A Road Map For Solving The Financial Crisis !

[3n1]

2 hours ago, Theseus said:

I am still in the camp the dinar must be at or above par value with the USD.

 

i'll park my Prevost rv in that camp too 👍 

best i remember shabibi plan was to come out strong about where he wanted it to be at a fixed rate pegged to a basket of currencies

USD being one of them with minor fluctuations for stability , so im going with that plan lol till cbi does something different . cheers

[southbeach]

Faith bump

[Mary B]

The Secretary General of the Council of Ministers announces a governmental approach to approving the budget for the current year

 The Secretary General of the Council of Ministers announces a governmental approach to approving the budget for the current year

 15-07-2020

Gilgamesh Press / Baghdad 

The Secretary General of the Council of Ministers, Hamid Al-Ghazi, revealed, on Wednesday, that there is a trend to approve the budget for the current year.
Al-Ghazi said, according to the official agency, that "there is a government trend to approve the general budget for the current year."
And regarding Resolution 315, Al-Ghazzi indicated that "there is a basic paragraph within this year's budget by providing financial allocations to implement this decision."
He added, "Failure to approve the budget has stalled this decision, except for ministries and institutions that have liquidity and financial allocations."

 

https://glgamesh.com/146782--.html

[DinarThug]

40 minutes ago, southbeach said:

Faith bump

Davis Bump !  

 

 

     

[davis411]

3 minutes ago, DinarThug said:

Davis Bump !  

 

 

     

I can see the ladies lining up

for the davis bump

 

i like it

[Theseus]

2 hours ago, ladyGrace'sDaddy said:

Actually, Dr. Shabibi stated [on video] at a conference in New York, I believe, that the removal of the zeros must be accompanied with a "small increase in the rate" of the Dinar. 

It was all the talk at the time, but then Maliki had an arrest warrant issued for him and Dr. Shabibi never went back to Iraq. 

So if you take what the former governor of the CBI stated, it would not be a stretch to say that he was referring to removing the zeros from the exchange rate and then increasing the value of the Dinar say 15 cents. Thus making the Dinar more valuable than the dollar. 

Of course in this proposition speculation is the game and personal interpretation is how you win. 

In other words it's anybody's guess as to what will happen. 

Removing the zeros and then adding 15 cents would still put the rate above 2 to 1. It would put the rate now at 1.34 to one. But now you have the current "road map" stating they will once again be studying the removal of the zeros and in the next breath state an exchange rate of 2 to 1. First this goes against what Shabibi stated way back when. Second, there is no talk in the current road map of doing just that. There is no talk of what will happen after the rate is changed. No talk of a float. No talk of a managed float. No talk of a small bump then an addition of an some unknown amount (i.e. 15 cents). There have always been accompanying talk as to what when the rate will change what will happen in the future. The rate is just changed and the way Iraq operates it will be another 20 years before that rate is managed up or down. What I am getting at here is that a rate while specified is still too ambiguous for for investors to make a concerted decision on whether investing in Iraq is feasible after Iraq emerges from the program rate. 

 

As it stands now, the rate specified won't even go into effect until after June 2021 (something I have alluded to when the whole of the GOI was not seated near the end of the 2016 SBA). At the earliest July 2021 and at the latest God knows when. As to the alluding to aspect, I made mention awhile back that future projections stopped at the end of 2021 and could have been possibly signaling that time frame but was unsure in that aspect. This road map and the talk pushes me more in that direction. Yes I know I said after the 2016 SBA was completed. However, Murphy's Law took hold and no one expected that Iraq would be without a fully seated government for nearly a year. However will Murphy's Law take hold again as 2021 draws to a close and yet no RV has happened?   

 

I also posted another topic that does have a great deal of bearing on the corruption of Iraq. That was a centralized account. With siloed accounts it is much easier for corruption to take hold and spread without overall accountability. The IMF has made its opinion on this matter to fight corruption. Something that was not completed in the SBA. It will be the final decision of the IMF whether Iraq moves into Article 8 and that account will go a long ways to see that the IMF puts Iraq in Art. 8.

[DinarThug]

7 minutes ago, davis411 said:

I can see the ladies lining up

for the davis bump

i like it

Ladies - All Aboard The Davis Bus To Get Yo’ Self The ‘Davis Bump’ !  

