DINARESGURUS.BLOGSPOT.COM__________________________

Tuesday, July 25, 2017

KTFA UPDATE, 25 JULY

Frank26 from Mon. Night CC:

Frank26     IMO – the 3 zeros are lifted and the citizens are not using USD’s anymore – and Abadi is in harmony with Allak.

The 95/5  (95 digital/ 5 cash) was masterful!  The IQD is going through a REDOMINATION ...leading to a REVALUATION of their currency because they are going to lift 3 zeros – which will bring in a REDONIMATION as they introduce their LD’s.

Meanwhile...the Rafadian Bank now says that they seek working with retirees outside of Iraq with an electronic card on an international level.

Allak told the citizens to expect a “break thru” – do you think the ATM’s would qualify for that?

Especially if they can’t dispense 3 zero notes?  Soon...the CBI will be coming out to all citizens, all banks to make an announcement...

************

Sirenfire:  IMO all of this stuff about the Indonesian Rupiah is designed to take a lot of eyes off of Iraq and for people (currency speculators) to focus on Indonesia.... Very big things are happening in the middle east right now and it will not be long before we see them out in the open...

Walkingstick:   Government supports BI’s proposal to redenominate rupiah

Mon, July 24, 2017

The government has expressed its support of Bank Indonesia’s (BI) proposal to revive plans to redenominate the rupiah, but has yet to decide how many zeroes will be removed from the currency.

“We have not decided yet whether we will scrap three or four zeroes from the rupiah,” said Coordinating Economic Minister Darmin Nasution in Jakarta on Sunday as reported by tempo.co, adding that he preferred to eliminate three zeroes.

“If three zeroes are removed, [the resulting figure] is familiar to many people; if you eat at a restaurant and see 40.00 on the menu, that means the price is Rp 40,000 [US$3],” he explained.

Previously, BI Governor Agus Matowardojo called on the House of Representatives to immediately approve the redenomination bill into law, stressing that it was the best time to eliminate zeroes from the rupiah as Indonesia’s macroeconomic condition was currently favorable.

Darmin said the transition period for redenomination would be one to two years, while the entire process would take six to seven years to give business players enough time to make the necessary adjustments, such as changing their price tags.

“The price adjustment will also be mentioned in the law on redenomination,” he said, adding that during the transition period, new bills would be printed.

However, he stressed that such a move could only be implemented when the inflation rate was between 3 to 4 percent, as otherwise, the value of the rupiah could further weaken. (bbn)

http://www.thejakartapost.com/news/2017/07/24/government-supports-bis-proposal-to-redenominate-rupiah.html

House lawmaker supports rupiah redenomination
http://www.thejakartapost.com/news/2017/07/24/house-lawmaker-supports-rupiah-redenomination.html
************

Don961:

Dannair publishes the Federal General Budget Amended Budget Act for the fiscal year 2017

Updated 24/07/2017 2:46 pm

 Baghdad / Dinar / .. The voice of the House of Representatives in its eighth ordinary session of the first legislative term for the fourth legislative year on the amended budget law for 2017.

The following is the text of the law

In the name of the people
Presidency
On the basis of what was approved by the House of Representatives and ratified by the President of the Republic based on the provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution

The following law was issued:

No. (2017)
Law amending the Federal Budget Law No. 44 of 2017
Chapter One
Revenue
Article (1): The text of Article (1) of Article (1) of the Law shall be amended to read as follows:

Article 1 -
A- Revenues of the Federal General Budget for the fiscal year 2017 are estimated to be (82,069,669,668) thousand dinars (eighty two trillion nine hundred and sixty six billion six hundred and sixty six hundred and sixty-eight thousand dinars) as shown in table (a) Revenues according to the main accounts) attached to this law.
B - Calculation of the revenues from the export of crude oil based on the average price of (44.4) (forty four dollars and forty cents) per barrel and the export rate of (3750000) barrels per day (three million seven hundred and fifty thousand barrels per day), including (250000) barrels Daily (two hundred and fifty thousand barrels per day) for the quantities of crude oil produced in the province of Kurdistan and (300000) (three hundred thousand barrels per day) for the quantities of crude oil produced through the province of Kirkuk on the basis of the exchange rate (1182) dinars per dollar and all revenues actually achieved Final revenue for the state treasury.
Chapter II
Expenditure and disability

