MilitiaMan: It sure looks like they are again hitting the ground running with reforms. This new PM and his FM are on fire to get things off and running.
The PM held a special session on financial and economic reforms today. They normally meet Tuesdays if memory serves me well. If so this sure supports the urgency, in that having a special session is a good thing. It reeks of urgency.. imo.
Then we see the re balancing of two potentially large partners, both Saudi Arabia and Kuwait. They will need to be fully article 8 imo to re balance the trade and investments with the two countries.. The stopped the auctions about 16 days ago.
Liquidity is drying up and inflation is setting in. They need to do business and quickly, or they’ll have even further issues. Something they are well aware of and have a cure for.
For that cure to happen they have to choose the right alternative to make it happen whereby, raising the value of their currency to allow them to get on and into secondary markets is one that will work to do just that. Al-Nassery specifically talked about secondary markets, Sukuk was mentioned..
These two countries know full well what is needed and is to come.. They wouldn’t be talking if they didn’t.. Don’t let the articles full you. They mention many reforms and time frames.
There are reforms for the government for instance that may take 30-60-90 days. So be careful on how things read at first glance. ~ IMO We are in a very awesome place these days.. So lets see the balancing act get started!! lol imo ~ MM
Don961: Al-Kazemi: The country is going through major financial crises and the Corona pandemic, and we have plans to overcome it
Policy 06/20 2020 16:48 393
Baghdad today _ Baghdad
The Prime Minister, Mustafa Al-Kazemi, confirmed today, Sunday, the start of practical steps in the government to face the financial and health challenges of the Corona pandemic, after completing the cabinet.
Al-Kazemi’s media office quoted Al-Kazemi as saying during the extraordinary cabinet meeting now being held: “We bless the new ministers with the parliament’s vote on them, and today after completing the cabinet, we start with practical steps, as a team, to overcome the challenges that the country is going through.”
Al-Kazimi added, “The country is going through great crises and challenges in the financial aspect, the Corona pandemic, the collapse of oil prices, etc., and we have put plans in place to overcome them, and this requires cooperation by everyone with the government to put the country on the right path.”
The Prime Minister continued, “The poor administrative system has hindered many projects, and we are working hard to reform it.”
And the Iraqi Council of Ministers held, earlier today, Sunday (7 June 2020) its special session to discuss financial and economic reform in the country.
The media office of the council stated, “Prime Minister Mustafa Al-Kazemi chaired the special session of the Council of Ministers, which is devoted to discussing financial and economic reform.” LINK
Don961: Finance Minister: We will open a new page with Saudi Arabia and Kuwait in the economic field
Policy 7/26/2020 23:26 168
Finance Minister Ali Abdul Amir Allawi confirmed today Sunday that Iraq will open a new page with Saudi Arabia and Kuwait in the economic field.
Allawi said in a press conference, “His visit to Kuwait was of an economic rather than political nature, as Iraq will open a new page with Saudi Arabia and Kuwait in the economic field.”
He added that “Iraq has a fiscal deficit estimated at five trillion dinars per month, and oil gives us approximately 92 percent of the state’s revenues, while 25 percent of the national product goes to salaries and allocations,” noting that “it will stimulate the private sector to play a leading role in promoting development “.
On OPEC, the Minister of Finance stressed that “the OPEC agreement contributed to the increase in oil prices three times.” LINK
Samson: Parliamentary Legal: The next sessions will be devoted to passing the budget law and the Federal
16:00 – 07/06/2020
The Parliamentary Legal Committee confirmed, on Sunday, that the upcoming parliament sessions will be devoted to passing the Federal Budget Bill for the year 2020 and the Federal Court Law.
Committee member Hussein Ali said in a statement to “Information”, that “the parliament will pass in the next two weeks all laws that relate to the economic aspect of crossing from the current financial crisis,” noting that “the draft Maronite Federal Law 2020 will be the first laws that will pass soon.” He added, “The Federal Court Law is ready and may be voted on during next week’s sessions.”
A member of the House of Representatives for the Siyaron al-Shammari bloc confirmed today, Sunday, that his bloc is seeking with a number of political forces seeking to pass an equitable election law with wide popular participation. LINK