Chat Room Excerpts & Highlights
larrykn says():Loop gee I wonder what that means 😀
rcookie says():THEY ARE CIRCUMVENTING THE NEED FOR HARD CURRENCY EXCHANGE FOR PAYMENT OF SALARIES AND EASING LIQUIDITY CRISIS….
LLN65 says():good morning again I seem to have lost Internet connection again
rcookie says():Rafidain Bank issued the smart card industry staff
Economy Since 2016-03-05 at 08:40 (GMT)
Baghdad — the balance of news Rafidain Bank, announced Saturday, issuing smart card “card” for some staff services of the Ministry of industry and minerals for the purpose of delivery of monthly salary.
The Bank said in a statement/balance of news copy, that “smart card issued to employees of certain companies belonging to the Ministry of industry and minerals to receive their monthly salary instead of manual cash.”
He noted that “the issuance of more than 650 staff card public company Northern cement also issued a smart card for 450 employees manufacturing refractories, while more than 700 card issued to staff of the General company for ready-made garment industry.
The “continuation of the Bank granting the smart card to the staff of State institutions and reduce red tape in the distribution of salaries”. ended 29/38 http://www.microsofttranslator.com/b…258A%25D8%25A9
Read More :http: bad link
larrykn says():still can’t figure out how they can load those cards that you can use anywhere without a true value rate
rcookie says to larrykn():GM LARRY!
larrykn says():gm rcookie 🙂
Loopback says to rcookie():So how many sectors now are using the the smart cards to get paid instead of currency?
rcookie says to larrykn():THOSE ARE SALARIES FOR STATE INSTITUTIONS BEING PAID ELECTRONICALLY IN COUNTRY…
rcookie says to larrykn():HEALTH…MINERALS…GARMENT
larrykn says):O ok , I thought I read they were to be use for salaries anywhere
larrykn says():but a mastercard is an international card
Loopback says to rcookie():The cards insure the use of the banking systems.
rcookie says to larrykn():THERE WERE REORTS OF RETIREMENT SALARIES LOADED TO CARDS…WHICH WOULD SUGGEST AVAIALABILITY TO EX PATS LIVING OUTSIDE IRAQ….
larrykn says():yes that is what I was refering too
Loopback says to rcookie():Meaning adding liquidity
Loopback says to rcookie():(y)
rcookie says to larrykn():AGREED…ANYTHING TO ENCOURAGE ENGAGEMENT OF BANKING SERVICES….SAVINGS…BOND PROGRAM PARTICIPATION…BILL PAYING..
larrykn says():its all going in the right direction 🙂
larrykn says():what is your take on the imf and un coming
rcookie says to Loopback():THE DEMAND FOR HARD IQD IN MARKETPLACE IS DIRE…
wilson6060 says():GM you awesome newshounds and chat copiers…you guys and gals ROCK….love it, love it, love it
larrykn says():they need is liquidity back into the banks , people need to put their money back in banks soon
rcookie says to Loopback():I POSTED AN ARTICLE ABOUT PEOPLES ECONOMY VERSUS THE MARKET ECONOMY…
rcookie says to Loopback():LOOP YOUR REPORT ON INTERNATIONAL AUDITORS FINDINGS OF WASTE AND INEFFICIENCY IS A PRELUDE TO WHAT THESE AUDITS WILL REVEAL…
Loopback says():An international report reveals wasted the ministries of oil and millions of dollars in reconstruction
Author: AR, ASJ, HH Editor: AR, HH 5/3/2016 12:50 Long-Presse / Baghdad
An international watchdog’s report on Saturday, wasting millions of dollars in the ministries of oil and Construction and Housing in ten years, while noting the two ministries are working to solve problems with lagging companies to “compromise.”
