KTFA:

Mr. Al-Hakim: We are optimistic about resolving the political impasse and our bet on the wisdom of the leaders   LINK

MilitiaMan:  As stated before the world is watching this like a hawk. The road to take would seem to have the impasse sorted and move on and away from the dissolution of the parliament.

 It would be in the eyes of the region and the world a more unified, credible and legitimate way if you will in forming the new government, however, the dissolution and granting more powers to the prime minister are also constitutional and could be accepted..

The latter may be the way they go. Be sure though the threat of losing immunity may make things get real and fast for those that may have dirty hands. Dissolution may very well clean the slate of corruption and that actually maybe the best way to go..  It is their  choice..MM

A source : Oil companies in Kurdistan will appear before the Commercial Court in Baghdad next Sunday  LINK

MilitiaMan:  Looks like tomorrow is shaping up to be an event filled day. They told us they would get on the FSL by Wednesday next week.. Fast forward that one to tomorrow.. lol

Then there is the matter of the NGO (HCL)  (Hydro-Carbon Law) that will be dealing with the oil between Baghdad and the Kurds for the peoples purchase power. Earlier we see that all laws are temporary with respect to contracts. I have a feeling the FSL Law is on the table for a very good reason if you get my point.. imo ~ Just as the Court summons the oil companies..

They all have contracts.. Contracts like the NGO (HCL) are exchange rate sensitive. I like it. I am sure there is more to it than that, but, that part is what I am interested in.. lol. ~ MM

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Samson:  Parliamentary Finance expects to challenge the Food Security Law

06/04/2022 09:15:17

The Parliamentary Finance Committee expected, today, Saturday, to challenge the food security law that Parliament intends to pass.

Committee member Jamal Cougar told {Euphrates News}: "We expect that the Food Security Law will face appeals," noting that "its passage in the House of Representatives requires a simple majority to complete the session's quorum {50 +1}.

He added that "this condition is available, but to pass the law requires 50 + 1 of the audience," noting that "the matter will depend on the appeals that the law faces in the Federal Court, and it will invalidate the law similar to the law sent by the government."

And the Federal Supreme Court decided, on May 15, 2022, to cancel the draft law on emergency support for food security and development based on a lawsuit filed by Representative Basem Khashan, while it indicated that Al-Kazemi’s government is a caretaker and is not entitled to send bills, contract loans, appoint to senior positions of the state and exempt them or Restructuring of ministries and departments. LINK

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Parliamentary efforts to vote an emergency support next weekend

2nd June, 2022

Thursday, the Parliamentary Finance Committee detailed the allocations  For the emergency support law proposal and its covered sectors, while stressing that it must be voted on before the eighth of this month, that is, before the end of the first legislative term, the end of next week.

A member of the Parliamentary Finance Committee, Muhannad Al-Khazali, told Al-Iraqiya News and its follower, the National News Center, that "since yesterday, the committee began deliberating the allocations of the law proposal, where large sums will be allocated to supplement food security through the ration card, with approximately 8.5 trillion dinars."

He added, "As for the amounts of development, 8 trillion dinars will be allocated for the development of the regions, distributed to the governorates according to the population and poverty rate, in addition to one trillion dinars allocated to the oil-producing governorates." He pointed out that "the emergency support law also focused on the file of electricity and gas debt, and 5 trillion and 300 billion dinars were allocated in the law for this matter."

With regard to the allocations for adding lecturers to the law, Khazali stated that “the members of the Finance Committee with the addition of allocations for lecturers, contracts and scientists and find that there is an interest in adding them, and a letter was sent to the Ministry of Finance about its need for allocations.”

He stressed that voting on the law must be completed before next Wednesday, the eighth of this month, as it will be the date for the end of the first legislative term. LINK

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Parliamentary Finance: Contracts cannot be fixed without legal cover

06/03/2022 19:40:33

The Parliamentary Finance Committee confirmed, today, Friday, that contracts cannot be established without legal cover.

Committee member Jamal Cougar told {Euphrates News}: "We believe that all files related to fixing and transferring contracts and daily procedure need legal cover," noting that "without that cover represented by the budget law, it is not possible to move and take any action."

He added, "All current laws are temporary laws."  LINK

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MilitiaMan:  This next week has many things that are on going. There has already, as we can see been debate on allocations for the emergency food law. Which is said to be synonymous with the 2022 Budget Law.

They are both exchange rate oriented. So are contracts. Hence, the finance committee is mentioning the fact they need legal cover.

There has to be a level playing field. Contracts will need to have an adjustment clause if you will that allows for an exchange rate change on a value equivalency basis. Fair is fair.. Noone is to get hurt during an exchange rate change.

