MilitiaMan: Most all of this below can be found in the Final Article thread . I suggest a quick review of this post and the links provided will set the stage for a view that Iraq has been internationally accepted to come into the world markets with the international support from the largest financial players in the world with digital technology and it’s ability’s to communicate and trade. E- Commerce and E-Government will go hand in hand with E-Payments.
Be careful when thinking that the first reading of the 2020 borrowing law was just recently read for the first time. It was read for the first time on 06/24/2020, per linked article.
The second reading (they suggest is the first) is dated 10/24/2020. That is 4 months later. See text data and links below.
The third reading time was said to be done this past Tuesday and was postponed until this past Wednesday and was not done to today, as today is a holiday.
Tomorrow is a holy day and Saturday are banking days off, imo. Sunday is the next banking day. That is very powerful, as the sensitive numbers need to be held to the last moment, imo..
The data below supports that they are now ready to pay salaries, late as they said they would be. The sensitive numbers the IMF talks about are needed to be exposed first for the payments for October, November and December to be voted on in respect to the borrowing law.
It is a new law with regard to a new rate, imo. Time is near from all the support your about to go over will show. I sure hope this helps..
It sure looks promising to me from here on out.. I am looking forward to the next few days to see what they do.. imo ~ MM
“On June 24, the Iraqi Parliament approved a new law authorizing the government to borrow from domestic and international lenders to cover the financial deficit resulting from the decline in oil revenue. The legislation authorizes Finance Minister Ali Allawi to borrow up to ID 15 trillion (approximately $12 billion) domestically and $5 billion internationally on the condition that at least 15% of all loans are invested into development projects in Iraq, prioritizing provinces that received lower funding levels in the past. The bill also allows the government to continue to seek loans to finance development projects approved under previous national budgets. The new law also says the Cabinet must provide Parliament with its plan for economic reforms within 60 days.”
“A representative source said in an interview with “Mawazine News”, “The House of Representatives has completed the first reading of the draft law on financing the fiscal deficit.”
The government had sent to the House of Representatives a draft law to finance the budget deficit, requesting borrowing to finance salaries and government expenditures.” LINK
“Regarding what is being raised about the existence of an expected change in the exchange rate, the minister stressed that “changing the exchange rate of the dinar against the dollar must be done in agreement with the Central Bank and the International Monetary Fund. Presenting numbers is currently a sensitive issue. Reducing the value of the dinar will have positives and negatives and will help us financially in the first period.” LINK
“The Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhaif, held this Tuesday a series of meetings with a group of large German banks, and the meetings discussed investment and work opportunities with Iraqi banks, which met a high response from German banks,”
“Allawi confirmed, after his participation in the tour of Prime Minister Mustafa Al-Kazemi to a number of European countries, that the White Paper received absolute support from industrialized countries and international organizations for the first time.”
The statement added that “international support and welcoming the white paper is an achievement of the Ministry of Finance,”
“the industrialized countries and international organizations announced their support for the Iraqi government’s vision of reform not only to ward off the current crises, but to create permanent economic opportunities for the Iraqi people that meet their aspirations.”LINK
Al-Kazemi referred to “the Iraqi government’s serious endeavor to achieve economic reform, and to make Iraq an attractive environment for investment, through international cooperation with its partners in the world,” stressing that “the opportunity is available for British companies to invest in Iraq, and the government’s keenness to provide appropriate environments for work.”link
The formation of an international financial alliance to support Iraq in Britain
coalition that includes 7 foreign and Iraqi financial institutions, to provide advice to the Iraqi government to face the stifling financial crisis that led to the state’s inability to commit to paying employees’ salaries on time and resort to internal and external borrowing
According to the British Foreign Office, the financial alliance will be called the “Economic Contact Group” and its goal is to stimulate international support for an urgent economic reform program that will last for 3 years and cost
.6 million pounds
News”, the financial alliance provides global expertise to achieve economic growth and provide international expertise from the public and private sectors to enhance economic stability in Iraq and introduce vital economic changes in order to push the wheel of growth
The International Financial Alliance to support Iraq includes the G7 countries, which are “America, Britain, Japan,” France, Germany, Canada and Italy, in addition to the International Monetary Fund and the World Bank, and fromIraq includes the Ministry of Finance, the Central Bank of Iraq and the Parliamentary Finance Committee LINK
The Bank, the World Fund and the Group of Seven announced their support for the White Paper.
The Deputy Prime Minister and Minister of Finance participated in the first meeting of the Economic Contact Group for Iraq, which was hosted by the British Minister of State for Middle East and North Africa Affairs and chaired the meeting, Iraq and the World Bank, with the participation of members of the Finance Committee in the Iraqi Parliament, and representatives of the G7 member states and the International Monetary Fund. LINK
“Al-Kazemi: Iraq plans to maximize investment opportunities and provide suitable climates for companies
We remember as we stand today at the threshold of a country befitting and befitting the Iraqis, and I mean a nation that we build together through economic reform, eliminating corruption and restoring the prestige of the state,” LINK
Parliamentary Committee: The Mineral Investment Law is ready for voting
Committee member Yahya Al-Ithawi said, according to the official agency, that “the mineral investment law is ready for voting, and it is expected to pass it during the coming sessions,” expressing his hope that “the instructions that will be issued for this law will encourage investment inside Iraq.”
He added, “There are many details in this law, and we want it to be promulgated in a good manner, without loopholes, to prevent the corrupt from entering through it.” LINK
Communications stresses its need for World Bank support in policy-making and training expertise
“Today, Wednesday, the Ministry of Communications affirmed its need to support the World Bank in the field of policy-making and to provide expertise and training for Iraqi engineers and technicians in the ministry in the field of electronic digital transformation.
The statement continued that “an economist in digital aspects from Washington, Jerome Pezzina and Marula Haddad, a specialist in digital infrastructure and the World Bank’s coordinator for the communications sector in Iraq, expressed the World Bank’s desire to support the Iraqi government’s efforts to shift towards e-government and open prospects for joint cooperation with the Ministry of Communications, which is located. It undertakes the implementation of the government program for the electronic digital transformation of the ministries and institutions of the Iraqi state.”
“In pursuit of implementing its strategy of shifting towards electronic payment, the Central Bank of Iraq confirms that banks that issue electronic cards and providers of electronic payment services have adopted the service of financial transfers between electronic cards (from one card to another), provided that the transfer ceiling for one time does not exceed (400) thousand dinars or equivalent. In US dollars, while the limits of the amounts transferred during one month will reach (2) million dinars or its equivalent in US dollars. The Central Bank of Iraq information Office October 28, 2020“