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Collecting more than 100 signatures .. a parliamentary move to reduce the dollar exchange rate - Urgent


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34 minutes ago, HowieC said:

The whole problem is Halbousi is Iranian and running Parliament. Iran owns the place.

 

I am not sure about that.  Maliki and company tried to remove him after they failed to make the Parliament President election invalid.   Plus,  he is a Sunni.  He has no affection for Iran.  

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9 minutes ago, JonnyV said:

 

I am not sure about that.  Maliki and company tried to remove him after they failed to make the Parliament President election invalid.   Plus,  he is a Sunni.  He has no affection for Iran.  

I hope your right.  Years back I remember Him visiting Iran...although that shouldn't label someone. But it seems like whenever the chips are down, He leans that way.

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Been doing my utmost in keeping my " expectations" extremely low with the these pin heads.

So as the years go by full of their :bs:, disappointment is never " oh what's the point in living anymore " because after 19 years of their lying garbage mouths you actually come to expect it.

NOW, having said that: ANNOYED??? EXTREMELY so.

Their Epic greed and power plays have prevented Iraq & it's people from flourishing. It's disgusting and this should never have been allowed to go this far...but it has.

My very suspicious mind tells me those within the UN, IMF & WB ( at the very least ) have skin in the game & a piece of the money laundering action.

All at the expense of Iraq & it's people. Did I say this is disgusting 🤣

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49 minutes ago, HowieC said:

I hope your right.  Years back I remember Him visiting Iran...although that shouldn't label someone. But it seems like whenever the chips are down, He leans that way.

 

So does Kazemi.  They are all what the flavor of the month is.   He and Kazemi are being good diplomats and trying toget it done without Maliki.  That’s why they go there.  To exclude him.  Remember Maliki was Pissed that Halbousi went there without him. 

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18 hours ago, screwball said:

The White Paper identifies two overarching strategic objectives.

  1. The first is to initiate an immediate reform programme to address the budget deficit to create a fiscal space to give time for the process of implementing the other wider reforms over the medium term.

only one way to create fiscal space.....RV

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On 6/25/2022 at 9:24 PM, HowieC said:

When did the supposed 5 years start?

When they changed the exchange rate in 2020.

 

I posted an article on this a while back. In the article the individual from the financial committee said that the rate change was initially for one (1) year but powers in government overruled that and it became 5 years. So the idea that the CBI is its own entity and change the exchange rate on its own accord went out the window with this revelation. Secondly, Maliki also stopped the rate from permanently changing in 2012. So the GOI has always had a hand in the exchange rate for awhile now.  

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21 hours ago, edbeach said:

Don't know I saw the article on another site. economic expert Salama Sumaisem confirmed today Friday 6/24/22, that there is no possibility of restoring the dollar exchange rate before the completion of five years, according to the white paper program.

Said was statement in Baghdad Today. Confusion  on their jeberish. Quote  The work of the  white paper was determined by a period of 5 years, one of which remained and 4 years remained" she Sumaisem added "The collection of parliamentary signatures to restore the exchange rate will not change anything."

Rather, it is just attempts by some members of Parliament to change the exchange rate, but in the end it will not change before the specified 5 years."

So if someone can get a hold of the white paper program will give more details of actual dates.

 

The quote was said in May 2021 long before everyone else was stating above for 2022. (This quote was laughed at by dinarrock in the original posting.)

 

In May 2021 we find this quote (five months after the exchange rate change in December 2020]:

 

"It was supposed that the new exchange rate will remain for one year, but the agreement of the political forces and the government breached the agreement that said the exchange rate of the dollar remains the same until 2025." the [Iraq’s Parliamentary Economic and Investment] Committee member Nada Shaker Jawdat said.

 

So keep your seat belts fastened and your hands in the car, the ride will not be over in '23 or '24.

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The White Paper was implemented in October 2020. From the GOI website:

 

The White Paper for Economic Reforms: vision and key objectives

 

 22 Oct 2020 - 2:50 pm
Artboard-v2-1.jpg

 

The Iraqi government has formally adopted the White Paper for Economic Reforms prepared by the Crisis Cell for Financial and Fiscal Reform.

