Hopefully we’re gonna see some information that comes from some meetings that the central bank governor of Iraq has had with the United States treasury of the US Federal Reserve.
So basically, my view is that if something’s happening and there is a reason for it that we’re not aware of, obviously, if Alak and Tafe Sammy happened to be in the United States or maybe possibly even on their way home. Now we’re going to find out if these guys get this done at a special time. Remember that the central bank of Iraq was talking about having a celebration. They even came so far out as when we were looking for pictures and stuff, we weren’t able to get a hold of those.
But they came out with some that suggest that the central bank of Iraq is fully completed, at least up to the top, top floors. But as far as the interior is concerned, they don’t show that it doesn’t matter. The bottom line is that these guys are moving forward and we have evidence to support that. And I think you guys can probably see it as well as I can.
So here again, alongside Halabusi’s era going away with a new gentleman for the prime minister. It says here, another article says eight months of waiting, the iraqi budget has been held hostage. Parliamentary parliament, presidency hasn’t been voted on for eight or nine months.
So talking about the delay on the economy and political stability in the country, it says the budget, the current year’s budget was approved by the Council of Representatives two months ago. The tripartite budget became law. And what was in the gazette back in June, I believe it might have been June 23, but don’t hold me to that. But the bottom line was in June of last year, and ultimately they had some amendments because, remember, they had amendments, then they, then they threw it at us that they had some potential appeals, but yet the appeals were thrown out.
It’s imperative that the iraqi government take decisive steps to pass the budget as soon as possible. Well, obviously the budget’s going to need to have an exposure of an exchange rate. And after all these months, eight months, nine months, ten months, why haven’t they gone international at 1310?
Why haven’t they been put on the forex of 1310? So they can do all this stuff and then pay for all that stuff at 1310, pay for all the roads and pavements and all the buildings and all the schools and stuff, and try to find investors to actually physically come in and with not a freedom of capital movement. I don’t think they’re going to be ever, ever going to be able to do that without having a real effective exchange rate.
why would they be holding back critical information that would open up the investment side of the budget for the country to rock and roll, if you will, to get moving, to get that construction, to get the groundwork ready? I’m pretty sure they already have ability to do that through the Iraq two funds and for oil sales, all of that is in the dollar.
Now, their contractors, that could be a different, we don’t know about the contracts, what they write for those contracts to be able to do that, but they’ve been doing things for services. We all know that. Just because this analyst says this doesn’t mean it holds any weight or a lot of weight or just a little bit, just information.
Is there a rate sensitivity that they’re hiding at the moment? Is that possible? Of course it is.
Is it highly likely now the time goes on? Is it why they haven’t gone on the forex? What’s, what is that? So you probably have to smile and say, wait, Alalak potentially take Sammy, could be in tow.
You know, they do do things unannounced. So we have proof of that. So keep it all in mind. But, with respect to dealing with the United States dollar, these banks that Alak has been talking about, they’re in meetings supposedly today.
I think it’s today with the US fed and the US treasury. One of the curious things, we had an article yesterday or the day before that specifically stated that this meeting that they were supposed to have together was a closed meeting. So you wouldn’t know if they were having it live or not, would you?
I think we have enough information to support the fact that they ultimately have a goal to open up the country to the world and they have things that they have to take care of. So here again, this is an article that’s it’s on a political and investment side of things, but economic and investment. It says Iraq focuses on the economic and investment aspect through concluding bilateral international agreements.
And so if you’re not going to be doing international agreements because you don’t have a budget and it’s taint, you’re tainted because of it and people are going to have no interest in investing and all that, then why do we have agreements? See what I mean? Easy to discount this particular type of article.
It says the speaker, Moshan Alman Mandalawi. He’s the speaker, by the way, this guy is doing a good job, as far as I can tell. He’s doing a good job. He’s the speaker.
He’s a deputy. They’ve been passing laws doing what they’re supposed to be doing all this time and again, they’re, they’re doing international agreements and he’s talking about it. It says Monday the Iraq is focusing on the economic and investment aspect of concluding bilateral, international agreements. So they’re concluding international agreements.
They’re focusing in on the economic and investment aspect through the solid bilateral agreements and understandings that are capable of achieving comprehensive economic development in the country. The speaker is openly telling the country that Iraq is ready to focus on economic investment, security and stabilities there.
It says Iraq is ready, in my view, capable of achieving comprehensive economic development and basically with a focus on economics, investment and the development of the country.
And one of their goals of the Council of Representatives was to be maximizing non oil resources in the general budgets of Iraq. And they had quantitative targets that were set, so they wanted it to contribute to those total revenues generated by the non oil economic activity. And why would they do that? Is because they’re going to go from about less than 10% of their GDP to well over or up to 20%.
Diversifying non oil revenue resources and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country. The second factor of these challenges is related to non oil governmental activity in generating gross domestic product. And specifically the activity of the market or the private sector.
The reason why I’m in this investment is because I listened to the IMF and I read the IMF’s documents. One of the biggest reports I’ve ever read. The longest one I read every page, was 198 pages.
That’s where the IMF talked about $3.22. That was what the exchange rate was back in those days. And reinstatement is a legal thing. Revaluations are legal things.
If you go to the cyan port and you talk about oil and it’s been turned off, a lot of people have lost a lot of money. But you also know the government knew that that would be okay. Because even by being with OPEC, they can increase pumping in elsewhere to offset that revenue stream. So they weren’t really hurt by the 20 or $14 billion that they lost.
They talk about in the IMF, article four consultations is about companies that do appraisal. Appraisal means valuation to me, anyway. It could mean a valuation to other countries or depending on the definition of what you want to use it for.
But the point is, is when you value something, it gives you an idea, well, where are you? Well, back in the old days, back when Saddam Hussein was around, when their valuations were up, they were valuing it based off of what? Oil. They didn’t have non oil revenues. Times have changed. They needed, they need to renew all that.
And so they’ve had plenty of time to do some research and analysis. Provide potentially an appraisal for the proper people that need to know the numbers.
And do you think that at this stage of the game, that if they were needing to have numbers to do what they’re going to do the project, delete the zeros? I think Alak would probably have a good idea what those numbers are.
The finalizing of the industrial investment law. It’s brief, but the bottom line is this approval of this law will contribute greatly to moving the wheel of the iraqi economy as it grants great privileges and guarantees investors in the industrial sector. It says, that if the law is approved, it will have a positive impact on the labor market by providing many jobs for young people within the country.
All about services. His committee has put the final touches to approve the industrial investment law sooner than the House of Representatives, as it’s one of the important laws.
Parliament is continuing to pass important laws until the new president is chosen.
The prime minister directed today, Monday to launch the first package. So Sudani is saying that he chaired a meeting dedicated to discuss the first package of water projects within the framework agreement between Iraq and Turkey signed between the two sides last April, which includes 13 projects in addition to projects that fall within the investment plan.
Launching projects will basically provide new management for the waterfowl. And he says that the launch of the first package of projects, especially with the availability of allocated amounts, as well as the formation of a specialized technical team in the Ministry of water Resources based on the joint agreement, they’ll handle what technical matters, all the archiving and communication information issues, especially with the turkish side to make use of the expertise available to them. So ultimately they’ve got 13 projects. The groundwork must be completed by now by having all this.
Launching the projects is going to have a new management for the waterfowl, new management. They got things ready to go rocking and rolling. Truly a good sign for Iraq is headed to what?
They’re going to open up the country to the world. If they’re going to be doing this development road project like they said, they’re going to completely open it up for trade. They’re going to finish the tunnels, the underwater tunnels to get from the port of Fa and the road to go into Turkey.
