RV news has been quiet after a very busy weekend from Iraq. Nothing on HCL yet …but our last update yesterday is it looks like it will go within days.
Question: What is the HCL?
MarkZ: The hydro carbon law. This is where the Kurdish region of Iraq shares oil profits, government revenues ect …how they handle payments and who gets what. It’s been a huge stickler for 19 years in Iraq.
I have heard nothing negative out of Iraq this weekend.
Article: “The Parliamentary Oil and Gas committee expressed today, Sunday its optimism about the imminent approval of the Oil and Gas Law which has been suppressed for 19 years.”
There is discussion about the immediate approval of the HCL. We were always told that within hours of possibly days of the HCL being passed we would see that rate change.
Through two procedures, an economist confirms the possibility of solving the problem of disparity in employee salaries
On Tuesday, economic expert Safwan Qusay confirmed the possibility of transforming some ministries into productive and income-generating ones and resolving the issue of the disparity in the salaries of some employees.
Qusay told “There is no acknowledgment of the ebb and flow pay scale, particularly at the level of a few bureaucratic services, and the public authority can’t reevaluate these services except if spending is diminished on a few different services or another window for incomes is opened inside the services of industry, exchange, culture, and water assets.”
That’s what he added “the previously mentioned services were beforehand ready to persuade their workers through their exercises, notwithstanding the chance of rethinking the issue of impetuses and attempting to acknowledge the deficiency in the compensations of the previously mentioned services by circulating plots of land to their representatives and opening new windows to utilize the jobless inside the important services.”
He said, “There is a need to reconsider the allocations of other ministries and work on compressing them, especially since the country has witnessed stability at the security level, as allocations were previously granted to some ministries as a result of the security conditions and an attempt to attract certain cadres to those ministries.” He was referring to the fact that “there is a need to reconsider the allocations of other ministries and work on compressing them.”
He brought up the chance of “the State leader’s Office completing exchanges between parts inside similar monetary designations endorsed by Parliament.”
Once a country re-denominates, they don't just recognize the re-denomination in country. It's recognized throughout the world...Does it make sense that they're going to have a different rate exchange in Iraq instead of out?...You really believe that's going to happen?
...The poor people in Iraq are going to be like, wait a minute. I'm changing 1,000s and all you give me is one new Iraq dinar note...only worth $3.21?In the meantime if I just...went on a trip to...the United States that they would... exchange my old bank notes with the current exchange rate with the zeros on there giving me millions of dollars?
Does that make sense to you?... No, once the re-denomination takes place it's worldwide. You might still have the old notes...but you're not going to be able to exchange 1,000 dinars times a $3.22 rate.
That's not what happens. They make the conversion to the new Iraqi denomination. So if you bring them a 1,000..it's not 1,000 anymore, it's only 1dinar. Then time the exchange rate of $3.22. Here you go sir/ma'am, here's your $3.22...Just use a little common sense...You would have this huge rush of people coming out of Iraq with their currency with all the zeros...going to the United States...and swapping it and becoming millionaires and then going back in their country and buying the new bank notes with their millions of dollars. Does that make sense?
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the budget schedules have become areality, and issuing instructions is a procedural matter that does not affect financial obligations.
Saleh said, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the legal basis for the current fiscal year 2024 is something that has been legislated and approved primarily, based on the provisions of the federal general budget for the years 2023, 2025, 2024 issued by Law No. 13 of 2023, which was published on June 26, 2023 in the Official Gazette."
He explained that "what is stipulated in Article Two/77 of the law includes the executive authority submitting the financial tables for the two fiscal years 2024, 2025 to enable the House of Representatives to approve them sequentially," noting that "this was achieved in the fiscal year 2024." He pointed out that "the three-year federal general budget was implemented for the first time in the country, which was based in its approval on one of the articles included in the provisions of the Federal Financial Management Law No. 6 of 2019, as amended, which authorized the work of a financial plan consisting of a general budget for three fiscal years."
He added that "the legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions even if any approval of the general budget formalities is delayed in principle, especially allowing continued spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions stipulated in the three-year general budget law."
He added, "Despite this, the adoption of the financial tables for the current fiscal year 2024, which were approved by the House of Representatives earlier this year, has become a reality, and issuing instructions for their implementation is a procedural matter that does not affect the obligations of the fiscal year itself, as these instructions are in all cases consistent with the emerging financial transactions when issued."
He added that "the Ministry of Finance had announced earlier this month the issuance of financial bonds (achievement bond) as a source of financing for the budget by borrowing from the local financial market worth 1.5 trillion dinars," stressing that "spending on operating expenses such as salaries, pensions, social care, debt services, and others is ongoing, in addition to the continued financing of ongoing investment projects and those under implementation."
He pointed out that "all of these activities are financial activities in which spending has not stopped, which is consistent with the legal work rules that came with the three-year federal general budget, with high flexibility, transparency, and governance."
He noted that "the instructions for implementing the general budget schedules for the fiscal year 2024 will touch upon some of the developments and partial financial transactions that have been newly created or adapted, and not the faculties of public finance, and that the financial activity in the country with its three pillars: revenues, expenditures, and deficit management is proceeding in a consistent and harmonious manner and in accordance with the objectives of the three-year general budget law, and that the executive and legislative authorities are in continuous communication and high coordination to ensure the achievement of public interests without interruption link
Confirming details to support the Gintel from July 23, 2024. Wow, do y’all remember my hilarious, funny camping story where you had to decode the campers going to the triple cabin extravaganza and the quadruple fun trip where we talked about the wet white-water rafting.
If you haven’t seen that news from July 23, go back and decode that. It was wonderful, and packed with amazing things, I just didn’t have time to reshare in this. But during that segment, I shared with you that the Germans were yodeling, the German bond holders were yodeling happily. Happy Camper German Bond holders were being processed in Europe, and yodeling away.
You will also recall that I heard from my dear friend Tinka, who is a faithful Liberty Lounger, she’s been with us a long time, and she chimed in and said, “That fits in with what we are experiencing here!
\ A friend of mine who lives in Germany is very close to what's happening in Zurich! She told me two weeks ago that everything was being processed and settled, and I asked her how far along they were, how long it would take, and she sent me pictures of a boat party which took place on a big lake so apparently, she's not allowed to talk about it, but her pictures and photographs, that was answer enough for me”. Tinka shared that on July 24, so that’s really great news with the bond movement. And I’ve taught you all before that we have to see the German bonds paid out, then the Yellow Dragon Bonds, and then they start the groups, the bigger groups and platforms. So we’re pacing it right along. I also had a few things to say about the Yellow Dragon Bonds, swimming like the Loch Ness monster, so have fun with that.
