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“Financial Allocations” – Wed. AM-PM KTFA Thoughts, News w/ MilitiaMan, Tivon 6-8-22

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KTFA

MilitiaMan » June 8th, 2022

There is a view that is correct in thinking that our study based off of the text and the pictures from the CBI, GOI, WG, IMF, AMF, UST, AYSCUDA, BUNA, etc., all have been for the education of the Iraqi citizens and the world at large.

This presentation (see below) is and epic one. It shows the Central Banks of the world that Iraq is ready to open for business. That gift ( see picture below) is of prestige. It will never be lost on May 25th, 2022 into the future. The sovereignty of a country is proclaimed by this action. We now watch the roll out to the international markets.

That packet of currency in varying sizes and colors represents a new system that is being presented. An automated one. A digitized one. One with a new value.

There is no reason in the world that a Central Banker would give a gift that would represent past pain and suffering. They would present the future as a whole new world with only progress and prosperity in their path. The action represents, ” The People of Iraq and her sovereignty.” 

We know there is a focus to provide the citizens of what they need and deserve. The politicians have been warned time and time again. Sadr has them boxed in. They were told to cease all procrastination. The political box now has been taped and has them enclosed and the stamp is on. They don’t play the chess game accordingly he will have them in check mate and the parcel of them be judged. That means for some game over and justice being served. 

A big day and week is before us.. Let’s see how the politics play out.  ~ MM

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Samson » June 8th, 2022

Directing a new mechanism to reduce cases of fraud and manipulation in customs centers

06/05/2022 23:50:42

The General Authority of Customs, one of the formations of the Ministry of Finance, announced today, Sunday, the initiation of a new mechanism to reduce cases of fraud and manipulation in the currency auction.

The Director-General of the authority, Shaker Al-Zubaidi, stated, according to a statement of finance, that “after coordination and follow-up between the concerned departments, the Ministry of Transport will provide the General Customs Authority with the validity of the issuance of the entry of goods through land, air and sea ports, and in turn the authority informs the Central Bank of Iraq.”

Al-Zubaidi added that “the Federal Integrity Commission praised the proposal of the Customs Commission in an attempt to control fraud in the currency auction,” noting that “the Prime Minister’s Office issued circulars based on the letters of the General Commission of Customs and the Integrity Commission to the Minister of Transport to work accordingly.”

The statement pointed out that “this step comes within the framework of the Ministry of Finance’s ongoing efforts to stop the waste of public money and harm the national economy, and cut off the path of spoilers and manipulators in all customs centers and outlets.”   LINK

The General Authority of Customs is initiating a new mechanism to reduce cases of forgery and fraud  LINK

MilitiaMan » June 8th, 2022

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Lets see how the digitization of the borders work out when the exchange rate changes. The new currency requires a change instrument.. That gift to the CBE is telling.. imo ~ MM

Saudi-Iranian dialogue 2022-06-07 16:43 A. A A+

On Tuesday, the head of the Iraqi Government, Mustafa Al-Kazimi, revealed five attempts to resolve international differences in the capital, Baghdad, announcing the success of the Saudi-Iranian dialogue.

 “Al-Kazimi said at a press conference held this evening, Flee the Government Palace in Baghdad, followed by Shaqaf News, that there were five attempts to resolve differences between countries that had happened in Baghdad. Adding that you heard the Iran-Saudi dialogue, and there were other conversations that all of which were successful and not announced in a timely manner in respect of the nature of Iraq’s secret role.”

Iraq had become a meeting point, easing tensions in the region, and these were implications for the Iraqi economic situation and for the stability of the security situation. “And he also said that, in the external relations file, Iraq is now the station of meeting many countries,

Iraq is a strategic location and enjoys natural and human wealth, all of which help to play an important role in the region and the world.” “And he said, “”Iraq was two years closer to a semi-isolated country, there was a crisis of trust, today we regained Iraq’s relations with many countries of the region and the world.” The Iraqi Prime Minister stressed that everyone had started to trust Iraq and its turn, noting that Iraq played a role in helping some countries crossing the plight of their own. Link

Once again we see regional reconciliation. The future is now. They clearly show they have economic security and stability.. The largest neighbors in secret meetings with a positive flair. Iraq is in good grace.. Well then everyone that owns dinar is in good grace.. The region and the world they are talking about. FWIW.. lol imo.. ~ MM

