[tlm724] specifically the Ministry of Finance are replacing foreign currency (dollar) that you earn from the sale of oil with the Central Bank of Iraq for the local currency (the dinar), to be able to cover internal expenses, so the foreign reserve resources growth (dollar) when the government consists of increasing the prices and quantities of oil sold. "
[tlm724] replacing foreign currency (dollar) that you earn from the sale of oil with the Central Bank of Iraq for the local currency (the dinar), to be able to cover internal expenses
[tlm724] "this will enable and continuously available from barter with the central bank for the local currency (the dinar), and in quantities that you need
[tlm724] On the other hand, stressed the Central Bank of Iraq, that "the subject of the deletion of zeros from the currency has been postponed for the time being.
[tlm724] uh huh we will see Wink for the time being could mean days, weeks .... perhaps a month or two .... just sayin
[tlm724] when they make dollars off the oil they are converting them into dinars
[tlm724] using those dinars internally shows us they have begun dedollarizing
Press release 27.11 -2014
[tlm724] BUDGET ~ submission to the House of Representatives on Saturday evening
[tlm724] Zebari has it ready Wink
[tlm724] BUDGET ~ submission to the House of Representatives on Saturday evening
[tlm724] once it arrives they are required to stay until it is finished *kickA*
[tlm724] yeppers great news ! and unprecedented too
[tlm724] here is one BondLady just posted that goes with this one
Cabinet amended the draft budget and submit to parliament Saturday
[tlm724] the cabinet approved amendments to the draft of the proposed budget in preparation for submission to the House of Representatives on Saturday evening next *wolfwhistle*
[tlm724] The Council of Ministers held, on Thursday evening, an extraordinary session chaired by Abadi, to discuss the federal budget for 2015,
[tlm724] extraordinary , I'd say !
[cat] gotta love it
[tlm724] discussed the general principles underlying the construction of the budget, especially in the context of securing a transparent relationship with the Kurdistan Regional Government and local governments
[tlm724] making sure they are doing it right ! Keeping the Kurds and the local gov happy !
[tlm724] the Council approved after listening to the observations of its members make the necessary adjustments to the draft of the proposed budget in preparation for submission
[tlm724] that is so sweet ! Iraq is on a roll
[cstacy] this must be Good Friday
[tlm724] cstacy indeed !
[cat] check marks in place huh
[tlm724] you bet !
Kordstani Noi" Daash heads cut its dead foreigners so as not to identify the identities
[BondLady] theres more in this art. than the title implies Wink
[tlm724] tyvm BondLady, lets have a look
[tlm724] the Kurdistan Regional Parliament seeks to reduce the powers of the Ministry of Natural Resources in the government of the region by approving the formation of the Kurdistan Company for exploration and production of oil law, in addition to approving the formation of oil and gas imports Fund Act.
[tlm724] this is kurds parliament Wink
[tlm724] that the regional parliament promising package recommendations of the delegation of the provincial negotiator with the federal government
[tlm724] a package of recommendations for Baghdad
[tlm724] urged the implementation of all provisions of the report of the competent parliamentary committees that drafted regarding the problem of the region's share of the Iraqi general budget, in addition to insist on installing the region's share amounting to 17% of the budget
[tlm724] confirmation on the right of the province in the use of oil for domestic consumption and export under the supervision of the provincial government and the knowledge of the Iraqi government
[tlm724] export under the supervision of the provincial government and the knowledge of the Iraqi government
[tlm724] that should make Baghdad happy
[tlm724] we should witness the final resolution any day now !
[tlm724] HCL ! agreement, sign on the dotted line ___________
Iraq’s Economy Collapsing Under Pressure of Security Crisis
[tlm724] One of the untold stories of the fighting in Iraq is the effect it is having upon the country’s economy.
[tlm724] foreign investors being scared off, the decline in trade, the collapse of several internal markets, and depleted financial reserves
[tlm724] This came on top of the fact that the 2014 budget was never passed due to ex-Premier Nouri al-Maliki’s disputes with his political rivals
[tlm724] *slap* thanks M you DB !
[tlm724] reported that 900,000 acres of wheat and barley crops were lost in Salahaddin alone after insurgents seized the northern and eastern sections of the governorate. Agriculture is a major employer in Iraq. The violence has disrupted trade
[tlm724] there was a 60-70% decline in imports due to the on going fighting
[tlm724] There has also been a disruption in the distribution of goods within the country. These have both contributed to raising prices for many goods
[tlm724] These all point to an economy coming apart as markets, goods, and investment have all been disrupted.