He said the international auditor external audit of ministries in 2014, in a statement issued by the Committee of Financial Experts received (range Press), “The Ministry of Oil and its specifically Midland Refineries Company contracted in 2005 with the Free Company and hydrocarbon the Supply US to implement the complex project to improve gasoline at $ 81382683 dollars and the duration of implementation of 28 a month. ”
Loopback says():International auditor said that “the two companies Tlkota in implementation reaching implementation rate of 29.75% until the month of January of 2015, having reached the additional periods granted 58 months has been to increase the contract amount by more than $ 27 million due to higher prices in the markets and although it got Minister agrees to solve the subject consensual,
“adding that” the Midland oil company was delayed in all things, including a draft cooling towers, which forced it to give Armada company additional periods of more than 148% of the duration of the contract due to the delay Midland oil company to obtain the results of soil testing the delay in the extension of the permeability of shipping as well as changing the basic schemes in addition to the delay in the opening credits, customs clearance and tax exemption. ”
Loopback says():He said the international auditor, that the “oil projects company referred the four projects contain concerns and legal problems and material contracts resulting in a late start to work on projects or suspension of the project, as well as delays in answering correspondence
The contract for the design and processing of materials for warehouse Shuaiba where contracted projects the company with the company (GOG ) Jordan on the project in March 2012, but the completion rate was 0% up to check out the project from the Jordanian company in July of 2014, without any action only given a warning, resulting in increased costs and wasting time and effort. ”
Loopback says():He revealed the international auditor’s report on the “reluctance of the public Ezz in the implementation of its contract with the lines and pipes company processing and installation detecting containers and trucks the site in the month of November 2012 devices at $ 20,527,941,175 Dinara implementation period of 270 days where the completion rate of 50% paid from the amount of the contract 80% so August of 2015, noting that Ezz company did not insure their material processed in the event of an injury or damage. ”
With regard to cases of sabotage of oil pipelines noted international auditor to “the existence of 74 cases of sabotage only during the year 2014, repair of $ 16.6 million cost, amounting cost repair the pipes for the years 2011, 2012 and 2013 of more than $ 60 million was due to inadequate taken security measures to protect the pipe” .
Loopback says():And on the Ministry of Construction and Housing, revealed the international auditor, for “Notes relating to the contract the establishment of a residential compound in Karbala – Al Jazeera 1,
which transmit the Department of Housing where the blue ocean company in October of 2008, and was pulled to work them in the month of April of 2011 and the completion rate did not exceed 14.6% after giving the company more of a chance to raise the percentage of completion in September 2011 referred contract and the decision of the Council of Ministers to the dams company,
“explaining that” in spite of the reluctance of the company mentioned in the completion of other projects of the same circle and pull the project Last of them, and the percentage of completion of dams 4% company until June of 2015, however, the Department of housing is working on the topic consensual solution with the company’s lagging. ”
Loopback says():International auditors stressed that “the same problem handing the workplace is free from concerns repeated with the Ministry of Housing circles has been referred three decades without verifying the readiness of the work site, which led to delays in the implementation of projects,”
pointing out that “the delay in the completion of projects and not to benefit from the allocations and the difficulty in obtaining their funding in the years 2014 and 2015, led to delays in the completion of four projects have been contracted in the years 2008.2011, 2013 between the percentage of completion between 32.3% and 66.28% up to perform the audit.
Loopback says():International report noted the presence, “another problem in the Ministry of Housing through the assignment of more than a decade to incompetent companies as referred three decades to Sadu company at $ 153172437550 dinars, and did not fully implemented, although that one of them had been brought in 2008, and referred two decades to agreed company Zora amount 19917800000 dinars,
“stressing that” additional periods granted to companies had exceeded in some cases 105% of the duration of the contract because there are mistakes in the designs and bills of quantities in addition to not creating the job site. ”
Loopback says():t is noteworthy that Iraq has long occupied the advanced ranks in the global indices of corruption, since corruption is a challenge, “no less a threat” from terrorism faced since 2003, despite the announcement of successive governments to the fight against corruption a priority of its work. Source
http://www.dinarupdates.com/showthread.php?31132-An-international-report-reveals-wasted-the-ministries-of-oil-and-millions-of-dollars&p=146711#post146711
larrykn says():so this international auditing is complete then, corruption is a big problem over there but it seem they are now getting a handle on it ,
Loopback says():WHAT A SHOCKER. OIL AND RECONSTRUCTION WASTED BILLIONS OF DOLLARS.
larrykn says():look at the money they can save when Adabi puts in people that know what they are doing
larrykn says):the not that
larrykn says():oops scratch that lol
Loopback says to larrykn():THIS IS WHY THERE IS SO MUCH RESISTANCE TO THE REFORMS BY THE CORRUPTED POLITICIANS. THESE REFORMS MEANS THE END TO THERE GRAVY TRAIN AND FOR MANY A NEW TYPE OF NECK APPAREL>
larrykn says():I agree it will be interesting to see what happens with this in the next few days
larrykn says():this seems a good way to stop the corruption
Loopback says to rcookie():(y) Very exciting news.
