AJs Intel April 18th-2013

AJs Intel April 18th-2013

Hello All,

In the past I have wondered why it takes Iraq’s government so long to get things done. I am sure you have too. The fact is Parliament only works 43.25 seven hour days and makes $34,000 US dollars per month.

WOW, I sure wished I could only work that long in every year and make that kind of money. I could leverage my time and make even more money.

The below article proves to me why it is taking Iraq so long to get the laws in place so that the people of Iraq can quit suffering and all will see their due.

Iraq: The Parliament That Barely Meets

"A report issued by the Iraqi Parliament Monitor shows that the total number of the parliament’s working hours in 2012 was 302.6 hours for the total of all sessions, equivalent to 12.6 whole days, or 43.25 seven-hour days."

"According to the calculations of this independent monitor — a civil, legal organization based in Baghdad — each MP, whose salary amounts to $34,000 per month, has worked 44 days, which equals $9,000 for every working day."

"The majority of Iraqis believe that the parliament does absolutely nothing. They jestingly mock the MPs for getting paid to foment political crises."

Even worse, there are many important issues about which the parliament is doing nothing. The sectors of health, electricity and food are rife with corruption. The parliament, however, has not held any of their officials accountable.
Disgusting what they are getting away with! Full article:

http://www.iraq-businessnews.com/category/politics/

The next article deals with the DFI funds. The coverage does not speak much to what was discussed. I for one am in hopes that the UN and US are going to deny an extension to the protection of the DFI funds. And maybe this will light a fire under Parliament’s and Maliki’s you know what!

BAGHDAD / NINA / The acting governor of the Central Bank of Iraq, Abdul Basit Turki discussed with the U.S. Federal Bank the issue of the protection of Iraq's money.

A statement of the Central Bank of Iraq cited that the issue of the Iraqi Central Bank reserves and the Development Fund for Iraq and other technical issues were discussed during the meeting, which came on the sidelines of the spring meetings currently being held in Washington." / End

http://www.ninanews.com/English/News_Details.asp?ar95_VQ=GHGEML

This next article is the proof that certain laws are not passed. These laws I have spoken about in past intel reports. These laws are called the TRIPs agreements administered and agreed upon by countries and the WTO. Until we see these laws in place, it is my opinion the UN and US will not allow Iraq’s currency to go global.

"Economic parliamentary: Ministry of Industry would reconsider Ptaakedadtha with foreign companies to the presence of inferior products"

A member of the Committee on Economy and Investment parliamentary "A number of companies and the Ministry of Industry and Minerals would reconsider Ptaakedadtha with foreign companies, due to the emergence of inferior products, are not subject to quality standards."

“the company General Motors, stressing that "if there was a law and system of government, such as customs tariffs, consumer protection or national product of what was possible for these materials to enter Iraq."

http://www.burathanews.com/news_article_191375.html


This next article talks about deleting the 3 zeros will not see the light of day after the dismissal of Shabibi. There is talk out there that Shabibi will get his position back in the CBI, well I sure hope so.

But, on the other hand an Iraq currency revaluation is not going to happen until the above laws, among other laws are passed, in place and implemented.

Below are important excerpts from the article:
Economic Parliamentary: Delete the three zeroes from the currency will not see the light after the dismissal of Shabibi

“the CBI may prevent the process of restructuring the national currency, as well as having a previous request to the government to wait In the beginning the currency exchange procedures.”

“according to official communications of the current year starts procedures for deleting three zeros from the local currency, stressing that it would lead to the development of cash transactions and international economic.”

However, Khalil said that "the Iraqi government has asked to wait to begin the project under false pretenses, although the application and currency restructuring is purely economic projects as well as it contributes to the safety of the national currency."

"According to Khalil, the "There are international companies giant has a desire to implement this project, and sent appliances for this purpose for Iraq," noting that "Iraq is not the only country that is restructuring its currency national, has preceded us Turkey so, as there are many countries that its economy Exhausted the structuring of its national currency. "

“He pointed out that "the printed forms of the new currency (after deleting three zeros) include half a dinar and five dinars and ten dinars, 25 and 50 dinars, and the parameters of the country and its culture," noting that "if the deletion of zeros, the value of the dinar per be equal one dollar or so."

“The Finance Ministry has ruled out earlier in the deletion of zeros from the local currency in 2013 because the budget is calculated in current currency.”

See full article here: http://www.shafaaq.com/sh2/index.php

In my opinion, the international community is telling Iraq’s Parliament, get your job done and we’ll do business with you.

In my opinion the real corruption lies in the Iraqi Parliament in taking their high pay, low hours, with no real work ethic.

The morel of this report is; Parliament of Iraq, do your job you are paid to do and work for your money or relieve yourselves.

Have a blessed day!
AJ

AWESOME write up AJ...get er done

Three zeros to be cancelled from Iraqi currency, says MP


Parliamentary Finance Commission MP stated that the Central Bank of Iraq will soon cancel the zeros from the Iraqi currency. MP Abdul Hussein al-Yassiri revealed that it will happen by this as the Central Bank of Iraq is taking all necessary steps to convert this plan into reality.

