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  "When the Dust Settles" - Tues. PM KTFA Thoughts, News w/ Frank26 10/2/18

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PostSubject: "When the Dust Settles" - Tues. PM KTFA Thoughts, News w/ Frank26 10/2/18   Wed Oct 03, 2018 8:29 am

KTFA

Walkingstick » October 2nd, 2018


Frank.... Brief

Ftti (for those that inquired) ... In being very brief, omitting time frames: Regarding the speaker of the house, his deputies: Names are brought forward by the political blocs, voted on by members of the house of representatives... In turn, for the position of President of the Republic, the Kurds bring forward the name/s of their candidate/s for a vote in the house of representatives ...

Once the President of the Republic is named, he/she in turn will approach the largest bloc to put forward their candidate for the post of Prime Minister...

In reality, they now have a Speaker of the house who's seating is in violation of their constitution ... A President of the Republic, who's seating is not in violation but breaks the customary role of revolving between the Kurdish parties... A prime Minister, nominee (Mahdi)... a clear violation, not coming from the largest bloc... Brought of out retirement as a "settlement candidate".. One that, the majority now supports...
No Dawa .....

In closing, if.. Mahdi were to form a government... He has always been a staunch supporter of the monetary/ economic reform.. bringing the dinar to the regional and international level, ceasing the auctions and the distribution of oil proceeds to the people ... Will, bring forth ... a few articles

BFBR.... FRANK .. NOTE DATE/S

Frank26 » October 2nd, 2018

NOTED SIR

Walkingstick » October 2nd, 2018

These are but 2, of dozens... he has been quoted and or written regarding the monetary and economic reform... over, the years

Frank26 » October 2nd, 2018

Let’s see what happens when the dust settles…… As you taught me I don’t care who the prime minister is I just care that they sit this government

Walkingstick » October 2nd, 2018

Yep.... let the dust settle .....

Former Vice President Slams Iraq's Economic Policy

May 22, 2013

Adil Abdul-Mahdi, the former Iraqi vice president who resigned from his post, vehemently criticized Iraq’s economic policy, describing it as a failure. Abdul-Mahdi warned that tampering with the balances of nature of the economy could lead to “tsunamis, desertification and misinterpreted fluctuations.”

Abdul-Mahdi is one of the most prominent figures of the Islamic Supreme Council headed by Ammar al-Hakim. He assumed the post of minister of economy during the mandate of former Iraqi Prime Minister Ayad Allawi, and was later appointed vice president before presenting his resignation due to political conflicts.

On his personal Facebook page, Abdul-Mahdi wrote about the dramatic fluctuation in the exchange rate of the Iraqi dinar against the US dollar since the beginning of April. “The high demand for the US dollar that we have seen for months has been widening the gap between supply and demand, at about $60 million-$70 million per day. A black market has emerged, in addition to two different exchange rates with a difference of 8%-10%.”

Since the beginning of April 2013, the exchange rate of the Iraqi dinar has entered a phase of decline against the US dollar, which hit its nadir last week when the dinar dropped from 1,200 per US dollar — the exchange rate registered in March — to 1,300 per US dollar.

Yet, the value of the dinar improved this week following news about a proposal presented by the parliamentary Financial Commission, which stipulates disbursing half of all state employees’ salaries in dollars.

Hussein al-Najem, a financial expert, expected the exchange rate of the Iraqi dinar to keep advancing due to “new measures espoused by the Central Bank of Iraq (CBI) pertaining to controlling the flow of US dollars into the Iraqi market and to the funding of foreign trade.”

Speaking to Al-Monitor, Najem added, “The real value of the Iraqi dinar is strong; it relies on an exchange reserve of $60 billion, which is a weighty cover amid the international economic crisis. The regional challenges have impacted the exchange rate; yet the Iraqi government has contained the crisis through the CBI’s policies in regard to controlling the flow of US dollars into the Iraqi market and regulating the funding of foreign trade.”

The CBI sells US dollars to Iraqi banks at a rate of 1,179 Iraqi dinars per dollar, provided that banks do not sell these dollars to Iraqi citizens for more than 1,189 dinars per dollar. The aforementioned rate is lower than the market rate by 8%. This is what Abdul-Mahdi refers to as “two exchange rates.”

According to Abdul-Mahdi’s statement on his Facebook page, “This is a disturbing issue that takes us back to the policies of inflation and multiple exchange rates.” He continues, “Our problem is that we have a strong dinar coming from the oil revenues within a fragile, single-product economy that depends on foreign [markets], not only for imports and tourism, but also for medical treatments, migration, residence, investment, speculation and savings.”

“We have to enhance the performance of the economy in order to consolidate it. [We should] become more open for the sake of our society and the national economy, in order to establish a regional and international status for the dinar so as to make it more valuable and increase demand for it.

We leaped forward, and our successful monetary policies began to suffer the consequences of the failed economic policies. While we were concerned about pennies, we lost dollars. We accused and detained people first, and gathered evidence later.”