Jwarizona » June 8th, 2022

I think I heard somewhere,  “IT MUST NOT FAIL WITH THE CITIZENS ” or something along those lines to be fair……. Once again I’m enjoying the fair shake of information and also enjoy the contrast or opinions from others.  Either way this has been an exciting, frustrating, up, down, sideways and humbling experience.  Make note….I sure hope this thing gets done soon or I continue to wait like the rest. Hopefully sooner than later as the old cliché goes. IMO  

MilitiaMan » June 8th, 2022

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Show me the money, right? smh.. It doesn’t matter how good and or fresh news is and that the learning of what we didn’t know seems to get sorted, as an “old clichés.”.  Doesn’t the impact to a picture game a positive reaction? The CBI and the CBE in London showing the future value of what is to come, not bring a smile? lol Sorry, I may not get it. Down playing emotions in a market I can understand, but down playing during times never witnessed before, is mind boggling..~ MM

Source: Dinar Recaps


Samson » June 8th, 2022

The Iraqi parliament votes on the law on emergency support for food security in general

8th June, 2022

The Iraqi parliament voted, on Wednesday evening, on the law on emergency support for food security in general.

For his part, the First Deputy Speaker of Parliament, Hakim Al-Zamili, considered the vote on the “Food Security” law a victory for the rights of the poor, stressing, “We will follow up on the mechanism for disbursing the amounts allocated in it.”

In his statements after the vote, Al-Zamili also indicated that the House of Representatives is proceeding with issuing important legislation and holding the corrupt accountable.  LINK

DinarDiva » June 8th, 2022

So Publish Food Security Law in Gazette  first then RATE Change or Visa Versa!!!!!  

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Youngsc » June 8th, 2022

No Dinardiva. IMO there is no new rate associated with this food law. This food law is just a filler until the budget is approved imo. Food law is not what we want as investors. We await the 22 budget as WS and Frank had stated so many times. Frank had also stated to Eddie this this past Monday that this food law is not important IMO. Personally i do not care for this law too but i await for the annoucement of a GOI along with the 22 budget being approved IMO.  

DallasDude » June 8th, 2022

I believe Tivon and MM may have a different take on your opinion..now parliament is off on a 30 day break which means mid July for addressing budget issue at the earliest. If that is the case we have a ways to go plus the 2023 budget will be a topic soon..I believe CBI will adjust accordingly now that the FSL is passed

Godlover » June 8th, 2022

I do not think this FSL has a new rate, but I do think it gives the current government an avenue (resources) to change the exchange rate. This law is going to jump start the private sector aka the citizen sector.

TIVON » June 8th, 2022

And if you read my comments regarding that statement from Frank you would see how and why I did not disagree with him for reasons I laid out.

The HCL/Oil & Gas is the bottom line for everything that will fuel their economy. Which was approved to be contracted with Baghdad days ago that Kurdistan region signed off on.

When they approve of the 2022 Budget it will not be because of the money that is usually in the budget because most of it went towards the Food Security Law that will cover everything that even budgets from ten years ago was supposed to do.

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Which is why Mazhar Muhammad Salih (Financial Advisor) stated that they only need the budget to gain access to the final accounts. Once they do they can have a financial portfolio to track all allocated funds going toward ministries, departments, governates,, investments, reconstruction, agriculture, etc.

Remember they said they want the FSL to empty the budget. So that should tell you they are not dependent upon the approval of the budget to finance anything. 

That’s why the budget is important because it stipulates an oversight committee to have provisions in place to account for all financial revenues from oil, exports, trade, local markets and, international markets.

Not to mention the oil contracts and border ports. Citizens Entitlements covers a long list of things that require a rate change which is in the FSL. Why? Because it was legislated to do so as just like the budget the FSL has access to the oil surplus and gold reserves that is 90% covered.

Again, they can go this entire year if they wanted (Doubt They Do) without budget simply because “Purchasing Power” by default will come from THE HCL/NGO. It can be handled without the citizens being dragged along during the back & forth that has transpired over ten+ years because of the budget.

Saleh said in an interview with Shafak News Agency; “The rise in Iraq’s hard currency reserves will increase confidence in the Iraqi dinar and will increase its stability,” stressing that “the Iraqi dinar is approaching full coverage of hard currency reserves in light of the current exchange rate.”