The White Paper seeks to put Iraq’s economy on a path that allows the state to take appropriate steps in the future to develop it into a diversified, dynamic economy. Dr. Ali Allawi, Deputy Prime Minister and Minister of Finance

The White Paper is a comprehensive programme that sets out a clear roadmap to reform the Iraqi economy and address the accumulated, decades-old serious challenges that confront it.

Iraq’s Deputy Prime Minister and Minister of Finance, Dr. Ali Allawi said that the White Paper seeks to put Iraq’s economy on a path that allows the state to take appropriate steps in the future to develop it into a diversified, dynamic economy that creates opportunities for citizens to live a decent life.

And although the current severe fiscal crisis that Iraq is going through is related to the recent sharp decline in oil prices and to the repercussions of the Coronavirus pandemic, the White Paper makes it clear that the causes of Iraq’s economic and financial woes date back several decades.

The White Paper identifies the expansion of the role of the state as a key cause of the crisis.

The roots of the crisis

The White Paper provides a detailed outline of the factors that have distorted the Iraqi economy, undermined its capacity to provide a decent life for large number of Iraqis, and its failure to keep pace with the economic developments that the world has witnessed.

The expansion of the role of the state

The White Paper identifies the expansion of the role of the state and emergence of a command economy in Iraq as a key cause of the crisis.

From the nationalisation of vital economic sectors in 1970s, to the commandeering of all economic levers by the state to support the war effort in the 1980s, through the period of  sanctions imposed on Iraq in the 1990s, these shocks, as well as the absence of strategic planning, mismanagement, maladministration, patronage and misguided political ideology, all led to an expansion of the role of the state in all aspects of economic life in Iraq.

The Iraqi economy continued to be directed by the state after the events of 2003 because of the failure of the new political system to create a free and diversified modern economy as outlined in Iraq’s Constitution, and instead continued to rely on the state as the almost only driver of economic activity in the country.

The expansion of the role of the state, and the associated increase in the number of those employed in the public sector and the cost to Iraqi exchequer of their salaries and pensions, came at the expense of the government’s ability to invest in basic infrastructure in Iraq.

To illustrate the point, the White Paper points out that from 2004 to 2020, state expenditure on the salaries of civil servants and on public sector pensions increased by 400% in real terms, as the total number of public sector workers during the same period increased by threefold.

The cost of salaries and pensions of public sector workers is expected to be around 122% of Iraq’s oil revenue in 2020. The White Paper for Economic Reforms

And between 2006 and 2018, average public sector salaries increased by 134%, more than the increase in labour productivity, which rose by only 12%, or the cost of living, which rose by 28% during the same period.

Over the past 17 years, government spending on the salaries of state employees, and on public sector pensions became the fastest growing expenditure item in Iraq’s successive federal budgets during this period.

There are currently around 4,500,000 public sector employees and 2,500,000 pensioners.

Decline of the private sector

The expansion of the state’s role, in addition to the complex administrative system and the state’s weakness in imposing the rule of law, the militarisation of society, and the influence of non-governmental actors in public institutions, led to the decline of the Iraqi private sector.

With the exception of a number of small and medium-sized companies operating in the oil and telecommunications sectors, and very small companies operating in the fields of trade, retail, transport, construction, hospitality and textiles, there is almost a complete absence of private sector companies in manufacturing.

In addition, most of the larger private sector companies depend on providing services to the state and on government contracts.

The White Paper also identified other factors that led to the deteriorating economic situation in Iraq is, most notably:

  • The collapse of oil revenues
  • The impact of Covid-19
  • Mismanagement and lack of planning
  • The weakness of financial institutions
  • The absence of modern coherent systems for managing state revenues
  • An ineffective and outdated banking sector
  • Complex and antiquated government procedures
  • Destruction of infrastructure and the costs of the war against Daesh terrorists
Two strategic goals 

The White Paper identifies two overarching strategic objectives. The first is to initiate an immediate reform programme to address the budget deficit to create a fiscal space to give time for the process of implementing the other wider reforms over the medium term.

The second objective is to put the economy and the federal budget on a sustainable path, after which Iraqis can decide and choose the economic direction of the country.

The White Paper anticipates that the short and medium-term objectives and associated reforms will require between 3 to 5 years to implement.

