Tuesday News Summaries and Commentaries
Evidence of counterfeiting found……gold helps to hold Iraq strong for the time being…..the budget DRAFT is passed back to Finance Committee and should be voted on next week (Tuesday)….corruption may be found within the CBI…..
COM was busy today in their weekly meeting…..judge for yourself what is seen and believed as truth at this point…..
We are on a fast track I think…..but don’t expect a new rate to appear in the budget regardless of when it is published.
Asadi Finance Committee calls for an increase of Muthanna province allocations in the fiscal budget for 2015
Saleh: The Power of gold reserves in Iraq positively reflected on the Iraqi currency strength
Dr. Saleh states that recent gold purchases (made in 2014 I believe) reflect positively upon the strength of Iraq’s currency at the moment….to have that amount of hard currency in reserve definitely cuts the risk ratio to the economy in the current state of affairs for them….however the recent plunge in oil prices diminishes further chances to add to this reserve of gold…..the economy for Iraq remains fragile and he points to the former government for the cause of the gap in the monetary policy of the CBI…..he also points to the Kurds importing 77 tons of gold in 2014 when they were struggling to make salary payments at the same time…..any way you choose to look at it…Iraq certainly added sizably to their gold reserves…..and that was a good move on their part.
Finance Committee: your budget 2015 final report next week
Finance Committee reports that it has received the 2015 budget back from Parliament after the end of the second reading and promises a final report for a vote next week….the Finance Committee will now dedicate daily work to amending the budget as asked and will resubmit the document for a vote probably on Tuesday, Jan 20….currently as things stand the budget value is at 125 trillion dinars with a deficit showing of 43 trillion dinars…..now we wait to see what is the final outcome.
Parliamentary Integrity: The Council of Representatives will discuss the corruption of the central bank soon
A member of the Parliamentary Committee on Integrity is quoted as saying that corruption has been found within the CBI….that it is being investigated and the information is being conveyed to the Parliament…..what was mentioned was money laundering, administrative corruption, money transfers, and selling of currencies…..not anything that mentions Dr. S….and I suspect these new findings may have occurred after he left office as governor of the CBI….remember Maliki wanted control of the CBI and put one of his own in position after Dr. S left….time will tell us more about where this will head.
US report: political conditions favorable for the separation of Kurdistan and the declaration of an independent state
So the US reports that Kurd stance at this time is strong in favor of splitting from Iraq once and for all….declaring their independence……this in spite of the gains made recently between Baghdad and Erbil on oil agreements and salary reinstatement to Kurd employees along with recognition of the Peshmerga army…..something doesn’t seem to fit quite right here to me….the Kurds have definitely come a long way though in their relationships with other countries especially that of Turkey….Turkey has been a believer in the Kurds ability to deliver oil…well before Baghdad gave them credit…..but I think the Kurds saw some hard facts in front of them last year when they couldn’t make salary budgets and know that independence may still be a few years ago in reality.
Parliament prepares to discuss the oil and gas of the Federal Court Rules
It would seem that some members of Parliament believe the budget issues are now behind them….I tend to agree with that thinking…..next up will be a focus on Federal Court Rules and the oil and gas law….as we’ve witnessed many of these laws were stalled in the past years due to a cavern of differences that came about between the legislative and executive branches….meaning Maliki wanted things done his way or no way.
Iraqi parliament contracts with consultants and experts to legislate laws
The Integrity Committee within the Parliament is seeking to hire consultant and experts to assist them in their efforts to get their mounting working accomplished….to me this speaks of potentially mountains of work that may not have been properly anticipated with regards to corruption across the board…..rampant it was…but perhaps they did not have a good feel as to how bad it really had become….we know PM Abadi is keen on pursuing any and all suspected acts of corruption at all levels…..my only thought on this is that the Integrity Committee membership must retain final say in all decisions….hoping they are hiring technical analysts to help guide them, and maybe investigators to do some of their leg work…..I’m sure they will choose these consultants carefully….hoping they do.
Counterfeiting trademarks and currencies are new phenomena need to deterrent laws
An announcement coming a day after a very large counterfeiting ring was arrested stating that those found guilty will be punished to the fullest extent of the law 3-5 years imprisonment and fines up to 5 million dinars….I don’t see anything in this that would say they are counterfeiting the new stuff….must still be the older currency, likely the 1,000 or 10,000 notes.
Cabinet approves contract with LB Group International
The COM approves a contract with LB Group International….a group of insurance services and consulting strategists that will support Iraq in its fight with corruption…this to me ties in with the article above about the Integrity Committee’s request for consultants in their fight against corruption.
Cabinet decisions today: classification laws referred to Parliament in terms of importance and authorize the Secretary of Defense to sign a security agreement with Jordan
In today’s regularly scheduled COM meeting chaired by PM Abadi they were busy with referring an number of laws to Parliament along with a priority assigned to them….they have also authorized the Defense Minister to sign a security agreement with the country of Jordan…..the priorities shown to Parliament are ranked as economic nature projects; security level projects; service projects; and lastly scientific and environmental projects……
I find it interesting that economic issues rise above security issues that is telling me that at least the COM at this point in time believes security is becoming better and more in hand than it might have been 3 or 4 months ago….a very good sign I believe…..overall a quite lengthy list of accomplishments for one day.
Parliament: the existence of a political consensus for the adoption of the budget in the next session
Liberal Bloc MP believes the budget is now ready to be approved in the next Parliament session…..just more proof that this effort continues and will see fruition next week.
Parliamentary Finance reveal the government’s proposal to buy the debt of the Paris Club to reduce the budget deficit
The Parliament Finance Committee has announced that it may be pursuing an opportunity to reduce the budget deficit by up to 10 trillion dinars by paying off the balance of the Paris Club debt….an effort that would take place through the CBI….this could drop the budget to 115 trillion dinars and the deficit to 30 trillion dinars….President of Parliament Jubouri has stated that Parliament is taking this recommendation under advisement at this time.
Province security within Kirkuk has believed to improve by 95% according to the Kikuk governor….he has also announced that any further formation of force within the province must be done in conjunction with the security committee of the province….it would seem they are tactfully trying to say they want to have control of their security going forward…..that they will not bowl of to Peshmerga forces or forces that may arrive from Baghdad.
Parliamentary Finance: $ 150 billion surplus the previous budgets were spent without the knowledge of state institutions
The $150 billion or so that was believed to be budget surplus from 2004 to 2012 was spent without any government institution knowing of it….so goes the money when graft and corruption are the way not the exception…I said early on this money would not be found…because it never really was put into any government coffers in the first place….I pray they can recover some or all of it in time.
Keywords Hamid .. Arhlan of the Secretariat of the Council of Ministers and Central Bank .. because of the illegality of their appointment!
Hmmmm it would seem that we’ve all wondered when this action would be forthcoming…..the questioning of Maliki’s appointments after he attempted to oust Dr. Shabibi as governor of the CBI…..well along with 200 or so others that he appointed in his last hours as PM….it seems the appointments to the CBI will also be questioned…..may the fur fly now.
Special / financial report parliamentary private final 2015 budget next week
Once again the DRAFT budget for 2015 has completed its second reading in Parliament on MONDAY of this week….and was given over to the Finance Committee along with proposals from members and political blocs….who will now take a week to issue a FINAL report that will be voted upon in Parliament next week.
Enjoy Aloha Randy