He didn’t say a budget caused this. The reserves did. Which the FSL has access to in order to produce purchasing power for the citizens. 

Quote: Saleh said, in a statement followed by the obelisk, that “the final account of the state reflects the processes of applying the general budget in accordance with the legal regulations, regulations and financial instructions issued, to show the financial position of the state, because of its collectible rights and its repayable obligations.” He added that “the balance of the final account shows the increase or decrease in the state’s assets or assets, which is embodied by the deficit in expenditures or the surplus in revenues during one fiscal year    IMO

Source: Dinar Recaps


DinarDiva1 » June 8th, 2022

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so if no budget needs to be approved ! When will the rate change? 

Tivon » June 8th, 2022

Listen you have to consider what impacts a budget. The economic performance of the things listed below are considered when a budget is being put together.

So if Hakim Al-Zamili or Mazhar Muhammad Saleh tell you that the FSL is being treated as a budget what is required for the below list to function economically to determine a fair exchange rate when it comes to economic exposure

A third impact of foreign exchange rate variations is uncontracted future cash flows from foreign operations or investments. This is considered economic exposure and requires policy decisions that are important to the budgeting process.

Strategic planning activities should consider policy decisions that include selecting and segmenting markets that minimize the effects of foreign currency fluctuation while maxi-mizing long-term cash flows. This could be the subsidized market regarding food which would impact the ration cards since this is included in the FSL.

This FSL is acting as a budget (Financially) until one is approved so the state can account for all revenues from every sector of public & private sector.

Why? Because the budget has access to the Final Accounts. The balance of the final account shows the increase or decrease in the state’s assets or assets, which is embodied by the deficit in expenditures or the surplus in revenues during one fiscal year.”

This is why it is important to actually have a general budget. Not necessarily because of money that is associated with one. They do not need the budget to allocate any funds, the FSL will do that.

So when they release a rate it will be because of the forecasted input/output o the Overall GDP that influence what price they decide to come out at.

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Which is why the FSL covers so many economic areas. Let the CBI do their job because it’s them who will release the rate. Not Parliament, or House of Representatives. Because most of them will be dissolved anyway. And Al-Kazemi will run the country. And be given all authority until elections.   IMO  

Patriots12 » June 8th, 2022

Thank You Tivion…. great analysis… just slightly above my pay grade to fully comprehend…. no date but what next mechanisms are we looking for a rate IYO… is it now IYO whenever they feel like it ? essentially

Tivon » June 8th, 2022

Well the sense of urgency as to the approval of the FSL was performed under circumstances surrounding the reasons why the FSL was needed to begin with. Which they treated as an alternative to the general budget. Y

You have to consider what influences an exchange rate. A budget only exists as a provisional parameter that creates a margin on revenues that will come from the things listed below. All of the calculated revenue from these areas determines the exchange rate that could be put into a budget. Or in this case the FSL sense it is being treated as one.

So we wait for the CBI now. The political figures done their part. I highly doubt releasing an exchange rate while markets are already open is a good idea. I think this would be something that happens after closing/before opening.

The Oil Contracts 
The Oil & Gas Law
The Border Ports
Taxes & Tariffs 
Land & Border Ports 
The HCL/NGO
The Private Sector 
Retirement & Social Security 
Currency Auction Fraud

Electricity Sector 

Export Revenues 

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Agriculture 

Gold Reserves 

Oil Surplus 

Social Welfare 

Ration Card

Private/Public Sector

IMO

Samson » June 8th, 2022

Al-Zamili: The Food Security Law is a victory for the rights of the poor

8th June, 2022

The First Deputy Speaker of the House of Representatives Hakim Al-Zamili, on Wednesday, blessed the Iraqi people to vote on the “Emergency Support for Food Security” law, stressing that the vote on the law is a great achievement and a victory for the rights of the poor, vulnerable groups, and others, stressing that he is following up with the relevant authorities and committees for the mechanism of disbursing the amounts allocated within the law to ensure reach those who deserve it.

In a statement received by Mawazine News, Al-Zamili indicated that the biggest challenge faced by the House of Representatives during the past period was to provide the requirements and needs of the people, and the House was keen to pass the “Food Security” law with the aim of supporting the poor by providing ration card allocations.

