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KTFA Members "Saturday News" 10-10-2020

KTFA:

Samson:  Fearing China's supremacy ... global central banks unite to launch a digital currency

10th October, 2020

On Friday, a group of 7 major central banks, including the US Federal Reserve, set out to define what a digital currency would likely look like, to help catch up with a pioneering role for China and outpace private projects such as the stablecoin of Facebook's Libra.

Central banks and the Bank for International Settlements said the key features should include durability, availability, at low or no cost, appropriate standards, clear legislative framework, and an appropriate role for the private sector.

The growth in non-cash payments since the lockdown measures were imposed to combat the Corona pandemic, said John Cunliffe, deputy governor of the Bank of England and head of the Payments Committee at the Bank for International Settlements, is accelerating how technology can transform forms of money.

Central banks have begun closely examining digital currencies, after Facebook last year announced its Libra currency, which has yet to be launched, and will be backed by a mix of major currencies and government debt.

Since then, the entity behind Libra has modified its plans, and is currently hoping to launch several "stable currencies" backed by single currencies. Cunliffe added that central banks need to keep pace to avoid the private sector closing payment gaps in inappropriate ways.

In addition to the Federal Reserve (the US Central Bank) and the Bank of England, the seven banks that have allied with the Bank for International Settlements include: the European Central Bank, the Swiss National Bank, and the Bank of Japan.

China is already testing a digital yuan, while the People's Bank of China says it will further spread the yuan in a currency world dominated by the dollar.

 On Thursday, Kenji Okamura, the top Japanese diplomat involved in financial affairs, said that China is seeking to gain the leading advantage in building its own digital currency, warning that "this is something we should be afraid of."LINK

 

Don961:  Finance Minister: We will present the white paper for reform to the cabinet next Tuesday

 10/10/2020 12:48:03 PM  

Baghdad / Al-Masalla: The Minister of Finance, Ali Abdul Amir Allawi, revealed, on Saturday, October 10, 2020, the date for submitting the reform paper to the Council of Ministers and its contents.

Allawi said in a statement followed by the obelisk: "We will present the white paper for economic reform to the cabinet next Tuesday."  

He added, "The paper includes a diagnosis of the origin of economic problems and treatments that will be difficult, but there is no alternative to them." 

"We have a problem in providing salaries for the remaining months of the year without voting on the borrowing law," Allawi said, pointing out, "We will deal with increasing the interest rate on bank loans by reducing it."  LINK

************

Samson:  A member of the Democrat: The Sinjar Agreement is a gateway to implementing Article 140 and will extend to other cities

09/10/2020 23:51:40

 A member of the Kurdistan Democratic Party, Subhi Al-Mandalawi, revealed that the agreement of the federal government and the Kurdistan Regional Government regarding Sinjar district will extend to other cities that fall within Article 140 of the constitution.

Al-Mandalawi told Al-Furat News, "The agreement between the federal government and the Kurdistan Regional Government, in cooperation with the United Nations on Sinjar, we can consider it a historic and very important agreement, and it came as a result of meetings, dialogues and agreements to restore stability to this city, which has suffered from the sway of ISIS and after its liberation from ISIS." It was a theater and a burning area because of the PKK."

He added, "There is a clear signal (in the agreement) not to accept the presence of any local or foreign forces, and therefore the agreement will certainly be implemented and its results will be on the ground, and what matters to us as the regional government is that the agreement will be on the city and will extend to other cities, within Article 140 and the return of the Kurds and the Peshmerga in Khanaqin and Mandali.

These are the results of discussions that have taken place and are taking place and will be a gateway to implementing the constitutional article." "With regard to the Labor Party, we reject its presence in Sinjar and other regions as it poses a threat to attack villages, and Iraq and the region will be subject to direct threat," Al-Mandalawi added, stressing that "this agreement will be a guarantee for the return of safety, and Sinjar is managed jointly between the federal government and the region on the security and service side."

The Federal Government and the Kurdistan Regional Government announced this evening, Friday, a joint agreement on the normalization of conditions in the Sinjar district of Nineveh Governorate. The agreement includes, according to a statement by the Prime Minister's Office, "restoring stability in the Sinjar district, many administrative, security and service points. The administrative aspect is agreed upon with the Kurdistan Regional Government and Nineveh Governorate, taking into consideration the demands of the people of the judiciary."