Article (2): Amend the text of the two items (First: Expenses A, B, C, D, E) and (II) Disability A, C, E of Article 2 of this Law, Article 2 / First: Expenses) of this law and delete paragraph (f) of Article (2 / II: Disability) of this law,
To be as follows:
First: Expenditure - The amount of (107,089,521,545) thousand dinars (one hundred and seven trillion and ninety-nine billion five hundred and twenty-one million and five hundred and fifty-five thousand dinars) for the expenses adjusted by the ministries for the fiscal year 2017 and distributed according to field (12) B) Expenditure adjusted by the ministries for the year 2017) attached to this law.
A) The amount of (28,531,686,499) thousand dinars (twenty-eight trillion five hundred and thirty-one billion six hundred and sixty-eight million nine hundred and ninety-nine thousand dinars) for the investment projects expenditures for the fiscal year 2017 distributed according to field (8 / Expenditure adjusted by the ministries for the year 2017) attached to this law.
B) The amount of (78,557,835,046) thousand dinars (eighty-eight trillion, five hundred and fifty-seven billion eight hundred and thirty-five million and forty-six thousand dinars) distributed according to field (4 / adjusted operating expenses) of the table / Law.
C- An amount of (112,906,151) thousand dinars (one hundred and twelve billion nine hundred and six million one hundred and fifty-one thousand dinars) shall be allocated to the contingency reserve within the appropriations of other expenses for the budget of the Federal Ministry of Finance out of the allocations referred to in item (I-B) referred to above And the Council of Ministers to increase the amount mentioned no more than double to cover the expenses of the network of social protection and popular mobilization by half.
(D) An amount of JD (375,000,000) shall be allocated for the reconstruction and development of the projects of the regions and governorates, including the Kurdistan Region, out of the allocations referred to in Article (1 / A) of Article (2).
1- The Governor shall submit the reconstruction plan of the Governorate and the districts and sub-districts approved by the Council of the province, depending on the plans set by the districts and districts to the Federal Ministry of Planning for the purpose of study and approval to take into account the most affected areas within the province and to distribute allocations to maintain districts (15%) (15%) of governorate allocations and 5% (5%) of poverty reduction strategy projects.
2. The Governor shall exclusively implement the approved reconstruction plan and the Governorate Council shall be responsible for monitoring implementation.
G-
1- The amount of (4,733,011,088) thousand dinars (four trillion seven hundred and thirty-three billion and eleven million eight hundred and eighty thousand dinars) shall be allocated to the current expenses and according to Column No. (2) in Table (b).
2- The amount of (1,186,310,379) thousand dinars (trillion, one hundred and sixty-eight billion, three hundred and ten million, three hundred and seventy-nine thousand dinars) of the current expenditures and according to Column No. (3) in Table (B).
3- The amount of (8,792,463,622) thousand dinars (eight trillion seven hundred ninety-two billion four hundred and sixty-three million six hundred and twenty-two thousand dinars) shall be allocated to the investment expenses and according to Column No. (6) in Table (B).
4. The amount of (5,714,795,123) thousand dinars (five trillion seven hundred and fourteen billion seven hundred and ninety-five million one hundred and twenty-three thousand dinars) of the investment expenditure and according to Column No. (7) in Table (b).
II. Disability:
The total deficit planned for the federal budget for the fiscal year 2017 (25,019,851,877) thousand dinars (twenty five trillion and nineteen billion eight hundred and fifty-one million eight hundred and seventy-seven thousand dinars) according to the details shown in the following table:
Amount (thousand dinars)

Vocabulary Revised budget estimates

1 = (A + B) Total revenue 82,069,669,668
Oil revenues: 71,833,095,000
B Non-oil revenues 10,236,574,668
2 = (A + B) Total expenditure 107,089,521,545

A Current expenditure 78,557,835,046

B Total investment expenditure 28,531,686,499
- Investment expenditure from Treasury 24,028,124,659
- Investment expenditure through foreign loans 4,503,561,840
Total planned deficit 25,019,851,877
Finance gap financing (deficit)