The reform pillars

The White Paper identified five key pillars for the reform programmes:

1- Achieving sustainable financial stability

Key reforms include:

  • Reducing the deficit from 20% to 3% of GDP and expenditure on salaries from 25% to 12.5% of the federal budget
  • Collecting electricity tariffs from all users based on the real price of fuel on global markets
  • Recovering and returning Iraq’s smuggled and stolen money
  • Increasing revenues from customs and taxes
  • Reforming Iraq’s Pensions Fund and move to gradually end federal budget support
  • Reforming financial management systems
  • Reviewing the current exchange rate of the dollar against the dinar
2- Implementing strategic reforms and creating sustainable job opportunities

Key reforms include:

  • Modernising and rehabilitating the financial sector
  • Modernising and rehabilitating the banking system, supporting the development of private banks, reforming government banks and introducing and activating the Core Banking System in Al-Rafidain and Rasheed Banks
  • Expediting the development of e-banking services
  • Establishing new trading markets, such as a commodity market and a currency exchange market (Forex)
  • Supporting the sectors that drive the economy, such as agriculture, oil and gas
  • Introducing a private sector support fund, simplifying procedures, and providing other non-financial aid
  • Creating job opportunities in the private sector and supporting small and medium enterprises
  • Adopting a national strategy for education and training that links educational outcomes with the future need for the labour market
3- Improving basic infrastructure

Building Iraq’s digital infrastructure is a key aim of the White Paper.

Key reforms include:

  • Increasing the effectiveness and improving the performance of all parts of Iraq’s electricity sector
  • Developing Iraq’s digital infrastructure, including the introduction of advanced technology (4G) at the beginning of next year, and preparing for the introduction of (5G) technology
  • Modernising the legal and regulatory framework of the transport sector, and encourage private investment in transport
  • Developing industrial cities and free zones in Iraq
4- Providing basic services and protecting vulnerable groups during and after the reform process

The reforms aim at establishing a unified and financially sustainable pension system for all Iraqis whether they are working in the public, private, cooperative or mixed sector. The White Paper for Economic Reforms

Key reforms include:

  • Improving water supply for both drinking and irrigation and complete sanitation projects and networks
  • Building 1,000 new schools during the period of the reform programme
  • Reforming the social security system
  • Establishing a unified and financially sustainable pension system for all Iraqis whether they are working in the public, private, cooperative or mixed sector
  • Completing and implementing the draft health insurance law to ensure that all Iraqis have access to essential health services
5- Improving governance and introducing changes to the legal framework to enable institutions and individuals to implement reforms
  • Reviewing and amending the official guidance in relation to government contracts
  • Introducing e-governance systems to strengthen oversight of government contracting and the collection of taxes and customs
  • Working with specialist investigative international organisations to return the large sums of money smuggled out of Iraq
  • Introducing an electronic governance system in the field of government contracting and tax and customs collection
  • Completing the project establishing the National Information Centre to facilitate the introduction of government e-services to citizens, and automate the procedures for obtaining key documents  such nationality and passports and accessing pensions and social security
  • Introducing electronic signature and transactions throughout the public administration system and phasing out paper transactions

 

A detailed implementation plan of White Paper will be published later to outline the required process, identify key stakeholders and establish timelines and monitoring mechanisms.

 

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Iraqi government to begin implementation phase of the White Paper for Economic Reform

 

 15 Feb 2021 - 3:55 pm
WP-art-workEnglishFront-Cover105-1.png

 

The Iraqi government is preparing to begin the implementation phase of its reform programme known as the White Paper for Economic Reform.

This phase will focus on the implementation mechanisms and on the fulfilment of the objectives and the vision outlined by the White Paper.

The implementation phase consists of:

  • Putting in place governance, oversight, monitoring and evaluation mechanisms to ensure that the reform process is administrated and managed effectively under the direction and guidance of strong and competent leadership which will have a direct link to the Prime Minister, with the aim of equipping the implementation team with the necessary authority to carry out the reform programme, providing vigorous oversight of the implementation process, and ensuring coordination between different governmental institutions

 

  • Translating the vision of the White Paper for Economic Reform into a practical programme for delivering 64 projects and for ensuring their implementation in an integrated and coherent manner by specifying detailed procedures for each project, setting a specific timeline for progress and identifying the state entity which will be responsible for carrying out each project

 

The Iraqi government adopted the White Paper for Economic Reform prepared by the Crisis Cell for Financial and Fiscal Reform in October 2020.