He adds that the commission is in favor of Central Bank of Iraq with this decision as this will bring significant changes in the Iraqi economy. It is to be noted that earlier Central Bank reported that cancelling out zeros from Iraqi currency is under planning of the Bank. The prime difficulty will be - is withdrawing 30 trillion dinars from the Iraqi market at the present time which will be replaced by new currency.

Previously the decision of eliminating zeros from Iraqi currency was not ratified by ministry of finance as the budget was done with the present currency.

IMF Mission Concludes Article IV Discussions with Iraq


Press Release No. 13/87 This older article is nice to see as banking is falling into place
March 21, 2013
An International Monetary Fund (IMF) mission, led by Mr. Carlo
Sdralevich, met with an official Iraqi delegation headed by the Acting
Minister of Finance, Dr. Ali Al Shukri, in Amman, Jordan, during March
2-12, 2013 to conduct the Article IV Consultation discussion. The IMF
mission met with the Acting Minister of Finance, the Acting Governor of
the Central Bank of Iraq (CBI), head of the Board of Supreme Audit,
AbdulBasit Al Turki Said, and other Iraqi officials from the ministries
of finance, planning, and oil, and representatives from the Central Bank
and the Board of Supreme Audit. The team also met with representatives
from the Iraqi banking and business community.

At the conclusion of the mission, Mr. Sdralevich made the following statement:

“Following the recent expiration of the Stand-By Arrangement with
Iraq approved in 2010, the IMF is committed to continue close
collaboration with Iraq to support its development and help the
government improve the social conditions and employment opportunities of
Iraqi citizens.

“Despite a difficult security and political environment, Iraq managed
to maintain macroeconomic stability over the past two years. On the
back of rising oil production and robust non-oil activity, economic
growth has remained strong at about 8 percent in 2012. We expect
activity to accelerate further to 9 percent in 2013, as oil production
increases from just under 3 million barrels per day (mbpd) in 2012 to
3.3 mbpd in 2013. In 2012, inflation was contained at 6 percent, and we
project it to decline slightly next year. On account of strong oil
proceeds, CBI reserves reached US$70 billion at the end of 2012, while
the Development Fund for Iraq (DFI) rose to US$18 billion.

“While we welcome the achievement of a budget surplus of about 4
percent of GDP in 2012, largely due higher-than expected oil revenues,
the execution of the 2013 budget should be aligned with available
financing and provide for the accumulation of adequate fiscal buffers in
the DFI, which suggests to target a budget surplus in 2013. Public
financial management should be strengthened, notably by phasing out
off-budgetary spending practices and reliance on state-owned bank
financing to support public enterprises. Approval of additional spending
commitments during the fiscal year should also be avoided.

“Financial sector policies are improving, but more remains to be
done. The CBI’s ongoing efforts to refine monetary policy instruments,
strengthen banking supervision, and accelerate the restructuring of the
banking system are crucial. In this respect, the recent steps to clean
up the balance sheets of Rasheed and Rafidain in preparation for their
restructuring and recapitalization are key. The CBI should also take
measures to gradually liberalize the provision of foreign exchange
through its auctions, with the objective of avoiding in future the
turbulence experienced by the market in the past year.

“Iraq will need to address serious medium-term challenges in order to
be able to create the conditions for high and sustainable growth that
is necessary to improve the living standards of its people. The economy
continues to suffer from severe structural weaknesses such as a small
nonoil sector, high unemployment, public sector dominance, and a weak
business environment. In this context, we discussed the role of economic
policies in leveraging Iraq’s potential and creating an enabling
environment.

“With regard to the fiscal sector, the budget must be managed
carefully to maintain macroeconomic stability, meet Iraq’s large social
and investment needs while continuing to accumulate buffers to address
oil market volatility, and ensure medium-term fiscal sustainability. At
the same time, Iraq needs to strengthen fiscal institutions and public
financial management to make sure that the large oil revenues are used
effectively and transparently.

“Developing a stronger financial sector development will require
moving away from the current model in which weak state-owned banks
dominate the financial sector and enjoy favorable treatment vis-a-vis
private banks. A solid banking system that can support growth and
employment will require the full financial and operational restructuring
of state-owned banks and creating a level playing field for both
private and public banks.

“Finally, while oil-growth is projected to remain high over the
coming years, boosting non-oil private sector growth will need a
long-term government strategy centered on improving the business
environment and opening up opportunities for the private sector.”

Some good news

"According to the calculations of this independent monitor — a civil,
legal organization based in Baghdad — each MP, whose salary amounts to
$34,000 per month, has worked 44 days, which equals $9,000 for every
working day."

Sounds about right ... congress is scheduled to be in session 134 days, and receives $174K a year. Iraq has learned well indeed.

Ministry of Industry would reconsider Ptaakedadtha with foreign companies

Gee .. I hope it's not contagious!