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“GOI Working Hard” – Wed. PM KTFA Thoughts/News 1-11-23

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Clare » January 11th, 2023

Oil and Gas Law.. Four articles will decide its approval

01/11/2023

The leader of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed today, Wednesday, the adoption of the oil and gas law on four articles that will resolve the dispute between Baghdad and Erbil and accelerate the pace of its approval within the dome of the House of Representatives.

Karim told Al-Furat News that: “The main problem related to the oil and gas law is due to its lack of existence in the first place, as the invocation was limited to the constitution with regard to oil, but now it will be based on the constitution and the law.”

He explained, “Where it will depend on the constitutional provisions of Article 111, Article 112, Article 117 and Article 110, as well as reliance on the Federal Court Law.”

Karim continued, “The basis of the differences with the region was the lack of an oil and gas law, and there is consensus and agreement on the law to be approved within a period of time ranging from 6 months to a year.”

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He pointed out that “there is no justification that the second OPEC country and a rich country in Iraq has no law.”

Today, Wednesday, an expanded technical meeting was held between the federal government and the delegation of the Kurdistan Regional Government of Iraq.

According to a statement by the Prime Minister’s Office, the meeting witnessed extensive discussions regarding the general federal budget law for the year 2023, and an emphasis on the speed of its resolution, in order to implement strategic plans, programs and projects in the field of services, economy, investment, and other files.

It also dealt with a number of contentious issues between Baghdad and Erbil, especially with regard to the oil and gas law, and the emphasis on resolving them in accordance with what was stated in the constitution.

From: Raghad Dahham   LINK

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Zeeman » January 11th, 2023

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Good article Clare but what would be even better is if the goi would have come back  on time and if all the words of how important it is would turn into action and just do it imo  

Paulette » January 11th, 2023

Hey Z…..the GOI has been working hard.  Did you see all the items they passed in their last couple sessions??  And we read today that the Kurds and Baghdad (Sudani’s GOI) are in talks about passing the Oil and Gas law???  The GOI has been working hard by all reports……

Parliament was on recess, not the GOI.  As to Parliament having their first session is irrelevant IMO.  They cannot work on passing the budget until they receive it.  Sudani’s GOI has not passed it yet.  All laws, including the budget, have to pass the GOI prior to Parliament receiving them.  It is only then that Parliament can commence the First Reading.  

Thereafter, it goes to the relevant Committee to discuss, review and then return to Parliament with their analysis and comments.  The Second and Third Readings can then commence. If passed, it can then be sent to the President for signature.  After which, it then goes to the Finance Minister for disbursement which often takes upwards of 30 days.

We know that all Parliament Committees have returned to work this week.  Until Parliament has something to put on their Agenda, there is no reason to even have a session.

Watch for when the GOI is going to pass the budget.  I hope it is not until after the CBI, in the words of Frank, “Reinstitutes” their currency which must occur prior or simultaneous to the RI.  I believe it will be prior with the RI to follow from 2 weeks to upwards of a year.  I don’t think a year is likely but Shabbibi said that inflation has to be monitored prior to moving ahead.  

I am hopeful that the CBI is currently doing that in their reported experiment in depegging from the USD.  

Let’s hope that Sudani’s GOI doesn’t pass this budget prior to the currency being “reinstituted”.  If they do, there are still many windows of opportunity for the CBI to take action as I spelled out above.  If it gets all the way back to the Finance Minister and disbursements are made at 1450, this year certainly gets a little muddled as the budget is retroactive to January 1.  

The other thing to watch is whether they disburse salaries for 1/2023 prior to the CBI “reinstituting” the currency.  Remember that they can disburse on the 1/12th system prior to a budget being passed.  Again, this would seem to muddle the accounting for the 2023 Fiscal year.

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Yesterday, there were reports that the GOI would be passing the budget within 48 hours and then sending it on to Parliament to likely have a First reading on Sunday.  This times out well with a late Thursday passing however, the GOI usually meets on Tuesdays.  Let’s watch what they do.

As was pointed out in this thread, the CBI is now conducting Currency Sales for the day on the day.  This actually started Monday.  Also note that the “Remittances” have been very low relatively and that the “Cash” has been High relatively.  This suggests they are still fighting to get the Market Rate controlled but businesses are not wanting to pay for imports at this time.  Perhaps they are expecting to be able to purchase imports at a lower rate soon.  

Also, the change in frequency is conducive to how DELTA always said it go when the change occurred.  He always said the CBI would conduct a Currency Sale in the morning, the site would go down and when it returned that the Rate would have been changed.

I always liked a Thursday for this to happen with the CBI site returning on Saturday or Sunday.  Announcements and education can start in the mosques on Friday morning.  This would also fulfill what Shabbibi said in that he wanted the Iraqi Citizens to benefit prior to the rest of the world.

Tomorrow is Thursday………Perhaps a big one at that……..Time will Tell….

If not, I hope the GOI does not pass the budget and we are in a similar possible scenario on another day.

Source: Dinar Recaps

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