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Samson » August 21st, 2020
The Iraqi Parliament announces the "deadline" for the government reform paper
20th August, 2020
The Parliamentary Finance Committee warned, on Thursday, that employees’ salaries will be secured for only three months, while it indicated that August 24 is the last date for the government reform paper.
Committee member Jamal Cougar told Shafaq News, "When the parliament voted on the domestic and foreign borrowing law to bridge the fiscal deficit for the year 2020, it gave the government 60 days to present the government reform paper during this period to Parliament."
He added that "local borrowing gave the government the ability to secure the salaries of employees for three months only," noting that "the government's ability to pay employees' salaries for the coming months is linked to the recovery of oil prices, especially after the price of a barrel became $ 45."
"The government has promised the House of Representatives that it will send the government reform paper to Parliament within the specified period," Couger said, stressing that "the current August 24 is the last date for the government to send the reform paper to Parliament."
It is noteworthy that the Iraqi Council of Representatives (Parliament) approved, on June 24, 2020, a bill that allows the government to borrow internally and externally to fill the financial deficit in the country.
LINK
MilitiaMan » August 21st, 2020
The reform papers are thought to expose the rate at which the country will be in the future. The contracts that were signed Wednesday and Thursday. Possibly more even today. Contracts and not just MOUs imo. Those contracts were outside of Parliament as noted by Harb the legal authority for the matter. The rate may have had to be exposed for the large entities to sign. The would want the contracts out side of an MCP.. imo ~ MM.
"According to official sources, Thursday morning will witness a series of meetings that will focus on the economic side, including a meeting with a number of major companies and economic institutions regarding the reconstruction of Iraq. Officials in the delegation said: “Contracts will be signed regarding gas, oil and electricity.”
Ryan1216 » August 21st, 2020
Thank you MM I'm just praying this is the end and we cross the finish line now
JJimmyJJ » August 21st, 2020
These contracts would certainly need to deal with the exchange rate and being paid in hard currency, one way or another.
On the one hand, GE has been working in Iraq for a long time now with Article 8 hidden from the public. Presumably, after all this time, they aren't working with IOU'S. I guess they could use the same mechanism GE is getting paid with for these other contracts worth $10B.
On the other hand, from my admittedly uninformed viewpoint, any payment mechanism other than the CBI exchanging dinar for dollars to pay international contracts (which would appear to be impossible, given the amount of the contracts and the inefficiency of this system) would likely be, at best, extra- legal.
So, IMO, in regards to paying companies under these new contracts, you're talking about a very expensive and inefficient legal system, an extra- legal grey area payment system, or they can bypass all the headaches by releasing the rate.
I hope they pick the third option.
Source: Dinar Recaps
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