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KTFA
Samson » June 9th, 2022
Oil prices above $121
8th June, 2022
Oil prices rose on Wednesday, anticipating a decline in US oil inventories, while expectations of strong demand in the upcoming driving season also provided support.
Brent crude futures for August rose 45 cents, or 0.32 percent, to $ 121.02 a barrel by 05:13 GMT, after closing on Tuesday at the highest level since May 31.
US West Texas Intermediate crude for July was at $119.94 a barrel, up 53 cents, or 0.44%, after reaching its highest settlement since March 8 in the previous session.
“The oil market is expected to remain tight as the supply side will continue to tell the story of low inventories, and crude oil inventories are likely to record further drawdowns as the holiday driving season intensifies,” Oanda analyst Edward Moya said in a note.
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The World Bank on Tuesday cut its global growth forecast for 2022 by about a third, warning that Russia’s invasion of Ukraine has compounded the damage from the COVID-19 pandemic, and that many countries are now facing a recession.
Meanwhile, global supplies of crude oil and petroleum products remain scarce, pushing prices higher.
Source: Dinar Recaps
Clare » June 9th, 2022
FROM FRANK: TONIGHT….THURSDAY 6/9 ……….RED HOT 15 MINUTE UB2B…. STARTING AROUND 6 PM EST….
Samson » June 9th, 2022
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Adviser to Al-Kazemi: The emergency support law will compensate for the budget and move the wheel of the economy
06/08/2022 23:44:24
Mazhar Muhammad Salih, the financial advisor to Prime Minister Mustafa Al-Kazemi, praised the parliament’s approval of the emergency support law for food security and development.
Saleh told {Euphrates News}: “The emergency support law is related to national food security, as well as electric power, support for farmers, and Iraq’s fuel needs and he indicated that “Iraq’s survival on the Financial Management Law {1/12} according to last year’s expenditures is not enough
Saleh stressed that “the emergency support law will move the wheel of the economy, and its approval is a very positive matter in supporting the poor classes, as it is considered a compensatory law for the budget law, which prevented the political impasse between its approval
The House of Representatives voted in its session this evening on the proposal of the Emergency Support Law for Food Security and Development, allocating 25 trillion dinars to different pieces, after which it raised its session and entered into a legislative recess for a whole month LINK
Jerry1971 » June 9th, 2022
ANOTHER POSITIVE NEWS ON THE FSL BEING A REPLACEMENT FOR THE BUDGET WHICH WAS PASSED OFF YESTERDAY …..GREAT PLACE TO BE NOW AS DINAR HOLDERS IMO
Popeye7 » June 9th, 2022
Imo, great news as it concerns the FSL articles, and it’s use as a replacement for the budget… WOW!…
Tivon » June 9th, 2022
Everytime I am in a predicament to explain why the FSL is a place holder for the budget until other thing’s are sorted out I get further clarity from the man himself to help me along my explanations as to what role this FSL will play.
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I almost feel at times Mazhar Saleh is reading my comments and see the trouble I am having at trying to produce enough evidence for my case and he comes out swinging from the benches to get things going for the home plate by hitting one out to the left field over the fence.
Why would he say the FSL will get the wheels of the economy moving if this law had no effect on potentially releasing an exchange rate that the economy is contingent upon?
I mean what else is there to assist the citizens if the budget is still not approved when a 30 day recess has been called without a seated GOI but they are some still sure the economy will move in the right direction with the FSL? IMO
Samson » June 9th, 2022
A parliamentarian on the emergency support: It is important and targets the poor
8th June, 2022
Member of Parliament, Ahmed Al-Jubouri, said Wednesday, that the emergency support law for food security and development targeted the poor segments of society.
Al-Jubouri said in a tweet via Twitter, “The law of emergency support for food security and development targeted the poor segments of society, the stabilization of all contracts and procedures, the return of the remainder of their voided contracts to members of the security services, compensation for the affected and martyrs … as well as the provision of food and medicine, the reconstruction of the provinces and support for farmers.” “It is indeed an important law,” he added. LINK
Tivon » June 9th, 2022
The stability of all contracts? You wouldn’t happen to also be referring to the oil contracts as well from the Kurdistan Region who no longer has an active Oil & Gas Law that was signed over to Baghdad a couple of days ago that will help the Iraqis recieve “Purchasing Power” since the Oil & Gas Law is being currently legislated under the guise of “Citizens Entitlements” that they have been waiting on for years right?
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Are we sure the FSL isn’t just some filler with little funds to finance the Reconstruction of liberated provinces that the budgets from almost a decade ago was to supposef to address?
Are you pulling our legs parliament? Are you joking around? Are you really trying to get our jollies going just to pull the rug from under us when we least expected it? Because around these parts here at KTFA there are some who don’t think this FSL has the legs for the marathon that is before it.
