Mnt Goat News Brief 6/16/20

by **RamblerNash** Tue Jun 16, 2020 9:25 pm

Hi Everyone,

I bring you much news today.

So, today’s news is all about the currency auctions and the finance ministry under the minister Ali Allawi wanting to implement a package of financial and banking reforms. Still Iraq has not secured the $5 billion needed to pay the June salaries.

I also want to clarify a series of articles that came out recently telling us that the currency auctions have ended.

Did they really end or did the responsibility just get transferred from the CBI to the Finance ministry? The three articles on this subject matter are found in the articles section today.

I told everyone I would try to clarify these articles and so, with research, I have done so and report to you today on my findings.

It does seem something BIG is being lined up for the end of June as many issues seem to merge towards that time period. This may just be a matter of when Iraq finally meets its demise.

But still we have not yet heard OPENLY in the news from the CBI or the Finance ministry on the “project to delete the zeros”. Why?

Some idiot intel gurus will tell you its because they are really going to RV this time and are keeping it secret. Really? Are you an idiot to believe stuff like this from this no nothing jerks?

So, the CBI has told me many times already in the past that; when they get serious and ready to delete the zeros, roll out the lower denominations which will lead to the reinstatement, they will let the citizens know and educate them. So far, they have kept their promise and each time they got close they began the education process. However we all know why they had to halt the process each time and the saga continues …bla,,bla,,,bla…

The population must know what is going on and so it cannot and will not be kept a “secret”. How dumb is that? This just show the ignorance of many of these people who have no right giving you updates or intel.

So the CBI and/or Finance Committee is way overdue for a public news announcement (if even just a brief update) on this subject matter. I think we may see things kick into high gear once the budget comes out and they begin the reforms. We will probably get an update at this point in time.

We are being told in today’s news that parliament is telling the ministry of Al-Kazemi that he has 2 weeks to deliver the budget to meet its legal commitments.

We also know there is and has been corruption in the CBI since 2012 when Mr. Sinan al-Shabibi was thrown out of the CBI as he was accused by Nori al-Malkiki of corruption. Do you remember this sage in December of 2012?

Since then al-Shabibi has been cleared of all accusations but has not yet returned to the CBI as governor. Will he ever return?

In today’s news we are seeing talk of wanting him to return as the CBI governor as they are in need of someone with a strong sense of integrity, honesty and experience to run the central bank. Yes, once in a while these articles about wanting al-Shabibi back come out. But what to they mean? Probably nothing more than rhetoric. So relax he is probably never going back to Iraq.

I do know for a FACT that Iraq is looking seriously for a new governor that al-Kazemi will appoint as the governor. So we wait to see who he selects. Meantime the auctions have been taken out of the direct supervision of the CBI and are now supervised by the Finance Ministry. This is also FACT!

More news….

AL-KHAKENY: IRAQ IS ON A DATE WITH BIGGER DEMONSTRATIONS THAN BEFORE WHEN THEY TOPPLED THE LAST GOVERNMENT

Among political analyst Karim El-Khikani, that Iraq is on a date WITH MILLIONS OF DEMONSTRATIONS TO TOPPLE THIS GOVERNMENT AFTER ITS FAILURE TO TAKE DECISIONS AND ITS PENSION TO EMPLOYEES AND RETIREES.

Al-Khikani told Al-Maalouma that “THE UPCOMING SALARIES WILL WITNESS A GREAT UPROAR AND WILL RESULT IN MILLIONS OF DEMONSTRATIONS that roam the capital’s streets from various governorates with the aim of bringing down the government and finding immediate solutions away from prejudice to salaries.”

He added that "the government has several options to get rid of the current crisis and reconcile the people, especially the employees and retirees, as it is possible to go towards self-financing for some departments and develop productive sectors in order to finance the ministries with the money they need to cover the salaries of their employees."

And that "getting lost in making decisions and favoring political parties and blocs will generate a negative reaction from the rising street against corruption and neglect, and THE DEMAND MAY BECOME THE DISMISSAL OF THE GOVERNMENT AND THE ENTIRE POLITICAL CLASS."

More news….