The statement added, "Everything that is security falls within the scope and powers of the federal government in coordination with the Kurdistan Regional Government, and the service side will be the responsibility of a joint committee between the federal government, the regional government and Nineveh Governorate."

In his comment on the agreement, Prime Minister Mustafa Al-Kazemi affirmed, "The completion of the agreement on the administrative and security files in the Sinjar district, which would speed up and facilitate the return of the displaced to the judiciary." In its correct form, to ensure its success, in cooperation with the people of Sinjar first, he also stressed the government's keenness and seriousness for Sinjar to be free of armed groups, whether local or from outside the borders. While the mayor of Sinjar district in Nineveh province, Mahma Khalil, confirmed to the Euphrates News that the agreement includes removing the PKK forces from the judiciary.

As for the head of the regional government, Masrour Barzani, he said, "The agreement will be the beginning of the implementation of Article 140 of the constitution," he said.   LINK

 

Samson:  The United States congratulates the Iraqi government

9th October, 2020

The United States congratulates the Iraqi government and the Kurdistan Regional Government on reaching an agreement of cooperation in Sinjar.

We look forward to its full implementation and hope this agreement will lead to lasting security and stability for the Iraqi people in northern Iraq.  LINK

************

Samson:  Learn about the terms of the economic reform paper that the Ministry of Finance will release soon

10th October, 2020

Professor of Economics at Basra University, Nabil Al-Marsoumi, revealed some of the articles of the economic reform paper called the "White Paper", which the Finance Ministry is working on to reform the economy

Al-Marsoumi said, "As I expected in previous publications that the government reform paper will not deviate from the framework of the International Monetary Fund's policies and austerity measures with high social costs. This can be seen by looking at some of what was mentioned in the reform paper that the government called white, as follows

1- Reducing the wage and salary bill from 25% of GDP to 12.5% within three years

2- Reforming the retirement fund so that it is not linked to the budget, and retirement salaries are paid directly from the fund

3- Reducing financial support for state-owned companies by 30% every year for a period of three years

4- Reducing total government support from 13% of GDP to 5% within three years

5- Restructuring the public salary scale by stopping new employment and replacement operations in the public sector

6- Setting a ceiling for employees’ salaries to achieve justice and reduce differences

7- Applying income tax to employee allowances, incentives, bonuses, etc

8- Reviewing fuel subsidies for state-owned oil companies, and the proceeds from the sale of black oil must be returned to the state treasury

9- Issuing national bonds and instruments and offering them for public circulation in the Iraq Stock Exchange

10- Studying the current exchange rate of the dollar against the dinar and taking into consideration the requirements of financial and monetary stability and achieving the competitiveness of the Iraqi economy

11- Restructuring the state-owned public companies and converting them into private companies

12- Correcting the defect in the ration card system to ensure the protection of people with limited income and withholding it from families whose income exceeds a certain ceiling

13- Ensure that all workers in the public, private, mixed and cooperative sectors are included in retirement benefits

14- Completing the Social Insurance Law in order to be a substitute for the unified retirement, retirement and social security laws for workers  LINK

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Samson:  Iraq maintains the 38th place among the countries most possessing gold

10th October, 2020

The World Gold Council announced, on Saturday, that the central banks of countries possess 35 thousand tons of gold, indicating that Iraq is ranked 38th among the countries that possess the most of these reserves

"The central banks of the 100 countries listed in the table possess more than 35 thousand tons of gold, with a value of about two trillion dollars," the council said in a report during the month of October

And she added that "Iraq still maintains the 38th rank," noting that "these reserves amounted to 96.3 tons, which is equivalent to 8.8% of the rest of the other currencies

He pointed out that "Iraq bought 23.9 tons of gold in 2012 and then bought 12.4 tons in 2013, and then bought 47.6 tons in 2014," noting that "the last purchase of gold for Iraq was in 2017. By 6.5 tons

