Abadi congratulates ‘all Iraqi nations’ for passing budget
ERBIL, Kurdistan Region – The prime minister of Iraq has congratulated “all the Iraqi nations” on the passing of the 2018 national budget.
Prime Minister Haider al-Abadi said “the passing of the budget bill is the fruit of cooperation between both the legislative and executive authorities.”
Abadi noted the bill was passed into law amid “challenging conditions” in Iraq, such as the fight against ISIS and efforts to restore services to war-ravaged areas.
Abadi said the passing of the budget bill will enable the government to carry out its work and to develop and service projects.
The decree from parliament will also commit the government to pay the salaries of Iraq’s civil servants, he said.
Abadi called on all ministries, institutions, and departments to work in the best possible manner, and pressed the need to work on “rationalizing spending, maximizing state resources and tightening control over public funds.”
With Kurds continuing to boycott, the Iraqi parliament passed its 2018 budget bill on Saturday afternoon after more than three months of disputes.
Abadi has insisted the Kurdistan Regional Government (KRG)’s share should be less, in proportion to the Kurdish population, estimated by Baghdad to be 12.67 percent. Kurdish MPs have not been willing to accept anything less than a 17-percent share.
Kurds claim their share is not sufficient or fair.
Article Credit: Rudaw.net
BGG ~ Well DUH – you’re the leader… there are always “challenging conditions”.
Haven’t you seen “Men in Black”? There’s always a rogue alien trying to blow up the world!!
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Sadrists rally against corruption in Baghdad ahead of elections
Supporters of fiercely pro-Iraq Shiite cleric Muqtada al-Sadr gather on Friday at the nation’s capital.
Some held signs reading “the people demand accountability for the corrupt.”
The demonstrators gathered at Tahrir Square, as Iraqi lawmakers are yet to pass a 2018 spending bill.
Others read “million-man march, reformist, electoral, walking towards reform.”
The country is set to hold May 12 parliamentary elections.
Article Credit: Rudaw.net
BGG ~ This may be some of the best news yet. Seeing Sadr and his people on this side of things is a very, very big deal.
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The World Bank funds an investment development project in Iraq
The Euphrates – The economic development project in Iraq, which is funded by an important part of the World Bank, is an achievement to guide investment in the current stage, said Essam Mahaweli, an economist.
“The project, which is financed by an important part of the World Bank, is an achievement to support the management of the capital and direct investment according to the actual need to the requirements of the current phase and to the infrastructure,” the newspaper quoted Al-Mahawi as saying in a press statement. To engage heavily in counseling programs and in a manner that enhances the absorptive capacity of unemployment in the various economic sectors.
He added that the time is now available to implement the project and the need for the contribution of the private sector in the support and implementation of programs, especially for banks and other companies involved in the project, “stressing that the employment opportunities that will be available to many sectors in the activation of decisions of the Kuwait Conference of donors, Its work, which the project will implement…
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BGG Q & A
Q: I was wondering how much longer can Iraq keep jerking the international investors around before the international investors just throw their hand up in the air to walk away from Iraq. Just asking.
A: They already have. Davos?? Kuwait?? Ring any bells?? The clock is ticking.
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Central Bank of Iraq Auctions $181,121,050 on 06 March 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 6 registered $181,121,050 in sales, a -5.19% volume decline from the US $191,034,174 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 5.
The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 6 compared to the previous auction.
Data for the March 6 auction was made public by CBI Announcement Number 3649.
Dollar sales in the in the period January 1, 2018 to March 6, 2018 saw an increase of -1% compared to the sales of US $6.65 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.
An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.89 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.
Article Credit: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
BGG ~ I will continue to highlight the regular auctions. After recently asking around about the reasons for the “tightening” of the supply of Dinar in the U.S… one of the main reasons I got was the fewer and fewer auctions. Wait – what?!? They are still having fairly robust auctions.
So, obviously, that’s not true… so what is it?
Another possibility is this MASSIVE financial embargo on Kurdistan, provided this was where currency was coming from.