 

And I Can See That Davis Bus Encourages ‘Safe’ Social Distancing ...

 

     

[DinarThug]

LINK

Among them is the budget delay. Trade reveals obstacles to providing the ration items

 

17th July, 2020

Today, Friday, the Ministry of Commerce revealed obstacles to providing the ration card items, stating that the delay in approving the budget affected this.

"The ration card items were affected by the delay in approving the fiscal budget for 2020," said Ministry of Commerce spokesman Mohamed Hanoun.

He added that "the mechanism of the system applied to disburse funds from 1 to 12 months does not allow the ministry to fulfill its obligations related to contracting with national origins to supply food items included in the ration card items."

Hanoun pointed to the existence of a number of notes on the processing of ration card items, the most prominent of which is the absence of contracts for the processing of the four items.

He continued that "after the approval of the general budget, the ministry aspires to start contracts with national origin to supply the materials included in the ration card system.

[Pitcher]

I’m reading all the great articles and right when I think my head is going to explode you put that vid of the Davis Bump up.  
LMAO Thugs 😀😀😎

 

Then back to the real news

 

[DinarThug]

23 minutes ago, Pitcher said:

I’m reading all the great articles and right when I think my head is going to explode you put that vid of the Davis Bump up.  
LMAO Thugs 😀😀😎

Then back to the real news

Meh ... The News Is Usually Just The ‘Filler’ While We Entertain Ourselves During The Wait !  

 

 

But How About Them ‘Hurricane Force’ Winds ...

 

 

     

[Pitcher]

47 minutes ago, DinarThug said:

The News Is Usually Just The ‘Filler’ While We Entertain Ourselves During The Wait !  

 

Oh ya,  Putting humor with hard hitting news is Brilliant Thugs.  I have to read the entire thread because there always seems to be a Thugs comedic interlude.  

 

It’s been used many times on TV and it’s always funny.  

 

 

[screwball]

6 hours ago, ladyGrace'sDaddy said:

Actually, Dr. Shabibi stated [on video] at a conference in New York, I believe, that the removal of the zeros must be accompanied with a "small increase in the rate" of the Dinar. 

It was all the talk at the time, but then Maliki had an arrest warrant issued for him and Dr. Shabibi never went back to Iraq. 

So if you take what the former governor of the CBI stated, it would not be a stretch to say that he was referring to removing the zeros from the exchange rate and then increasing the value of the Dinar say 15 cents. Thus making the Dinar more valuable than the dollar. 

Of course in this proposition speculation is the game and personal interpretation is how you win. 

In other words it's anybody's guess as to what will happen. 

Yes I remember this well!

[screwball]

4 hours ago, 3n1 said:

 

i'll park my Prevost rv in that camp too 👍 

best i remember shabibi plan was to come out strong about where he wanted it to be at a fixed rate pegged to a basket of currencies

USD being one of them with minor fluctuations for stability , so im going with that plan lol till cbi does something different . cheers

I love  the provost rv!

[screwball]

5 hours ago, ladyGrace'sDaddy said:

The exchange rate today is.....

.00086

 

Delete the zeros and you have.......

.86

 

Add 15 cents to .86 and you get $1.01

 

At $1.01 I'd be gone so fast, 123 just check and you'd never know I was here 

 

 

Slight increase take it to 1.2 contract rate and rate posted in cbi 

[davis411]

4 hours ago, DinarThug said:

Ladies - All Aboard The Davis Bus To Get Yo’ Self The ‘Davis Bump’ !  

 

And I Can See That Davis Bus Encourages ‘Safe’ Social Distancing ...

 

     

Almost ready

shirt off

been bumping things all night

wife said I am simple when I practised my bump on her

 

so I bumped the dog

she bite me 

 

will keep practising and I will be ready

 

thong and all

 

hail Prez davis 

[nannab]

46 minutes ago, davis411 said:

hail Prez davis 

 

Ya can't miss him In the leopard thong  

[Theseus]

7 hours ago, ladyGrace'sDaddy said:

The exchange rate today is.....

.00086

 

Delete the zeros and you have.......

.86

 

Add 15 cents to .86 and you get $1.01

 

At $1.01 I'd be gone so fast, 123 just check and you'd never know I was here 

 

 

The program rate is 1190, not 1166. 