PARLIAMENT OBLIGATED THE GOVERNMENT TO SEND THE BUDGET WITHIN THE NEXT TWO WEEKS

MP from the Al-Fateh Alliance, Muhammad Al-Baldawi, described on Monday, the government directing not to pass the fiscal budget for the year 2020 as an unfulfilled and disruptive step, indicating that Parliament obligated the government to send the budget within the next two weeks.

Al-Baldawi said, “The government’s tendency not to approve the budget for the remaining six months during 2020 is an ill-considered and discouraging step.”

He added that “Parliament voted on a binding decision of the government on sending the financial budget for 2020 in order to take comprehensive reform measures.” Noting that “the government is obligated to send the budget during the next two weeks.”

(Mnt Goat – It is very hard to complete the necessary financial and banking reforms without a budget for 2020 going forward. I am hearing the delay is due to the restructuring of the financial industry due to many factors mainly corruption. Iraq is going to see some MAJOR changes in the near future.)

More news….

FINANCE MINISTER ALI ALLAWI: WE WILL IMPLEMENT A PACKAGE OF REFORMS IN THE FINANCIAL AND BANKING SECTORS

“We will implement a package of reforms in the financial and banking sectors, and will restructure state-owned banks” says Deputy Prime Minister and Minister of Finance Ali Allawi as he lays out the broad outlines of the new reform program.

(Mtn Goat – Remember too the finance ministry now has control over the Currency auctions as they have taken them over from the CBI. This is all very good news.)

More news…..

WILL PARLIAMENT SUPPORT ALI ALLAWI’S REFORMS AND OTHER NECESSARY REFORMS?

Head of the National Approach Bloc Hussein Al-Aqabi said on Monday that there is a strategic alliance to support comprehensive reform in the country.

Al-Aqabi pointed out that "there are a number of political forces uniting to formulate a strategic political coalition, and these parties have come a long way in this direction, and will be announced soon, and its function of comprehensive reform at the governmental and legislative levels."

He added, "THE APPROACH OF THE NEW COALITION IS TO SUPPORT AND NURTURE COMPREHENSIVE REFORM IN THE SYSTEM OF GOVERNMENT IN IRAQ," noting that "PARLIAMENT SUPPORTS THE REFORM SYSTEM UNDER ALL CIRCUMSTANCES AND IN ALL ASPECTS, such as laws that come from the government, from the parliament, or from civil society organizations, whatever their nature." We proceed with it and formulate it in the form of a state decision in support of reform. "

Al-Okabi pointed out that "there is a strategic store of legislation, so we strive to proceed with those urgent and pressing legislation required by the nation-building system."

More news….

AL-MIRBID ECONOMIST: WILL THE STATE WILL RESORT TO BORROWING TO PAY THE SALARIES OF THE CURRENT JUNE

Economist Nabil Al-Marsoumi CRITICIZED THE GOVERNMENT’S APPROACH TO TACKLING THE FINANCIAL CRISIS, revealing that Saudi Arabia refused to lend Iraq $ 3 billion (which was previously talked about), and while he made it clear that the country would not collapse economically even if salaries were delayed and went bankrupt, he disclosed that the state would resort to borrowing to pay the salaries of the current June and may go to reduce the price of the dinar in the future.

(Mnt Goat – I will also add the USA, Germany and Kuwait also refused to lend Iraq the $3 billion. There it talks going on that the IMF may make some kind of deal and loan Iraq the money but talks are still underway.)

He concluded by saying, Iraq cannot collapse economically and it exports more than 3 million barrels of oil daily. Yes, it may go bankrupt financially for weeks or months, but it remains the third largest oil exporter in the world. It may be reluctant to pay salaries, but it has options that it can resort to.

(Mnt Goat - See full article below in the articles section)

*************************************************************

Formal Articles are below. Due to FACEBOOK limitations they do not print my RED colored fonts or italics, so my comments are in brackets ( ) throughout the articles. I will preface my comments with “Mnt Goat” so you know I am jumping in with observations. Also, I separated the articles with asterisks.

