WOTS FRI MAY 28 21 Al-Kazemi: Iraq is on the path to economic reform
These are the articles I discussed on the My FX Buddies Podcast
Setting the date for submitting the 2022 draft budget to Parliament
The Parliamentary Finance Committee confirmed, on Tuesday, that the Council of Ministers formed a committee to prepare the draft federal budget law for 2022, while making it clear that economic conditions do not help reverse the decision to raise the price of the dollar.
Committee member Jamal Cougar said, according to the official agency, that "the Ministry of Finance begins preparing the general budget in the sixth month of each year, as governorates and ministries are required to submit their budgets in the middle of the eighth month," stressing "the need for the ministries of finance and planning to decide on preparing the initial draft for 2022." It will be submitted to Parliament in mid-October.
He pointed out that "the Council of Ministers formed a committee to prepare the draft federal budget law for 2022, and there are representatives from Parliamentary Finance involved in the discussions," calling "the current government to submit the draft budget and be ready for discussions for the next government."
He pointed out that "economic conditions do not currently allow for a reversal of the current exchange rate option."
Does the rise in oil prices impose adjustments to the budget?
The rise in global oil prices to more than $67 per barrel has led to a demand to reconsider the shape of the current budget and formulate it in a way that is compatible with the current situation and in the general interests of Iraq and the Iraqi people.
As for the representative of the National Approach, Hussein Al-Uqabi, he stressed the importance of benefiting from the price difference per barrel of oil in covering the amounts allocated from external loans to cover projects in the country, in addition to completing many stalled and lagging projects in the health, educational and service sectors, noting that the average The difference, which amounts to approximately $15 per barrel, is suitable funds to cover the amounts that have been set for foreign loans and to cover the deficit.
Between this and that, the representative of the Al-Fateh Alliance, Uday Shaalan Abu Al-Jun, believes that the rise in global oil prices, the economic improvement and the recovery of markets in all countries of the world make them face a national responsibility to reconsider the numbers that were included in the budget in some sectors by sending the government to a supplementary budget according to the new data for prices Oil, stressing that the current conditions in all fields have become more flexible, especially after the rise in global oil prices to more than 65 dollars per barrel, in a clear difference from the estimated price in the budget at 45 dollars per barrel, and economic observers believe that the market began to recover after the reopening of factories, companies and movement. International, reducing restrictions and global closure, which pushes Iraq to invest this recovery to save its economic reality.
Greece is preparing for economic and investment cooperation with Iraq
The Greek ambassador in Baghdad, Leo Funisios, said on Monday that a delegation of Greek Prime Minister Kyriakos Mitsotakis and businessmen will visit Iraq during the month of July.
A statement by the Federation of Iraqi Chambers of Commerce, a copy of which was received by "Nas", (May 31, 2021), stated that "the Greek ambassador in Baghdad confirmed that his visit to the union's headquarters is to prepare and prepare for the visit of a large Greek economic delegation that includes elite businessmen, accompanied by the Prime Minister of Greece, who He will be a guest of Iraq at the generous invitation of Prime Minister Mustafa Al-Kazemi next July.
The statement added that "Ambassador Leo Nedas Konto Funicius confirmed that his meeting with the President of the Federation of Iraqi Chambers of Commerce Abdul Razzaq Al-Zuhairi and the Federation's team was a fruitful and successful meeting, and they are fully prepared and cooperate in strengthening trade relations between two countries and creating a fertile ground for discussing the files of trade cooperation and the exchange of goods and merchandise." .
Al-Zuhairi, who received the ambassador, said, "The ambassador's visit is to prepare for the visit of the Greek Prime Minister to Iraq and for the next great economic forum, which will organize more than forty Greek businessmen, and it is a gesture that confirms that the atmosphere is ripe and that there is a fertile environment for the entry of foreign companies, which is a great gain that countries The world has taken the initiative to open new horizons with us, and that Iraq is a country rich in human resources and economic potential."