 

This  yields a current exchange rate today of .....

0.00084...  it hasn't been 0.00086 since the program rate was 1166.

 

Delete the zeros and you have ....

0.84  not 0.86

 

This equates to a 20,000 USD difference per million IQD.  

 

Add 0.15 USD and you get 0.99 USD.

 

Par value (based off the USD Index spot) is 95.9420 trending up.

 

If you disagree with the current exchange rate then you can check out XE: Convert USD/IQD which gives the mid-market rate. But a simple 1/1190 will also give you this rate. 

Edited July 18, 2020 by Theseus

[Theseus]

I wanted to note here that there are those who wonder where the 1.16 USD rate came from that Shabibi never said in his public statement way back when. This actually comes from doing the math of if they removed the zeros from the exchange rate. If they removed the 3 zeroes this would then mean that 1 USD equals 0.86 dinars. And when you divide 1 USD by 0.86 (1/0.86) you would get 1.16 USD. So no Shabibi did not have to state an exchange rate of 1.16 but he did state the removal of the zeros and through math it was simple division to come up with this rate.  

 

In that same vain,, if they were to remove the zeros from the exchange rate today then it would be 1 USD to 0.84 IQD or 1.19 USD to 1 IQD. (1/0.84 = 1.19).  Then if they added something akin to 0.15 USD to this we get 1.34 USD to 1 IQD. The previous post I used LGD's post not the method used to figure out the exchange rate of 1.16 or now would be 1.19.

Edited July 18, 2020 by Theseus

[DinarThug]

1 hour ago, davis411 said:

Almost ready

been bumping things all night

will keep practising and I will be ready

Sweet - And Nice ‘Bank Shot’ Off Of Weegie Though !  

 

 

     
 

Edited July 18, 2020 by DinarThug

[DinarThug]

And I’m Not Too Sure If Some Of These Blonde’s Really Understand The Whole ‘Chest Bump’ Thing !  

 

 

But Good Thing That Some Are Equipped With ‘Air Bags’ Though ...

 

     
 

Edited July 18, 2020 by DinarThug

[Pitcher]

This guy knows what to do when he sees a nice looking lady.  

 

[DinarThug]

33 minutes ago, Pitcher said:

This guy knows what to do when he sees a nice looking lady.  

Ya - Making Sure That The ‘Drinks’ Are Always On Ur Friend !  

 

 

     

[DinarThug]

Al-Sabah Finance Committee: 2021 Budget, Plans and Programs

Saturday 18 July 2020

 

Baghdad / Farah Al-Khaffaf

 

The government and the House of Representatives are working to ripen the economic reform project, in a move aimed at getting out of the current financial crisis and preparing for the budget of 2021, which will be different this time from previous budgets.

Budget restructuring

In this regard, the decision of the Parliamentary Finance Committee, Dr. Ahmed Al-Saffar said in a special statement to "Al-Sabah": "The work has started." 

In restructuring the budget, restructuring the finance, and transferring the budget from items to programs and goals.

He added that «the Finance Committee within the Committee to prepare the draft budget for 2020 contributed to changing some sectors of items 

To programs and to give priority to the investment budget, except that the conditions in which the country went through prevented implementation. ” Al-Saffar added, “But within the plans we seek to have the budget for the next year 2021 

Balancing plans and programs, "noting that" the main goal of restructuring is to exit from the rentier economy and operate other productive sectors and give The strength of the sources other than oil ».

Prime Minister Mustafa Al-Kazemi announced that his government prepared a white paper for the expected reforms that includes economic, financial and administrative reforms, plans and strategies to meet the challenges facing the country.

Positive government measures

Al-Saffar added by saying: “If the will is available, and management can achieve necessary steps during this year to reduce the financial crisis that Iraq is going through, including organizing customs revenues, ports and tax, and making them electronic to get rid of corruption operations, and these steps can be achieved within a few months.” Emphasizing That «the government began with positive measures, including the treatment of double salaries, and began to count 6 ministries, and thousands of employees with double salaries were revealed, and if these matters are checked, the government will provide large sums to the state’s treasury».

The Prime Minister has confirmed that the government is continuing to work to prevent corrupt people from exploiting these outlets, and to lay down plans to develop border outlets, support them and improve their reality and level of performance.

