“Ahead of the Curve” – Tues. AM/PM KTFA Thoughts/News 12-14-21



Samson » December 14th, 2021

The Lebanese pound has fallen to its lowest level in more than 70 years

13th December, 2021

The Lebanese pound continued its decline on the black market, on Monday, to reach its lowest level ever, at 26,350 pounds against the US dollar, as a result of the deteriorating internal political situation, and the crisis with the Gulf states, the main financial supporter of Lebanon

Dealers in the parallel market indicated that there are fears that the lira will continue to decline in the coming days, reaching 30,000 for the dollar, in the absence of any internal breakthrough or in the crisis with the Gulf countries

They pointed out that the level that the lira has not reached since Lebanon gained its independence from the French mandate, more than 70 years ago. According to the network toss. They believed that there is a state of pessimism prevailing in the market now, because the Council of Ministers has not convened for more than a month, given the differences between some of the political and partisan parties that govern Lebanon

The lira jumped by more than 20% immediately after the announcement of the formation of the government headed by Najib Mikati last September, before returning to decline as a result of successive crises

Since the outbreak of the worst financial crisis in Lebanon in late 2019, the lira has lost more than 90% of its real value against the dollar; This led to an increase in the poverty rate of more than 50% and an increase in the prices of consumer goods by more than 500%

The Central Bank of Lebanon is still sticking to an official rate of 1,507 pounds to the US dollar, but it has finally decided to stop most forms of support for imports of basic commodities, medicine and fuel, which cost it more than $500 million annually

Lebanon is suffering from a severe crisis as a result of the accumulation of government debts, which amounted to 98.2 billion dollars at the end of last August, or more than 170 percent of the gross domestic product, due to the spread of corruption and the accumulation of budget deficits in the past decade   LINK

Source: Dinar Recaps

Clare » December 14th, 2021


Samson » December 14th, 2021

Despite Paying Off Debts, America Plays The Role Of Guardianship To Deprive Iraq’s Wealth  

14th December, 2021

Economic expert Dia Mohsen stressed, on Tuesday, the necessity of issuing a Security Council resolution to remove Iraq from international trusteeship after paying its foreign debts to Kuwait, indicating that the resolution provides for the protection of Iraq from any other compensatory claims.

Mohsen said in a statement to the “Information” agency, that “Iraq exited from Chapter VII and moved to the Sixth for an important reason, which is to ensure that the influence of the UN Security Council remains on the country,” noting that “Iraq’s survival under international tutelage is to maintain American influence inside Iraq.”

He pointed out that “Iraq paid the last war debts to Kuwait, which amounted to 54 million dollars, and thus Iraq is outside the control of the UN Security Council,” explaining that “the Iraqi government broadcasts propaganda for the survival and influence of US forces inside Iraq.”

He added that “the Iraqi government is pushing for the survival of American influence in Iraq by keeping the country under Chapter VII, which makes Iraq under the tutelage of the UN Security Council.”

He pointed out that “after Iraq has ended all its financial obligations towards Kuwait, the Security Council must issue a decision to completely remove Iraq from the provisions of Chapter VII and end the work of all committees and financial and banking institutions that exercise the role of guardianship over oil revenues and freedom of import and to conduct financial and monetary transactions.  LINK

Will The Security Council Remove Iraq From Chapter VII?

14th December, 2021  books / d. Jawad Al-Hindawi

The Iraqi Ministry of Finance paid the last amount of Kuwait war compensation, which amounted to 45 million dollars.

Iraq has paid, from 1996 until the first week of 2021, an amount of 52.4 billion US dollars in compensation. This is what Dr. Mazhar Muhammad Salih, the financial advisor to the Prime Minister, wrote in an article for him, published by the Iraqi Economists Network, on 12/11/2021, and under the title: Iraq’s End of Kuwait War Compensations…p. 1).

Forcibly, Iraq has fulfilled all its legal, political and financial obligations imposed on it by the resolutions of the Security Council and the United Nations, following the previous regime’s invasion of Kuwait. 

Iraq under duress accepted Security Council Resolution No. 687 of 1991 to form a border demarcation committee between Iraq and Kuwait, and the permanent representative of Iraq at the United Nations read a message, in which he stated, “Just as we accepted Resolution 687 of 1991, despite our objections to it and our rejection of its contents, we will cooperate with you.” We name our representative in the demarcation committee, even if you did not take into account the opinions and observations mentioned above. We do this because of the persistence of conditions that compel us to accept.”