*************************************************************

Articles Begin

FINANCE REVEALS THE NEED FOR IRAQ TO BORROW ABOUT $ 38 BILLION TO COVER THE DEFICIT

June 11, 2020 Walter

Economy

11/26/2020

Shafaq News / The Parliamentary Finance Committee revealed, today, Thursday, the AMOUNT OF BORROWING FUNDS THAT THE GOVERNMENT NEEDS TO SECURE EMPLOYEE SALARIES AND COVER THE LEVERS IN THE GENERAL BUDGET.

“The finance and planning ministers informed us during the committee meeting, yesterday, Wednesday, that the government needs $ 5 billion in external borrowing and 40 trillion dinars in internal borrowing (equivalent to about $ 38 billion),” the committee’s reporter, Deputy Ahmed Al-Saffar, told Shafaq News. It shall be from the Rafidain, Rashid, Real Estate and Central Bank banks.

He added that “approval of borrowing is subject to a condition,” noting that this condition requires the government after 60 days to present a reform paper regarding the provisions of the draft general budget bill.

And Al-Saffar said, “Deduction of part of the salaries of employees and retirees is not a solution, but resorting to borrowing is the best solution to get out of the financial crisis and secure salaries and fill the gap that exists in the public budget.”

And revealed the Parliamentary Finance Committee, earlier, the percentage of deficit “unprecedented” in the country’s general budget for the current year 2020, estimated at “69” trillion Iraqi dinars.

(Mnt Goat – So is there a real need to find fund to cover a deficit. In the next article they mean to say the deficit is real however parliament is upset because there is no need for a deficit if the politicians stop stealing the money. See how much was stolen? America better wake up too because they are stealing you blind too.)

*************************************************************

PARLIAMENT DETONATED: THERE IS NO FINANCIAL DEFICIT WITH THE IRAQI STATE

The deputy of the State of Law coalition, Kazem Al-Sayyadi, said on Wednesday that there is no financial deficit in the Iraqi state, and that deduction of salaries is a legal crime.

Al-Sayyadi said in a press conference held in the parliament building and attended by a reporter of Shafaq News, “The session’s agenda included a vote on a draft law on domestic and foreign borrowing to finance the fiscal deficit. The Iraqi state. "

He added, "There are more than 200 interventions to the deputies during the session, noting that they added to the law, but not all of them were taken. Then we were surprised today that the law includes only two articles, a fateful law that affects the sovereignty of the state, and more than half +1 reject the law and demand to replace it and return to bringing in the money The stolen goods inside and outside Iraq and reviewing the bad financial policy of the Iraqi state, and THE VALUE OF FINANCIAL WASTE IN BORDER OUTLETS IS 8 BILLION DOLLARS, and the VALUE OF WASTE IN OIL REFINERIES REACHES MORE THAN 20 BILLION DOLLARS, which is sufficient for salaries. "

And the fisherman added, "THE GOVERNMENT DEDUCTED FROM THE RETIRED SALARIES, WHICH IS A LEGAL CRIME, FROM SALARIES FOR A MONTHLY DEDUCTION DURING THE YEARS OF SERVICE, which are deposited within the retirement fund that invests these funds, but there is no such money, which is ESTIMATED AT ABOUT 13 TRILLION DINARS, WHICH IS SUPPOSED TO BE DEPOSITED WITH THE RETIREMENT FUND and is not,

He pointed out that "it was better for Al-Kazemi to SEND THE ANTI-TERRORISM REGIMENT TO THE BORDER PORTS AND PORTS TO CONTROL THE LOOTED IRAQI MONEY AND IMPLEMENT A LAW FROM WHERE DID YOU GET THIS, from the balances deposited in banks, projects, luxury villas and vast lands."

(Mnt Goat – Oh- they see the light finally how much money was wasted and that if the corruption hadn’t overtaken Iraq, they would not now be in a financial crisis. Did they learn their lesson?)

*************************************************************

MR. AL-KAZEMI: RESTORING CONSIDERATION TO MR. SINAN AL-SHABIBI TO HEAD CBI

Khaled Al-Ani

Wednesday June 10, 2020

I do not know Mr. Sinan al-Shabibi and I have never met him, but I have heard like the rest of the citizens that he is excluded from the central bank because he refused to obey the orders of corrupt heads and implement what they ask of him and accused him of false accusations, and this corrupt elements have vandalized him by the vile methods to topple the national and clean elements and the man is known on a global level.