 

Agricultural and industrial initiative

In the meantime, the Parliamentary Commission on Economy and Investment confirmed that supporting economic reform and development depends on activating the agricultural and industrial initiative.

Member of the Committee, MP Ali Saadoun Al-Lami said: “Prime Minister Mustafa Al-Kazemi is called to reform the economic system and support development in the country by supporting the agricultural and industrial sectors,” pointing out that this support is through activating the agricultural and industrial initiative.

Al-Lami added that “activating the agricultural and industrial initiative is through monitoring funds from the central bank and facilitating the procedures for paying advances and loans to investors in the industrial and agricultural sectors to accomplish investment projects and contribute to filling the shortfall in the budget, as well as absorbing unemployment”, noting that “this procedure needs to Take several steps, the most important of which is closing the borders to support local agricultural and industrial products. ”

He continued «There are many factories and factories that must be reviewed to support investors and instead of importing products hundreds of billions of dollars, Iraq will be its factory, and no currency will go abroad», stressing that “going abroad increases the unemployment inside the country.”

Al-Lami said in a statement carried by the Iraqi News Agency (INA), that "the Parliamentary Economy and Investment Committee during its recent meeting with the Prime Minister made important recommendations regarding the support of the economic and economic development wheel movement in the country, regulating the investor movement, and bringing back capital to Iraq Noting that "the Prime Minister confirmed that he will discuss the matter with the advisers and will take these recommendations."

 

An economic reform program

It is noteworthy that the Finance Minister, Ali Abdul Amir Allawi, has announced that the government is in the process of forming a complete program to reform and advance the economy.

Allawi said: «This program will be presented to the House of Representatives during the next three months and will be comprehensive», pointing out that «the plans in the program will address all sectors of the economy and the productive and service sectors», indicating that «the program includes enhancing the state’s revenues from other sources such as customs And direct taxes and stop wasting, as well as the process of removing suffocation from the economy, "stressing that" the government will strengthen and strengthen the activity of the private sector, because its growth will provide jobs and increase local production. "
LINK

[Mary B]

(Borrowing) .. a temporary solution that needs alternatives: How will the government pay its new debts?

Saturday 18, July 2020 

Baghdad / Nina / Report .. Hilal's hostility..To solve the salary crisis that the government faced in the month of June and bridge the deficit in the state budget, the House of Representatives voted on the law of internal and external borrowing from the Iraqi Central Bank and the International Monetary Fund, and the government was forced to pass it and solve the salary crisis Temporarily, but what is the way for the government to take after borrowing, and will it be able to pay those loans and their benefits in light of the budget deficit, or will it return to deduct employee salaries?

In a statement to him, a member of the Parliamentary Finance Committee, Muhammad al-Daradji said that the government faced difficulties in securing salaries for the past month, so he asked the House of Representatives to pass a borrowing law to cover salaries that constitute 75% of the borrowed amounts, stressing that the borrowing law addressed the problem for only three months, and that the government should You find automatic and quick solutions within a reform plan that you must present with the help of experienced economists, indicating that the Parliamentary Finance Committee had presented a road map to contribute to solving the financial crisis and protecting the economy of the country ..

Commenting on the foregoing, the economist Majid Al-Suri believes that going To internal borrowing is currently a viable solution to the speedy obtaining of the loan and because it is less complicated than external loans, explaining that the total loan is around 61 billion dollars, of which 35 billion dollars comes through internal borrowing.

Economic expert Muhammad al-Jabburi supports this view, stressing that internal borrowing is better because it does not include economic and political conditions, rejecting external borrowing because Iraq has to pay $ 10 billion in interest to the International Monetary Fund, which means that oil wells will continue to pay the benefits of this money, which calls on the government to consider Realistic solutions, reliance on the economy, development of industry, agriculture, and tourism in Iraq, because it will generate a lot of money.

For his part, economist Dr. Safwan Qusai believes that the borrowing process was the easiest alternative to face the stifling financial crisis, but the matter needs to offer reform solutions by the government with striking the corrupt in various sectors and putting their hand on the uncontrolled revenues in all sectors, noting the need not to Investing this law to finance commodity and service requirements and for the Financial Supervision Bureau to monitor where these loans will go, especially since the issue of how to pay them is still unknown, as we are supposed to have a clear strategic policy for loan repayment mechanisms, such as the government working to revitalize the investment sector, adjust revenue and redefine the policy Oil to invest in crude oil derivatives as well as the gas and petrochemical industries.

