Samson: The government plans to provide a supplementary budget commensurate with the increase in oil prices
3rd June, 2018
The financial adviser to the government, the appearance of Mohammed Saleh, the government directed towards providing a supplementary budget in conjunction with the increase in oil prices, stressing that the procedure would turn the deficit from real to virtual.
"The provisions of the Financial Management and Public Debt Law No. (95) of 2004 gave the executive authority represented by the Council of Ministers the authority to submit a supplementary budget to the federal budget for the fiscal year," Saleh said in a statement quoted by the newspaper Al-Sabah Al-Jadid.
He added that "this budget can be obtained in the light of the increase in the price of a barrel of oil, and therefore the new price will be determined on the basis of the full year," explaining that "the government may raise the price of $ 20 on what was approved in advance in the budget of 2018, According to the vision of the state. "
"The continuation of the increase in oil prices will transform the current deficit plans to the budget to a default deficit and can repay itself by the additional flows that will be achieved for us from oil revenues," noting that "the government succeeded in dealing positively with the crisis of the collapse of oil prices and today Is in the process of reviving the Iraqi economy after the price increase again. "
Saleh said that "Iraq has emerged from the neck of the bottle and the appropriate solutions and the testimony of the countries of the world in complex circumstances is what happened in oil prices as well as continued spending on the war against terrorism LINK
Jay: Thank you Samson, great find...All Imo.......
Good morning Fam. This is a UUUUUGE article. They speak of raising the oil price in the budget from 43pb to 63pb. Saying their deficit is all but gone and that THEY ARE IN THE PROCESS OF REVIVING THE ECONOMY. Aka, Market Economy? RI of their currency? Stable Environment? Its cookin.
Speaking of "STABLE ENVIRONMENT".......maybe we can all focus less on the mindset that they are "LOSING" money in the auctions when they are ACTUALLY just breaking even. Buy @ 1190 and sell @ 1190 is NOT losing money. To me they are choking off the corruption.
Also keep this in mind. When we continually ask, how long can they do this with the auctions? Answer??? The WB has a 3 month supply of bail out cash for them. DAT'S HOW LONG they can have "break even" auctions.
2Cents: I don't agree with this part, however.........If they are not losing money as they are breaking even, they can continue indefinitely.......If they are losing money, the WB supply could offset.....
Jay: All imo...Hi 2cents. Ok. Think of it this way...lol CB's are not in business to lose money for any length of time. Hence Buy/sell 1190. That's, as I stated, breaking even without losing money. That is a PAUSE from profit for 90 days. At which time WB will be like YO IRAQ!!! Times up. We will no longer fund you. You will now go into your reserves which if you are not careful you will lose credit rating points.
2Cents: I see now where you are coming from.....they still have admin costs, printing costs, etc.......therefore since revenue in/out at foreign currency window is even, the net result in the big picture is a loss.....(thumbs up)
Jay: ZACKLY. Their overhead and their days of operating this way are definitely numbered.
Dinardiva1: Wow so we could be waiting up to 90 days now
Jay: DD1, IMO, who knows, this is Iraq and the prettiest girl. I'm just an observer, taking it all in and trying to look at the bigger picture and not a date. If I had $'s being "given" to me at a low interest rate, knowing I am going to be the wealthiest country in the ME, possibly the world, and I'm able to pay back that loan in a hot minute, I would take that money and my time and hit it out of the park when the IMF/WB/UN/UST tells me it's time to RI.
2Cents: So no one jumps off the deep end seeing the 90 days discussed......I am all in as soon as we have political stability.......this will not occur until sometime after the Federal Court decision according to articles.......some articles are saying the government will be announced still during Ramadan and some are saying right after Eid.......either still allows time in June for all to be completed
IMO, as soon as the Federal Court ratifies the election results, all will move forward.......however, not before......
When we factor WS info into the equation, we can surmise that the intended plan is closer than farther......However, realize even the banks(WS) doesn't know as they reportedly expected it anytime since last December.....
I posted a couple months ago that we are about to see some of the craziest occurrences in the US perhaps ever in history......indictments, arrests, property confiscation of many very "known" are about to take place.....
I have told many that as soon as you see this, go to the CBI website and within hours you can expect a change.....the time frame for this has changed many times very congruent with our studies on the Iraq timeframe......
The new proposed timeframe is now starting 6/11....couple with this the US/NK meeting anticipated on the 12th, the end of Ramadan anticipated at sundown 6/15 with the Eid festival to follow, IMO, the 11th through the 23rd could be very exciting with a back door of the 30th.....
Until June passes, this is my study.....however, the Federal Court decision could impact this drastically....
Realize, NOBODY knows the date.......It could be 2019 for all we know......We know that all seems ready and they are waiting for a "Suitable Environment".....with the info Jay brought this morning, it is logical that they have a 90 day "back wall".......
Just my 2cents haha.....
Jay: With what Doc_K pointed out via F/A, (see below) I agree that the 2% is done. Only because the buy & sell is now the same price. No more swing up or down within 2% = IMF compliance. From the date of that FA that Doc brought forward 6/30-ish works for me. Thanks again Doc and Thank you 2cents. Oh and since the kudo's are going out, I forgot to thank Mcdan for pointing out the AMF/SDR rates, which is also important here. Nice work brutha!
Tommy17: Sadr has stated many times recently that (articles)he wants the monetary reforms completed for his people. With a newly seated government announced soon “things Should happen very fast. Also we knows banks where giving a notice to get their software ready on the atms. Sooooo. Imo
Doc.K: FINAL ARTICLE #77 Central Bank: We have succeeded in ending the exchange rate gap
90 days to maintain 2% from date below = June 30 +/-
Central Bank: We have succeeded in ending the exchange rate gap
Date Added 03/31/2018
Above date is when it was released to the media , hence the plus minus
Jay: All Imo...Hey Doc. love your study and you very well could be right. Within that time Iraq DID maintain a 2% compliance up until they started the buy/sell of 1190 recently. So ? is did the IMF say you've proved your 2% to our satisfaction aka a head of schedule. So go ahead and change the rate to 1190 and make sure you buy & sell at 1190 ONLY. <--- Imf speaking.
With that said the 90 days could end on the 30th as you stated. But it's also possible that the 90 days started the day the 1190 showed up on the CBI. Problem with that theory is that there has been no 2% up/down in the auctions since the 1190 showed up. Which says to me that the 2% is in fact complete
And you are right. Very good study indeed. Me likey.