Mrs. Magda Al-Tamimi made a statement in an interview during Al-Sharqiya TV channel in the past days that the currency auction takes advantage of one-fourth of the corrupt in the Central Bank, so what is required is to take Mrs. Al-Tamimi's claim seriously and OPEN AN EXPANDED INVESTIGATION IN THIS REGARD AND RESTORE MR. SINAN AL-SHABIBI AND RETURN HIM TO HIS POSITION AS GOVERNOR OF THE CENTRAL BANK AND BENEFIT FROM HIS EXPERIENCE AND SINCERITY.

We hope that the right man will be in the right place.

(Mnt Goat – This is of course, fantastic news, even to talk about it nonetheless do it. Let’s see what happens if al-Kazemi is really going to do it as he has the power.)

*************************************************************

JOURNEY TO SEARCH FOR ‘SMUGGLED MONEY’ … THE INTEGRITY COMMITTEE TALKS ABOUT A ‘TIGHT PLAN’!

On Sunday, the Parliamentary Integrity Committee confirmed the completion of a plan TO RETURN THE SMUGGLED MONEY OUTSIDE THE COUNTRY.

Member of the Integrity Committee, MP Youssef Al-Kalabi, said in an interview with the official agency, and it was followed by “NAS” (June 14, 2020). And executive. ”

Al-Kalabi pointed out that “THE BEST SOLUTION TO GET OUT OF THE CRISIS IS BY RECOVERING THE STOLEN MONEY, especially since there is public, institutional and judicial support for recovering it.”

The Recovery Department of the Integrity Commission announced earlier that coordination with the Public Prosecution, THE IRAQI INTERPOL AND THE MINISTRIES OF FOREIGN AFFAIRS AND JUSTICE HAD ACHIEVED POSITIVE RESULTS IN RECOVERING CONTRABAND FUNDS, SEIZING OTHER FUNDS, AND INSTITUTING CASES OUTSIDE IRAQ TO RECOVER CONTRABAND FUNDS.

*************************************************************

THE CENTRAL BANK OF IRAQ RENEWED ITS PROPOSAL THAT THE FINANCE MINISTRY TAKE OVER THE SALE OF THE DOLLAR

{Baghdad: Al Furat News} The Central Bank of Iraq renewed its proposal that the Finance Ministry take over the sale of the dollar to the market directly for exchange in Iraqi dinars to cover budget expenditures without the central bank’s mediation.

The Central Bank attributed its proposal in its letter to the three presidencies, {Euphrates News Agency} obtained a copy of it until it “devotes itself to carrying out its tasks, which are numerous and important for financial stability and economic stimulus, and in order to get the bank out of the confusion that this issue causes.”

It is said that suspicions of corruption are continuously raised on the auction sale of the currency of the Central Bank of Iraq.

*************************************************************

THE CENTRAL BANK OF IRAQ MANAGEMENT RECENTLY DECIDED TO STOP THE AUCTION OF FOREIGN CURRENCIES

The Independent / – An informed source confirmed that the Central Bank of Iraq management recently decided to stop the auction of foreign currencies after the Iraqi economy was subjected to severe setbacks due to the Corona pandemic and the drop in oil prices to record levels, and the Central Bank followed a failed monetary policy.’

The source, who spoke on condition of anonymity, told Al-Mustaqila that the governor of the central bank has been subjected to great pressure in the past few days by many political blocs, the media and economists because of his unjustified insistence to proceed with the foreign currency auction window despite all the losses and risks incurred by the economy Iraqi.

The data published on the website of the Central Bank indicates that the last date for which a currency auction was held was on Thursday, 21/5/2020, where more than $ 180 million was purchased with the participation of more than 30 banks at the auction.

*************************************************************

AFTER COMING UNDER HEAVY CRITICISM … THE CENTRAL BANK STOPS THE CURRENCY AUCTION

An informed source confirmed that the Central Bank of Iraq management has finally decided to stop the auction of foreign currencies after the Iraqi economy was subjected to severe setbacks due to the Corona pandemic and the drop in oil prices to record levels, and the Central Bank followed a failed monetary policy.

