MilitiaMan: I bring this one in again, as it is the meat of yesterday’s call effectively.
Everyone in this investment should be smiling large at all we have seen of late especially those of us that have been in and around for over ten years running. The Road Map is before us and there are no more road blocks in the way now imo, like we had all those years.
This man Samir Al-Nassery has been around for about the same amount of time or longer. He has been pounding the pavement with his work, yet, all these years have passed and were on deaf ears. So, he wrote a letter to the new PM Mr. Mustafa Al-Kazemi.
The new sheriff in town who knows the roads of Iraq well, not to mention those travelers that had nothing good for the country but to steal the country blind and drive off with all their spoils. That may very well be changed in the not to distant future. imo
Samir Al-Nassery *
Mr. Prime Minister of Iraq,
Mr. Mustafa Al-Kazemi, the esteemed, a
In the beginning, I extend my congratulations and congratulations to you on your assumption of the first governmental executive leadership responsibility after obtaining the people’s trust in the House of Representatives.
I would like to inform you that I am a specialist in economic and banking affairs, and I have previously sent several letters and literature to the former heads of cabinet looking at economic and banking reform, but unfortunately they were not read and interacted with them. I must prove here that the first official in the Iraqi government who cared and discussed with me my vision of reform and supported me and motivated me to continue to give for economic reform is Mr. Central Bank Governor Ali Mohsen al-Alaq.
Based on your bold decisions at the beginning of your career. We found it necessary for us economists and finance to support you in drawing the road map for the new government in the economic field. Therefore, I hope that you will study urgent and immediate proposals that can be implemented quickly and strategic solutions that need a period of time exceeding one year, as follows:\
Prompt and immediate treatments:
First – Preparing an emergency budget based on expected revenues from marketed oil for the year 2020, at the minimum price forecast. A monthly balance is approved, and the disbursement is made according to the established priorities.
Second: Reducing government expenditures by 50% for the three presidencies, the House of Representatives, independent bodies, special grades, and special pension salaries, and upwards from the rank of general manager, which includes those who previously worked in these locations since 2003. And excluding the salaries of employees, retirees and social welfare from the reduction.
Third – Securing the funds for dealing with the Corona pandemic to the Ministry of Health.
Fifthly, coordination between the financial and monetary policies to maintain the stability of the exchange rate and maintain the standard adequacy of the foreign monetary reserves of the Central Bank and to determine the rates of internal borrowing and not to go for external borrowing.
Sixth: To stimulate and encourage the private sector and its involvement in the management of the economic process and its involvement in economic decision-making.
Seventh, stopping the import of semi-essential and luxury items, and restricting the import of ration card materials, medicine, and medical supplies, while increasing the food basket for the Iraqi family.
Ninth: Exclusion of cadres, economic and health career experiences, and higher education from their referral retirement law implemented as of 1/1/2020. And fixing the special grades who had a fundamental role in overcoming the
economic and financial crisis that Iraq experienced in 2014-2017.
Strategic economic treatments:
First, there is a need for a systematic movement to map a road map for economic reform by Iraqi elites and economic, financial and banking efficiencies and for economic mobility to be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of creating sustainable development, achieving diversity in resources and developing economic and human structures For the sake of proper building of the national economy and building the premises of the transition to a social market economy.
Secondly, drawing a realistic and ambitious road map that depends mainly on managing and distributing public money in a transparent and fair manner, provided that the beneficiaries are the people’s results and outputs, and the citizen feels that his national economy, resources and goods are dedicated to ensuring decent living as mentioned in the articles of the permanent Iraqi constitution.
Third, the formation of the Supreme Council for Economic Reform to be enacted by a law binding on the ministries to implement its decisions, and it has the power to monitor, monitor, and evaluate, and to be chaired and headed by an elite group of government experts and the private sector. Its first task is to develop policies and mechanisms to diversify the sources of financing the public budget and not to rely on oil only.
Fourth ‐ Moving to the central administration of the economy so that the principle of (centralized planning and decentralization of implementation) is implemented, and this means that the Supreme Council for Economic Reform takes charge of drawing plans and policies centrally and distributes their implementation to specialized councils for reconstruction and investment and the implementation of development projects in the economic and human sphere These councils are: –
* Construction Council
* Small and Medium Enterprises Development Authority
* Public Service
Fifthly: Creating and creating the investment climate for local and foreign investors, motivating and encouraging them, and ensuring their contractual rights to attract their capital and protect them from the pressure of spoilers.
Sixth: Providing soft loans to finance small, medium and large projects and establishing a legal and institutional system for managing, developing and developing them, as well as issuing and amending the laws of the legal environment to regulate the economic process. This means issuing new laws instead of laws issued in the year 2004 because of the changes that occurred in the national economy during 17 Public .
Seventh, activating investment in the agricultural, industrial, energy, tourism, services and housing sectors, as well as working to reform, develop and develop the banking sector through monetary policy applications and regulating the relationship and restrictions that govern financial and monetary policies, as well as a serious approach to reforming the tax, financial and customs system. And address cases of failure to achieve the required growth rates in national income and exceed the rise in unemployment and poverty rates.
Eighth ‐ Supporting, developing and motivating the private sector and benefiting from its capabilities, capabilities, capital and investments in building the national economy and involving it in managing the economy.
IX ‐ Developing a new methodology to overcome the challenges of instability in the financial system and the monetary system, and this means developing balanced and coordinated plans to overcome the challenges of monetary policy and the challenges of the deficit in non-oil revenue and the deficit in the balance of payments.
