"Open for Business" - Sat. PM KTFA Thoughts/News 2/9/19

by **Ssmith** Sun Feb 10, 2019 10:31 am

KTFA

Don961 » February 9th, 2019

Finance calls on ministries and local governments to receive a copy of the budget law

Editorial date: 2019/2/9 12:54

(Baghdad: Al Furat News) The Ministry of Finance on Saturday, the representatives of ministries and governorates and their councils and non-associated with the Ministry, to receive a copy of the amended budget law and ratified.

A source authorized by the Office of the Deputy Prime Minister and Minister of Finance in a statement received by the agency {Euphrates News}, "The Ministry called on the representatives of ministries and governorates and their councils, and non-associated with the Ministry, the Ministry of Finance to receive a copy of the amended budget and ratified, Budget department, starting from next Monday and the days following the week. " link

MilitiaMan » February 9th, 2019

Ask ones self why would they have amended the Budget at this point in time? The IMF is meeting today with the AMF and Iraqi Private Banks. We all know they have a need to know about budget changes for Iraq, as would investors, accounting firms, etc..

Well, the big three came and went weeks ago now. IMO they established the mechanism for those that needed to adjust the budget for the new phase. This imo is no coincidence. It wasn't imo broadcast-ed much in advance, if at all.

They also in recent time sent the Budget to the Central Bank of Iraq. Hard to imagine with all the fan fare at the book fair with Alak and all those photos of him and the new ultra modern CBI building in the back ground being showcased, is very telling in that they were not imo just show casing books.

They were on day one of the show, show casing Iraq's new CBI and what comes with it. The photos shows Biull Boards, Big Screens, computer screens with CBI data, etc.. imo..
New currencies will come along with the new phase for the CBI and many books are written on the subject of countries currencies. ~ MM

http://www.economy-news.net/co.....p?id=15191

Then we have this one that is almost effectively what I and others (Sunkissed, SW, PP) would suggest is our second article Frank and WS have told us about over time. Or, at least a very good lead up to the actual showing of the dropping of the three zeros. With new currency publicly.

They use the term withdraw the mass in circulation. Well like we heard yesterday. The dropping of the three zeros is what the AMF and IMF want Iraq to do and that is drop the three zeros and become fully Article 8 compliant.

The need to provide liquidity and that is new notes.. imo. The are telling us they are increasing the value of the new currency to the USD.

They are reminded everyone of the importance to value through the 4 pillars of economics, just as described in the FA thread. (Turk Model, pg 5) They are telling us they are going to enhance the value of the IQD and therefy, giving the citizens purchase power. ~ MM

"the Central Bank of Iraq represents a part of the system of economic solution to the value of the Iraqi dinar and not the whole solution, especially as he was the only contender in the economic arena has achieved monetary achievements in the context of the duty of monetary and his quest to reduce the value of the Iraqi dinar exchange rate against the US dollar in the market Local ".

"The stability of the value of the currency can not be studied in isolation from the facts of economic reality "

"In economics, they are called policies, which must be integrated and harmonized as a single package in their growth and development so that these policies contribute to the pace of their coherence in raising and enhancing the value of the currency (purchasing power)," Kazem said.

https://www.mawazin.net/Details.aspx?jimare=33394

As for the the Finance Conference being pushed out to summer apparently was not felt to be timed accordingly. The new phase was just not quite ready yet, however, not once they finish the process to completion and have a fully acceptable Article 8 compliant Iraq with a new internationally accepted rate, they'll have more chance of success with investors going forward.

The lack of publicity on the matter is also a good thing. No need for negative attention. Tainting the environment with that is not good business. Investors will want the new and improved mechanisms for trade. They clearly are implementing them now and even go so far as to say starting Monday.

What that will mean exactly, is in a very short period of time will be told. imo ~ MM

http://iraqfinanceevent.com/

Sawco » February 9th, 2019

Did I understand you correctly, MM...……..The investment conference, which is/was to begin tomorrow (2/10), has now been pushed back to this summer...…….?? If you don't mind, please respond.....Thanks, MM...………………………………….

MilitiaMan » February 9th, 2019

Yes it appears as such and in my opinion, it was due to that they have't shown the rate yet. I was expecting them to cancel with out it. So, it in my opinion was done tactfully and professionally. Means nothing to me in regard to the MR.. Just investor confidence. They were not going to have a "White Ellephant" again.. PEr the ICC directly.. imo.. ~ MM

Cleitus » February 9th, 2019

Yes, I agree, MM. "IRAQ IS OPEN FOR BUSINESS AND 2019...", is one of the topic headings on their website. If anyone would stop to think, how can you be, "Open For Business.." until EVERYTHING is in order, and, that would include the rate?! As you say MM, "Just investor confidence".

MilitiaMan » February 9th, 2019

We have a solid view as I see it. There is nothing bad out there to support we are not in a good place today! Those that were expecting the final rate ahead of the conference, knew in advance if the rate didn't change they would not be having one.. imo..

So them not having one, didn't effect those waiting for the proper time to come in. The main focus is for this to not fail for the citizens, not investors.

The placating of investors imo was smartly done, just as they have placated the citizens very well up til now.. imo ~ MM