[tlm724] The 2014 budget was never passed as former Premier Maliki used it as a weapon against his opponents before the parliamentary elections
[tlm724] The lack of a budget meant that projects have come to a halt, public workers, the largest group in the economy have not been paid
[tlm724] which has trickled down to increased unemployment and cash shortages
[tlm724] cash shortages
tlm724] When Mosul fell the situation got worse as Maliki used up the general budget and money from the Development Fund for Iraq to pay for the war
[tlm724] Parliament’s finance committee said that the Fund was down from $10 billion to $3 billion.
[tlm724] committee claimed that the ex-prime minister spent all the oil revenues over the last seven months as well.
[cat] hang him
[tlm724] they might !
[tlm724] Iraq has a state-run economy so passage of the budget is crucial to keeping the country running
[tlm724] thats right until they get the industry and private sectors running correctly they have to have the budget to function !
[tlm724] Things were bad already as development was coming to a halt due to a lack of a budget, and now the fall of northern Iraq has made the situation worse as much of the available funds have gone towards security.
[tlm724] as much of the available funds have gone towards security.
[tlm724] The economy is coming apart under the weight of the violence. Foreign businesses are being scared away, trade has atrophied, unemployment is up and more.
[tlm724] On top of that there is still no budget and Iraq’s reserves have been depleted.
[tlm724] ah but there is a budget now Wink
[shunshine] Whoo hoo
[tlm724] this really is a well written article explaining exactly how Iraq basically crumbled under Maliki's rein, not only did his actions effect the security he also created a multi dimensional divide in the country and robbed the state of most of its funds. I think this man is going down ! Let me show you a art from last nite about his son !
Abadi eliminates functional class son of al-Maliki and emoluments Thu, November 27, 2014 A government source revealed, on the orders of the prime minister stating stop financial allocations to the director of the office of former Prime Minister Nuri al-Maliki.
The source, who works in the administrative staff of the Office of the current Prime Minister Haider al-Abadi for the last issue, the orders have been abolished Job Title,
and stop the financial allocations for the son of al-Maliki, Ahmed Nouri al-Maliki .okan son of al-Maliki, serves as the director of his father's office, in the period in which the latter serves as prime minister.
[tlm724] The source said, "Ahmed al-Maliki, was paid an estimated 15 million dinars monthly allocations," explaining that "this amount is the salary nominal non incentives and secondary allocations" .antlaca of the change in Iraq, arrived in the homeland of Mr. Mohammed Allawi Minister Former Communications, Mr. Shabibi former Iraqi Central Bank,
and confirmed that they will be staying lawsuits brought charges against those who cause malicious them, Athbto innocence of the false charges that plastered them.
[tlm724] abolished Job Title, and stop the financial allocations for the son of al-Maliki,
[tlm724] they are all going down imo Suspect
IRAQ: ECONOMIC DEVELOPMENT, THE OIL SECTOR, AND MEMBERSHIP OF THE WORLD TRADE ORGANIZATIO (WTO)
[tlm724] oil for now then as they progress into other sectors they will have much more revenue
[tlm724] War reparations, accumulated debts, building the damaged infrastructure and meeting the basic needs of a population deprived for a long time, would undoubtedly weigh heavily in the present economic policy decisions.
[tlm724] well war reparations are taken care of, they just read the in parliament the Kuwaiti deal where Kuwait will invest in Iraq and the war reparations will be forgiven with the full blessing of the UN
[tlm724] accumulated debt is almost extinguished as well, we just heard from Saleh that what is left of that debt is more than manageable !
[tlm724] A lost decade of sanctions, and decades of one party rule, militarism, wars, and perpetuate internal and external conflicts, coupled with an erroneous development strategy anchored on the omnipresent of the public sector in the economy,
[tlm724] decades of one party rule
[tlm724] we know thats a thing of the past, Abadi just fixed that with his Rules of Procedure
[tlm724] coupled with an erroneous development strategy
[tlm724] the "new" economic reform is a perfect strategy for Iraq , it's a solid plan based on the opinions of some very smart people, it is constructed off the recommendations of the IMF and the World Bank !
[tlm724] an economy that has failed to meet the needs and aspirations of its population, and be integrated in the world economy
[tlm724] again we know this banking conference coming up put on the Private Assoc. of Banks is going to make a difference of their integration into the world and we know for a fact that the banking laws will open them up worldwide
[tlm724] they have the electronic system in place that links them to the world too !