He continued, "We hope that the well-known European countries will have the desire to invest, work and convey the positive and bright image of Iraq instead of the blurry image, and that our role as a federation of chambers of commerce is to striveTo sustain and strengthen the momentum of these relations
Iraq achieves the highest revenues by selling oil since the end of 2019 - Urgent
Today, Monday, the Parliamentary Oil and Energy Committee revealed that Iraq has achieved the highest amount of .oil exports since 2019 until now
A member of the committee, Ghaleb Muhammad Ali, said in a statement received (Baghdad Today), that "Iraq sold its crude oil during the current month at 62 dollars, and sales revenues amounted to about 5.5 billion dollars, which is the highest in the country's revenues since the end of 2019," noting that " This amount when transferred amounts to 8 trillion dinars, in addition to other non-oil revenues, which amounted to one trillion dinars, bringing the number to 9 .trillion dinars entered into the Central Bank of Iraq during the current month
He added that "the presence of these sums makes us see the conditions of the Iraqis and the economy better, but what exists on the ground is the opposite, so we see that the Iraqi economy is unstable and there is a continuous rise in the exchange rates of the dollar in the markets, which negatively affected the market and consequently on the life .of the Iraqi family despite the presence of many Revenue from the sale of oil
He added, "The Central Bank of Iraq is not able to control the dollar exchange rates, and there is a continuous rise within a few days, which calls for opening an investigation by the government about what is happening in this bank's defect and the rapid increase in the exchange rates of the dollar and the possibility of removing it from his position ".and choosing people worthy of this position. Who controls all of Iraq's money
He admitted that “there are cases of corruption in the central bank, especially in the dollar sale window, since the exchange rates amount to 145 thousand dinars for the 100-dollar banknote, while in exchange shops it reaches 150 thousand dinars, stressing that this difference between buying and selling prices is from a share.” The parties that will ".use the people's money in the upcoming elections
He explained that "the central bank must adopt a monetary policy whereby it can maintain stable dollar prices, as it is ".affecting the lives of citizens, and take a position away from the parties, as it is currently under their control.
Exploding the dinar .. Al-Tamimi warns of a government tendency to raise the exchange rate of the dollar
Today, Tuesday, former MP Sabah Al-Tamimi commented on the news circulating about the current government's direction to change the exchange rate of the US
dollar against the Iraqi dinar.
Al-Tamimi said in a statement, "The change in the exchange rate of the hard currency against the national currency, again during this period, will lead to the
devaluation of the Iraqi dinar."
Al-Tamimi warned of the danger that "this new financial approach will lead to an economic crisis that is many times worse than the Trinity crisis that struck Iraq last year."
And she indicated that "the continued spread of this news, which is a real intention of the government, will lead to the collapse of the Iraqi dinar, and the rise in the dollar exchange rate to above the barrier of 200 thousand dinars
World Bank: The Bank's portfolio in Iraq includes $2 billion
The head of the World Bank office in Iraq, Ramzi Noman, confirmed that the bank's plans in Iraq aim to implement many projects in various sectors, indicating that the bank's portfolio in Iraq includes two billion dollars.
Noman said in a statement to state television, seen by "Al-Iqtisad News", that "the World Bank has a $2 billion portfolio in Iraq covering various sectors."
He added, "Therefore, we consider ourselves essential partners" with Iraq in achieving economic development.
The head of the World Bank office in Iraq indicated that "the bank's policy is not limited to consulting and financing, but includes the implementation of various projects in the sectors of electricity, transportation, health" and other projects.
The World Bank held a conference in Baghdad with the participation of Iraqi officials from various sectors to discuss ways to develop the Iraqi economy and support groups of society.
Al-Kazemi: Iraq is on the path to economic reform
On Tuesday, Iraqi Prime Minister Mustafa Al-Kazemi affirmed Iraq's determination to proceed on the path of economic reform, according to long-term visions that rely on viable solutions despite all challenges .