Iraq did not make public its declaration in writing of its forced acceptance except for Resolution No. 687 of 1991, which delineates the border between Iraq and Kuwait, due to its awareness and knowledge that the Security Council has exceeded the limits of its powers and authority stipulated in the Charter of the United Nations, and it is not within its powers to demarcate the borders between two countries, and it was possible for Iraq, and after leaving Chapter VII, to file a case before the International Court of Justice in The Hague, for the purpose of canceling the results and consequences of the border demarcation committee between Iraq and Kuwait, on the grounds that Iraq was not satisfied and that its agreement at that time to demarcate the border was under duress.

Now, after Iraq has ended all its financial obligations towards Kuwait, the Security Council must issue a decision to completely remove Iraq from the provisions of Chapter VII and to end the work of all financial and banking committees and institutions that exercise the role of guardianship over oil revenues and freedom of import and to conduct financial and monetary transactions

And that the resolution clearly states that Iraq has fulfilled all its obligations and that it is no longer under the provisions of Chapter VII.

I refer here to what Mr. Abdul Basit Turki, Chairman of the Committee of Financial Experts in Iraq, emphasized in an interview conducted by Al-Sharq al-Awsat newspaper on 12/9/2021, that the Security Council should issue a resolution to remove Iraq from Chapter VII, and that this resolution stipulates the protection of Iraq from any other compensation claims, whether for individuals or institutions.

Will America agree to remove Iraq from Chapter VII, in accordance with a resolution issued clearly by the Security Council, as stipulated in the Charter of the United Nations? That is, just as Iraq was placed under Chapter VII and according to an explicit and clear decision, its exit from the provisions of Chapter VII must be according to a clear and explicit decision as well. 

We certainly hope so, but we have doubts about the US position that wants (perhaps) for Iraq to continue free from Chapter VII sanctions, but it remains subject to some financial, monetary and political restrictions.

Especially since Resolution No. 660 issued on 2/8/1990 condemned Iraq for its occupation of Kuwait, and also stated that Iraq constitutes a threat to world peace and security. Perhaps America invokes the phrase “Iraq’s threat to world peace and security” and the claim that the situation of Iraq still poses a threat to world peace and security to completely disrupt its exit from Chapter VII, and the continued exercise of the role of guardianship and interference under the cover of the UN resolution.  LINK

An Expert Shows Shocking Numbers In The Time Of “Austerity” Regarding The Halbousi Plane Scandal

14th December, 2021

The economic expert, Nabil Al-Marsoumi, explained the details of the presidential plane of the former Speaker of Parliament, Muhammad Al-Halbousi.

Al-Marsoumi said, in a post on his Facebook page, which was followed by the “Information” agency, that “the expenses of the Iraqi parliament’s presidential plane, the time period = 10 months.”

He added, “The time is from November 2020 to September 2021,” noting that “the number of trips = 25 trips.”

He explained that “the average of presidential trips = one trip every 12 days, including: 12 trips to Dubai and Abu Dhabi, 8 trips to Amman.”

He pointed out that “the total expenses = one billion and fifty-eight million dinars,” noting that “the average cost of one trip = 42 million dinars.”

He stressed that “this extravagance took place in the time of austerity and in the time of the white paper and the reduction of the Iraqi dinar exchange rate!!”.   LINK

Al-Muthanna Records The Largest Oil Reserves In 20 Years

14th December, 2021

The local government in Al-Muthanna revealed, on Tuesday, the size of the oil discovery in the Warka 1 well located in the common area with Dhi Qar Governorate, while noting that its reservoir is the largest in 20 years.

Governor Ahmed Manfi Judeh said in a statement seen by / the information /, that “the volume of oil discovery in the (Warka 1) well located in the geographical area shared with the province of Dhi Qar is the largest in twenty years,” noting that “the quality of oil in these areas is similar to the product from South Rumaila fields in Basra Governorate.

Judeh added, “The quantities that have been discovered are the largest in twenty years,” adding that “the data was based on the stages of work that reached more than 20% of the area of the oil patch, and that the Warka 1 well’s stock is enormous in that patch and can be used in the coming years. According to the stages of work.

He pointed out that “the delegation of the investing company held talks with the local government regarding the release of social services funds to allocate them to projects that serve the people of Muthanna, while providing job opportunities for their children.”  LINK

America: We have provided aid and support to Iraq with more than three billion dollars

14th December, 2021

The United States Ambassador to Baghdad Matthew Tueller announced on Tuesday that his country has provided more than three billion dollars in humanitarian aid and support for infrastructure and economic projects to Iraq since 2014 until now.