I have also heard of a couple of major players talking about having money in – or being able to get money out of Kurdistan… all baloney. Kurdistan has been under very tight controls since snubbing the world diplomats with this sham vote pushed by Barzani.
Why was it a sham vote? Simple fact: you can’t just take what isn’t yours to take just because you vote on it.
Back to my previous rebuttal – anyone who actually had money in Kurdistan would have either gotten it out or is REALLY “up a creek”… likely just more B.S.
So…
1) Fewer auctions?
2) Tightening borders (fewer exports)?
3) More demand? I sincerely doubt it.
4) IMHO and most likely, the supply here in the U.S. from disgruntled sellers, which is likely where the bulk of the U.S. supply really comes from, and current interested buyers has finally reached a point of parity where the “supply – demand” scales are more evenly balanced.
Hence, the price goes up (Currently selling between $1100-$1200 per million)
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Kurdistan Region continues to loot Iraqi Oil and demand salaries of employees.
Article Credit: knoozmedia.com (Special Thanks to Paul Moseley)
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Kaperoni (Dinar Guru) – …Banks don’t want to lose money. They want to know what the spread is from day to day. They want to know how much it’s going up and how much it’s going down and so on…this has always been an issue since I’ve been in this investment. The Central Bank had to reduce the spread…Shabibi actually did a wonderful job. He lowered the spread within the conditions set forth in their article IV consultations. He got it down to 1200 or so on the street and held it there for 10 months. In September of 2012 he announced he was going to begin currency reform so we assumed he was going to Article VIII at that point. Then of course PM Maliki at the time said No, we’re not ready. We don’t want this to occur…When Shabibi was out of the country for a conference Maliki put out a warrant for his arrest. Which in essence kept him out of the country and stopped the process in it’s tracks.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – …IMF: “Although performance under the Stand-By Arrangement has been weak in some key areas, understandings on sufficient corrective actions have been reached to keep the program on track. Against this background, Directors encouraged resolute implementation of the authorities’ program including continued efforts toward fiscal consolidation, strengthening the financial sector, and implementing structural reforms to promote private sector activity and improve the business environment.” Very key…That is about as stern as I have ever seen from the IMF. I just think were in a good place finally. With the help of the UST and IMF it looks like they got a plan to reduce the spread. And with at 1220 now we are only 7 dinars away from 2%. So by end of week maybe. Can they hold it? Well I think there is to much riding on it to not to.
Read more: http://www.dinarupdates.com/observer/
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Kurdish blocs withdraw from political process in Iraq
All Kurdish blocs have decided to withdraw from the political process in Iraq and return to Kurdistan, MP of the Parliament Defense and Security and member of the Kurdish Alliance Shakha wan Abdullah announced on Sunday.
He added that after voting the 2018 state budget and Kirkuk crisis, there is nothing that binds the Kurdistan Region Government with the Baghdad Federal Government.
He further stated that the Kurdish Alliance members are convinced that continuing to participate in the political process in Iraq is meaningless.
Abdullah asserted that after this decision Kurds will return to their people in Kurdistan with their heads high.
The Iraqi parliament approved 12 articles of the budget bill amid boycott by Kurdish lawmakers, who protest what they call insufficient quota of the budget. The parliament also approved the Kurdish quota of the budget, made up 12.7 percent of the budget.
The new budget bill was drafted in October, cutting the region’s share to 12.67 percent, which outraged the Kurdish MPs, who seek to keep the region’s share of the budget as 17 percent as previously set based on populations estimates in 2005.
Article Credit: Thebaghdadpost.com (Special Thanks to Faron Davis)
BGG ~ Another not-so-smart move by Kurdish leadership in recent string of political missteps. They keep going back to an old play book and there is a new, emerging political dynamic in Iraq. Stay tuned!!
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Kaperoni (Dinar Guru) – From the IMF last Sept… “25. The government will gradually remove remaining exchange restrictions and a multiple currency practice (MCP) with a view to eliminating exchange rate distortions.Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community that Iraq is committed to maintain an exchange system that is free of MCPs and restrictions for current international transactions and thus facilitate creation of a favorable business climate.” So it’s coming. That should perpetuate a new exchange rate regime as well causing the dinar to rise. …I believe once it starts, it won’t take more than a year to rise to a value we are comfortable with.