Increasing social welfare salaries to include the largest number of beneficiaries, in addition to the sums needed to meet the needs of the electricity sector, adjusting the status of lecturers, administrators, procedure, metrology readers, holders of higher degrees and first graduates, electricity and oil contracts, and other ministries, and returning voided contracts from the security services. and military.

According to the statement, Al-Zamili thanked all the ladies and gentlemen of the parliament who participated in voting on the law today, praising at the same time the great efforts made by the presidency and members of the Finance Committee to come up with a law that meets the requirements of the current stage, adding that the parliament in its current session is proceeding strongly in issuing the legislation that it is in the service of Iraq and the Iraqis.    LINK

TheGreenTreesMusic » June 8th, 2022

First paragraph …..”mechanism”  let’s just sit back and let it play out….

Tivon » June 8th, 2022

Following up with “Relevant Authorities” to ensure the money is allocated to sensitive economic areas would of course be the CBI.

Ask yourself if the government is going on a 30 day recess who would be the “Relevant Authorities” to disburse the funds? They can’t use the budget to allocate the funds because it’s not approved and doesn’t have any money in it because it all went to the FSL.

So someone tell me how these will be dispensed to the departments or ministries again? Let alone the citizens if there will be an inactive government for 30 days without a budget?

Who controls the mechanism? Can’t be the government. They going on break right? So please let’s allow this guy to do his job.

Today was about the vote, not necessarily the rate. We got that now. Let’s look for the other part. Hakim, take it away maestro. 

Quote: The First Deputy Speaker of the House of Representatives Hakim Al-Zamili, on Wednesday, blessed the Iraqi people to vote on the “Emergency Support for Food Security” law, stressing that the vote on the law is a great achievement and a victory for the rights of the poor, vulnerable groups, and others, stressing that he is following up with the relevant authorities and committees for the mechanism of disbursing the amounts allocated within the law to ensure reach those who deserve it.   IMO

DeepWoodz » June 8th, 2022

Imo.Here is what’s in the FSL. 

(6,000,000,000,000) The Ministry of Commerce is distributed as follows

Improving and purchasing the ration card vocabulary and buying the local wheat crop first, then the imported, watermelon and strategic storage

Paying the dues to the farmers, including the farmers of the Kurdistan Region

(4,000,000,000,000) Ministry of Electricity (Paying off external debts, import debts and purchasing gas and energy)

chamber Development of regions for governorates that are not organized in a region and distributed according to population and poverty rates for each governorate, provided that 30% of the Money Committee

Allocations of Baghdad Governorate to the Municipality of Baghdad Ministry of Labor and Social Affairs (inclusion of social protection and people with special needs, to be distributed according to the population ratios of the governorates)

Lecturers, administrators, contracts, employees, graduate degree holders, and graduates from among the first

Petrodollar allocations are distributed to the producing or refined governorates, according to the production rate. The 2019 production rate depends on calculating the ratios between the governorates, and the governorate has a choice between production or refining of oil.

Ministry Of Agriculture (7,000,000,000,000)

A. Seeds of wheat, barley, rye, fodder barley, yellow corn

B. Fertilizer support

C. Supporting the purchase of fodder to combat desertification

D. Pesticide support

E. Support for veterinary drugs

F. Support for irrigation systems and agricultural aircraft

G. Payment of previous dues for wheat, fodder barley and seeds

H. yellow corn

Oil Ministry (600,000,000,000)

I. Payment of production costs to the Basra Oil Company

J. North Oil Company

(500,000,000,000) Ministry of Construction and Housing Public Authority for Roads and Bridges Projects (new and ongoing

Emergency expenses at the suggestion of the Minister of Finance and the approval of the Council of Ministers (100,000,000,000)

11. Ministry of Water Resources (100,000,000,000)

Ministry of Education Maintenance of school buildings (150,000,000,000)

It is added to paragraph 3 of this table and distributed to the governorates according to the following percentages (20% Al-Diwaniyah, 20% Al-Muthanna, 15% Babil, 15% Maysan, 15% Wasit, 15% Salah Al-Din) (500,000,000,000)

Fund for the Reconstruction of Areas Affected by Terrorism, Dhi Qar Emaar Fund (550,000,000,000)