 He pointed out that "the most central banks of the countries buying gold during the year 2020 were the share of Turkey, which bought 167 tons, followed by India by 33.3 tons, while the countries that sold gold the most during the current year were Uzbekistan, which sold 33 tons, followed by Sri Lanka, where it sold 12.9 tons

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world   LINK

 

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Good Evening Dinar Vets, here's a few opinions & comments that might be of interest to you. Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what  they perceive to be happening in Iraq. :twothumbs:RON

 

 

*** MilitiaMan *** Article: "An existing scenario will divert the central bank's vaults to save “paper” instead of money...this is what will happen with regard to commodity prices, the dollar and alternative solutions."  They have laid out what they are to do and it is imo to be immediately from what he stated... This one spells out they have a choice that makes the most sense and that is by reducing the value of the dollar to the Dinar.  And it even suggests there may be a gold component to it...

 

***Jeff ***...What we are looking for is Iraq to reach a point or period where they can't get anything done.  They've boxed themselves into a corner and have nothing left to do.  They're there now...they absolutely have nothing left to do before the rate change They've painted the perfect picture for you.  Now they're mimicking what both Kuwait and China did by showing you a disinformation campaign...we're looking good.  We're looking the best we ever have.  We are in the perfect storm for this to happen...

 

:salute:

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MilitiaMan Saturday Evening "They Require the New Rate" 10-10-2020

KTFA:

Don961:  Finance Minister: We will present the white paper for reform to the cabinet next Tuesday

10/10/2020 12:48:03 PM  

Baghdad / Al-Masalla: The Minister of Finance, Ali Abdul Amir Allawi, revealed, on Saturday, October 10, 2020, the date for submitting the reform paper to the Council of Ministers and its contents.

Allawi said in a statement followed by the obelisk: "We will present the white paper for economic reform to the cabinet next Tuesday."  

He added, "The paper includes a diagnosis of the origin of economic problems and treatments that will be difficult, but there is no alternative to them." 

"We have a problem in providing salaries for the remaining months of the year without voting on the borrowing law," Allawi said, pointing out, "We will deal with increasing the interest rate on bank loans by reducing it."   LINK

 

MilitaMan:  What is the take away from that the White Paper that was due out on August 24th, 2020, and to date has not been fully finished and sent into the Parliament with the final amendments?

Why is Tuesday the 13th the day the cabinet is to get the White Paper back?

 As you will see below the Parliament has seen the papers and they were returned on the same day to be amended, yet to arrive.

 Now realize, the Government and the CBI dictate the rate within the papers and or past or present budgets. We have not only not seen the White Papers Amended, we have not seen the 2019 FML Amendment nor the 2020 Budget, yet.

It should be clear to everyone that there is a reason for that. The reason, is the most important and sensitive issue we have before us. Which is the rate that is in the documents that will need to be exposed prior to the 2021 ever getting to the ground floor.

Just as the Salaries are said to be paid and not yet paid? According, to the below they have yet to be paid. Again why is that?

Because, none of the three aforementioned items have been finalized, yet. 

They require imo the new rate.

Just as getting into a market economy needs it too. In fact requires it..

Directly below they, tell us 09/18/2020 they will send the White Papers to the PFC in the middle of next month. Well Tuesday the 13th is right on time or a tad early for the WPs to arrive.

They have even told us on the 10/09/2020 they will repeat the "delay" in Salaries until they expose the rate effectively. imo

But, notice below they say they will not repeat that what was done in regard to the September Salaries for subsequent future months ahead.  Why the change in tune over a 24 hour period?

Well the WPs are apparently going to the Cabinet again and likely with the amendments to paragraphs within them on the 13th. I'll bet key paragraphs that were left out for a reason when the PFC had them. A very sensitive one. One that will or would have exposed the exchange rate, hence, the repetitive delays in paying salaries to date.

Will they pay tomorrow, as they suggest below? Don't know, but if they do will it be at a program rate or not? That is to be determined, however, they could have paid them already at a program rate and have not due to liquidity issues, nor could at a new rate with out having one yet.. lol

As far back as 06/22/2020 they talk about the Fiscal and Monetary Policy and have again recently. That fact they are talking about Fiscal Policy is rate sensitive, just as interest rates are.