In his speech on the sidelines of the Project Development Fund conference with the support of the United Nations Migration Agency, held in the capital, Baghdad, Tueller highlighted the humanitarian aid provided by the United States of America to Iraq, whether in the field of health, education or construction, after the era of ISIS, adding that Helping Iraqi entrepreneurs succeed in the economy and business has been the cornerstone of our bilateral relationship with Iraq, and we are steadfast in this commitment.

And he added, “The United States is the largest donor of humanitarian aid to Iraq to ensure the safety and well-being of displaced Iraqis.”

The ambassador also noted that during the struggle against ISIS, since 2014, the United States has provided more than $3 billion in humanitarian aid to displaced Iraqis in Iraq.

According to the American diplomat, since 2015, the United States of America has implemented 850 infrastructure projects to restore basic services destroyed by ISIS, indicating that we have reconstructed more than 140 schools, 62 water treatment plants and 17 sub-electricity stations.

Tueller also added by saying: We have reconstructed clinics and hospitals, provided medicines, extended electricity transmission lines, repaired roads and bridges, and worked with homeowners to restore the water of more than a thousand homes.

He continued, saying: The United States has contributed to the recovery of the Iraqi economy from the destruction of ISIS, and the damages of the Corona pandemic, adding: We do this by investing the capabilities of Iraqis through their entrepreneurial spirit, innovations and steadfastness so that they can build their future.

The ambassador disclosed that the United States’ direct contribution to supporting the Project Development Fund in Iraq amounted to $6 million.  LINK

The Minister of Planning announces the financing of 1,000 projects across Iraq

14th December, 2021

On Tuesday, Minister of Planning Khaled Battal announced the financing of 1,000 small and medium projects across Iraq

Battal said in a press conference held in Baghdad on the occasion of the celebration of financing 1,000 small and medium projects with grants from the Enterprise Development Fund and followed by “Al-Iqtisad News”, that “financial support was provided to implement 1,000 small and medium projects in all Iraqi governorates, and on this occasion and on behalf of the Republic of Iraq we value the initiative.” That was proposed by the International Organization for Migration represented in the establishment of the Enterprise Development Fund

He pointed out that “this fund will contribute to building the Iraqi economy as a means of economic recovery after Iraq has overcome difficult challenges it faced through terrorism and the Corona pandemic

He added that “the projects have a major role in advancing the economic recovery in the basic and secondary sectors and supporting the young graduates category of various disciplines, stressing that “the Ministry of Planning is ready to work in its departments and formations to provide studies and available data and provide statistics for topics in the fund in coordination with the ministries, governorates and departments concerned.  LINK

Source: Dinar Recaps

Samson » December 14th, 2021

The United Nations headquarters in the Kurdistan Region was robbed and Erbil arrests the accused

14th December, 2021

The Erbil Governorate Police Directorate announced on Tuesday that the United Nations headquarters in the Kurdistan Region was subjected to a robbery by two cleaners, and that it arrested them in a period not exceeding 24 hours.

The spokesman for Erbil Police, Lt. Col. Hoker Aziz, told reporters that the directorate had received a report from the United Nations headquarters about a case of theft, so that a team from the directorate was formed to conduct an investigation into how the accident occurred.

He added, “After that, it was found that two cleaners had stolen several (laptops) from a warehouse inside the United Nations headquarters,” noting that after tracking the recordings of the surveillance cameras, and the investigation conducted by the specialized team, and after careful follow-up, it became clear that they (the workers) had stolen those devices after they were placed. Inside containers for landfill, and taken out of the building of the headquarters of the United Nations to be sold to another person in the market.

The spokesman indicated that the police were able to identify the suspects and arrest them, explaining that the first operation took place on the 20th of last September, when 8 laptops were stolen, and the second operation took place on the 14th of November Last year, 39 other devices were stolen.

Aziz also noted that the total number of stolen devices amounted to 47 laptops. He continued by saying that the two workers are of Kurdish nationalism, and the police arrested them along with the third suspect in less than 24 hours. All of them were referred to the judiciary under Article 446 of the Iraqi Penal Code.

The police spokesman concluded his statement by saying that the United Nations headquarters informed them that the value of his purchase of one device is 1,700 US dollars.  LINK

Source: Dinar Recaps


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