Law No. 20 of 2009 amending the Compensation for Victims of War Operations, Military Mistakes and Terrorist Operations Law (300,000,000,000)

Martyrs Foundation Grants and financial transfers / purchase of land / opening costs / mass graves (150,000,000,000)

Foundation for Political Prisoners Parliament Money Committee (100,000,000,000)

Border Patrol Command (25,000,000,000)

I tried to compile it neatly as possible. 
From an INA article “Full text of the provisions of the food security law that was voted in the parliament” 

Tivon » June 8th, 2022

Wait a sec….wasn’t Reconstruction, Farmers Dues, and Electricity originally a thing that the budget from previous years was supposed to address via a new exchange rate?

Now I’m not a rocket scientist. But looking at one of the line items that 500,000,000,000 for new & ongoing construction projects will be allocated to while the government is on a 30 day recess surely would present problems if they need a budget to finance something that requires a rate if it was approved right?

How else would these projects find the funds to begin anything right?

Unless there is something called an “Emergency Food Security Law” that just got approved today that will act as a budget right?

I don’t think I’m using any 6th sense to come up with this logical input I’m imparting upon the thread today. Just saying that is alot of money to be distributed without a budget. And I only mentioned one of the areas on this list.

I guess some people have to hear it a thousand times before it gets through. I don’t know how else this could get through after I have shown so many references to state officials and comments made from financial advisors why both the FSL & Budget are important for different reasons.

You tell me how they will accomplish everything on this list with a program rate without a budget?

Unlesssssss they have an alternative to one from which is posted above that covers all areas that are relevant to the citizens and GDP.    IMO

Source: Dinar Recaps


TIVON » June 8th, 2022

Dissolution of Parliament is looming for the upcoming 15th deadline to have one. Not only that the current government is going on a 30 day recess. Not only that you no current budget. So if Hakim Al-Zamili stated today that he will meet with the “Relevant Authorities” to distribute all the funds of the “Food Security Law” to departments, ministries, governates, and citizens as soon as possible.

How could he have the ability to do so if the GOI is 30 days out after the break to approve something that was voted on without them being seated?

The a House of Representative member stated that laws can be legislated with or without a seated government. Is a general budget a law? But what did Mazhar Saleh state in terms of active laws in Iraq? That there are only two right? Well tell me which one of the two was voted on today? Because if one requires a rate to function to be a proper budget. What would you call the Food Security Law if all the money in a budget was sent to the FSL?

From the article posted by Deepwoodz showing all the financial allocations in the FSL. How can Hakim Al-Zamili follow up with any authority to ensure money goes to those departments without a rate change to accommodate or accompany those distributions?

Guess what laws have access to oil & gold reserves along with the oil surplus? The FSL & Budget. Which one got approved today? Which would mean….nevermind.     IMO ~ Tivon

MilitiaMan » June 8th, 2022

That is a good question Tivon. We can look to what has been said. So, we see the sums (money) will be in the ministries and governorates as soon as they law is voted on.  That sounds like quickly to me.

Then there is the statement of the parliament adjourned until further notice. We know they have a session recess starting tomorrow for thirty days. But, they say until further notice adjourned.. That to me suggests a meeting may come at anytime a necessary item arises.

The needs of the citizens are a necessary.  The President is slated to be on the table in the next few days. That too would be a necessary if they want to avoid a dissolution of parliament within about a weeks time, per Sadr..

The Kurds have now put up Fouad Hussein as a new go to candidate for President. Sounds like he is well liked. The article suggests that they mentioned him yesterday.. I can not imagine he just popped into the picture.. Fairly sure he would have been floated all along or at least a portion of the proceeding 7 month blockage.  His track record supports he is well received by many foreign relations. 

So, the sums are to be in the accounts of the ministries and governorates, awaiting the mechanism for distribution.

That mechanism imo is a new international exchange rate, a needed item for distribution.

Could that distribution be prior to the next voting session in a few days, or has that voting session already happened and possibly today, just untold to us yet?   We don’t know.

If they are to expose the rate prior to seating, as the present PM Kahdimi is in power now and he has the same powers to address the citizens needs today, is it in the realm of possibilities?  We don’t fully know, yet. 

The main take away is they voted on teh FSL and passed it and they apparently stated they were to place sums into accounts awaiting a mechanism to distribute amounts allocated once passed.

