'Well, Frank you say they're a member of the WTO, they qualified for it.' But do you see any official paper that tells you they're a member of the WTO. 'No.'
Why not? Until you see the new exchange rate.
'But you don't have to have a high exchange rate to join the WTO. Why do you say something like that?'
Because commitments were made in contracts that were guaranteed by Sudani for all these people through the WTO investments for the economic reform of Iraq.
THE MOMENT THEY RELEASE THE NEW EXCHANGE RATE AND NEW LOWER NOTES... THE FLOAT AUTOMATICALLY STARTS ON FOREX! That's the float that's going to take it to the real effective exchange rate.
The Iraqi Parliament receives the 2024 budget schedules
5/21/2024
The secretary of the House of Representatives, Safwan Bashir Al-Jarjari, received today, Tuesday, the budget schedules for the year 2024 from the federal government
.
The Media Department of the House of Representatives said in a brief statement that Al-Jarjari referred these schedules to the Presidency of the House of Representatives.
The 2024 budget, according to what Prime Minister Muhammad Shiaa Al-Sudani announced last Sunday, amounts to 211 trillion dinars, and employee salaries for the year 2024 amount to 62 trillion dinars, while the 2023 budget amounted to 199 trillion dinars and employee salaries amounted to 59 trillion dinars.
According to Al-Sudani, the revenues of the 2024 budget are estimated at “144 trillion and 336 billion dinars, while expenditures amount to 210 trillion and 936 billion dinars, while the deficit is 63 trillion and 599 billion dinars.”
Al-Sudani said, “The governorates’ allocations to local government programs with an investment allocation amounted to 10.633 trillion dinars in 2023, and we financed 3.333 trillion dinars, based on fundamental requests from the governorates,” adding, “The remainder of the allocation is 7.333 trillion dinars in a trust account, at the disposal of the governorate governments.”
Iraq...increased their non-oil revenues by 6%. That in itself is a massive amount. Is it going to grow?
Of course it's going to grow. They're just getting started. It's going to be amazing.
Article: "The Central Bank begins the second phase of its banking reform strategy"
They've completed the first phase of reforms and now into the second phase.
Quote: 'It will inevitably bring stability and the recovery of the dinar.' This is amazing...There's some things happening that obviously are beyond our pay grade that are almost available and ready to go. This article...'...inevitably the exchange rate will be in recovery.' To me that means they're going to go back to that 'previous era'. That would be a recovery. Going from 1460 to 1310 or from 1310 to 1182, that's not 'recovery'...Second phase is that we're at that juncture.
Article: "Notice on the Continuation of the National Emergency With Respect to the Stabilization of Iraq"
Quote: "The obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States...I am continuing for 1 year the national emergency with respect to the stabilization of Iraq declared in Executive Order 13303."
Article: "The Central Bank begins the second phase of its banking reform strategy"
Quote: "what will be achieved from the second phase of the banking reform strategy will be reflected in the stability of the exchange rate and the recovery of the Iraqi dinar inevitably"
I have been in touch with a number of contractors …projects that were moth-balled and stalled now suddenly have funding in place...2 contractors in Iraq...believe they will see their rate...(about $3.90)...this week for their projects...I find this very interesting...Where is the money coming from to start these massive projects. Their whole budget is about $162 Billion.
But one contractor was told they are getting ready to start a $150 billion dollar project. Which means there is a lot more money moving than what we are seeing right now.
Question: What do you think the new rate for Iraq will be?
MarkZ: I could be wrong but, I think the rate will start about $3.90 or so. But we are totally guessing.
We know that the budget has passed with $162 billion. It was $153 B last year...There is plenty in the news showing us it is passed…but I have yet to find where they are covering a budget shortfall with a rate...I was told to expect something within days of it being passed.
Comment: Its interesting they are saying billions and not trillions for their budget totals. They must have a rate hike? Right?
MarkZ: You are getting it. We are just trying to piece together “what is that rate?”
FRANK26: "AGAIN WE ASK HOW IS ALL THIS POSSIBLE AT 1320? REALIZE IT'S NOT!!!"....F26
The Iraq Fund for Development approves steps to localize industries and attract foreign investments
5/20/2024
Today, Monday, Prime Minister Muhammad Shiaa Al-Sudani chaired the third meeting of the Board of Directors of the Iraq Fund for Development, in the presence of the Minister of Finance, and the Ministers of Planning, Construction, Housing, Municipalities, and Public Works.