Clearly, Abdul-Mahdi is alluding to the ouster and prosecution of former CBI Governor Sinan al-Shabibi in October of last year, on charges of corruption and wasting of public money. Subsequently, Abdel Basset Turki was assigned as the interim governor.

Abdul-Mahdi believes that “if concepts and measures are not altered in tandem with the changing of regimes, they will clash — as is currently happening. When we abandon the official exchange rate for the sake of supply and demand; [when we halt] restraining transfers, save for a few exceptions, and we instead lift the restrictions after fulfilling the requirements; when we seek to become a civil economy and a market economy, only then, when the strong dinar is not allowed to meet its needs in dollars, will the economy be weakened.”

Abdul-Mahdi pointed out that this “would result in [existing] capital drifting away and impede other capital from flowing in. It will shake the world’s trust in the dinar and weaken its value, thus hindering the dinar from achieving stability locally and [entering] foreign markets.[Subsequently], the dependency on foreign markets will be further highlighted; inflation, corruption and fraud will ensue.”

Abdul-Mahdi believes that there are many examples which support his views. These include “the companies that are hastily established abroad and are ready to provide whomever wishes with ‘bills’ ratified by embassies and companies, in order to facilitate monetary transfer for the purposes of importing [dollars].”

He also notes [that there are those who] “acquire US dollars through collecting passports. These passports are not for actual travel purposes, but to benefit from the difference in exchange rate. [Whomever holds an Iraqi passport can buy $5,000 a month from private banks at a special rate.] All of this is accomplished via additional charges that the economy and Iraqi citizens will pay for.”

Read more: http://www.al-monitor.com/pulse/originals/2013/05/iraqi-vice-president-criticizes-economy.html#ixzz5SolzsWuc

Abdul Mahdi presents 8 steps to open the door for development in Iraq

2017/1/18

Baghdad: Al Furat News} The leadership of the Supreme Islamic Iraqi Council and former Oil Minister Adel Abdul Mahdi, 8 steps open the door of development in Iraq.

"The oil crisis may be the solution that forces us, and we will be forced more to restore the real economy and get rid of the oil disease. This is a sample of the studied steps, which do not require special funds from the budget or Debt burdens, Vmwhalha available from the returns, and the investments that will stimulate economic enthusiasm, and reduce unemployment and the launch of national production.

"We believe that starting these steps is the quickest and most effective thing we can do,without drowning in generalities that are not aimed at anything specific," he said. "These steps will stimulate infrastructure projects and tax reforms," ​​he said. Finance, budget, customs tax, spending policy, the banking sector, energy, electricity, water, sewage and tourism, improving the country's investment environment, etc. "

He added that "the first of these steps is the distribution of oil resources to each Iraqi, his home tax Iraq, an equal share is not for sale and inheritance, and impose starting [oil tax] on each holder of shares of 80% to finance the state budget, and the remaining 20% ​​is converted to special accounts for individuals In the public and private banks, and the House of Representatives annually determine the proportion of {oil tax}, and stop all forms of {support lazy and spoiler}, and keep only the necessary support and productive support.

"The call for investors to finance various projects in energy, agriculture, industry and other costs of the proceeds, and the government and the private sector can enter as partners in these projects As an example in the area of ​​transportation calls for the construction of a port that forms a peninsula that extends in the territorial waters tens of kilometers, ($ / Barrel), without being far from what we are paying now, and to establish airports and a network of fast trains paid for the wages of transporting passengers and goods, or repair a network of highways and national and regional, funded from road toll and the use of highways.

3 - He referred to the "distribution of lands that are not actually exploited, free of charge or at a symbolic or negotiated price, as the case may be, for every citizen or company that wants to establish an agricultural, residential, industrial or service project. For the purpose of retirement and promotion, and for the purpose of retirement and promotion. Employees, employers and the state contribute to the establishment of private funds The matter. "

He added that "the declaration of the list of annual decline in agricultural and industrial goods and events that ensure the state to buy or cover at a profitable price, when the markets fail to meet the expenses With the possibility of granting sovereign guarantees, and priority is given according to the criteria of employment and production mainly, and who uses irrigation methods and modern technologies and maintain the The environment and water, each in its field and the equality between public and private banks and the application of criteria of efficiency and classification and the temptation of money (estimated tens of billions of dollars) to enter the banking cycle by providing tax incentives and the rate of profit and protection from nationalization and hand, The Secretary of funds by a foreign insurance company for those who want it, and to prepare portfolios to reinvest the money in various fields. "

He added: "Let ministries and institutions not affiliated with the Ministry of the opening of investment portfolios to ensure their operating and investment budgets and accounts in banks (estimated tens of billions of dollars), or with the participation of companies to national or foreign companies, under specific conditions at rates that do not jeopardize their budgets or obtain sovereign guarantees, In improving institutional resources and reducing dependence on the budget on the one hand, and help to revitalize the national economy on the other.

"An equitable equation should be established for the distribution of direct and indirect tax resources and fees between local governments and the federal government, commensurate with the investment environment and opportunities provided by the provinces to ensure that activities are encouraged and equitable distribution and balanced development are ensured," he concluded.

http://alforatnews.com/modules/news/article.php?storyid=137111
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