Wednesday News Summaries and Commentaries
I’m excited….why…..because of what I was able to glean from Frosty’s notes for last night, from what I heard before the call last night, and then from what we see in the news today….it’s all good…..
Indeed the Iraqis seem to be on fire with the actions they are taking….I know some say oh this is the same old thing we’ve seen and heard for the last xxx years….well to you it might be….but IMO…..we’ve never seen the lava this hot….this cherry red to catch your pants on fire….
I’m pumped up and excited as I have not been in quite a while…..keep the roll going boys….Now for the news.
Mohammed Allawi: Iraqi dinar could collapse within two years
My red flag meter is sounding with this particular article…..here we have a “former minister of Communications” talking about the IQD situation and the CBI…..not so sure he would be the one I would go to as any kind of expert on either…..and as a “former minister”…..makes me start to look at the Integrity Commission list of names to see if he appears from the Maliki days….not too many of his ministers were clean during their time in office…..besides his numbers of “2 years” I’m not buying….
I also struggle with him saying the CBI can just print more money….well of course they could….and CB can do that….but the thing is, the CBI hasn’t been doing that….they work diligently to get the existing 000’s off the streets now, why print more….defeats their purpose….beware of the source here.
A version 554 819 smart card for displaced families to receive financial granted
The Ministry for Displacement and Migration reports today they have printed a large number of smart cards for displaced families within Iraq…..this is being done in conjunction with the Rasheed and Rafidain Banks….the money the families will receive is coming from the 2015 budget.
Saudi Arabia’s ambassador to Iraq announced near the reopening of the embassy in Baghdad and the consulate in Arbil
Without mentioning a specific date the Saudi’s have announced the imminent arrival of the SA Ambassador to Iraq to coincide with the opening of their new embassy in Baghdad and the opening of the consul office in Erbil.
Minister of Finance: borrowing from the four international banks and the issuance of treasury bonds to cover the deficit in the budget of 2016 .. and 32
So the Iraqi Finance Minister is reported that Iraq may be borrowing from four banks going into 2016….the list of those banks is quite different from where they’ve gone in the past….at this point I’m not sure what that means for them….the banks include the Islamic Bank, the World Bank, Japanese Agency for International Cooperation, and the National Bank of Qatar….
The last two are especially odd bed fellows for the Iraq’s at this point in time and even the Islamic Bank is a bit out of line…..they also are still talking about internal bonds….the deficit for 2016 is somewhere at or near 23 trillion dinars I believe…..they claim that oil is priced in the budget at $45/barrel….and if they see a jump in pricing there upwards of $60/barrel this will benefit them.
Minister of Planning and discuss with the launch of the implementation of investment projects program through a sophisticated electronic system
It would appear that Iraq stands poised to kick off a big “e-government” type system through their Ministry of Planning….this would be the first of its kind for Iraq…..I’m looking ahead to an article that I know is coming up shortly pertaining to the Investment Law…..with the passing of this law…..or rather the passing of amendments within this law that cuts away much red tape and eliminates corrupt activities….they open the door for many new investors from around the world….and what will those investors be bringing with them….bank accounts full of money that will be beneficial for Iraq and its people….it is good timing to implement an electronic system within planning that will surely help streamline project work for Iraq in the coming year.
Deputy Kurdistan: I will not get into disagreements Baghdad and Erbil approve 2016 budget
This is the kind of thing that can make or break the speed in which the 2016 budget gets passed by Parliament…..COM and PM Abadi are asking that Parliament keep politics out of the budget….yet the Kurds are saying the issues, I’m assuming from the past have been political not legal….yet today they say there could be a tendency to end the political battle between Baghdad and Erbil…..what gives here…..are there other plans the Kurds may have in the works to iron out differences….guess we shall see maybe as early as next week.
IMF: Iraq will return to the market mid-2016
The IMF is sending a team to Iraq next month to look at how the way can be opened up for more IMF funds to be earmarked for Iraq with regard to reconstruction efforts in the dust left from their fight against DAASH for the past year and a half….the IMF is committing $1.25 billion in aid money to help with the budget process….it sounds like they may be receptive to additional aid to Iraq on top of this agreement that must have already been made.
Within the “black box” program in the “island: Documents reveal the involvement of al-Maliki’s security violations and the formation of death squads and their quest to establish a secret army
Charges and potential crimes continue to amass against Maliki….so his “black box” may be a haunting sort of device that will only serve to further his demise and open the eyes of all Iraqi’s to just how corrupt the man has been over the years.
Memoranda to catch accused of laundering money .. and the amounts estimated B69 billion dinars
Putting the new formed and passed Anti-Money Laundering Law to work…..arresting 3 accused of laundering approximately 69 billion dinars….prosecution to follow per the new law.
Conscious / parliamentary Economy: Investment Law will happen quantum leap in Iraq’s revenues
What an interesting choice of words here…..”quantum leap” in revenues for Iraq…..why…..due to the Investment Law and the amendments that are currently being worked on in Parliament……get these amendments wrapped up and on the books and the investors are sure to follow….and along with them as I mentioned earlier will come bank accounts that are full of money that is drooling to be of assistance to Iraq and the many projects that have been put on hold for a significant time now….these amendments will be eliminating a great deal of red tape and a large potential of corruption from the past….this is a very good improvement for investors looking at Iraq.
International Monetary Fund: Baghdad is not currently in danger of running out of cash
The IMF is admitting they may well provide Iraq with a “large loan” in 2016 in order to achieve financial stability….they are recognizing the external issues that Iraq is facing, the war against DAASH and the falling oil prices that have both devastated their countries economy……what they are seeking from Iraq is the development of a clear and comprehensive set of reforms that apply to their finances….the IMF has agreed they may help in this process as well.
Perhaps it is time for a break…..a new cup of coffee at least…..I hope you are enjoying the beautiful sights of this lava flow as it moves in ways and directions not seen before…..it is all good and we should be reassured by the activities and actions we are seeing and hearing about.