The White Paper is a comprehensive programme that sets out a clear roadmap to reform the Iraqi economy and address the accumulated, decades-old serious challenges that confront it.

The White Paper identified two overarching strategic objectives. The first is to initiate an immediate reform programme to address the budget deficit to create a fiscal space to give time for the process of implementing the other wider reforms over the medium term.

The second objective is to put the economy and the federal budget on a sustainable path, after which Iraqis can decide and choose the economic direction of the country.

The White Paper anticipates that the short and medium-term objectives and associated reforms will require between 3 to 5 years to implement.

The White Paper for Economic reform enjoys the support of the international community as reflected by the establishment of the Iraq Economic Contact Group (IECG) whose mission is to provide the support needed for the economic reform process in Iraq within the framework of the White Paper. The IECG includes, in addition to Iraq, the G7 group of industrialised countries, the World Bank, the International Monetary Fund, and the European Union.

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The so called “White Paper” is only as good as the PM and the GoI willing to implement it.  It’s almost useless to even formulate a “White paper” plan that will take 3 - 5 years to be complete because things have a tendency to get all screwed up over there and fall to the way side.   

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22 minutes ago, lmb4321 said:

HCL....

The issue with the HCL is that the IMF has continued to stress the importance of improving the non-oil sector of Iraq's economy. And since the IMF is the final arbitrator on whether Iraq can finally go into Article 8, the HCL will not push Iraq to pull the trigger on the RV. Is the HCL still needed? Yes. Will the RV happened after this legislation is passed (HCL is not the same as the Oil and Gas Law)? No, according to the IMF.  Why? Too many other factors that will not allow Iraq to gain entry into Article 8, for example MCP and the non-oil sector and banking sector lacking in sustainability according to what the IMF is looking for. 

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4 hours ago, Theseus said:

The quote was said in May 2021 long before everyone else was stating above for 2022. (This quote was laughed at by dinarrock in the original posting.)

 

In May 2021 we find this quote (five months after the exchange rate change in December 2020]:

 

"It was supposed that the new exchange rate will remain for one year, but the agreement of the political forces and the government breached the agreement that said the exchange rate of the dollar remains the same until 2025." the [Iraq’s Parliamentary Economic and Investment] Committee member Nada Shaker Jawdat said.

 

So keep your seat belts fastened and your hands in the car, the ride will not be over in '23 or '24.

Theseus Thank you for finding and clarifying this. Lets hope will not take to 2025 and that they can amend this earlier.

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19 hours ago, yota691 said:

the Parliamentary Finance Committee denied what was recently reported about Parliament's efforts to restore the exchange rate of the dollar to its previous level, 1200 Iraqi dinars for every US dollar.

"It is very difficult to restore the dollar exchange rate to its previous state

It wasn't the first time and it doesn't shock me at all. Iraq do this on purpose to piss the dinar investors off and sell off their dinars. They had been talking " return the rate to what it was " many times before. And then ,  few months / years later , they had also been saying and denying " it is difficult to return the rate to what it was " with so many BS excuses. May be the government of CBI hide a secret RV rate and date that won't be exposed to the publics.

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8 hours ago, Theseus said:

In May 2021 we find this quote (five months after the exchange rate change in December 2020]:

 

"It was supposed that the new exchange rate will remain for one year, but the agreement of the political forces and the government breached the agreement that said the exchange rate of the dollar remains the same until 2025." 

I won't believe what iraqi government said at all because iraq is always changeable and what they said depends on their mood swing. what they say today or tomorrow or next week or next month or even next year will be totally different 360 degree.

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12 minutes ago, rvmydinar said:

I won't believe what iraqi government said at all because iraq is always changeable and what they said depends on their mood swing. what they say today or tomorrow or next week or next month or even next year will be totally different 360 degree.

 

That is exactly what I was saying above.  Too dynamic of a situation.  Spins on a dime.  