Allawi talks about interest rates above and a problem with providing salaries for the months ending 2020. Yet, it does say he had a diagnosis for that and it will solve the problem.

Raising the value will fix it and will allow for the borrowing law to be voted on.. It will have to be, as the rate is the law to be for 2021, 2022 and 2023 from the looks of it.

Lets see what the day brings tomorrow, Monday and Tuesday the 13th, a day when the US Mint will adjust Silver Pricing. Coincidence? Don't know, but if the US Mint adjusts large? It may not be one.. imo 

Iraq is now ripe for investors, as we witnessed with the IMF, the WB, WTO, BIS, EBRD, EuroClear, IBBC, etc.. All are in town to help the country be successful. I am very optimistic they have every intention to go to a market economy!!  imo ~ MM

 

Shafaq News / The Parliamentary Finance Committee revealed, on Friday, that the government will send the reform paper to the House of Representatives in the middle of next month.

2020-09-18 11:29

Committee member Jamal Cougar told Shafaq News Agency, "The government will present the reform paper to the House of Representatives in the middle of next month," noting that "the paper includes reducing the salaries of higher and special posts while preserving the salaries of employees."
He added that "the paper that the Ministry of Finance is preparing will include several reforms, including the spending fields, stopping waste, operational and investment budgets, and providing the appropriate environment for foreign companies to invest."

On Monday, June 22, 2020, Prime Minister Mustafa Al-Kadhimi announced the details of the paper prepared by the Council of Ministers, which includes economic, financial and administrative reforms.

He pointed out that mismanagement and fully dependence on oil revenues is what led Iraq to this difficult economic situation, and “we seek to address it by working to activate the agriculture, industry, tourism and investment, and other sector.”

https://shafaq.com/en/Iraq-News/Disclosure-of-details-about-the-governmental-reform-paper

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Shafaq News / The Financial Committee of the Iraqi Parliament proposed submitting the "white reform paper" to solve the "Crisis of Salaries in the Iraqi state".

 2020-10-07 07:04

A member of the committee, Naji Al-Saeedi, told Shafaq News Agency, "the white reform paper addresses the fiscal and monetary policy", indicating, "this paper encompasses creating real economic resources to consolidate the existing financial resources and reducing unnecessary expenditures".
Al-Saeedi explained, "it helps finding additional income for the budget and reducing the deficit. This will positively affect the provision of employees' salaries and secures them for the upcoming period".

Al-Saeedi stated, "the white reform paper is a futuristic vision for the Iraqi government, in cooperation with the Council of Representatives, to end the employee salaries crisis, as well as other financial and economic crises. This paper is not part of the solution but rather the entire solution".

"The parliament will follow up on the implementation of this paper as soon as it is approved. Our position will depend on how serious the government is in implementing the paragraphs of this paper", he continued.

The government of Iraqi Prime Minister Mustafa Al-Kadhimi is heavily criticized for its inability to secure sufficient funds to pay the salaries of state employees, which may expose it to tremendous pressure in the coming months. The government had not yet released the salaries of state employees for September, even after a week of October has passed already.

https://shafaq.com/en/Economy/The-White-Reform-Paper-is-the-only-solution-to-the-Salaries-Crisis-MP-says

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Parliament is awaiting two bills from the government on the budget and borrowing

10th October, 2020

The Parliamentary Finance Committee said on Saturday that Parliament is still awaiting sending two draft laws from the government regarding the financial budget and borrowing.

The committee's reporter, Ahmed Al-Saffar, explained to Shafaq News, "The government did not send any law to the parliament, whether it was the general budget law for 2020 or the new borrowing law.

He added, "We in the Parliamentary Finance Committee hope that the government will send a reform paper or a law in which there are all operational and investment expenditures for the past months in order to know the size of government spending for the year 2020 and adopt it on 1/12."

Last month, the government approved the fiscal budget bill and sent it to Parliament, before withdrawing it again for amendments.  LINK

 

Al-Halbousi: Parliament does not neglect the issue of salaries or other expenses, and the government bears responsibility

10/10/2020 17:01:43

 Parliament Speaker Muhammad al-Halbousi affirmed, on Saturday, that parliament is not neglecting the issue of salaries or other expenses, and the government bears responsibility.

