KTFA

KTFA:

Clare: The Minister of Finance discusses the British ambassador with the steps of Iraq’s accession to the “global financial system”

8/6/2023

The Minister of Finance receives the British ambassador, and they discuss joint financial cooperation and exchange of experiences. The six Ministers of Finance, Taif Sami Muhammad, received today, Sunday, at the Ministry’s headquarters, the UK Ambassador to Baghdad, Mr. Stephen Hitch, and his accompanying delegation.

The meeting witnessed discussions on the consolidation of bilateral relations between the two friendly countries, through the development of joint cooperation in the field of finance and economy and the exchange of experiences, in addition to discussing joint cooperation mechanisms in the field of supporting financial and banking policies and building human capacities, and discussing Iraq’s steps to engage with the international financial system and the most prominent measures and reforms it is making.

The government in the field of the banking and financial sector, which contributes to the promotion of economic development in Iraq LINK

Clare: Planning: Budget instructions issued this week and many projects will see the light of day

8/6/2023

The Ministry of Planning announced that the mechanisms of the financial budget will be issued this week, and many lagging projects will see the light at the end of this year and the beginning of next year.

And the Undersecretary for Technical Affairs, Maher Johan, stated, in a press statement, that “the budget did not linger and was not disrupted, but after the approval of the budget law in its final form and the corrections that were made to it by the House of Representatives and the government, we met during the past two weeks officials of the ministries and governorates and developed quick plans to serve the implementation projects”.

He explained, “We cannot finance projects in an advance manner, and we must finance according to what has been ratified and approved in the budget law, by finding a legal basis for issuing instructions that will be published in the Iraqi Gazette and issued at the end of this week as a maximum.”

Johan pointed out that “the government program stresses the implementation of service projects that are quick to complete as soon as possible, so the bulk of the budget will be for the completion of strategic projects related to infrastructure, such as sanitation, health, education, and electricity projects,” stressing that “these projects are not few.”

And if they are completed, they will achieve a qualitative leap in the service reality, and quite a few of these projects will see the light at the end of this year, but in the next year, work will continue to complete the lagging projects. LINK

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Courtesy of Dinar Guru

Nader From The Mid East I’m gonna disagree with you [Guru Pimpy] when you say the budget doesn’t need a new exchange rate because Iraq has been living for 20 years with a bad exchange rate and it didn’t bother us. No, it bothered us a lot and things are very very expensive…Why we need a new exchange rate? First for purchasing power. Second when we travel a lot especially for work or even for pleasure…If I want to come over here [The US] on vacation I can’t. If I want to go to Europe…Australia… Canada I can’t. [Post 1 of 2….stay tuned]

Nader From The Mid East Forget anywhere in the world. Even Africa I can’t because when I take 2 million or 3 million dinars if you…have a family like me…15 day or even a week that’s not enough…Before 2003 when Saddam was alive a minimum paycheck used to be $3,000…which is 1000 dinars. With 1000 dinar you can do a lot of things…I can bring in my family for a week…Iraq needs an exchange rate. Need their money to go back at least 1 to 1. 1 to 1 would be very fair. 3 to 1, 2 to 1 would be better. But for now 1 to 1. [Post 2 of 2]

Germany’s Industrial Collapse Just Got Worse

Sean Foo: 8-6-2023

Germany’s recession and industrial crisis are getting from bad to worse. Because of Germany’s push towards green energy, their Minister of Economy is predicting 5 long years of economic pain for the country.

This involves higher deficit spending to help transition to renewables to prevent a total collapse of German industry. Here’s what you must know!

Timestamps & Chapters:

0:00 Germany’s Risky Energy Bet

2:16 Debt Or Deindustrialization

4:37 German Economy In Survival Mode

7:15 Huge Solar Dependency On China

9:41 Will France Take Over?

https://www.youtube.com/watch?v=heqvJsVtjgU