Mnt Goat News Brief 6/18/20 - Repeating Hype & Myths since 2012

by **RamblerNash** Thu Jun 18, 2020 9:37 pm

Hi Everyone,

I bring you much news today.

So much confusion right now on just want will be the answer to Iraq’s debt situation. We must just stick to what we know when looking for answers. We know they cannot borrow their way out of debt until the oil industry rebounds. It may not rebound for months even years, who knows…

In about another week the Iraq salaries will be due again and then again in July and so forth. Will they be able to pay them? Will the government get the 2020 budget underway? The protesters have warned the government again to get these reforms done and have given them until July 1st.

So, without a formal 2020 budget corruption will run rapid in Iraq once again without the full accountability measures that comes with the formal allocation of funds and the system that drives it within a budget. It is like handing out candy and expecting no one to eat it. But who ate it and where did it all go? Procrastination to get it perfect sometimes is your worst enemy especially in times of crisis. Better to do something and fine tune and adjust it later.

My CBI contact is still telling me that they are moving towards the completing the “project to deleting the zeros” this year and sooner than later. Obviously, they are not going to give me exact dates. Other signs of what Iraq is up to tells us that movement is in the direction of the end of the month for something BIG. My expectation is the reinstatement of the dinar as this move it way overdue. I learned this week that Dr Shabibi was in fact at the Central Bank of Iraq working with them on the project to delete the zeros and mechanisms to roll it out.

News from US banks in the last couple weeks has been very encouraging as they are telling us they are preparing for the reinstatement and the handling of people coming to exchange. I say this is good news since we have not had any cheerful news from the banks since October 2019. So something is at least being planned. Will it be finally executed and over soon?

More news….

LOOKS TO ME LIKE NO IMF LOAN IN 2020

Financial expert Ahmed Brihi confirmed today, Tuesday, that Iraq will not benefit from the International Fund loan this year if it is borrowed from the fund, indicating that the fund does not give five billion but less than three billion in the form of payments.

Brihi said in a statement received by (Iraqi Media News Agency / INA) that “my experience through participating in previous negotiations to request the loan from the International Fund, the fund will not give $ 5 billion to any country according to its known procedures, but can give less than three billion dollars.” Noting that "the Fund's loans were not granted in the form of one payment, but in installments."

(Mnt Goat – what this article is saying is that the IMF can not loan out the lump sum of $5 billion or even $3 billion but only loans out in a number of payments over time. To get the money certain conditions must be satisfied. So it is not that easy just to get $5 billion from the IMF as is needed for the June salaries)

More news….

PARLIAMENTARY FINANCE: THE GOVERNMENT DOES NOT WANT TO SEND THE BUDGET LAW

The Parliamentary Finance Committee confirmed, on Tuesday, that the federal government does not want to send the federal budget bill for the year 2020 to the House of Representatives.

Member of the Finance Committee, Shirvan Mirza, said in a press statement, "The federal government does not want to send the federal budget bill for the year 2020 to the House of Representatives because of the large deficit in it."

He added that "THE HOUSE OF REPRESENTATIVES HAS GIVEN THE GOVERNMENT A DEADLINE UNTIL THE END OF THIS MONTH TO SEND THE BUDGET to the House of Representatives and we are waiting for it to arrive in whatever form, quarterly or monthly."

He explained that "the Financial Management Law states that the budget deficit should not be more than 3%, but the current budget deficit is more than 50% and this is illegal."

He pointed out that "the House of Representatives asked the government to send the budget for discussion and approval, whatever the total deficit, and then be modified by the House of Representatives."

More news….

MORE PRESSURE TO PAY SALARIES

A number of lecturers at the Ministry of Education demonstrated in front of the Green Zone portal to demand the release of their salaries. The protesters demanded, through the Al-Rasheed program, that people be fair and release their late wages, as they have worked for more than seven years for free.

The gathering of political prisoners and detainees in Diyala Governorate announced today, Tuesday, participation in a large demonstration in front of the entrance to the heavily fortified Green Zone in the center of the Iraqi capital, Baghdad, in protest against the cut of their salaries.

"Cutting off the salaries of persecuted prisoners and detainees is a major human crime and a loss of rights for segments that have sacrificed for decades," calling for cutting the salaries of the "repressive" apparatuses of the previous regime and explaining who is the victim and who is the executioner.

More news….

DEPUTY: IRAQ’S ECONOMY NEEDS TO GET RID OF THE WORN OUT GOVERNMENT SECTOR AND TURN IT INTO A PRIVATE SECTOR

Former MP Majid Shankali stressed that the IRAQI ECONOMY NEEDS TO GET RID OF THE WORN OUT GOVERNMENT SECTOR AND TRANSFER IT TO THE PRIVATE SECTOR. Shankali said in a tweet on "Twitter" that "the solution to the Iraqi economy crisis NEEDS A BOLD DECISION PACKAGE AIMED AT SHIFTING FROM THE STATE'S ECONOMY TO A FREE MARKET ECONOMY."

He added that "the economy needs to get rid of the consuming government sector consumed in the ministries of industry, electricity, housing and agriculture and turn it into a private sector aimed at competition, production and export instead of import."

(Mnt Goat – okay so we have been saying this for almost a decade now. How about doing it? Talk is cheap! Hey by the way, I hope everyone can see that Iraq’s economy right now is still a socialistic economy where the government provides everything. See how they struggle to live? Look at the poverty levels? Why would any country want to change over to a socialist government run country when they have an abundant and prosperous capitalistic economy already that took hundreds of years to build and refine. Yes, there are always some changes and fine-tuning necessary as a country grows but the US has to be careful not to throw away what it has under the lies and deceptions of these socialist. I have to tell you it is not a great way to live. I know firsthand since I’ve seen the European Union come into Germany and Merkel and her buddies take and take from us common folks. The EU made lots of promises but it was all a deception just to gain power and influence. It was not all about the economy. It was a BIG lie.)