Al-Halbousi commented on the issue of employee salaries during today's session, saying, "No governmental request has reached the House of Representatives to legislate a law that strengthens the government's budget to fulfill its obligations before citizens."

Al-Halbousi added, according to the council’s statement, that “a letter amending a borrowing law has not been sent to the House of Representatives,” indicating that “a budget law was received by the parliament that was withdrawn on the same day to make amendments to it.” 

And Al-Halbousi indicated, "We are waiting for the government to send to the House of Representatives a draft law that enhances the government's revenues to enable it to fulfill its obligations before the citizens."  LINK

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Reassurances about employee salaries for the remaining months

10th October, 2020

The repercussions of the employee salaries crisis are still present, despite the Ministry of Finance's announcement a few days ago that it had released state departments' dues and some of them received their dues

A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed in an official statement, today, Saturday, that the government has secured salaries for the coming months

Cougar said, "Salaries will be secured for the coming months, and what happened in September of the delay will not be repeated, especially after the assurances launched by the prime minister. He added, "There are about eight million families who benefit directly from the salaries, whether they are employees, retirees, or within social care and others, such as the private sector, markets or merchants

The Ministry of Finance is supposed to complete the financing of the salaries of the remaining departments that have not been spent on Thursday, as the ministry said in a statement that it is making efforts to complete the procedures for paying the salaries of all state and governorate departments and will complete the financing of the salaries of the rest of the other departments next Sunday

Al-Rasheed and Al-Rafidain Bank confirm that they resume official working hours on holidays to complete the payment of late September salaries.  In turn, a member of the Parliamentary Finance Committee, Naji Erdis, said that the government is able to secure employees' salaries through non-oil revenues

Erdis pointed out that "Iraq has many sources of funding that can supply the state treasury, most notably the border crossings, taxes and communications, which could reach if real reforms are implemented within the framework of maximizing them to 3 trillion per month

And Erdis indicated that "non-oil revenues can be secured through which employees' salaries are in addition to oil revenues and the expert, Ahmed Ibrihi, had previously confirmed that the problem is not in salaries, as the current crisis can be managed with internal borrowing, and the central bank is helping government banks to perform this task, for the remainder of 2020 and 2021

Ibrihi suggests that 70% of the non-oil exports targeted in the investment program be from the share of the manufacturing industry, and the rest from non-oil mining (including gas and agriculture), and that we have no other choice. As for the infrastructure, there are specific proposals for its development LINK

 

 

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5 minutes ago, screwball said:

Why does anyone think the new rate will be in the paper

That’s a good question... Everyone seems to think the new rate has to be in the white reform papers or they don’t have money to reform anything I guess.. 😂 

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    • By ronscarpa
      Good Afternoon DV, here's a few opinions & comments that might be of interest to you. Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what  they perceive to be happening in Iraq. RON
       
       
      *** Petra  I've been so high on this that I have to look down to see heaven. I'm so excited to see what's going on...the white paper detail...it clearly delineates the future for Iraq.  And it's that plan that all does not happen without the change in the rate...it's an exciting time for all of us to consider where we're at with this investment.  I'm very excited to be where we're at right now from a pure logic perspective...

       
      *** Jeff  ...about 2 months ago Iraq came out telling us that oil above $40 a barrel does cover their government operating expenses...Iraq can actually produce oil for about $10.70 per barrel.  That was just 5 years ago.  I doubt they're even above $15 at this point.  Iraq can literally extract a barrel of oil for $15 a barrel.  So anything above $15 is pure cash profit...  Article "Brent barrel is at the highest level since March 2020".  Brent oil was trading at $46.48.  Brent oil is getting positioned to be able to fund Iraq's 2021 budget...

       
      *** Frank26 ...the white papers do have the exchange rate.  But there's something else that Guru Walkingstick and I have been saying also has the new rate in it...the 2021 budget...the 2021 budget is mainly for parliament...And the white papers are for the international world.  And both of them in my opinion contain the rate...The outside world - international investors - they get to see what the BIS is showing them.  And that would be the white papers.  The rate I believe is in both of these and they're being shown to the appropriate people...
       
       

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