Abadi, said in a statement the “morning”: that government can exploit the amounts in the fund and that a little more than two billion dollars, adding,

Millionday: NOTE — THE USE OF DFI TO MINIMIZE THE DEFICIT

Millionday: “However, it will not solve the economic crisis of the country I said.” 

For his part, Economic Adviser to the Prime Minister the appearance of Mohammed Saleh said that Article 26 of Law 56 of 2004 of the Central Bank Act prohibits government loan of currency in reserve and it’s $ 79 billion,

 unless there is a legislative amendment allows Bakannouna Bzlk.waodh favor of the “morning”, said the 2015 budget deficit financing sources could be through the banks or the public as a kind of domestic borrowing, 

while external borrowing may be through the International Monetary Fund the World Bank or from loans paid on credit by international companies implementing projects in Iraq, and therefore,

 the project borrowing too much status of sources of funding, but did not mention the funding through the central bank reserves because he knows that it is prohibited under the law.

Millionday: NOTE — SO IT MAY OR MAY NOT HAPPEN AS WE SEE

Millionday: It is said that the amount of the financial budget for this year amounted to 123 trillion dinars deficit of $ 25 trillion dinars,

 which prompted the government to take measures aimed at reducing spending and abandon luxuries in order to avoid wasting public money and to cope with the economic crisis,

 which resulted from the deterioration of oil prices on global markets, amid assurances that the importance of finding other resources is Oil on the grounds that the country is rich and has a lot of good things, but agriculture, industry, trade and other sectors need to be enabled to achieve the desired goal.

Millionday: SO AS WE SEE THEY ARE PREPARING TO MOVE FORWARD AND ARE MAKING MOVES TO DO SO

Millionday: END OF REPORT — WORKING TOGETHER AS A COUNTRY I THINK THAT IS THE BEST OF ALL — MAJOR BLESSING AFTER ALL THE YEARS OF FIGHTING — BIBLICAL

lstar877: when u say forward … is this regarding international status? I’m thinking international is the thing that will require a new rate.

Millionday: FORWARD WITH THIER MARKET AND THAT WILL BE INTERNATIONAL TRADE – 

A MARKET ECONOMY IS SUPPLY AND DEMAND AND WILL BE GLOBAL ACCORDING TO THEIR REPORTS

Papatom: the dFI fund was designated for Infrastructure rebuilding as I remember….using it for deficit reduction seem smart as the deficit comes from the need for infrastructure…right?

 and is the sentence that says agriculture, industry, trade and other sectors need to be enabled speaking about a market economy?

Millionday: I AGREE AND YES IT IS SMART — YES THE SENTENCE ABOUT THE % OF GDP IS THEIR MARKET OTHER OIL AND ALL PRODUCTS ETC — GOOD POINT

Danalivin4HIM: I’m sorry to interrupt, the last article before this one, did they pass the budget or did they put it off til Thursday?

Millionday: Published by all of Iraq [where] the parliamentary finance committee report on the federal budget for fiscal 2015, which was read today in the parliament session.

Millionday: ACCORDING TO THIS IT WAS READ AND PUBLISHED

Millionday: SO NOW THE VOTE OR THE VOTE HAPPENED — WE WILL KNOW TOMORROW OR A DAY OR SO

GrannieAnnie: MD was it published in the Gazette?

Millionday: IT DOES NOT SAY THE GAZETTE — I WOULD SAY ITS COMPLETION WAS PRINTED AND IS DONE TO BE VOTED AND PRINTED IN GAZETTE

paul-o: oops didn’t mean to hit enter -dang it. Ok. so if they finish the 2nd reading tomorrow, don’t they still need a 3rd reading? And is there a mandatory 4 day wait between the two? And you said they vote on they may vote on the budget tomorrow or sunday?

Millionday: THEY HAVE CHANGED THE RULES SOME TO EXPEDITE THE BUDGET SO WE SHALL SEE IF THEY WAIT THE FOUR DAYS THEY STATED THEY WOULD READ THE SECOND TIME AND VOTE IN ONE DAY SO WE SHALL SEE

Millionday: TODAY WAS SECOND READING

Millionday: SO THAT IS WHAT WE HAVE — HOPE TO SEE SOME MORE TOMORROW AND FRIDAY — IF ANYTHING BIG GETS DONE TOMORROW I WILL COME IN

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Aggiedad shares the agenda.

Aggiedad77 “Agenda of the meeting (2) Thursday (8) in January 2015″ Agenda…for the “Parliamentary Hearing” tomorrow January 8…the 2015 budget is fourth up on the list. “Fourth: the continuation of the second reading and discussion of the draft general budget of the Federal Act of 2015 ( the Finance Committee ).” Session begins at: eleven in the morning.

 

Parliament Agenda for Jan.8th: Posted by Aggiedad77 at KTFA

aggiedad77 » January 7th, 2015, 4:58 pm 

Agenda below for the “Parliamentary Hearing” tomorrow January 8……notice the 2015 budget is fourth up on the list

Agenda of the meeting (2) Thursday (8) in January 2015

January 8, 2015   Third parliamentary session
The first legislative year    Legislative Chapter II
Agenda of the meeting (2) Thursday (8) in January 2015

First, read verses from the Koran.

Second: The vote on the draft of the Ministry of Health Act. ( for the Health and Environment Committee , the Legal Committee ). (Article 21).

Third: The vote on the formation of the investigative committee for the fall of Mosul.

Fourth: the continuation of the second reading and discussion of the draft general budget of the Federal Act of 2015 ( the Finance Committee ).

Fifth: The first reading of the draft law and the ratification of the letters exchange of notes and minutes of discussions on the Japanese loan to signed on 02.16.2014 the Republic of Iraq. ( Foreign Relations Committee , the Finance Committee ), (2 items).

Sixth: The first reading of the draft accession of the Republic of Iraq to the International Convention for the Law on Road Traffic of 1968 and the European Agreement
supplementing her for the year 2006. ( Commission services and reconstruction). (Article 2)

Seventh: The first reading of the draft law on political parties. ( Legal Committee , the Committee on civil society institutions ). (Article 69).

Eighth: the second reading of the draft law regulating the work of advisers. ( Legal Committee ). (Article 5).

IX: The second reading of the bill to establish the Aliens Act. (Commission on Security and Defense, the Legal Committee ). (Article 55).

Session begins at: eleven in the morning.