A. Accounts balances of ministries and entities not associated with the Ministry of government banks 641,607,059
B The balance of the account of the Ministry of Finance 1,000,000,000
C National Bonds for the public 3,001,673,274
D - Treasury bonds and remittances to government banks and deducting with the Central Bank of Iraq 5,500,000,000
E The World Bank loan to support the budget 1,182,000,000
The IMF loan to support the budget 2,009,400,000
G. JICA loan to support budget 323,000,000

Loans secured by the UK, Canada through the World Bank 413.7 million
I Foreign bonds 2,364,000,000
The EU loan is € 118,200,000
Transfers by commercial banks 3,430,809,704
M Loan ( JBIC) 59,100,000
N World Bank loan / projects 242,310,000
US loan for the purpose of arming 1,043,706,000
The British loan (export loan) is 390,060,000
The Chinese loan is 984,606,000
The German loan ( KFW) is 224,580,000
The Swedish loan is 177,300,000
The IDB loan is 59,100,000
The loan of Italy is 158,388,000
D JICA loan projects / projects 449,301,840
W German loan projects Siemens Inc. 165,480,000
Ø Maintenance project loans for the Ministry of Electricity from the Export Guarantee Corporation 549,630,000
Loan of the French Agency for Development 531,900,000

C- Authorizes the Federal Minister of Finance to borrow or continue to borrow from abroad to finance development projects after the approval of the Council of Ministers from the sources mentioned below and to continue the loans approved in previous years and with the approval of the Council of Representatives.
- JICA loan in the amount of (1500) million dollars (one hundred and five hundred million dollars). Municipalities, Water Resources, Electricity, Industry and Minerals, Health, Communications, Transport and the Ministry of Municipalities, Tourism and Electricity of the Kurdistan Region.
- The Japanese Bank for International Cooperation ( JBIC ) loan in the amount of (500) million dollars (five hundred million dollars) to finance the projects of the Ministry of Electricity, and will be funded (50) million dollars (fifty million dollars) in 2017.
- The Islamic Development Bank loan (800) million dollars (800 million dollars) to finance projects for the Ministries of Electricity, Construction, Housing, Municipalities, Health, Higher Education and Scientific Research and the Municipality of Baghdad. Fifty million dollars (50 million dollars) In 2017, the Ministries of Reconstruction, Housing and Municipalities are allocated electricity.
- The loan of the German Development Bank ( KFW ) in the amount of 500 million Euros (500 million Euros), equivalent to 600 million dollars (six hundred million dollars), of which 190 million dollars (one hundred and ninety million dollars) Terrorism of 2017.
- The Swedish loan in the amount of (500) million dollars (five hundred million dollars) to finance the projects of the Ministry of Electricity by ( ABB ) and the guarantee of ( EKN ) and will fund the amount of (150) million dollars (one hundred and fifty million dollars) for the projects of the ministry.
- Italian loan amounting to (160) million dollars (one hundred and sixty million dollars) will be funded $ (134) million (one hundred and thirty-four million dollars) for the projects of the ministries of water resources and agriculture.
- US $ 4550 million ($ 4.5 billion) to finance the Defense Ministry's needs, and $ 883 million ($ 1.8 million) will be funded in 2017.
- $ 500 million ($ 500 million) to finance projects for the Ministries of Electricity, Construction, Housing, Public Municipalities, Finance, Health and the Municipality of Baghdad. The sum of $ 205 million ($ 250 million) 2017, including $ 10 million ($ 10 million) for the Financial Management Development Project ( PFM ).
- Negotiation and borrowing from the British Export Bank on the financing of infrastructure projects including (water, sewage and desalination) in the amount of (10) billion pounds (ten billion pounds sterling) to be funded $ (100) million (one hundred million dollars) of The above amount during 2017 for desalination projects within the province of Basra and the amount of 230 million dollars (two hundred and thirty million dollars) for the projects of the Ministry of Electricity for GE of the above amount during 2017.
- (500) million dollars (five hundred million US dollars) from the German Export Guarantee Corporation and Standard Chartered Bank for the implementation of the German Siemens project of the Ministry of Electricity will be funded $ 140 million (one hundred and forty million dollars) in 2017.
- Additional loans for the various annual maintenance projects of the Ministry of Electricity guaranteed by international export guarantee institutions in favor of the US GE and the amount of $ 465 million will be financed in 2017.
E. The Federal Minister of Finance, after the approval of the Council of Ministers, is authorized to borrow $ 2,500 million by guaranteeing international export guarantee institutions for the purchase of arms, ammunition and logistical support to the Ministries of Interior and Defense, the Popular Propaganda Authority and the Anti-Terrorist Organization. (Eight hundred and thirty-three million dollars) during 2017.
Chapter III
General and final provisions