Maybe a short relay race is the best route for this law. Well the ball is in your court. On your mark, get set. Goooooooooo IMO
Samson » June 9th, 2022
An Economist, The Emergency Support Balances Will Be Transferred To The Ministries’ Accounts With Budget Legislation
9th June, 2022
The economic expert, Dr. Safwan Qusay, explained that the balances of the Emergency Food Security Support Law will be transferred to the ministries’ accounts if the general budget for 2022 is approved, whereby its final accounts are presented with the budget accounts.
Qusay told Al-Maalouma, “The process of opening an account in favor of the Emergency Security Support Law for Food Security and distributing its amounts to the federal ministries will be an account that will be extinguished and settled with the accounts of the 2022 budget if it has been approved.”
He added that “these allocations that will be monitored will reduce the allocations of the federal ministries for the year 2022, as once the budget is approved, the balance of this account will be transferred to the accounts of the concerned ministry.”
And he indicated that “the issue of the accounts is settled in advance, and it is not permissible to spend twice for the same section or entity, after allocating funds for it within the law of emergency support for food security.”
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Tivon » June 9th, 2022
Now here is another article explaining what I have been trying to get across as far as the roles of the FSL & Budget. One is for financing. The other is for accounting for those allocations for book keeping in order to have a financial portfolio as to the revenues to understand better where the money is going.
I have to be on the right track. This is the 3rd article this morning further elucidating on my stance that provisions what I have been saying is a legitimate perspective.
I told you all the budget for this year will not have the role of monetary utility. It will be approved to access the final accounts. The FSL will do the heavy lifting this year in the financing ddepartment.
Now here is the thing. Hakim Al-Zamili didn’t say the access to these funds were contingent upon the Final Accounts or Budget in order for ministries or departments to receive the allocated amounts. So I am waiting for an article from Hakim to clarify this post.
Read the last paragraph. The guy said it’s not necessary for the budget to finance what the FSL will cover because it will be doing it twice if it did for the same section or entity that the FSL has already done. IMO LINK
Samson » June 9th, 2022
Iraq And The World Bank Partner To Reform The Social Protection System
9th June, 2022
The Ministry of Labor and Social Affairs announced, on Thursday, that it is partnering with the World Bank to implement the final steps of the social protection system project in the country.
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The head of the Social Protection Authority, Huda Sajjad, said in a statement that “the aforementioned project is supported by the European Union and includes four stages for designing and developing a national strategy for social protection, as well as building information management systems leading to the establishment of the national registry for social protection and building an integrated model for subsidies.” Conditional stimulus granted to pregnant women and children in schools up to middle school.
Sajjad added, “The project also aims to train the staff working in the authority, noting that it is being implemented in an integrated manner with the World Bank in two parallel tracks, and that the amount allocated for it amounts to $37 million.”
She explained, “The government should develop an integrated map to combat poverty and highlight the importance of combating it, by providing and strengthening services in the areas of health, housing, education, food security, and other necessities of life that provide a decent living for needy families, and enable them to break the cycle of poverty in all its forms.”
Sajjad pointed to “the importance of investing in modern technology to provide the best services to it, through careful targeting that ensures that the aid reaches its true beneficiaries.” LINK
Tivon » June 9th, 2022
Wait a sec, Social Protection? Food Security? Housing? Addressing poverty? Doesn’t this all fall under the Food Security Law? How is it so when the FSL only has about 25 trillion? Please World Bank I beseech you to explain further how all of these areas will benefit from something that is supposedly only 2/10ths of the 2022 Budget? Eradication poverty is a tall order for something not aimed at producing long-term monetary assistance. I mean the law is only for this year correctly? Unlesssssssss…… IMO
Samson » June 9th, 2022
The World Bank is ready to finance “important” projects in the capital, Baghdad
9th June, 2022
The World Bank expressed, on Thursday, its readiness to finance “important” projects in the Iraqi capital, Baghdad.
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A statement issued by the Baghdad Municipality said today that its Secretary, Ammar Musa Kazem, met with Ramzi Noman, the Special Representative of the World Bank in Iraq, to discuss projects designed to develop infrastructure in the capital, Baghdad.
The statement added that the two sides discussed “supporting vital projects prepared by the Baghdad Municipality to develop the infrastructure represented by water and sanitation projects.”
For his part, Numan expressed his support for the Municipality of Baghdad and the important projects that the World Bank can finance within the agreements and plans prepared between the two sides, according to the statement. LINK
Tivon » June 9th, 2022
That agreement wouldn’t happen to be under the “Emergency Food Security Law” now is it?
Those projects wouldn’t happen to be apart of that 30 billion signed off on that other regions dealing with food crisis that Africa, Europe, or South Asia will benefit from right? Because they also happen to have devalued currency as well. Just as Iraq does.
So how will this be addressed where “Purchase Power” can increase in other countries? The Gold Standard? Mining Precious Metals? Agriculture? Well let’s see how things shape up as we await what Hakim Al-Zamili has up his sleeves. I’m sure he has something to say about those Final Accounts. IMO
Source: Dinar Recaps
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