The source, who spoke on condition of anonymity, said to Al-Mustaqila that THE CENTRAL BANK GOVERNOR HAS BEEN SUBJECTED TO GREAT PRESSURE IN THE PAST FEW DAYS BY MANY POLITICAL BLOCS, THE MEDIA AND ECONOMISTS BECAUSE OF HIS UNJUSTIFIED INSISTENCE TO PROCEED WITH THE FOREIGN CURRENCY AUCTION WINDOW DESPITE ALL THE LOSSES AND RISKS INCURRED BY THE ECONOMY IRAQI.

The data published on the website of the Central Bank indicates that the last date for which a currency auction was held on Thursday, 21/5/2020, when more than $ 180 million was purchased with the participation of more than 30 banks at the auction.

(Mnt Goat – this article does NOT say the currency auctions were stopped. Again a translation issue from Arabic to English. It only makes reference that CBI governor has “UNJUSTIFIED INSISTENCE TO PROCEED WITH THE FOREIGN CURRENCY AUCTION WINDOW DESPITE ALL THE LOSSES AND RISKS INCURRED BY THE ECONOMY IRAQI.”. The article then goes on to say when the last currency auction occurred at the central bank on May 21st. Remember this article came out right after the one telling us the Finance Ministry would take over the sale of currency via the currency auctions. So everyone should slow down and relax. The currency auctions did not entirely end only the responsibility was moved.

If you go to the CBI site you will witness first hand that the auctions DID NOT in fact end. So this too is more proof.

Having said all this what does this mean? This mean the CBI was incompetent in the administration of the auctions. This should be the CBI’s responsibility and NOT finance committee. So what will happen next? This is not over yet and still an ongoing saga. Now there is talk today too about wanting to bringing back Mr. Sinan al-Shabibi to the CBI. Will this happen? )

*************************************************************

AL-MIRBID ECONOMIST: THE STATE WILL RESORT TO BORROWING TO PAY THE SALARIES OF THE CURRENT JUNE

Economist Nabil Al-Marsoumi criticized the government’s approach to tackling the financial crisis, revealing that Saudi Arabia refused to lend Iraq $ 3 billion (which was previously talked about), and while he made it clear that the country would not collapse economically even if salaries were delayed and went bankrupt, he disclosed that the state would resort to borrowing to pay the salaries of the current June and may go to reduce the price of the dinar in the future.

The professor at the University of Basra expected, in his speech to "Al-Mirbad", that the income of Iraq in the month of July will reach about 4 billion dollars after he sold his oil last March (the beginning of the market collapse) by about 13 dollars and 80 cents a barrel, and he only entered one billion and 400 million dollars, which is It is not enough to cover a quarter of the salaries (IRAQ NEEDS 5 TRILLION DINARS A MONTH TO PAY SALARIES AND 2 TRILLION FOR URGENT EXPENSES).

And the decree continued that "the financial crisis in the country will start to decrease slightly when Iraq’s monthly income reaches 4 billion dollars (next July).

It is true that it is not enough to pay salaries to employees, retirees and the protection network, but it covers the limits of 85 of those dues, and I expect that oil prices will go in the second half of this year for improvement, so that prices may reach between 40-45 dollars and according to those prices, the monthly deficit remains about 2 trillion dinars for urgent expenditures without talking about investment expenditures.

The economist believes that the current Ministry of Finance leading the movement of financial and economic reform pursues the approach of the International Monetary Fund in accordance with the principle of (shock reform) and this reform harms vulnerable social groups as it creates reactions and threatens stability", adding, "We found this with the recent government decision that was made it was abolished when a tax on pensioners ’salaries was calculated in a very contravention of the income tax law, which stipulates that the pensioners’ salaries and the end of service gratuity are exempt from the tax because they do not receive them from the state but rather from the retirement fund .. there is a problem.

Where are the funds of the retirement fund ?