The meeting discussed, according to a statement by Al-Sudani’s office, a copy of which {Al-Furat News} received, “in the projects placed on the Fund’s work plan, the introduction of foreign investments into the Iraqi economy, and within the course of work of the Fund’s projects and targeting the localization of various industries in Iraq, requests submitted by private sector entities were discussed for the purpose of Construction of school buildings, as requests exceeded what was offered for the project in its first phase.” He added, "The meeting also discussed a project to establish a factory for manufacturing passenger buses, in partnership with one of the specialized international companies, and also discussed a request to establish a factory for electronic tablet computers and use them in schools within the educational and pedagogical process." The statement indicated that "the meeting discussed the issue of partnerships with American, British and Saudi companies in the fields of modern irrigation technologies and the use of technology in this context, as well as in the field of liquefying industrial gases and lighting roads and bridges."
The meeting also witnessed setting dates for launching the “Rent and Own” project, for the purpose of contributing to developing practical and economic solutions to the housing crisis.
FROM A MEMBER WHO HAS ASKED THEIR NAME NOT TO BE GIVEN, BUT A GREAT IRS STORY!!!! ***** Carpathia,
I have a really amazing story about IRS.
You may post the story without my name for obvious reasons.
My son and daughter- in-law are both doctors in California. Since the are so busy, I take care of a lot of financial non-sense for them.
Every year after figuring there joint return with a CPA I oversee, they owe about $35,000 more than what was withheld. They are W-2 employees of a medical corporation.
My son is terrified of the IRS. Since their return wasn't complete on April 15th, I asked him if he wanted me to send a bill pay from his account for $35,000, since it usually about that amount additional of the withholding.
He said it was a good idea so I did.
Once the return was complete, they still owed another about $5,000.
The return was e-filed by the CPA and I did a 2nd bill pay for the $5,000 balance.
About a week later, my son called me after his work and told me the IRS had refused the money, sent it back, and Wells Fargo notified him the IRS had returned the $35,000 to hos account with NO explanation.
You know what I was thinking, but my son is not "enlightened."
It was a Friday when we were notified. So I told my son first thing Monday I would seek advice from the CPA.
When I did he told me it was probably a bureaucratic mess up. He told me we needed to try again, but recommended I go to IRS.gov. Front page there is a link for "Make a payment. "
I did this the next day, put in the info.
You must designate for the year payment is owed. There was a drop-down menu for year. BUT only years 2022 and before were possible options, BUT NOT 2023!
There is no way to pay 2023 through IRS website.
Next day I called CPA again. He had no idea what else to do. Finally we concluded only thing to do was wait for IRS to send a request for payment.
I am not certain what to make of all this, but considering all other banking stories going on maybe we have an IRS story. I don't know but thought maybe others might coroberate.
frank26: "HEY WORLD BANK... HOW IS IRAQ DOING THIS AT A PROGRAM RATE OF 1320? (THEY'RE NOT ARE THEY)".......F26
Planning discusses with the World Bank ways to enhance cooperation and finance the Development Road Project
5/20/2024 Today, Monday, the Ministry of Planning held a meeting with representatives of the World Bank to enhance cooperation and activate partnership in various fields, including the emergency loan and finding financing for the development road project.
The Ministry of Planning stated in a statement, “The meeting, which was chaired by the Undersecretary for Technical Affairs, Maher Hammad Johan, witnessed a discussion of the restructuring of the Social Fund for Development loan and the mechanism for extending it, as well as a discussion of government reform paths, priorities, and government directions in this regard, which included a number of axes, including economic and financial reform, “Restructuring the banking sector and reforming institutions in general.”
She added: “The meeting also discussed the axes of the five-year national development plan for the years (2024-2028), focusing on a number of its main axes and the mechanism of cooperation and coordination with the World Bank in order to work on them to achieve comprehensive and equitable growth, as well as working to intensify efforts to improve performance.” Activating partnership in various fields, while continuing to provide support to the Iraqi government.”
The meeting also included discussing possible options for restructuring for the purpose of providing financing for the Development Road Project due to its importance to the Iraqi government and achieving its development goals, and working to find joint financing for it.
The meeting was attended by the Regional Director for the Middle East at the World Bank, Jean-Christophe, the Regional Director for Equitable Growth, Finance and Institutions for the Middle East and North Africa at the World Bank, Nader Muhammad and their accompanying delegation, the Director General of the Financial and Economic Policies Department, Sabah Jundi Mansour, and a number of employees of the relevant departments in the Ministry.
Okay. It is official. Ripple and the SEC are doing more than playing ball together. They are in business together.
"Ripple has filed a new trademark for the phrase “RLUSD,” suggesting the likely listing symbol for its proposed dollar-based stablecoin." https://trademarks.justia.com/985/37/rlusd-98537677.html
A trademark does three things:
* It identifies the source of your product
* It provides legal protection for your brand name and product
* It protects you against counterfeiting and fraud
This officially ties the SEC and Ripple together in a partnership. This new filing has given them intellectual property rights to copy and expand in a business together.
This love/hate relationship has certainly turned a corner. As the pages are turned on their past relationship in courts, it will certainly be interesting to read the next chapters of what they can do together.