LoveThisFamily: If you drain all of the water, you don’t have what you need to prime the pump. I hope they don’t truly intend to exhaust the reserves first…..
Frank26: I agree Friend but ……… SAID LAST NIGHT:
Iraq has a know PATTERN ……… Give them an hour and they will USE all 60 minutes……… NOT 59.
THIS IS VALUALBE INTEL ………. PONDER PLEASE !!! KTFA Frank
Aggiedad77: More indications from key Parliament members (see article below ) who, at least on the surface, want to abide by PM Abadi’s wishes that this budget for 2016 get pushed through Parliament in record time, stripping out any politically motivated agenda from discussions surrounding the budget……leave your politics at home and focus for once on what the people want and need in Iraq…..can this be done….we shall see…..this article points to the continued marriage for the Kurds of their 17% portion of the budget and their oil exports of 550,000 barrels per day. Aloha Randy
Walkingstick: Al-Bayati: the budget will be approved in record time and the House of Representatives will not deal with them politically
BAGHDAD / Center Brief for the Iraqi Media Network (IMN) – Foreign Relations Committee member Abbas al-Bayati stressed that the Council of Ministers completed the draft federal budget for 2016 in record time law.
He said al-Bayati’s (IMN) – “The political blocs agreed to keep the budget for services which will contribute to approval in record time is different from previous years file.”
He added that “the House of Representatives will deal with the budget in a professional and economic vision.”
He said the parliamentary legal committee member Ahmed Sarhan said Tuesday that the Commission will take over next week’s draft federal budget for the 2016 law to direct the discussion procedures.
And it adopted the 2016 budget on sale to 45 dollars per barrel and export at a rate of 3.5 million barrels per day, while maintaining the oil agreement between Baghdad and Erbil on the proportion of 17% and export B550 thousand barrels of oil per day in the draft budget rate .
Dnari131: hmmm “technical reasons”…like as in money?
Walkingstick: Parliamentary Economy: Investment Law was postponed for “technical” reasons and not “political”
Economy and Tenders Since 10/20/2015 14:54 pm (Baghdad time)
Special – scales News
He stressed the economic and investment commission in Parliament member Mohammed Abbas, Tuesday, that the postponement of the investment law was to “technical” reasons and not “political” because there is a consensus for a vote, while noting that paragraph members of the Investment Authority is one of the most important paragraphs that need to be amended in the law.
Abbas said L / scales News / “The postponement of the investment law was to” technical “reasons and not” political “attributing the cause that there is a consensus to pass and vote the law of the political blocs,” stressing that “the law in its current form national achievement and there are proposals to add amendments and change some paragraphs. ”
He said a member of the economic and investment commission in Parliament that “the next few days will be voting on the law,” stressing that “there are some paragraphs in the second reading was supposed to be adjusted has not been edited because of the desire of some for changes and the use of additional experts for the promotion of law and replace some of its paragraphs what is better than him. ”
The “parliamentary source told / scales News / House Speaker Salim al-Jubouri, decided to raise the Second Amendment to the investment law of the agenda in yesterday’s session after disagreements sterile texts investment law” .anthy 29/4 e Link
Walkingstick: Iran Nuclear Deal Sanctions: Why Tehran Wants To Be A Part of International Financial System
By Elizabeth Whitman @com on October 19 2015 2:52 PM EDT
As U.S. President Barack Obama directed his administration Sunday to prepare to roll back nuclear-related U.S. sanctions on Iran, a similar but separate and potentially far more momentous step was underway nearly 4,000 miles away from the White House. In Brussels, the European Union adopted a legal framework the same day in preparation for lifting its own sanctions that have blocked the Islamic Republic from using a tool vital for anyone hoping to participate in the global economy: the Society for Worldwide Interbank Financial Telecommunication, better known as Swift.
Iran could see certain sanctions removed as early as a few months from now, following 20 months of negotiations with the group known as the P5+1 – the U.S., Britain, France, Germany, Russia and China – that culminated in the recent historic nuclear accord. But even as Iran begins to head down the path to regaining access to a key part of doing business with the West and perhaps eventually reviving its own economy, its recovery and integration with the global economy is likely to be gradual, if not painstaking.