Article 3

(4) of the Federal Budget Law No. (44) for the year 2017 to become (the Federal Minister of Finance the authority to conduct transfers between the appropriations of the federal budget of the Republic of Iraq approved in the annual federal budget and the budget modified at the level of doors and sections and classes, materials and types And type sequence.

Article 4 -

Amend the text contained in the provisions of Article (25) of the Federal Budget Law No. 44 of 2017 to become (for the Minister of Finance and Planning federal reallocation of the amounts recovered from farmers for loans agricultural initiative projects received by farmers for the previous years to the budget in 2017 and to be exclusively devoted to projects initiative (1) Section (4) of the Financial Management Law No. (95) for the year 2004).

Article 5-

Continuation of the provisions of the articles contained in the Federal General Budget Law No. (44) of 2017 and the amended articles mentioned in the amended law.

Article 6

The Council of Ministers shall have the authority to transfer the amounts required to cover the requirements of support for the displaced, the popular mobilization and the expenses of the Ministry of Health for the allocations referred to in Article 33 / I / B, as set forth in Table (h) of the Law.
Article 7

- Amend the text of article (39) of the law to be as follows:
To the Federal Minister of Finance with the approval of the Federal Prime Minister issuing guarantees to:
- General Electric Company ($ 563) million ($ 500 million) and the signing of financing loans guaranteed by international export guarantee institutions, including the US Overseas Private Investment Corporation ( OPIC ).
- Korean company STX for $ 125 million (one hundred and twenty-five million dollars) to finance, rehabilitate, maintain and operate the stations of the Ministry of Electricity through Alio Puff Bank.

Article 8 -

Amend the table of transfers contained in Article (59) of the law agencies:
1- The sum of (30) billion dinars (thirty billion dinars) is transferred from the allocations transferred to the House of Representatives to the People's Assembly / operational.
2- The amount of (10) billion dinars (ten billion dinars) of the allocations transferred to the Independent High Electoral Commission to the People's Assembly / operational.
3- The amount of (2) billion dinars (two billion dinars) from the transfers of the accountability and justice to the Ministry of Water Resources / maintenance and rehabilitation of rivers and streams and onions.
4- The amount of (100) billion dinars (one hundred billion dinars) of the allocations transferred to the Independent High Electoral Commission to the Ministry of Health / expenditure governing (medicines, including the Kurdistan region).
5 - The amount of (5) billion dinars (five billion dinars) of the allocations transferred to the Independent High Electoral Commission to the secretariat of Baghdad / reconstruction of Karrada.
6- The amount of (5) billion dinars (five billion dinars) of the allocations transferred to the Ministry of Education to the Ministry of Agriculture / investment.

Article 9

The Ministry of Finance to transfer the grades and financial allocation for those wishing to have university degrees at least from the employees of the Ministry of Defense to ministries and departments other than the three presidencies and the departments associated with them and after the consent of the transfer to the condition that this does not entail any financial consequences.

Article 10 -

This Law shall be published in the Official Gazette and shall be effective as from the date of its publication.

Positive reasons

To fill the shortfall in the salaries of state employees and the public sector and members of the popular mobilization and to ensure the payment of pensions and insurance needs of displaced and to pay the receivables of audited contractors from the Federal Audit Bureau and the entitlements of farmers and the needs of the ministries of electricity, oil and health.

This law was enacted.

http://www.dananernews.com/news?ID=10388

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.