A statement by Al-Kazemi's office stated, "The latter received the Vice President of the World Bank Group for the Middle East and North Africa, Farid Belhaj, and his accompanying delegation .
During the meeting, according to the statement, they "discussed ways to enhance cooperation between Iraq and the World Bank in various programs and fields, and with regard to mechanisms to combat corruption and rebuild the public service structure in a way that raises efficiency, establishes sustainable development and optimal investment of human capital, and some Bank projects were discussed." The international lag in Iraq and agreement on ways to reactivate it .”
The Prime Minister stressed, "Iraq's determination, despite all challenges, to proceed on the path of economic reform, according to long-term visions that depend on effective solutions ."
And Al-Kazemi indicated that "the government puts in mind the interests of Iraq first and the needs of the Iraqi people, in addition to benefiting from the advice provided by discreet financial institutions such as the World Bank ."
For his part, Belhaj praised the bank's historical and strategic relations with Iraq, pointing to "the sobriety of the white reform paper presented by the government, which includes a coherent vision for ambitious economic development in a way that enhances the goals of good governance."
Details of Al-Kazemi’s talks with the President of the World Bank Group
The office of the Prime Minister, Mustafa Al-Kazemi, revealed, on Tuesday, the details of the latter’s discussions with the President of the World Bank Group, Farid Belhaj.
And the office stated, in a statement that Mawazine News received a copy of it, that “Prime Minister Mustafa Al-Kazemi received, today, the Vice President of the World Bank Group for the Middle East and North Africa, Farid Belhaj and his accompanying delegation.”
The statement added, “The meeting during which they discussed ways to enhance cooperation between Iraq and the World Bank in various programs and fields, and with regard to mechanisms to combat corruption and rebuild the structure of the public service in a way that increases efficiency, establishes sustainable development and optimal investment of human capital, and some were discussed.” The World Bank’s lagging projects in Iraq and agreement on ways to reactivate it.”
The Prime Minister stressed, during the meeting, “Iraq’s determination, despite all challenges, to proceed on the path of economic reform, according to long-term visions that depend on effective solutions.”
And he indicated that “the government puts in mind the interests of Iraq first and the needs of the Iraqi people, in addition to benefiting from the advice provided by discreet financial institutions such as the World Bank.”
For his part, Belhaj praised the Bank’s “historical and strategic relations with Iraq.”
He pointed out, “The sobriety of the white reform paper presented by the government, which includes a coherent vision for ambitious economic development in a way that enhances the goals of good governance.”
BAGHDAD AND ERBIL REACH AGREEMENT ON BUDGET LAW IMPLEMENTATION, CLAIMS KRG DELEGATION
SULAIMANI — A negotiating delegation from the Kurdistan Regional Government (KRG) and officials from Iraq’s federal government have agreed to joint mechanisms to implement the 2021 Federal Budget Law passed two months ago, according to a statement from negotiators.
The delegation, which was led by KRG Deputy Prime Minister Qubad Talabani, said that the two sides officially signed a document agreeing to prepare reports for the federal Ministry of Finance on implementation. (This seems to be forward movement at least in articles)
“The Kurdistan Region’s delegation showed its readiness to make all facilities and preparations for federal financial supervision and to perform their duties within the framework of the mechanism they agreed on,” it said.
While news of an agreement would be welcome, the process has been littered with hang-ups over implementation.
On March 31, the Council of Representatives passed Iraq’s annual budget, which included a financial agreement between Erbil and Baghdad.
The KRG is supposed to receive 9.5 trillion Iraqi dinars ($6.5 billion) from the budget, which will be disbursed in monthly increments, in return for submitting 250,000 barrels of crude oil per day to Iraq's oil marketer SOMO for export and a portion of the income derived from customs duties at international border crossings with Iran and Turkey.
The KRG has sent no oil or customs duties to Baghdad and in response the federal government has not resumed cash transfers to Erbil.