“One of the most crucial elements that made dealing with Iran very difficult for its trading partners was the inability to use the international banking system,” Farhad Alavi, a Washington, D.C., lawyer and an expert in sanctions law, said. “As Iran gradually enters into the Swift system again, this will grease the wheels of Iran’s trade with the rest of the world, to some extent,” he said.
Swift, a cooperative based in Belgium that is essentially the international system for bank transfers, is required by law to abide by these sanctions. EU regulations passed in March 2012 banned financial messaging providers, the dominant one being Swift, from serving the 30 Iranian banks that had been sanctioned in an effort to choke Iran’s oil industry amid concerns that the country was developing a nuclear weapons program.
The nuclear accord, reached in July, stipulated that certain sanctions the U.S. and the EU had imposed on Iran would be rolled back if Iran dismantled its nuclear weapons program per the terms of the deal. The process is not an instant one; Sunday marked “Adoption Day,” where EU and U.S. officials took steps to prepare to lift those sanctions, even though they won’t actually be reversed for at least several months, on the day dubbed Implementation Day.
It has been set for whenever the International Atomic Energy Agency, the global nuclear watchdog, verifies the fact that Iran is no longer pursuing a nuclear weapons program. The agency has said it aims to release a report by Dec. 15 that will detail the status of Iran’s alleged attempts to covertly build a nuclear weapon. Some estimates hold that sanctions could remain in place until December or January. Under the nuclear deal, if Iran is suspected to be in violation by attempting to develop nuclear weapons, sanctions would “snap back” into place 30 days after the initial suspicion.
“For the time being, all the current EU sanctions remain in place, including measures prohibiting companies such as Swift from providing specialized financial messaging services to EU-sanctioned Iranian banks,” Swift noted in a statement on its website in July after the accord was reached.
Banking transactions are crucial in several ways. Not only can they hamper what, in countries with access to Swift, would be a relatively straightforward transaction, they can also forcefully deter countries from doing business with Iran in the first place. After EU sanctions fell into place in 2012, imports to the EU from Iran fell from more than 17 billion euros in 2011 to 1.2 billion euros in 2014, Bloomberg has reported, citing the EU statistics office.
A hypothetical transaction might involve the following: Because funds cannot be wired out of Iran, in order to get paid, a business trying to move money out of Iran would have to find a company with branches in Iran and outside the country. The non-Iranian branch could be used to settle accounts, albeit for transactions in Iran.
Even under sanctions, it is, in fact, legal to do business, in certain sectors, such as pharmaceuticals, with Iran. But when companies choose to do legal business with Iran, they are forced to adopt roundabout approaches to settle accounts that also appear suspiciously opaque, Alawi explained.
“Financing and logistics are at the crux of all business,” Alavi said. “You could have no limitation on anything, but if you have limitations on banking, and shipping and insurance, that will be a huge damper on trade.”
That logistical nightmare alone is enough to deter companies from doing legal business with entities in Iran. There’s also the rules regarding what constitutes legal — confusing enough to companies and banks that they would prefer not to deal with Iran altogether, Alavi said.
For businesses and financial institutions that don’t get it right, the consequences can be severe. In 2014, the U.S. fined BNP Paribas SA, the French bank, $9 billion for violating international sanctions, including those against Iran.
“Banks don’t want to comb through every transaction and say, ‘This is legal, this is not,’” Alavi said. “They just say, ‘We don’t want to do it.’” That uncertainty won’t likely dissipate the moment Adoption Day arrives, he added, and banks won’t dive headfirst into doing business with Iranian counterparts.
Nevertheless, Iran still has the second-largest GDP in the Middle East as well as the second-largest population. If sanctions relief is ultimately implemented, Iran has a great deal of attractions Western banks and companies, from its thriving middle-class consumers to a potentially booming tourism industry, and gaining Swift access is a crucial first step for companies that want in.