Sat. PM KTFA News Articles/Thoughts 2-5-22

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Samson » February 5th, 2022

Al-Halbousi: Iraq today is fully prepared to be a destination for the region and the world

5th February, 2022

Parliament Speaker Muhammad al-Halbousi stressed, on Saturday, that Iraq is on the threshold of a new stage and is fully prepared to be a destination for the region and the world.

Al-Halbousi said in his speech during the official ceremony of the “Iraqi Martyr’s Day” that was held in Baghdad, and was followed by “Mawazine News”, that “Iraq today is on the threshold of a new stage and is fully prepared to be a destination for the region and the world.”

Al-Halbousi added, “There is no going back to previous failures,” referring to “the efforts to have a transfer of power without threat.” LINK

Oil records a new high and exceeds the level of 93 dollars

5th February, 2022

Global oil prices rose 2.5 percent today, Saturday, to reach the level of 93 dollars, amid fears of supply disruptions and the outbreak of war between Ukraine and Russia.

Brent crude rose $2.25, or 2.5 percent, to $93.36 a barrel, after touching its highest level since October 2014, when it touched $93.70 earlier in the session. US West Texas Intermediate crude also rose $2.59, or 2.9 percent, to $92.86 a barrel, and touched its highest level since September 2014, when it touched $93.17 a barrel earlier in the session.

Analysts this week suggested that crude oil prices would exceed $100 a barrel due to the strength of global demand, citing a possible war between Russia and Ukraine as one of their main concerns for markets in 2022.

And Reuters news agency quoted three global market analysts as saying that oil prices will rise if global supplies are disrupted, as well as with the recovery in demand due to the escalation of natural gas prices in Europe and Asia, in addition to the resumption of activities after the closures imposed to limit the spread of the Covid-19 pandemic.

“The biggest geopolitical risk is Ukraine,” said John Vail, chief global strategist at Nikko Asset Management in Tokyo. “The trend is looking good overall for commodities.”LINK

A deputy directs 4 questions to Al-Kazemi regarding the exchange rate and the financial abundance achieved.. “Document”

4th February, 2022

Member of Parliament Hadi Al-Salami directed a set of questions to the caretaker Prime Minister, Mustafa Al-Kazemi, related to the dollar exchange rate, and the financial differences resulting from the rise in oil in global markets.

The four questions also included, according to a document published by the deputy today, Friday, and obtained by Mawazine News, an inquiry about the government’s failure to submit the supplementary budget for the financial abundance achieved in 2021, and the failure to send the 2022 budget bill on time. 

Translation …..

To the Honorable Prime Minister M / Parliamentary question  For monitoring purposes and based on the provisions of Article (61/Seventh/A) of the Constitution and Articles (15) and (29) of Parliament Law and its formations No. (13) of the year  2018 and Article (50) of the bylaws of the House of Representatives, please answer the following 

1 – The representative of the World Bank stated that (we have nothing to do with the decision to raise the price of the dollar, and the decision was purely Iraqi from the Minister of Finance and the Central Bank of Iraq, so what is the legal basis and the compelling reasons that called for raising the price of the dollar?

2 – The price of the dollar increased by 20% from its previous price, and what are the reasons for keeping it to this day despite the citizen’s harm, the rise in food prices and the reduction in the value of the salaries of employees and retirees because of that?  The sale of oil, the rise in Iraq’s cash reserve ratio, and the fate of the financial differences resulting from the high selling prices of oil for the year 2021 that are proven in the actual budget law that it reached in the global markets?

3 – What is the fate of the financial savings resulting from the increase in oil selling prices for the year 2021, which is fixed in the budget law, the actual price reached in the global markets? 

4- What are the reasons for the government not submitting a supplementary budget for the financial abundance achieved for the year 2021 and what are the reasons for not sending the draft budget law for the year 2022 on the date specified in the Financial Management Law No. (6) for the year 2019? ….. Kindly review our answer within (15) days from the date above. Provide us with all priorities… With appreciation Hassan Salami   LINK

The Framework Announces The Move Towards Collecting Parliamentary Signatures To Change The Dollar Exchange Rate

The deputy of the coordination framework, Ibtisam Al-Hilali, revealed, on Tuesday, the framework’s move to collect parliamentary signatures to restore the dollar exchange rate to its previous rate, surprising at the government’s insistence on maintaining the exchange rate, especially with the recovery of oil markets during the past weeks.

Al-Hilali said in a statement to “The Information”, “The coordination framework is moving towards collecting parliamentary signatures in order to restore the exchange rate of the dollar against the Iraqi dinar or reduce its current price.”

She added that “the framework’s movement in this regard is still continuing until the will of the Iraqi people, who were affected by the high exchange rate of the dollar, is achieved,” noting that “the government raised the exchange rate in order to supplement the 2012 budget, and now it has obtained additional funds due to the high oil price.”

And the representative of the State of Law coalition, Firas Al-Maslmawi, confirmed in a previous statement, that his coalition and a number of members of Parliament within the same direction will not allow the budget to be passed for the current year except after a reduction in the dollar exchange rate against the dinar.   LINK

Briscom » February 5th, 2022

Final Article also shows us the  real motivation some Iraqi Parliament members announced their ‘signature campaign’ for supporting an IQD rate change yesterday (2/2).  With 88 seats from the Framework now joining Sadar and today’s court decision about the largest group, the Presidential vote will be a shoe-in this Monday.  Perhaps this action by the Framework is telegraphing an imminent rate change shortly thereafter.  This ‘face-saving’ maneuvor from the Framework is to show them as ‘proponents’ for changing the exchange rate.  I feel that the timing of Monday’s Presidential vote and next Wednesday’s UN rubber-stamp Security Council meeting on paid Kuwaiti war reparations.. bears sober watching for us all right now.  All this is IMO and food for thought.  I suspect we will have explosive news on all fronts by Feb. 9.

Suzie » February 5th, 2022

We’ve seen it, heard it before, let’s hope THIS TIME, they act on it!!

JimmyRay » February 5th, 2022

All prayers would be answered if  rate was changed now

Samson » February 5th, 2022

A Deputy Calls For An Investigation Into The Disappearance Of 30 Billion Dinars Deducted From Basra Education Staff

4th February, 2022

The representative of Basra Governorate, Ahmed Al-Rubaie, demanded today an investigation into the disappearance of 30 billion dinars that were deducted from the province’s education staff.

Al-Rubaie said in a statement, received by “Earth News”, that “we were informed of the suffering of the retired segment in the Basra Education Directorate and the delay in completing their transactions and receiving their pension benefits for more than five months.”

He added, “It became clear to us through the information we received about the loss of an amount of approximately (30) billion dinars from the retirement stops of the Basra Education Directorate, which delayed the payment of their pension salaries for many months and caused an increase in the suffering of this segment.”

He stressed that “this case indicates a state of corruption or mismanagement in the disbursement of all or some of these sums in certain sections other than those designated for them without legal cover and support,” calling on the competent authorities in the Office of the Governorate and Financial Control, the Federal Integrity Commission and the Public Prosecution to “withdraw the hands of officials in The Basra Education Directorate and prevented them from traveling to conduct a fundamental investigation into the matter and refer the perpetrators to justice.

He pointed to “the necessity of providing the Basra Education Directorate and the Directorate of Retirement with an explanation of the circumstances of the issue and as quickly as possible and working to do justice to the retired educators’ segment in honor of the efforts they made to serve generations.”

LINK

Source: Dinar Recaps

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