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Tuesday, July 25, 2017

KTFA UPDATE, 25 JULY

Z1World:  Here is a question that has been bothering me today-

Why would Iraq vote on and implement a supplementary budget if they were so close to enacting the current budget and implementing the new rate for the dinar?   Thoughts?

BillA:  If I'm not mistaken, I believe that Frank said it was an IMF requirement under the SBA, needed to be accomplished prior to the review on August 1.
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FaithPrevails:  Frank and Family,

I want you to know that some of us did not gloss over the monumental feat that Iraq now has electricity. As you know anything electronic will not work without Power and Fiber. This is just the first step Frank because even in the US electricity is not always reliable and can be affected by wind, lightning, any type of storm. It can also be affected by human error such as someone cutting a line during construction or a vehicle running into a transformer. Any operation that requires 24 x 7 always adds supplementary back-up.

What I mean is the electrical power is backed up by UPS (Uninterruptible Power Systems) that are basically a bank of batteries that last a short time until the ultimate Generators ( Diesel, or Gas ) kick in that can run for days while normal electricity is restored.

I know for a fact that UPS and Generator companies such as Caterpillar, Mitsubishi, and Cummins are in talks with Iraq. There is no reason to ask for a date because Iraq is in the Stone Ages just by getting standard electrical power. Every bank, credit card company, Hospital and think about it Facebook, Twitter, Google, Amazon, E-Bay, etc can never go down and our electrical system the most sophisticated in the world they don't rely on.

You have to have belts and suspenders and some take it to levels of redundant power feeds along with multiple UPS and Generators. The infrastructure is very expensive and requires sophisticated designs along with highly skilled labor to install.

All of our three letter agencies along with many other Federal Agencies use this approach. Can you imagine if the Pentagon, Defense Intelligence Agency, FEMA, or the IRS suffered a power outage. They are everyday occurrences that we ward off with the systems aforementioned above.

We did not walk over the fact Iraq has electrical power but that is nothing more than Jacks or better to get in the game.

How will they pay for this?

I have no idea but if they truly want to be International they need to start copying the most advanced countries and do it sooner than later.     Thank You FP

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Don961:  The perfect picture

25/7/2017 12:00 am     Hussein Thagb

When efforts are directed to complete any business or project, the potential to draw the final picture of this, which is usually drawn by competencies with experience and expertise in these areas and can draw the paths of work with extreme precision.

There are international experiences that can have a positive impact if adopted in our realityand adopted to overcome the challenges that led to the decline of all our production and service sectors and exacerbated the problems Which are in need of inevitable solutions And urgent.

We in Iraq require the reality that we are living and we are heading towards large-scale reconstruction and construction. The picture of work and implementation is clear in all its details, that is, all stages of work from referral to implementation are transparent and clear and do not allow any manipulation that may accompany them.

Thus, the picture must be clear because the size of the work is large and large, coupled with international financial support, which requires that we reflect a new image of the world that the allocations go to their right place without any manipulation and free of all forms Corruption. 

Iraq needs to start a new phase and invest the business opportunities witnessed in the liberated areas to be a beneficiary of the confidence that the world is giving him after the great security victories. Sophisticated.

We are on the threshold of a new stage that requires transparency and transparency from the beginning in order to gain the confidence of the world and multiply the international support that we need. We begin the real development stage that moves society to a better stage and guarantees the rights of generations. Coming.

In the face of the country may be the only solution in this period, which is experiencing financial hardship due to the decline in oil prices, which coincided with a fierce war against the "da'ash" terrorist, and the solution here is to attract domestic and foreign investments to contribute to the development process.

This approach in itself requires that we do local investment and create suitable conditions for it to really start in an ideal environment free of all challenges. Yes, all the challenges without exception, and here we will paint the ideal image that is the active attraction of the advanced global and domestic immigrant effort that owns and employs capital and advanced technology. To serve the national economy.