Tenth – rebuilt a new structure for the government apparatus in line with the assertion of centralization in planning and decentralization of implementation, including the adoption of a strict and disciplined market economy system as it is currently practiced in China, according to Iraqi doctrine and experience, especially in economic construction, that depends on the material, natural, economic, and human capabilities of Iraq.
Eleven ‐ laying the proper basis for the transition to the health system in Iraq in terms of the number of hospitals, the number of beds, the number of doctors and those with health professions, the manufacture of medicines and medical supplies locally, and the development of expertise and attracting Iraqi competencies abroad.
Twelve راع Accelerate the implementation and coordination of the e-government program with the electronic payment system.
* Economic and banking consultant at the Iraqi Private Banking Association
Sameer_alnosery @ yahoo .com
MilitiaMan: The focus now is for the PM to listen and allow the road map to be implemented with urgency. The transition to a market economy is under way as noted by the actions of late globally. Countries around the world have been showing up to do business in the natural resource arena.
The natural resources of Iraq will be used as assets for themselves and they’ll be used to provide materials for reconstruction of the country while creating jobs and opportunities for investors.
They have things in place as we see today that Maritime Shipping Fleet has their SOC Certificate for International Shipping to all countries of the world. That will require contractual rights to be protected. All of these will be needed to motivate the private sector which a social market economy is all about.
We have a couple things that are coming together in close proximity.
They are the ISX reopening this weekend and then next week we have the SFA agreement slated for 06/10 – 06/11. Fascinating thing is imo they both may require similar issues to be resolved before they are open and or over with. The ISX if international would require a rate change.
The third SFA agreement is about to get under way and it is not only about security but about political and economic issues too. Not below the readiness of the USA Ambassador to support Iraq especially in the economic side of things.
The new PM has the USA support an there is an additional video out the other day on the matter with Ambassador Toller openly addressing his colleagues in Iraq when questioned on the matter. So by that we can see the economic side of things are on the table.
The USA was said to be going to have the meeting mid month. Then they moved it up.. Why? They must have thing ready to go and have come to at least a level that would make for a quicker rather than later approach. The word especially shows urgency and need.. imo..
So that said, my view is there is very good supporting evidence that with these two items in the short term coming up suggest to me that they have a plan hammered out already and or at least enough to warrant the speed up to the SFA time frame to meet.
Lets not forget that the IMF and WORLD Bank who will facilitate many things within and for Iraq have openly stated that if ever there was a time for the IMF to bring other currencies into the SDR basket, it would be now.
Well, until Iraq is international they will not ever see that happening.
The reason that I believe this time is so important is that the IMF and World Bank told us the reason why they would bring other currencies into the basket. That is because it would heal or help fix the global financial system.
There words effectively not mine. So by that the RI of the IQD could fit the mold once fully international and announced to be Article 8 by the IMF.
So if anyone needs to step away, do so, but know you are in what I see as to be a very good place be in… imo ~ MM
The United States and the government of Iraq have negotiated two historic agreements: a Strategic Framework Agreement (SFA) that covers our overall political, economic, and security relationship with Iraq, and a Security Agreement – otherwise known as the Status of Forces Agreement (SOFA) – that implements our security relationship.
INA – Baghdad
Prime Minister Mustafa Al-Kadhemi met the US Ambassador to Iraq Matthew Toller on Saturday and discussed mutual files.
During the meeting Al-Kadhemi made it clear that Iraq will not be an arena for settling scores.
The statement included, “Al-Kadhemi stressed the necessity of cooperation and coordination between the two countries in the economic and security fields, countering terrorism, preparing for strategic dialogue between the two, and working to preserve security and stability in the region and keep it away from risks,”
For his part, Toller congratulated Al-Kadhemi on the occasion of his government’s confidence grant by the House of Representatives,” stressing “his country’s readiness to support Iraq in all fields, especially the economic side and confront the Corona pandemic,”
Don91: Member of Parliamentary Finance reveals an option that Iraq can use to secure salaries throughout 2020
Economie 06/20/2020 12:47 731 Editor: Zs
Baghdad Today – Special
Member of Parliamentary Finance Committee MP Jamal Cougar revealed, on Tuesday (2 June 2020), the possibility of withdrawing $ 11 billion from the reserves of the Central Bank of Iraq to cover salaries.
And he added, “The agency pointed to the state’s ability to withdraw more than $ 11 billion of its financial reserves without affecting the exchange rate of the national currency.”
Cougar added, “The financial reserve and borrowing from banks can secure the salaries of Iraqi state employees, and we pass this year without deductions or compulsory saving of salaries.”
A member of the Finance Committee in the House of Representatives, Naji Al-Saeedi, announced on (30 May 2020), the possibility of paying the salaries of employees in dollars and not in the Iraqi currency, while he warned against stopping the currency auction held by the Central Bank of Iraq.
Al-Saeedi said in an interview with (Baghdad Today), that “paying the salaries of state employees in dollars according to what some claim is considered a burning and destruction of the Iraqi currency that we are working to strengthen and not weakening it with such a step.”
He added that “this step cannot be taken because it will destroy the Iraqi economy.”
Al-Saeedi pointed out that “stopping the currency auction on the pretext of maintaining foreign exchange is an incorrect step because Iraqi exports are dependent on this auction, which is the best solution at the present time.” LINK
MilitiaMan: There you go.. I’ll go with the PM on this one. The member of Parliament that talks this way may be in for a phone call.. lol If not a personal meet and greet with handcuffs.. lol imo ~ MM
Member of Parliament Finance: Al-Kazemi has the authority to restrict the work of the currency auction and to hold accountable the negligent…