Read more: http://www.dinarupdates.com/observer/
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Enorrste (Dinar Guru) – …Once the ball starts rolling it will proceed quickly to a value that we can all enjoy. The simple fact is that there are now a vast majority of factors in our favor versus the few left that seem to be holding this back. ISIS is decimated in Iraq; the banking structure is becoming more internationally connected; interest in investing has risen even if actual investment has not yet begun; the CBI has finally tackled the problem with the spread (this is really key); the CBI is officially on the record now for some time to move toward a floating currency; talk of ending the auctions has risen to the point that it will become a reality soon; the IMF is trustee over the CBI and is on record to move Iraq into the real world; etc. I will be surprised if we don’t see the float begin sometime this year.
Read more: http://www.dinarupdates.com/observer/
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Iraq budget: Kurdish demands blanked, but boycotting MPs sense ‘opportunity’
BAGHDAD, Iraq — With Kurds continuing to boycott, the Iraqi parliament passed its 2018 budget bill on Saturday afternoon after more than three months of disputes. Some Kurdish MPs see this as an “opportunity” that shouldn’t be missed.
Kurds claim their share is neither sufficient nor fair.
Sunni MPs participating in the session allowed for a quorum, which their Kurdish counterparts see as a political coup.
“They have committed a coup against the agreements they made with us in 2003,” Adil Nuri from the Kurdistan Islamic Union (KIU) told Rudaw.
Nuri was not completely disappointed, however. He called on Kurds to meet and make a decision to withdraw from the Iraqi government…
BGG ~ Oh wow… lot’s of meat on this!!
1) How in the world the Kurdish leadership can look at this as a win is beyond me.
A) They’ve been stealing national oil for years – some portion of those proceeds were going to Maliki (reportedly).
B) They just got CAUGHT with 50,000 extra names on the employee list that DON’T EXIST!! They’ve been pushing, pushing, pushing to get this paid right away. Why?!? Because they knew there was some HINKY STUFF in there and they were looking to collect before anyone started looking too hard.
2) This language about “returning of all the money it gained through its export of Kirkuk oil…” is VERY STRONG LANGUAGE.
I don’t see how this can’t wind up with Maliki not getting tangled up in this “recouping” of assets.
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Some interesting headlines…
Maliki’s media office reveals the reality of the deterioration of the latter’s health and his departure to Tehran
Baghdad agrees to raise the proportion of Kurdistan from the budget and Erbil is waiting
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The Wall Street Journal predicts Abadi will remain in office after the May elections
Baghdad today – “The Wall Street Journal” in a report published Friday, the survival of Prime Minister Haider Abadi in office after the next election, while indicated that the alliances after May, who will decide the form of the next government.
The pro-Iranian Shiite factions, inspired by Hezbollah, also act as political parties, and as with Hezbollah, their ability to exercise political power within Prime Minister Haider al-Abadi’s government and abroad is derived from their weapons, By the total votes they will receive in the May 12 elections. ”
“The multiplicity of political forces and the influence of Iran and the fragmentation of the Iraqi parliamentary system means that post-election bargaining will determine the course of the state rather than the elections itself.”
“Nothing fundamentally changes in the way Iraq is governed,” the paper quoted Haddad, an Iraqi political specialist at the National University of Singapore, as saying.
Haddad added: “The election is likely to result from another coalition government headed by Abadi”
“There is no coherent opposition that can easily outperform it,” Haddad said.
Article Credit: baghdadtoday.news (Special Thanks to Charles Bright)
BGG ~ I like the WSJ’s optimism… we all know how accurate they were on the last election they “predicted”. I’m hoping on this one, they are more accurate.
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Click this link to join the DU “private” FaceBook Group…
https://www.facebook.com/groups/571383766355188/
(go here and ask to join… then add some Dinar Friends!!)
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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