 

BTW… a 360 is not a change.  It brings you back to where you were before.  It’s a 180 that is the opposite.  LOL. 

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  • Time: 06/26/2022 17:23:09
  •  
  • Reading: 2,808 times
Al-Shammari: Talking about changing the exchange rate is a media bid
  
{Politics: Al-Furat News} A member of the Political Bureau of the National Wisdom Movement, Fadi Al-Shammari, commented on the circulating statements regarding changing the exchange rate.
 

Al-Shammari said in a brief statement, of which {Euphrates News} received a copy, that: "Talking about changing the exchange rate is unrealistic and a media bid to lure people's emotions at the expense of the truth.
Today, in a statement, the Parliamentary Finance Committee denied the possibility of restoring the dollar exchange rate, stressing that it confuses the market." and investment projects.

 

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Parliamentary Finance denies the tendency to reduce the exchange rate of the dollar

Economie

13:33 - 06-27-2022

 

102762022_1523102021_140-165404-price-do

The Parliamentary Finance Committee denied the existence of a tendency to return the dollar exchange rate to its previous position, considering that the current conditions do not allow such a step.

Committee member Jamal Cougar said that changing the exchange rate by increasing it or returning it to what it was in the past is outside the jurisdiction of the House of Representatives, indicating that the process belongs to the Ministry of Finance and the Central Bank as they are responsible for monetary and financial policies.

He pointed out that the economic situation in Iraq does not allow the return of the dollar to its previous price, indicating that oil revenues have increased, but in return there are debts owed by Iraq of no less than one hundred trillion dinars, both internally and externally.

The member of the Finance Committee called for not relying too much on the current rise in oil prices and planning on it, warning that this rise was caused by the war between Russia and Ukraine, and with the end of this crisis, oil may return to its previous state.

Cougar considered that any change in the exchange rate will lead to economic problems, as there are investors who have contracted according to the current price and by decreasing it, they will demand compensation.

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13 hours ago, horsesoldier said:

Been doing my utmost in keeping my " expectations" extremely low with the these pin heads.

So as the years go by full of their :bs:, disappointment is never " oh what's the point in living anymore " because after 19 years of their lying garbage mouths you actually come to expect it.

NOW, having said that: ANNOYED??? EXTREMELY so.

Their Epic greed and power plays have prevented Iraq & it's people from flourishing. It's disgusting and this should never have been allowed to go this far...but it has.

My very suspicious mind tells me those within the UN, IMF & WB ( at the very least ) have skin in the game & a piece of the money laundering action.

All at the expense of Iraq & it's people. Did I say this is disgusting 🤣

Amen…I Say!!

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1 hour ago, yota691 said:

He pointed out that the economic situation in Iraq does not allow the return of the dollar to its previous price, indicating that oil revenues have increased, but in return there are debts owed by Iraq of no less than one hundred trillion dinars, both internally and externally.

Well. If they can't return to previous rate which is 1200 , then the best and only solution is just rv'ing their currency at 1 IQD : 1 USD. Also, there is no problem paying back their debts at the rate 1:1 either. And , the dinar investors are also very happy at the rate 1:1 , too. This is win-win solution on both sides. Come on iraq, what are you waiting for? Just push the button.

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Deputy Opening: Exchange Rate Reduction Will Come To Light Soon

%D8%AF%D9%88%D9%84%D8%A7%D8%B12-750x430.
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Information/special...

Fatah Mp Suhaila Al-Sultani confirmed On Monday that the issue of lowering the exchange rate of the dollar is coming soon after collecting the signatures of 100 deputies to vote on its reduction under the dome of the House of Representatives.

"The Sadiqoun parliamentary bloc, followed by MP Uday Awad, is seeking to lower the exchange rate more than a year after it changed," al-Sultani said in a statement.

"The paper in which the signatures were collected was attended by all the deputies of the political blocs under the banner of the coordination framework," she said, adding that "the exchange rate change will be soon."

On December 19, 2020, the Central Bank of Iraq officially announced the adjustment of the foreign exchange rate (US dollar) to 145,000 dinars for every $100, according to the 2021 state budget approved by the House of Representatives. Finished/25

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