We have no choice but to work hard to create an ideal environment to attract investment and others Complex

http://www.alsabaah.iq/ArticleShow.aspx?ID=141309

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Samson:  Saleh: Al Rasheed Bank and Rafidain dominate 83% of the banking system's funds

 25th July, 2017

The financial adviser to the Prime Minister, the appearance of Mohammed Saleh, on Tuesday, that the banker Rashid and Rafidain dominate 83% of the funds of the banking system.

Saleh said in an interview with the satellite "Iraq" and his "Economic News", "The banker Rashid and Rafidain dominate 83% of the funds of the banking system," adding that "a decision issued by the government structure of the banking rational and Rafidain."

He explained that "the draft law of government banks will be launched soon and will give freedom to the work of government banks and create great competition," calling  
Citizens to "deposit their money in government and private banks to improve the economy

http://economy-news.net/content.php?id=8409

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Alia83:  Central Bank of Iraq sales of foreign currencies rise 8.4 million dollars.

128.44 million on Tuesday, up from $ 120.09 million on Monday, an increase of $ 8.35 million, the central bank said in a statement.

The central bank said in a statement that the exchange rate was 1182 dinars per dollar in the auction held with the participation of 42 banks and 10 companies for the transfer of money.

The bank said in its statement that the sales are the outcome of the auction scheduled for Wednesday, July 26.

The volume of funds sold to strengthen bank balances abroad was about $ 122.9 million, while the amount of cash sold was estimated at $ 5.54 million.

The Central Bank said in a statement that the sale of the amounts transferred to the accounts of banks abroad at a price of 1190 dinars per dollar, while the cash sale will be at the same price. Finished /   LINK

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Stevep99:  WOW...Now this is a huge way to tell the "INTERNATIONAL" countries and businesses to come on in...tax exemption is a big deal!!

Samson:  Deloitte: Iraq exempts foreign companies from taxes and will increase them to Iraqis

 25th July, 2017

The Iraq government has given foreign companies tax breaks to work and invest in the country, said Jane Stokes, director of taxation at Deloitte Middle East in Iraq.

Stokes said in an interview with satellite "cnbc Arab" and his "Economy News", "The Iraqi Ministry of Finance has granted tax exemptions to foreign companies in order to encourage foreign investment in sectors other than the oil and gas sector," noting that "the decline in oil prices in global markets made Iraq to impose more taxes, including the customs tariff. "

And expected "the continuation of the Iraqi government to impose more taxes on the daily dealings of Iraqis," noting that "the government decided to exempt companies working to rehabilitate the areas affected by the war."

She stressed that "confidence still exists in Iraq and there is a continuation of investment operations, specifically in the oil sector in southern Iraq, which was not affected by the security situation that occurred in 2014."

On July 6, Deloitte issued a new report on Iraq's tax environment under the title "Iraq's Commercial Guide - Understanding the Tax Situation in Iraq" to guide companies and support their clients and stakeholders in Iraq. The report aims to shed light on the key areas requiring consideration, both for companies that are looking to invest in Iraq for the first time, and those that have expertise and are currently working in Iraq. The General Authority for Taxation, following the appointment of a new general manager, that one of its main objectives quickly dealing with tax assessments and collection of tax revenues in most ways

http://economy-news.net/content.php?id=8411

MadeeandLyndee:  This is a huge article to help with more incentive to have companies come to Iraq to help rebuild their country.

Aggiedad77:  IMO it is signs like this that are making those companies and  countries in the LL (long line) very restless....like a race horse being put into the gate, very cantankerous and feisty until the bell sounds and the gate flies open....then they are off and running....

That is where these countries and companies stand and stamp around in the LL now.....they are anxious to get in....they want their share of the pie....their share of the gold mine that is Iraq.....are they greedy....no......they are business people who see a profit for their company....for their shareholders......let it come soon....for we are with them as well....IMO.   Aloha   Randy
Samson:   New photos on CBI site :
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