(Listen to the recording for all of the detailed analysis of the articles discussed after each news article listed below - the following is just a recap)
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Brief recap from the articles we read and discussed last night:
The Meetings in London started today and we had a Live report from London at the end of the call - Frank joined us with a recap of today's topics at the end of this call LIVE FROM LONDON... Great Information shared.
Lots of CBI articles this week coming out on economists talking about the Middle East Economy - there has been some talk about free floating again...of course none of this came from the CBI - it was put out by economists and others hypothesizing about it in the community - IMF talking about the world economies and things that are going on - as you know, the banking industry is the key to getting on track and for this RV to take hold - The London meeting is probably one of the key points to getting investment coming into Iraq - Remember what has to happen in the terms of economics - you have to get your banking system in place - you have to a have a private sector economy waiting to have some of that money come in and once that almost simultaneously happens you have to have people coming in with investments - large companies investing money - building houses - putting people to work - those type of things to help generate more money into that economy - Central Bank sits in the middle of all of that and they make a lot of money off of all that doing what they are doing... Very key that they have all of this going on... There are laws that need to be passed to make the banking sector more strong.
Frank Bell shares from London some of these very same things we have been discussing for months at the end of the call tonight.
CBI we talked about the Meeting in London, they are moving forward... trying to attract others to come in - please take everything that is going on with a grain of salt - we talked about the articles and the free float versus managed float - There are consequences for everything that the CBI does - Listen to what the CBI has to say NOT what economists say...you will be in much better shape understanding that there are certain things that need to be done on the government side for this RV to take place and move forward.
STRAIGHT TALKIN' MIKE
Talabani has arrived home finally... his next couple of days will be with filled with meetings with others and Maliki and others... we want to see him do that - Everybody is talking about having a National Meeting... There are certainly calls again for diplomacy to remove Iraq from Chapter 7 - We are pretty sure based on what we can read and what we can see that Chapter 7 is tied to the formation of their government, which makes sense, and they need to form their government... so as they are doing that all falls into place once that is done.
We saw that the Oil & Gas Law has taken a step forward - they resolved the issue that was keeping the oil turned off which was paying the oil companies the monies they needed to pay them... Iraq was not paying them the initial fees because of the disputing of the contracts - Talabani showed up and all of a sudden they opened up the checkbook and said here lets go ahead and give you the money... Now there are still disputes over Kirkurk and a couple of things they have going on there - we don't have full implementation of the oil & gas - its about money - Extremely positive move on Baghdads part to resolve that issue making sure those things got done - moving that forward - even Sadr came out - he was a little worried that signing the agreement might sway them in a way that would bring them together and against everything else that is going on because their coalition needs to stay pretty strong but as we read in the article they didnt get everything - just a small piece and a good step forward for them - We are very happy and very excited to see at least some positive moves in that area - at least get those oil companies paid and moving forward.
Then we read and discussed about the oil prices at $90 barrel with the new budget 2013 and being at 137 trillion dinars for their budget... and its all looking good for things to come together - National Meeting sometime soon - hopefully shortly as we move forward.
LIVE REPORT FROM FRANK BELL IN LONDON Currently at the:
"Iraq Finance 2012 International Conference On Banking and Financial Services In Iraq"
Frank Bell from Sterling Currency Group reports from London about 10:15 (from London it was 3:30 in the morning).
Great Information shared by Frank about the topics of the day listed below and discussion with The I.Q.D. Team... We thank Frank for updating our listeners on our call tonight first.
Day 1 - 18 September 2012
11:30 Ministerial addresses : An overview of Iraq’s financial system - mapping out the road ahead
H.E. Dr Rafi al Issawi, Minister of Finance, Iraq
H.E Dr Sinan Al-Shabibi, Governor, Central Bank of Iraq, Iraq
H.E. Dr Haydar Al-Abadi, Chairman, Parliamentary Finance Committee, Iraq
• The macroeconomic environment: current position and prospects for the Iraqi
• The current state of banking and finance in Iraq.
• Policies and strategies of the Ministry of Finance and the Central Bank for Iraq’s
• Structural reforms for banking/financial services and for money and capital markets.
• Iraq’s public finances: revenue generation, fiscal federalism, and budgetary
• Iraq and the international financial crisis.
• Iraq’s foreign indebtedness and credit-worthiness
Frank Bell Reports on the London Iraq Finance Conference 2012
LONDON - DAY ONE VIDEO :: LINK: https://www.youtube.com/watch?v=7n2ceydxyYc&feature=youtu.be&a&noredirect=1