"It's Not Right" - Tues. PM KTFA Thoughts/News 11/13/18

by **Ssmith** on Wed Nov 14, 2018 9:30 am

KTFA

GFulcher66 » November 13th, 2018

KTFA, while we wait, imo Iraq is done in all they need to do on their part for the release of the IR, since this is the case and we still wait, as F26 has taught the USA/BIS/UN (those who took their IR away are the ones in charge of when they give it back to them.)

So since Iraq is looking so great and we still await the IR imo it seems to me that they await for their asset backed IR to have an basil111 compliant system system (non-fiat) to be ready for them, bc imo it's not right to dump an asset backed currency in a petro/fiat system that is converting to the new cips system...???

Just a theory that makes more sense to me since Iraq is looking so close and wants this as bad as we do for their economy and citizens!

Don961 » November 13th, 2018

The House of Representatives discusses the monetary policy and amend the bill of the budget of 2019

12/11/2018

Economy News Baghdad

The House of Representatives, in its meeting on Monday, discussed monetary policy and amend the federal budget for 2019.

The Council said in a statement received by "Economy News" that it discussed at its thirteenth session, which was held under the chairmanship of Mohammed al-Halbusi, Speaker of the House of Representatives and the presence of 234 deputies, monetary policy in the presence of the Governor of the Central Bank, Ali Alalak, and the amendment of the federal budget for 2019 with the participation of the Minister of Finance and Deputy Prime Minister Economic Affairs, Fouad Hussein.

The statement added that Al-Alak "stressed that the bank was able to urge the pace and efforts to confront financial crises with the least damage possible and better than expectations." He pointed out that "the Central Bank is generally launched through a strategy developed from 2016 to 2020 included plans, programs and initiatives in the first strategy Full of visions and objectives to address the vacuum and backwardness of the tremendous developments experienced by the bank and the banking sector for periods of time. "

Al-Alak explained that "the approved plan was real and measured by a careful follow-up by a specialized department in the Central Bank to follow up all the developments that took place and included the introduction of jobs and tasks that developed within the body of the Central Bank after the introduction of several departments in it," noting "to launch a lending initiative of 6 trillion dinars to the sector Industrial, agricultural, real estate and real estate where it amounted to spend about 2 trillion and 500 billion dinars for the last two sectors as well as financial stability in light of the current challenges, which was reflected in the provision of salaries to employees and corporate dues during the past years, "noting that" inflation was not more than 2% a For the last period and Iraq has become one of the international standards in this regard. "

He pointed out that "the reserves of the Central Bank of Iraq is different from the government reserves," noting that "the government reserve is due to the surplus achieved by the Ministry of Finance, which happened in the years before 2012, where the reserve reached in 2012 to about 20 billion dollars."

He pointed out that the bank's reserves are higher than in the past, reaching about 66 billion dollars in 2014, while the reserves currently amount to about 61 billion dollars, as well as the existence of 15 billion dollars of debt to the central bank on the government to finance the budget deficit.

In turn, the adviser at the Central Bank, Waleed Eidi Abdul Nabi, according to the statement, the bank to examine the bids submitted by 4 foreign companies and after a series of meetings by consultants in the bank was referred to an Azerbaijani company, pointing out that "the Economic Affairs Committee decided to exclude building The Central Bank of the instructions of government contracts and recommend to the General Secretariat of the Council of Ministers for the purpose of presenting a vote in the Council of Ministers being outside the competence of the Economic Committee, "noting that" the estimated cost of the project amounted to about 823 million dollars, while the cost negotiated was reduced to 772 million dollars.

The Council hosted the Governmental Committee on the Draft Federal Budget Law of the Republic of Iraq for the fiscal year 2019, headed by Finance Minister Fuad Hussein, Deputy Prime Minister for Economic Affairs and his accompanying delegation.

In his speech during the hospitality, the Minister of Finance stressed that "the budget was prepared by the previous government in accordance with different visions of the current government views on construction and investment," noting the "importance of time by the government and the House of Representatives to resolve the budget, The economic situation is the encouragement of the private sector and investment. "

He stressed that "the draft budget is still legitimate requires the ongoing discussion by the ministers, which requires its completion within two weeks," noting that "the government is ready to change the budget within the available possibilities and in harmony with the vision of the House of Representatives." link