larrykn says():(y)
rcookie says to Loopback():WHAT THEY ANNOUNCED YESTERDAY ABOUT PAYING OIL COMPANIES $2 BILLION IN ARREARS PAYMENTS WAS HUGE…HUGE…HUGE…HUGE
rcookie says to larrykn():BECAUSE IT DEMONSTRATES THEIR EXECTING THE BUDGET IN FULL…THEY ARE PAYING ARREARS…PAYING THEIR BILLS BEFORE THEY PAY THEMSELVES….
larrykn says():it also is telling me they are opening the budget
larrykn says():just seems to me they are wasting a lot of money by not raising the value of the dinar
rcookie says to larrykn():THE OTHER HUGE INDICATOR WAS BASRA GETTING BOTH THE 50% SHARE OF CUSTIMS TARIFFS REVENUES COLLECTED AT PORTS…
BUT ALSO THE 5% PROVINIAL OIL REVENUE SHARE…AGAIN ACCORDING TO 2016 BUDGET TERMS…
larrykn says():yes I was talking about that last night and this morning great news 🙂
pizzaman says to rcookie():Good Morning….just curious if a report has been issued by the IMF upon what I understood was to be Iraq’s progress through February of required actions / projects to be implemented for which Iraq was performing ahead of schedule ?
rcookie says to larrykn():THE ARREARS AUDITS HAVE BEEN GOING ON SINCE APRIL 2015 AND ARE COMPLETED MAY2016…
larrykn says():rcookie we also know they are ahead of the game too , this audits could already be over with
larrykn says():pizaman I have not heard about that sorry
rcookie says to pizzaman():NO NOT AN IMF STATEMENT ABOUT THEIR REVIEW STATUS…IRAQ HAS BEEN GOING THROUGH THESE REVIEW PERIODS SINCE 2011…REMEBER THEIR SMP RUNS THROUGH 2016…
larrykn says():sorry pizzaman oops
pizzaman says to rcookie():I guess I meant an the latest review which I understood was to have taken place in Feb.
rcookie says to pizzaman():YES…THEY HAVE NOT AND DO NOT PUBLISH INDIVIDUAL REVIEW DATE COMMENTS…’
THE GENERAL PARAMETERS OF THE LOI/MEFP.TECH MOU IS PUBLISHED JANUARY 2016….
THE QUANTATIVE TARGETS FOR THE PROGRAM RUN FROM NOV 2015-DEC 2016….WHICH OUTLINES THE PERIODOCITY AND TRANSMISSION OF THE DATA FOR IRAQ TO THE IMF FOR MONITORING PURPOSES….
pizzaman says to rcookie():OK…that helps me understand….thanks!
rcookie says to pizzaman():THEY HAD 5 QUANTATATIVE TARGETS….
rcookie says to pizzaman():1. a floor on the stock of gross international reserves of the Central Bank of Iraq (CBI);
rcookie says to pizzaman():2. a ceiling on net domestic assets of the CBI;
rcookie says to pizzaman():3. floor on the central government non-oil primary balance;
rcookie says to pizzaman():4. a floor on the central government social spending;
rcookie says to pizzaman():5. a continuous ceiling on new external payments arrears on any existing, rescheduled and new debt of the central government and/or the CBI.
pizzaman says to rcookie():Wow…my morning education! How / when is Iraqs progress upon those targets reported and released so that we know how they are performing?
rcookie says to pizzaman():THEY HAVE QUARTERLY REVIEWS FOR THEIR PERFORMANCE AND STANDING IN THE SMP…
rcookie says to pizzaman():HERE YOU GO…
rcookie says to pizzaman():26. The SMP will have quarterly reviews (MEFP, ¶30). It will set quarterly quantitative targets on the non-oil primary balance, the stock of net domestic assets of the CBI, official foreign exchange reserves, social spending, and the absence of new external arrears, starting in December 2015 (MEFP, Table 1), and a few structural benchmarks (MEFP, Table 2). ‘
The targets on the stock of net domestic assets of the CBI and official foreign exchange reserves will have adjusters allowing more/less indirect monetary financing and use of reserves in case foreign financing is lower/higher than programmed, with an asymmetric cap on the additional monetary financing to protect foreign exchange reserves (Technical Memorandum of Understanding—TMU, ¶¶13–16).
pizzaman says to rcookie():SMP stands for ?
rcookie says to pizzaman():he target for the non-oil primary balance for December 2015 will be adjusted when the true level of spending financed by domestic arrears in 2015 will be known (¶23; TMU, ¶12).