Those budget transfers would theoretically enable the KRG to pay full public sector salaries. For more than a year it has either not paid public servants or cut their salaries by nearly a quarter, leading to widespread frustration among the Region’s middle class.
Below here is the daily WOTS "Word on the Street" Report:
Today, Friday (May 28, 2021), Iraq news publishes the exchange rates of the dollar against the Iraqi dinar, in the capital, Baghdad, and five other provinces, with its continued rise over the past days. The exchange price of (100) dollars on the Kifah Stock Exchange in the capital, Baghdad, came to (149.400) dinars, and the price of (100) dollars on the Al-Harithiya Stock Exchange reached (149.350) dinars, and in other exchange offices, the selling price was (149,750) dinars, and the purchase price was (148,750) dinars. As for the Erbil Stock Exchange, it rose, reaching a price of 100 dollars to (149,275) dinars, and in the Basra Stock Exchange, the price of 100 dollars (149,500) dinars, and in the Mosul Stock Exchange, the price of 100 dollars (149,400) dinars. On the Stock Exchange of Sulaymaniyah Governorate, the price was recorded at $100 (149,200) dinars. On the Stock Exchange of Duhok Governorate, the price of 100 dollars (149,250) dinars was recorded. The Markets: The Asian markets closed mixed NIK up by 2.10% HSI up by .04% SHANG down by .22% The UK markets are currently trading in the green from .20% to .53% Our futures are currently trading in the green DOW at 34614 up by .51% SNP at 4214.75 up by .38% NDX at 13708.75 up by .32% Precious Metals: Gold is red at 189 Silver is red at 27.77 Copper is red at 462 Platinum is red at 1182 Brent 69 WTI 67 Bitcoin: 35,964 10 yr yield: 1.61 Favorite Currencies Forex Quotes
Things in the News:  ROARING 20S: ROLLS-ROYCE Boat Tail Most Expensive New Car in History... New Philly Steakhouse $100 Minimum Per Person Requirement... Largest Crypto Conference Coming To Miami... Competitor fears Musk's SPACEX could 'monopolize' space... Genetically modified salmon head to dinner plates... STUDY: Number of smokers has reached all-time high of 1.1 billion...  MICROSOFT president: Orwell 1984 could happen in 2024... VIRUS FEAR FADES IN USA Iraqi Articles: Oil prices rise, Brent touches $70Oil prices rose on Friday, raising Brent to nearly $70 a barrel, as the market supported strong US economic data and expectations of a strong recovery in global fuel demand in the third quarter. Brent crude futures for July rose 32 cents, 0.5 percent, to $69.78 a barrel by 0610 GMT, while US West Texas Intermediate crude for July reached $67.18 a barrel, up 33 cents, or 0.5 percent. "Oil is trending higher on the back of strong US economic data and growing sentiment that if the Iran nuclear deal is revived, it will not include an immediate lifting of sanctions and that the oil market will not be flooded with excess supplies quickly," said Edward Moya, an analyst at OANDA. Brent and West Texas Intermediate are on track for weekly gains of 5% to 6% as analysts expect global oil demand to rebound to nearly 100 million barrels per day in the third quarter during summer travel in Europe and the United States following the spread of the novel coronavirus. . vaccination programmes. “Gasoline demand has exceeded 2019 levels in many areas,” ANZ analysts said in a note, adding that this could partly be offset by weakness in COVID-19-hit Asia. Strong economic data from the United States, the world's largest economy and oil consumer, also boosted risk appetite. The number of Americans filing new applications for unemployment benefits fell to the lowest level since mid-March 2020, beating estimates. Balancing expectations of a demand recovery against a possible increase in Iranian supplies, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, are likely to stick to the current pace of gradual easing of oil supply curbs at a meeting. OPEC sources said on Tuesday. Iran and world powers have negotiated in Vienna since April to find steps that Tehran and Washington should take on sanctions and nuclear activities to return to full compliance with the 2015 Iran nuclear deal with world powers. Analysts expect Iran to add between 500,000 bpd to 1.5 million bpd of crude and condensate to the market once sanctions are lifted The World Bank announces important details in its report on IraqA senior expert at the World Bank, Wael Mansour, revealed, on Thursday, important details in his report on Iraq. Mansour said in a televised interview, “Negative growth of the national product reached 10%, which is one of the worst growth that we see after 2003, and we attribute it to the drop in the oil price, the OPEC Plus agreement, which reduced oil production, and the Corona pandemic that hits many sectors, including services, religious tourism, and others.” . The expert at the World Bank stressed that "reforms affect salaries, electricity, social protection networks and other government-supported aspects," noting that "the e-government puts Iraq in the back ranks in terms of corruption and management efficiency." CBI Update: Just a note:
including $0. CASH ISX Update: Shares Traded: not updated for today Value Traded: not updated for today 5-28-2021 Newshound Guru MilitiaMan today you see the private sector being a focal point along with, [not understood here], the insurance law. All of those things are now on the table. Those could very well be the final 'sign the dotted line'. We need something implemented so we can do these things. We all know what that implementation needs to be. They need to go international and that's what we are looking for. I think we're in a fantastic place. 5-27-2021 Newshound/Intel Guru Petra When you talk about 500 bankers being together [referencing the central banks meeting that took place last week - including the CBI] that's almost the entire world represented there in that meeting...countries that are not ready yet I feel bad for them because they are going to be behind. Clearly there is a move by the central banks to move to a digital world economy... 5-27-2021 Newshound Guru MilitiaMan The next move for the CBI is to release the new Digital Dinar that will compete and trade with many others in the region and the USA...All being cleared through FINTECH / BLOCKCHAIN technologies...I see big things in the CBIs front yard. Look at the Mosul Branch going Digital, today in the news. Wow... A big move and now it appears the stage is set. Kahdimi has been speaking out and so has the CBI and Financial advisors... Very good to see...imo ! ~ Hold on and keep a close watch. 5-27-2021 Intel/Newshound Guru Holly ...We await the Dubai funds to be released and NO ONE will know when that will be done until after it has completed. This is what will truly kick off the RV release. All sources say we are in the window for this by the end of this month! 5-27-2021 Intel Guru MarkZ [via PDK] What I have heard from Zurich and Hong Kong is they expect Dubai 1 to open today…If it does- that means it would be our weekend… Rumors are that it could have opened as early as 4-5 hours ago… I’m hitting a brick wall trying to track down whether it has or hasn’t…Almost everyone on my banking side are being leaned on heavily NOT to talk by the UST and upper levels of the redemption side. These are people directly involved on the redemption side of all this. I am respecting this. We hope we see some fruition today as we are all tired of “nothing burgers”. 5-27-2021 Newshound/Intel Guru Petra They are aggressively going after the bad guys in parliament which I love reading about. There is so much money to claw back to put back in the Iraqi coffers that has been stolen from them I think a lot of parliamentarians might not show up on Saturday because they have to divulge all their activities... 5-27-2021 Intel Guru Frank26 Kurdistan knows that they're about to raise the value. That's why Kurdistan has been in the news and been in Baghdad so much. Because before they release the budget Kurdistan want's their proper share of it according to the oil prices that have gone up. They already got the HCL. They already go the salaries. They know the value is going to go up and it'll be purchasing power for the citizens...think about it. Where is the HCL? In the budget. And what does the HCL that's in the budget need? The new exchange rate...that's what you call the last 3 seconds on the clock. 