As for the writer and journalist Hussein Al-Zikr, borrowing is not considered a realistic solution, because most economic crises must have consequences, roots and perhaps a clear political hand, and starvation of peoples facilitates the process of subjugating them and extinguishing legitimate revolutions and demands, so borrowing is not an aid to the people but rather agreements conditional with hidden strings Pointing out the need to find national solutions without coercive caveats, even if they are not direct and fast, such as selling plots of land to retirees and employees for housing or projects in exchange for part of their salaries, or facilitating the entry of investment companies for development and work, provided that the basis here is the national will ..

For his part, professor of political science, Dr. Qahtan Al-Khafaji, criticizes the borrowing decision because it will burden the state with debts without projects to pay these debts, as it will make the state borrowing curtailed with benefits without the presence of financial cover, balance and development projects, and thus the country will be plunged into a major debt spiral that will make the external forces dominate The entire infrastructure, indicating that there are many aspects that cost the state large sums such as the salaries of the parliament and its protections, the three presidencies and the provincial and district councils, space employees, armed factions and stolen money officially because there is no oversight of the corrupt, in addition to dual salaries and oil smuggling, so this is the opportunity The last to Al-Kazemi because the borrowed amount will go to the pockets of the corrupt unless it is monitored and find alternative solutions to borrowing for the months that follow ..

As for the financial expert, Ali Al-Zaidi, he does not see a justification for adding a percentage of investment projects in the borrowing law, because these funds will fall into the pockets of the corrupt in such a critical period ... The salary crisis should be solved only from borrowing, and we need to draw an economic policy and reduce the import process to include only Food and health supplies, noting that there are other solutions such as launching public government bonds for citizens with attractive profits and indirect borrowing from the monetary reserve in the central bank to create a balance in the hard currency ..

At a time when the economist Ayman Al-Hakim believes that the borrowing law is merely a temporary patchwork and will not solve the crisis completely, the basis on which any state depends is the correct and sound economic system for the advancement of the state and dependence on industry and agriculture, the huge number of employees who have been appointed a large proportion of them According to the electoral promises of the politicians, it is a burden on the state, just as the accumulations of the previous governments made the treasury empty, so the government was forced to borrow, but it must be temporary and in the future we turn to better solutions because it provides sums for three months at the latest, so we should not count on high prices. Oil, but for the government to consider controlling the country's capabilities, eliminating quotas and corruption in the various outlets of the country, as well as controlling border crossings, customs, tax, companies, and supporting industry and agriculture as well as neighboring countries.

https://ninanews.com/Website/News/Details?Key=844589

[DinarThug]

LINK

Al-Kazimi's government criticized for not approving the 2020 budget

 

 

10:05 - 07/18/2020

 

Former Head of the Financial Supervision Bureau, Abdel Baset Turki, called on the House of Representatives on Saturday to support the government in expediting the approval of the 2020 budget, stressing that the financial damages could increase if its approval is excluded.

Turki said in a dialogue followed by / information /, that "excluding the approval of the General Budget Law represents an absence of authorization to dispose of public money, so the government must issue the 2020 budget, and parliament must approve it, regardless of its negative aspects, it is less harmful than not issuing it."

Turki added that "the exceptional or monthly budgets that are being talked about are not a substitute for the public budgets, as the first type deals with the exceptions that are received during the exchange of abnormal conditions that the public finances go through, expressing his fear that spending this year will continue without a budget law."

He explained that "One of the things that led to the budget deficit is the mechanisms for managing public funds in Iraq and setting plans related to the budget, so it is not permissible to go in a continuous direction towards expansion in an oil country where you can talk about planning, since the budget must be placed on the basis of expenditures and then the ladder outlines the basic needs that the government and the financial administration must cover and which it is obligated to put in place an actual plan that can be implemented, describing the general budget in the country that it comes to meet the requirements of political forces and not the needs of the society that looks to the future and plans for it, as it is a political par excellence and not economic or future and for this it led to an exceptional salary inflation.”