However, "The Finance Ministry approach based on public spending pressure will harm the economy because it will reduce aggregate demand and deepen the economic recession, as well as the high poverty line in Iraq, which currently stands at 22.5%, and rises in the south to 31%, while paying attention to the fact that there are several million citizens hovering On the poverty line, and because of economic measures, these millions will be pushed under the poverty line in addition to the private sector. "

He noted, "I mentioned two months ago that deduction from employee salaries is inevitably the result of wrong economic policies borne by governments, and indeed, on June 12, the Council of Ministers approved decisions related to that," noting that the application of that principle (shock reform), which is based on a sudden street in a sentence, Deductions from employees, retirees and others will generate reactions.

The economic expert revealed that "the countries that promised the government of Al-Kazemi to help his government economically will not be able to do so. Saudi Arabia refused to lend Iraq the 3 billion, but - unfortunately - the Minister of Finance came with two contradictory statements, he said in the first: I will go to Saudi Arabia because I need immediate cash support for the budget and no I can go to the International Monetary Fund because that needs a few months, "he said in the second (when Saudi Arabia refused to lend to Iraq):" He went to Saudi Arabia to attract the 3 billion forms. "

The decree commented that "these investments will not come to Iraq because of the poor investment environment, and Kuwait has also refused to cancel the compensation incurred by Iraq."

And he considered that there are only two ways for Iraq to go through the crisis, the first is (internal borrowing), where he will resort to it soon and will use it to pay the salaries of the current month, while the second, which is far less likely this year, is represented by (reducing the dinar price), supplemented by saying "THAT YOU CAN IRAQ IS GOING TOWARDS OTHER SOLUTIONS SUCH AS CANCELING ECONOMIC AGREEMENTS WITH SOME COUNTRIES THAT EXEMPT THEM FROM FEES SUCH AS THE COMMODITY EXEMPTION AGREEMENT WITH JORDAN OR ALSO LOWERING THE PRICE OF OIL WITH JORDAN, AS WELL AS RE-IMPOSING A VISA ON VISITORS AND ADDRESSING THE ISSUE OF PORTS IN THE CORRECT WAYS, AS WELL AS THE REVENUES OF THE KURDISTAN REGION THAT DO NOT TRANSFER TO THE FEDERAL GOVERNMENT, although the latter pays the salaries of the region's employees, and there are other solutions. "

He concluded by saying, Iraq cannot collapse economically and it exports more than 3 million barrels of oil daily. Yes, it may go bankrupt financially for weeks or months, but it remains the third largest oil exporter in the world. It may be reluctant to pay salaries, but it has options that it can resort to.

*************************************************************

*************************************************************

Articles End

Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,

Just the FACTS!

Disclaimer: All information in this newsletter is not intended for investment decisions / purposes. Mnt Goat is not a financial analyst, planner, banker, attorney or associated in any role with giving out professional investment advice.

In ending I want everyone to know your constant prayers in the fight against evil (ISIS) and now the corruption in Iraq have worked. God has guided these young men and women on the battle field. He has guided the honest, patriots of Iraq to fight for their homeland. So this new war now on our citizens is underway. New battles are raging every day over corruption. These are battles to save our societies from the corrupt politicians and secret societies who are bent on taking what they want from our current wealth and from future generations without our permission. We must keep praying for the end to the rapid corruption and enslavement of people in Iraq and also in the United States. We must pray for our leaders that they may be anointed by the Holy Spirit and guided to do God’s work. We must stand by them and let them know we are still there to support them, even after the election is over. I have composed a prayer maybe we can all pray today in our own way and until the reinstatement of the Iraq dinar occurs.

PRAYER

“For all leaders of all nations, that they may be anointed by the Holy Spirit to do God’s will and work to bring about abundance and prosperity to their nation.

To fight this waging war on corruption, our freedoms, our liberties, socialist plans and injustice.

To bring all those corrupt to justice and pay for their crimes no matter how high up in the government they are.

To end the corona virus “man-made crisis” and to awaken people everywhere of the dark side and the tools it will use to gain power and control.

That the FREE WORLD may be a shining example for the rest of the entire planet.

In the name of Jesus Christ our King and Savior, Amen”

Auf Wiedersehen

Much love to ya all,

Mnt Goat