5-27-2021 Intel Guru MarkZ [via PDK] ...This coming weekend is Memorial Day weekend and a time to remember those brave men and women in the military that give us the freedom to be in this stream…The original design was for this to go on a 3 day weekend. And we are getting ready to have one... I hate getting excited for these benchmarks because up to now we have always been disappointed…but there is so much happening right now…. Catnip's Corner: ************ ARTICLE 1 (from PM Kadhimi's website) At the time this report was submitted, there are no new articles posted on PM Kadhimi's website. ************* ARTICLE 2 (from Government of Iraq twitter account) 5-27-2021 around 5:45 am Eastern PM @MAKadhimi: We have worked with strength and sincerity to dismantle the accumulated crises inherited from previous governments, economically, security, politically, socially and internationally, and we have succeeded in some of them, and there are crises that need more time. PM @MAKadhimi Some are trying to create security and political crises for the purpose of electoral competition or obstructing the elections. PM @MAKadhimi: The constitution defines the authorities’ functions. The government is responsible for executive tasks and fulfill what the judiciary issues in accordance to legal notes. Judiciary determines who’s guilty and innocent, after executive authority completes its role. The PM @MAKadhimi: The actions taken by armed groups in Baghdad today is a violation not only to the public order and the law, but also the Iraqi constitution. The PM @MAKadhimi: Iraq is going through a difficult phase. This government has been formed to deal with the challenges that the country gone through due to loaded accumulations that could have took the country to a serious deterioration. ************* ARTICLE 3 Al-Shabaky: We warn against a repetition of the 2018 scenario in the upcoming elections 19:37 - 05/27/20210 On Thursday, a member of Parliament, Muhammad al-Shabki, warned against a repeat of the fraud scenario that accompanied the 2018 elections. Al-Shbaki said in a statement to Al-Maalouma Agency, that "it is necessary to take precautions and follow legal and constitutional procedures with the foreign forces surrounding the electoral process that are trying to impose illegal measures." He added, "The 2018 elections witnessed many violations and fraud of votes, and as such, they did not serve the country." He pointed out that "dealing with the issue of foreign interference and pressure has become a duty and a necessity to hold early elections that are not tainted by fraud and ambiguity." ************* ARTICLE 4 Trade: Opening of the exhibition for the reconstruction of Iraq and investment in Erbil 07:10 - 27/05/2021 Baghdad - Mawazine News Today, Thursday, the Ministry of Trade announced the launch of the Iraq Reconstruction and Investment Exhibition for the period from 26 to 29 May, which is organized by the Turkish Sufwar Company for organizing exhibitions and conferences in cooperation with the Erbil International Fair and in coordination with the Iraqi Exhibitions Company, and the presence of a large number of officials, businessmen and a large number From the media in the province. The general manager of the company, Sarmad Taha Saeed, said in a statement that Mawazine News received a copy of, that "the exhibition was inaugurated with the participation of construction sector companies specialized and sober in the field of reconstruction, which seek to find fertile ground for investment inside Iraq." Saeed added, "The exhibition is an important step aimed at stimulating the economy, which is witnessing a recovery in Erbil. It is also an important opportunity for investment and encourages Arab and foreign companies to enter into an investment competition to rebuild the infrastructure and areas damaged by terrorist acts." He noted, "The Iraq reconstruction exhibition in Erbil coincides with the opening of the Nineveh Energy, Reconstruction and Investment Fair." Ended 6/29 N ************* ARTICLE 5 Parliamentary Crisis Cell reveals a recommendation to lift the partial ban security 2021-05-27 | 12:13 The Parliamentary Crisis Cell revealed, on Thursday, that it had submitted a recommendation to lift the partial ban imposed in Baghdad and the provinces. The reporter of the Parliamentary Crisis Cell, Jawad Al-Mousawi, said, according to the Iraqi News Agency, that "the committee submitted its recommendations to the Supreme Committee for National Health and Safety, that within ten days, the numbers of injuries and deaths will be followed up, and after that the partial ban will be lifted in two stages." Moussawi added, "The first stage includes that the partial ban be from 12 after midnight to five in the morning, and this is the context followed in most countries," explaining that "the second stage is applied according to the recommendation after the stability of injuries at a rate of one or two thousand, and during which it can be lifted." Completely partial ban. " *************
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