There is no coincidence that these issues are running in parallel. Take not of this too. "All laws are temporary laws.". They are making sure they have the legal cover needed for what's coming, imo. ~ MM

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Tivon:  Right, and what did Mazhar Saleh state in regards to legislation of laws? That there are two. One being the "Food Security Law" and the other being the 2022 Budget Law. Which you say is exchange rate oriented.

 Now that the oil surplus will basically go towards the FSL. They can approve the budget at anytime prior to or after the formation of the government for general reasons outside of financial allocations.

 Post 30 explains why a budget is important. And it did not mention that because it has funds available that requires a government or exchange rate. They simply need to know for assets increase/decrease. Gains/Losses. Assets/Liabilities. Pros/Cons. Active/Inactive funds. Which is why they will allow the FSL to drain the budget financially. They only need the Budget this year to gain access to final accounts. IMO

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MilitiaMan:  From what I believe is happening or has happened is that this past week there was a vote in parliament and it was related to the Food Security Law. They had the vote then adjourned the meeting until further notice with out any results. Then they told us they need to have a vote on same by next Wednesday. Today they tell us they are doing that tomorrow instead.  That is also on the heals of the summons from the Federal Court with the Oil Companies associated with the Kurdish region.  Today we see that they are talking about, "All contracts are temporary." Well we know that the FSL is about contracts. The 2022 Budget being synonymous with the  FSL and the 2022 Budget relates to contracts just as the summoned companies are related to contracts.

Samson:  The Central Bank of Iraq participates in the annual meetings of the Islamic Development Bank

4th June, 2022

The Deputy Governor of the Central Bank of Iraq participated in the annual meetings of the Islamic Development Bank, which will be held for the period from 1-4 June 2022 in the Arab Republic of Egypt.

The Deputy Governor held several meetings with officials and institutions of the Islamic Development Bank to enhance their contributions to support various projects for the public and private sectors in Iraq. For its part, the Islamic Development Bank affirmed its readiness to provide support and contribute to the financing of strategic projects in Iraq and the development of human resources for the Central Bank of Iraq and the Ministry of Finance in various financial aspects, especially the issuance of green sukuk. 

A delegation from the Central Bank of Iraq and the Director General of the Iraqi Fund for Foreign Development in the Ministry of Finance participated in the meetings.

On the other hand, he arrived in Baghdad on Friday afternoon 6/3/2022 a delegation from the Central Bank of Egypt is on an official visit to discuss prospects for cooperation with the Central Bank of Iraq and to exchange experiences in various issues of common interest.

Central Bank of Iraq
Media Office   3/6/ 2022

Green Sukuk are Shari'ah compliant investments in renewable energy and other environmental assets. They address Shari'ah concern for protecting the environment. LINK

MilitiaMan:  Sounds like they are gearing for international business. They are to be using Islamic financial instruments (bonds) or something similar to facilitate the projects financial needs. Green is for clean energy. Just is the AYSCUDA system that is being used at the borders. Everyone in the region is aware of what's coming.. imo ~ MM

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Samson:  Al-Kazemi’s advisor identifies the reasons for the failure to approve the final accounts: the difficulty of settling the accumulated advances

4th June, 2022

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, on Saturday, June 4, 2022, two main factors that contributed to the failure to approve the final accounts of the state ten years ago.

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."

He continued: "Therefore, the government final account is one of the most important financial statements that the government prepares annually, based on the provisions of Article 34 of the effective Financial Management Law No. 6 of 2019 as amended, related to the financial statement, in order to clarify all actual expenses and revenues for the ended fiscal year and the consequences thereof. actual surplus or deficit.

He pointed out that "the legislative authority was unable to approve the final account after the year 2012 until the present, that is, a decade has passed, and the state's financial position is still unknown in its details. The end is before the legislative authority, which is the first supervisory authority in the country."

He pointed out that "two main factors contributed to the failure to approve the final accounts on a regular basis for ten years. The first is the difficulty of settling the accumulated government advances, which amounted to a very high number and may be equivalent in terms of the amount to the expenses of a full fiscal year or more, and the lack of supporting documents at a high rate."

He explained that "the second factor is the presence of more than one fiscal year in which there was no law for the general budget, which requires legislation (a current budget), which is closer to the final account, especially for the two years 2014-2020."

He stressed that "the oversight task of the House of Representatives in this regard will be a little arduous in following up on the completion of the country's final accounts for the years 2013-2021, but it will certainly be fruitful."  

MilitiaMan:  So Al Kahdimi's advisor is saying that the final accounts are sorted back through 2012 and that subsequent 2013 - 2021 will be a arduous task but, in the end will be fruitful.. I'll bet very fruitful.. They will have to have had the final accounts sorted prior to an exchange rate change. lol oh ya..  ~ imo ~ MM