The targets on the non-oil primary balance and the stock of net domestic assets of the CBI, the main source of domestic financing of the budget, will keep total public debt on a sustainable trajectory.
Each program review will set a few structural benchmarks in areas that are essential for the success of the program. The authorities intend to demonstrate good performance under the SMP to move to a possible Fund financing arrangement.
rcookie says to pizzaman():STAFF MONITORED PROGRAM
pizzaman says to rcookie():Ah hah! Thanks again!
rcookie says to pizzaman():(y)
rcookie says to pizzaman():7. The government intends to make public the content of the IMF staff report, including this letter, the attached MEFP, the TMU, and the informational annex of the staff report. It therefore authorizes the IMF staff to publish these documents on its website once you have approved this Staff-Monitored Program.
pizzaman says to rcookie():”The authorities intend to demonstrate good performance under the SMP to move to a possible Fund financing arrangement” sounds like this is to position themselves for loans from the IMF?
rcookie says to pizzaman():SIGNED BY KEYWORDS & ZEBARI….
rcookie says to pizzaman():PARTIALLY..
rcookie says to pizzaman():BUDGET CONTENT AND EXECUTION….
pizzaman says to rcookie():Sor from paragraph 7, when or where was the last release of content of an IMF staff report?
rcookie says to pizzaman():COMPREHENSIVE ECONOMIC & FINANCIAL POLICES…TECHNICAL ASSISTANCE
rcookie says to pizzaman():FOREIGN EXCHANGE POLICY
rcookie says to pizzaman():ARTICLE 8 OBLIGATION ATTAINMENT
rcookie says to pizzaman():FISCAL POLICY
pizzaman says to rcookie():got it…more than loans! and I like that foreigh exchange policy item you listed!
rcookie says to pizzaman():PUBLIC FINANCIAL MANAGEMENT
pizzaman says to rcookie():EVERYTHING
rcookie says to pizzaman():BANKING SUPERVISION….REFORM
rcookie says to pizzaman():AND AT THE END PROGRAM MONITORING…TO MAKE SURE THEY STAY ON PROGRAM THROUGH 2020…
rcookie says to pizzaman():SAME PLAN WINDOW YOU JUST HEARD THE CBI ANNOUNCE..,2020
pizzaman says to rcookie():Woohoo!
rcookie says to pizzaman():AND PERFORMANCE WITHIN THIS PROGRAM WILL STABILIZE AND STRENGTHEN THEIR GLOBAL ECONOMIC POSITION…CREDIT STANDING POTENTIAL AND INTERNATIONAL INVESTMENT OPPORTUNITY…
subgirl says to rcookie():I sure like that! (y) thanks for sharing!! GM
pizzaman says to rcookie():I’m curious when the latest release of the last release of content of an IMF staff report was from the government.
pizzaman says to rcookie():oops…doubled upon on release
dale says to eric4502():Rcookie : Definitely is an education ….. and to boot sounds great …. Thank you again …. and to Loop.
tman23 says():House speaker Salim Al-jubouri said, Parliament meeting and readiness to vote on the draft of the amnesty law. Deputy Chairman of the parliamentary legal Committee, Mohsen sadoon said that “final agreement reached on the wording of the draft amnesty law ….. House speaker Salim Al-jubouri that the Bank President (Jim Yong Kim) will visit Iraq soon to discuss the economic crisis.
Al-jubouri said in the Parliament session today, “Bank President pledged efforts to solve the economic crisis in Iraq.”