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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.

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Articles Begin

AL-TAMIMI WARNS OF MAJOR FINANCIAL CORRUPTION DURING THE NEXT 6 MONTHS

The economist Wissam Al-Tamimi warned of major financial corruption in the various state institutions DUE TO THE LACK OF A BUDGET through which he knows the money spent inside the ministries and departments, pointing out THAT OVERSIGHT IS STILL BELOW THE REQUIRED LEVEL with the beginning of forming the government.

Al-Tamimi said in a statement to "The Information", that "not approving the budget will lead to the loss of a lot of money, AS THERE ARE NO ACCOUNTS FOR WHAT GOES INTO THE TREASURY AND WHAT COMES OUT OF IT."

He added, “The situation of the country differed a lot, and if the exchange continues with a system of 1 on 12, many problems will occur in the coming days, especially since there are many new hires since 2019 who have not been paid salaries at a time when the government needs more than 4 billion dollars a month at least To cover employee salaries. ”

And that "the situation stays as it is, foreshadows major corruption in the ministries and departments of the state where there is a watchfulness and impunity and there is no known money for entry and exit, and therefore the next year.

(Mnt Goat – You can bet that there will be no reinstatement under these conditions as the funds would not be safe if they did decide to put the dinar back on the trading platforms. We do know however they fully intend to do this soon but when? Again I am telling everyone to RV the currency under these conditions is not going to solve all of their problems, and in fact may only make them worst.)

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THE IRAQI GOVERNMENT IS GOING TO SIGN LOANS FOR SIX INVESTMENT PROJECTS

JPMorgan is in everything!

Today, Tuesday, the Iraqi government gave the Minister of Finance the authority to negotiate and sign six loans for investment projects, exceeding one billion euros, for the rehabilitation of the electricity sector in Iraq.

The media office of the Iraqi Prime Minister said, in a statement received to Shafaq News, that the Council held, today, its regular session headed by Mustafa Al-Kazemi, in which he discussed a number of issues and topics included in his agenda.

The statement indicated, "The Council agreed to give the Minister of Finance the authority to negotiate and sign investment projects loans, according to the provisions of Article 80 / VI of the Constitution, according to the following:

1- A loan project for the implementation and completion of (8) turbine refrigeration units, equipping and supervising (32) other refrigeration units in the amount of (70800000) euros, only seventy million and eight hundred thousand euros, from the German company Siemens for the Ministry of Electricity, with funding from the Bundesbank, the German bank, And with the guarantee of the German Export Guarantee Corporation (Hermes).

2- A loan project for the installation, installation and operation of (9) gas turbines for the Wasit power station in the amount of (362 million) euros, only three hundred and sixty-two million euros from the German company Siemens for the Ministry of Electricity, with funding from the Standard Gartard Bank and with a guarantee from the Swedish Export Guarantee Corporation (EKN).

3- A loan for the rehabilitation project of health services infrastructure in the amount of (185000000) Euros, only one hundred and eighty five million Euros, for the benefit of the Ministry of Health, funded by the German Development Bank KFW.

4- A loan for the rehabilitation project of the second-stage electricity infrastructure, with an amount of (400,000,000) Euros, only four hundred million Euros, for the benefit of the Ministry of Electricity, funded by the German Development Bank KFW.

5- Multiple annual maintenance project loan / fourth stage with an amount of (120000000) dollars, only one hundred and twenty million dollars, which is executed by the American company GE with funding from an international bank, and with the guarantee of the British Export Guarantee Agency UKEF.

6- A loan for the rehabilitation project of the Babylon Power Station 400 KV, at an amount of (38,000,000) Euros, only thirty-eight million Euros, which is executed by the Swedish ABB company , funded by the JPMORGAN Bank , and with the guarantee of the Swedish Export Guarantee Corporation (EKN).

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A MEMBER OF PARLIAMENTARY FINANCE TALKS ABOUT A "MAJOR BREAKTHROUGH" IN THE IRAQI FINANCIAL CRISIS

Member of Parliamentary Finance Committee MP Ahmad Mazhar Al-Jubouri confirmed on Wednesday that there is a major breakthrough in the financial crisis in Iraq.

Al-Jubouri told “Information” that “OIL PRICES HAVE STARTED TO RISE GRADUALLY AND THIS IS A POSITIVE THING THAT CONTRIBUTES TO SUPPORTING SOLUTIONS TO THE FINANCIAL CRISIS in the country in addition to that there is seriousness on the ground in maximizing local revenues, whether from customs or outlets or communications through coordination committees between ministries and institutions Competent and between the central government. ”

He added, "The file of communications and dealing with its negative and breaches is very important to achieve significant revenues to the state budget."

He pointed out that "RECONSIDERING ALL MEASURES ARRESTED TO MAXIMIZE STATE REVENUES CONSTITUTES A MAJOR BREAKTHROUGH that will directly support the file of solving the financial crisis in Iraq and reduces the frameworks of dependence on the sale of Oil as a primary budget resource. ”

The Ministry of Communications launched the process of trauma in tracking down the smuggling of internet capacities in the governorates, including Diyala, in the past days as part of its efforts to maximize financial revenues.

(Mnt Goat – Why are these ideas presented as so novel and new. They have been telling us for a decade now this is what they need to do. Enough of talk and so just do it and make the necessary reforms!)

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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