KTFA:
MilitiaMan: The mention of the a difference in exchange rates is very interesting. (See article below) The budget is in Dinars but the contract is in Dollars.
The large difference in amounts after changing the exchange rate between each other is by recalculating costs. So they have a new system in place to account for the differences.
They have it in place now for when the need arises from the looks of it, as in if there are any delays, then they are all set with the new system to take over.
Apparently, they do have enough funds allocated through September to keep the port work moving forward.
The new system when the or an exchange rate changes it will calculate the differences in the exchange rates. Sounds like they have it set up for a seamless change over. All good to go imo.. ~ MM
Samson: Al-Faw port .. Funding is enough for September and a government step to overcome the budget delay
03/14/2022 08:21:09
The Ministry of Transport acknowledged that the allocations for the construction of the Grand Faw port are sufficient until next September, and noted the existence of direct exchange doors for the project that will not be affected by the delay in approving the current year’s budget.
The Director of the General Company for Iraq Ports affiliated to the ministry, Farhan Al-Fartousi, said in a press statement, “The Ministry of Transport is working to separate the financial allocations for the Great Port of Faw from its allocations in the current year 2022 budget, so that there is more interest in this project by the government.” He pointed out that “the final amounts of the project have not been allocated within the budget because it is still in circulation until now.”
Al-Fartousi noted, “there is a difference in the exchange rates of the currency because the budget is in dinars and the contract for the implementation of port projects was made in dollars, as the large difference in amounts after changing the exchange rate is being processed by recalculating costs in order to secure them during subsequent budgets.” He explained that “the funds in the port’s balance can secure work on the project until next September at a single pace and without delay.” He pointed out that “the ministries of Planning and Finance were quick to assign the port to a new system in the event of a delay in launching the financial allocations within the 2022 budget through a direct disbursement section for the project in order to continue it without stopping.”
Al-Fartousi indicated that “the five berths project in the port has reached advanced completion rates compared to other projects, with a high-level organization between the Italian and Korean companies as a result of the existence of a coordination plan between all parties working on the site with the aim of bringing the project to the required stages of completion, especially since there is an overlap between the project.
Container yards implemented by the Korean company (Daewoo) and the berths project entrusted with its implementation by the Italian company, as a schedule was adopted to ensure that the work does not interrupt between all parties. LINK
Clare: THANK YOU MM- I AGREE… A VERY IMPORTANT COMPONENT IN ALL OF THIS…. NEW SYSTEMS! BECAUSE IRAQ WILL NEVER BE DOING THINGS THE WAY THEY HAVE IN THE PAST! IMO
NSCN’S (New Small Currency Notes) ARE ALREADY PRINTED & WAITING LIKE EVERYTHING ELSE… TO BE REVEALED AT THE PROPER TIME…
WS TOLD US THAT THE TRAINING WAS ALL FINISHED PERIOD.
THERE IS A LOT THAT GOES ON BEHIND THE SCENES THAT WE ARE NOT PRIVIY TO. NOT ONE OF US IMO
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MilitiaMan: There are always things that seem to be popping up that were not expected. We didn’t realize there was ever going to be automation at the borders. We never knew there would be an interlinking with the CBI and E-Government with three major entities of the government, done and linked. The CBI told us they have done that quite some time ago.
Delta showed us the data from the CBI that showed they had allocated millions of dollars for the printing of new notes.
We also know there is a new international AYSCUDA taxation system being readied or is in place now. I suspect that is the new system they mention at the port of Faw today could be it, or at least it will work in conjunction with it.
The BUNA platform is another item that was never really in the cards up until the last year or so. They have tested and cleared currency on it already and digitally, as well. That is an interlinking with the region and globe at large once they change the rate. They’ll also have a seamless transition without corruption.
The sanctions are lifted from Chapter VII with all payments paid up to Kuwait. They are opening international banks abroad. So, All these efforts are all showing me there is massive progress in a very complex environment that has new technologies involved that will help facilitate the new digital transformation before them and us.
My take is their efforts are about to be given to the citizens proportionately. The pressure has been mounting and I bet the GOI is feeling the heat on many front. Lets see how the handle the new GOI. Will it be seated in the coming days? We shall see. ……. Above post mentions a new system is in play.. I like it.. ~ MM