Having the President seated may be all that is needed for that too,  as it would show they have 2/3rds majority and Sadr has easy 50% +1 in the bag in the end.. He wants no procrastination.

Regardless, I agree that the ball is in motion and nothing is stopping it.. Imo.. Looking forward to the next move.. ~ MM

Al-Kaabi indicated that “the sums will be in the ministries and governorates account, as soon as the law is voted on.” End quote

The Iraqi parliament votes on the law on emergency support for food security in general

8th June, 2022

The Iraqi parliament voted, on Wednesday evening, on the law on emergency support for food security in general.

A parliamentary source told Shafaq News Agency that the House of Representatives voted in its session, which was held this evening, in the presence of 273 deputies and the chairmanship of Parliament Speaker Muhammad al-Halbousi, on the law on emergency support for food security in general, indicating that the parliament adjourned its session after voting to further notice.

For his part, the First Deputy Speaker of Parliament, Hakim Al-Zamili, considered the vote on the “Food Security” law a victory for the rights of the poor, stressing, “We will follow up on the mechanism for disbursing the amounts allocated in it.” LINK

A source confirms that the name of Fouad Hussein has been proposed as the consensus President of the Republilc for the Democratic Party

7th June, 2022

Tuesday, a high-ranking political source revealed that the crisis of the presidential candidate has ended, after the current Foreign Minister, Fouad Hussein, proposed a consensus candidate for the Kurdistan Democratic Party for the presidency.

In an interview with the National News Center, a source said that the opponent of the Kurdistan Democratic Party’s assumption of the presidency was the Shiite coordination framework, but now he admitted that he took the wrong path by supporting the candidate of the Patriotic Union of Kurdistan, Barham Salih, on whom they had prior comments, but they supported him. Because his party tends to the eastern neighbor, as do most of the leaders of the framework.”

He added, “The framework has changed its direction now, after the name of Fouad Hussein was proposed as a candidate for the presidency, and described his candidacy as the safest and best option, especially after he achieved outstanding successes in the foreign file, during his tenure as Minister of Foreign Affairs.

He explained that “Fouad Hussein enjoys good relations with the various political blocs, and he has experience in managing external and internal files, so he will not find any obstacle in front of him as he walks confidently towards the Sinbad presidential palace. The source indicated that “the next few days, the date for the voting session on the President of the Republic will be set.”  LINK

Tivon » June 8th, 2022

Now that you brought this article to my attention this I can now picture why things may have been set up in a manner where the citizens can see who is working for them and who is not. Food Security Law is settled and now they are on the verge of picking a President of The Republic?

And the mechanism Hakim Al-Zamili refers to could be the same one The General Authority of Customs mentioned when reducing fraud at the currency auctions? I mean they did say the mechanism reduces fraud from goods exports/imports from land, air, and sea correct?

This program was announced as complete. Ministry of Finance also deals with this new mechanism. Also doesn’t this same mechanism deal with balancing the exchange rates?

They stated the Director General of the Commission, Osama Hosam Jawdat, told the Iraqi News Agency (INA), that “the hard currency auction follows the monetary policy of the Central Bank to control the exchange rate,” noting that “when someone makes a “Transfer Abroad”, he must match this transfer with imports because he took the transfer at a price.” The official exchange, not the one in the market.

I would think Hakim Al-Zamili would know something about this mechanism given it was just announced couple of days ago. Wouldn’t the CBI be the proper authorities to be a provisional entity to oversee where or how these financial distributions should come about? (Article 95 June 5th Thread)

This mechanism Hakim talks about sounds really peculiar don’t you think? Especially since we know oil contracts are settled. Along with AYSCUDA being ready. Monumental announcements have been made over the past seven days that will directly impact the citizens. Now the formation of the GOI is closing in in a few days? This week definitely isn’t over by a long shot. People need to double down on certain articles and go read them a few times over. 

What a powerful week this is shaping up to be on multiple fronts as if this was all coordinated in advance in writing and everyone was given their scripts to play out.

Sadr has them on the ropes. I guess they really listened when he said no more procrastination. This is happening right of the heels of the vote on the FSL today. I read an article from someone who called this in on the political crisis ending in a few days now look what pops up.   IMO

Source: Dinar Recaps

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