“There is an invitation of World Bank President to visit Iraq and come to the House to discuss economic problems and ways to address them.” United Nations Secretary-General Ban Ki-moon and World Bank President Jim Yong Kim to Baghdad “to discuss further support Iraq, and backing in the current circumstances.”
subgirl says to tman23():thank you tman! Appreciate you! 🙂
larrykn says():tman23 that is great news , they have agreed wow 🙂
jeffjane says to tman23():Do you think that meeting has already happened?
jeffjane says to tman23():Reason I ask is, I thought Ban Ki-moon was suppose to be in Iraq on March 1
tman23 says():From the outside looking in it appears they are going to do EVERYTHING in one big blitz….. Amnesty on the schedule for vote, Technocrats to be seated, Bi Ki Moon to Baghdad same time Jim Yong Kim to Parliment…….
larrykn says():yes I agree good signs 🙂
subgirl says to larrykn():it went well! No chemo yesterday tho cuz my heart was not as strong as last time… So they are giving me 1 to 2 months break from chemo 🙂 yyaayy!
tman23 says to jeffjane():People read that UN Jan Kubiš said Feb 13 that Moon and Kim would be visiting Iraq….So they come up with March 1st……and that is a date “the people” speculated on……..
There is NO inside information to the specific date they will arrive…BUT it will be IMO……EVERYTHING at one time …….They really need to deliver some tangible changes to the citizens……
AND Sadr gave a deadline of April 1……. Those are the only dates we have to speculate on
tman23 I agree, no one knows the date but they are under so much pressure to get it done, I do believe this is our month 🙂
love it 2 says to BGG():so where we stand now…any closer or more doors need opening ?
BGG says to love it 2():Much closer – IMHO…
love it 2 says to BGG():well close is better then further 😀
BGG says to love it 2():and I don’t say this to “create” some false sense of expectation…
BGG says to love it 2():there are plenty that do this already…
love it 2 says to BGG():true that…thus my “vacancy” from it all :
BGG says to love it 2():nor are my comments intended to “down” anyone – like those disappointed investors who find it acceptable to “force” their ill-formed conclusions on everyone else.
BGG says to love it 2():that is where a lot of this “it won’t happen until June – or 2017 – or whatever…
BGG says to love it 2():WHERE EXACTLY DID THEY SAY ANYTHING LIKE THAT??
BGG says to love it 2():if one can read – study – and show oneself approved – this IS NOT WHAT IRAQ has said – CLEARLY.
BGG says to love it 2():on the other hand – Iraq’s situation is dire (financially). I don’t see how they go on much longer “as is”…
BGG says to love it 2():Abadi appears to be dealing with deep rooted corruption – quickly.
love it 2 says to BGG():I’ve never said anything about JUNE…nor do i read ahead in time… i’m no soothsayer …
BGG says to love it 2():Once he gets his way… I don’t see any way around some kind of currency restructuring as a “bridge” to 2017…
BGG says to love it 2():not saying you do – I am just referring to common “boo hoo” comments in the community.
love it 2 says to BGG():well i guess we still “wait and see” 🙂
love it 2 says to BGG():ahhhh ok …thank you 🙂
BGG says to love it 2():or not – here’s the thing – everyone here is here by choice.
Cricket22 says to BGG():Amen! I try to get through the days the best I can with patience and guidence from the good Lord. 🙂
love it 2 says to BGG():true that…..and if/when it happens all good 🙂
nromeo says():Bgg when do u think u guys will have a round table call again?
BGG says to love it 2():it’s a “once-in-a-lifetime” investment – no one is guaranteed anything… nor are we held hostage. The door swing both ways for everyone.
bibi says():Thank you for your commentary, BGG. Very helpful.
BGG says to nromeo():Soon.
love it 2 says to BGG():Amen to that….and you can still get ya investment $$$ back by selling back to the dealers 🙂
nromeo says():thanks I think everyone enjoys them alot
BGG says to nromeo():I think after this coming week… I will be in a lot more.
BGG says to love it 2():or almost anywhere – IF ONE PAID ATTENTION to any of my previous 1000 comments on the subject (one would have physical Dinar in hand).
love it 2 says to BGG():peeps who have the dinar are just waiting…sad part is….we just keep waiting and forgetting REAL life is out there too….yes nice to be informed and get the “info”
…but really real life is gonig by them daily…some 10 years plus and they forget what life is all about…there is much more out there then just dinar …..:)
BGG says to love it 2():Of course that is accurate – and what these dear saints like Sheila, Subby and many others make possible.
BGG says to love it 2():we try to be a resource to others can plug-in from time-to-time and stay current…
BGG says to love it 2():BBL this afternoon. Real life calls…
Read More: http://www.dinarupdates.com/showthread.php?31120-Saturday-March-5-2016
BGG Blog