[tlm724] the oil sector is and will be built to tremendous capacity !
[tlm724] as they make further progress in the north and as we watch Basra and several other areas explode with progress the oil sector will boom without doubt !
[tlm724] it won't be long before Iraq is the number 1 producer
[tlm724] This unsatisfactory economic performance was man made. It was the result of dictatorship, dogma, centralization, inaptitude, and easy excess to funds
[tlm724] But, it can, as experiences elsewhere have shown, be redressed through democracy, transparency, decentralization, higher productivity of production factors,
and efficient management of the economy. The experiences of 160 countries in the world, including most of Iraq’s neighbors, show that the way to create the right economic environment is to seek membership in the WTO
[tlm724] be redressed through democracy, transparency, decentralization,
[tlm724] and those things we have now ! democracy, transparency, decentralization thank you Prime Minister Abadi !
[tlm724] Membership of the WTO usually takes a long time (5 to 7 years)
[tlm724] well Iraq is around 10 years now
[tlm724] Membership helps to secure “most favored nation” treatment and avoid arbitrary tariff and non-tariff measures against Iraq’s export
[tlm724] Second, it would remove unjustified export restrictions on Iraqi imports
[tlm724] Last but not least, by forcing the existence of a domestic business environment conducive to competition (one of the requirements of WTO membership), Iraq would make its economic system more efficient.
[tlm724] now we're talking a more efficient economic system !
[tlm724] The timing of the accession to the WTO would also coincide with laying down the economic foundations of a free, federal, and democratic Iraq
[tlm724] with the recent changes in the GOI this is very close
[tlm724] Most of the old institutions, laws, legislation, and rules that governed the Iraqi economy for more than half a century would have to be reviewed and updated.
[tlm724] Most of the old institutions, laws, legislation, and rules , would have to be reviewed and updated
[tlm724] they are being done now ! Jubouri is taking care of that !
[tlm724] Some may have to be replaced by new ones based on best international and business practices
[therealbubbie] Iraq would make its economic system more efficient. It would send a signal to international investors that the Iraqi economy provides the necessary guarantees for investments, protects intellectual property rights, thats why they need to get rid of ISIS !!
[tlm724] oil and gas are very much part of the GATT and the WTO Agreements
[tlm724] Soon however several aspects of trade in oil are likely to be the subject of WTO negotiations.
[tlm724] so oil trade will be included and Iraq is getting ready to implement the HCL which will move them into compliance when this does become part of the negotiations
[tlm724] Under Trade in Services, the law on Foreign Investment should be amended.
[tlm724] just had the first reading Wink
The legislation on standards should be updated. All technical regulations should be reviewed and the unjustified ones discarded.
[tlm724] they are working all this, all these trade laws are being tweaked and amended !
[tlm724] we see them also building border crossing check points, customs stops, updating labs etc..
[tlm724] The delay in membership of WTO has been at a considerable disadvantage to Iraq. Failing to integrate its economy effectively in the world economy is both the cause and the result of Iraq’s economic stagnation and inefficiency
[tlm724] Full integration in the world economy should constitute the base for Iraq’s development strategy. Membership of the WTO and integration in the global market would call for reviewing and updating many of the rules and regulations that govern the Iraqi economy. It would provide the needed solid foundation for its sustainable development.
[tlm724] Membership of the WTO and integration in the global market would call for reviewing and updating many of the rules and regulations that govern the Iraqi economy. It would provide the needed solid foundation for its sustainable development.
[tlm724] would call for reviewing and updating many of the rules and regulations that govern the Iraqi economy
[tlm724] thats being done right now ! The Prime Minister , the Speaker of the House, the COM are doing just this
[tlm724] they are updating how governance is done, they are setting the stage right this very minute ! All the things that needed to done for Iraq to join the WTO as a full member are being accomplished !
[tlm724] imo when we see the laws and rules for trade and protection amended they will go forward with their accession, the foundation is set !
[tlm724] we see them imposing more tariffs now too
[tlm724] oldbarbie yes *hallelujah* and BondLady posted an art yesterday said there are 60 laws in a basket Wink
[therealbubbie] remember they don't have to be a member of the WTO to pass out the coins !!
[tlm724] true bubbies ! but this just shows how very far they have come and how close they are to compliance, a lil nip and tuck and they are on their way
[BondLady] its basically a check off list of whats been done and what needs to be done wasn't sure on the date of the article but it was a great piece !