"ILO: IRAQI GOVERNMENT HAS DEVELOPED PROGRAM TO HELP FACILITATE TRANSITION TO FORMAL ECONOMY"
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STATUS OF THE RV
I have to be honest with you, there is not a lot of new news to tell this period of time for the Newsletter. However, what news we read is VERY GOOD. Not WOW! news but still very good. There was a tidbit of news that I though was very telling. I am referring to the article titled “ILO: IRAQI GOVERNMENT HAS DEVELOPED PROGRAM TO HELP FACILITATE TRANSITION TO FORMAL ECONOMY”.
So, as I said in my front page of the Newsletter, let’s explore what the hell this means and why they even had to tell the citizens this and more importantly the investors.
I quote from the article: “The International Labor Organization confirmed yesterday, Wednesday, that the current government has developed programs and policies that help facilitate the transition to the formal economy, while indicating that informal work represents a crucial component despite its problems in economic activity”.
Are you living now in one of the “developed countries” like Great Britian, Canada, USA, Austria, a European country, etc. etc.?
If you are then you can relate to what I am about to tell you about Iraq.
To understand this article, we must go back to what I told you about the Dr. Shabibi plan vs the Obama administration plan for Iraq and its banking and currency reforms, yes, the Pillars of Financial Reforms and it’s three sectors.
Remember that I said that Dr Shabibi under G.W. Bush wanted to reinstate the dinar to eliminate the massive corruption he saw coming and was in part already experiencing. Under the Obama plan they wanted to halt the Dr Shabibi plan at any cost, and instead bring Iraq first to a more “formal economy”, meaning a robust economy much like developed nations of the rest of the world.
As investors we may criticize the Obama plan, as we had to wait much longer to see our RV, but the plan drastically changed from the Bush plan and the global economy of the Bush time also changed. A new plan to use Iraq was put in place and so all the reforms like from the “White Paper” had to occur first. Yes, these three sectors of the finances had to be reformed.
But now the International Labor Organization’s country coordinator, Maha Kattaa, is essentially telling us investors and the citizens of Iraq at the national conference that they have reached a goal. What goal is this?
In the article they compare “formal” work with “informal” work.
To understand what I am now telling you, you must understand the difference. The article goes on to describe the difference and they it does so the citizens understand that Iraq has reached the point of more higher paying jobs with benefits than not. I quote from the article again:
“this conference addresses a very important and urgent issue, which is the issue of the informal economy and informal work,” noting that “the informal economy refers to the group of economic activities carried out by workers and economic units that are not covered either in law or in practice by formal arrangements or may be covered sufficiently.”
To sum it all up this is very good news for us as they are telling us yet another pivotal goal has been reached and the transition from the informal jobs over to formal jobs as in western developed nations has occurred and will be ongoing.....TO BE CONTINUED