Chat Room Excerpts & Highlights
rcookie says():IRAQ MADE 1ST SHIPMENT EVER OF LIQUID NATURAL GAS…
Ports: Iraq issued tomorrow, the first shipment of natural gas
History Tahrir:: 2016/3/19 10:55 • 197 times mqrw’h
Iraqi ports Directorate announced that they would on Sunday to export the first shipment to Iraq of natural gas.
A spokesman for the ports Anmar net in a statement received by all of Iraq [where] a copy of it, “will be advanced marine cadres award of takeoffs and guidance tanker Panamanian specialized [Cora], which kicks off tomorrow from the gas port of liquid on its way toward the sea.”
He said the tanker “carrying the first shipment of heavy natural gas [c5 plus] issued by Iraq for the first time in its history , ” adding that ” the Iraqi ports will participate in this event because of its expertise in providing safe navigation for the passage of this supertanker safely across Mamratna navigation in the Khawr Abd Allah waterway and Khor Al – Zubair. ”
rcookie says():http://www.alliraqnews.com/modules/news/article.php?storyid=33268
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():Good morning rcookie how are you today? I bet you would love to get a break from all your followers. Is everything proceeding reasonabley well in our favorite ME country?
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():Good morning does anyone know if Abadi got his hair cur he kept postponing?
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():Good morning everyone. I would love to tell you i wokeup and never thought about Iraqi which would be a lie. Any happy news from the Middle East?
larrykn says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():gm not much out there yet , its early lol
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():Maybe I’ll start sleeping till noon. Never happen. I am in this mental framework were I have lost track of were we are relative to article 8. I am sure there is lots left but I can’t come up with anymore big milestones the prime ministerv has to over come, and I didnt even have any wine last night. Clear headed.
wmawhite says():folks………I was going to reply the David277……he stated: I have lost track of were we are relative to article 8. I am sure there is lots left but I can’t come up with anymore big milestones……….
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():Oh oh
wmawhite says():Again,…I want to show you want the IMF has told each and everyone of you about this subjuct.
wmawhite says():Again, it is found within the Technical Letter of Intent dated December 22, 2015
wmawhite says():Here it is paragraph #19: The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():Mr White I feel like I am back in college and my biochemistry professor is about to lay into me
wmawhite says():exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate.
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():Not at all………..something about questions…………there is never a bad question asked….
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():Thanks
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():yw
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():So………the IMF along with the CBI and MoF….stated “will”…not maybe, not thinking about it….instead, “will”.
dennis2 says to wmawhite():What do you suppose “gradually” infers to?
dennis2 says to wmawhite():sorry, but you said yourself there is no bad question…(lol)
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():no interuptions maybe ? till the department head finishs
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():the dated of this Letter is December 22, 2015……………that is two months after this:
The director of the Middle East Department and Central Asia for the International Monetary Fund Masood Ahmed in a press statement….he stressed that Iraq will return to economic market during the first half of next year.
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():this letter is dated
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():IMO…………the IMF had reason to believe that over the next few months Iraq would be doing these items…..so the language is “gradually’
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():however, the most important word is the verb “will”.
jtank says():WMA (y) thx
dennis2 says to wmawhite():That makes sense. was wondering it it could mean a gradual increase in value Thank you
wmawhite says to dennis2():Key points to remember……….remove remaining exchange restrictions and multiple currency practice (MCP)
dennis2 says to wmawhite():Right on…(y)
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():Are there sub themes that play a role? Like a sitting cabinet. Do you think political issues will cause a head wind or is it more procedural?
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():There are numerous issues at play……………what we are discussing here, the move into the international markets is totally separate from the reforms being pushed ay Abadi.
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():The reason I ask is that it seems to simple just droping MCP
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():Interesting. Can you seperate his power from the MCP issue
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():The issue with the MCPs is a result of the auctions which is a result of numerous years of Iraq needing the USD in order to import 90+% of their goods.
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():right
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():and it was inefficent to say the least
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():IMO,….once the CBI receives the “goodhouse keeping seal of approval”…..Article 8………..the world financial community will be more open to deal in the IQD………….thus,……the USD is then not needed internally in Iraq…..thus by by to the auctions.
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():but no one noticed a $100 a barrel
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():Thus, by by to the MCPs.
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():The price of oil is secondary to the move into Article 8.
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():Can the IMF stop the MCPs?
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():I understand stupid statement
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():its all about a single currency
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():MCPs….auctions……….why auctions? because the CBI must put USD on the street because USDs are needed to buy internationally….import 90% of goods needed to live on.
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():Once Iraq can order that rice from Thialand and pay for it with an account with IQD in it then there will be no need for the auctions.
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():I am on the edge of my chair
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():I love it
wmawhite says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():When that happens…..and we believe the IMF gave us a timeframe then it is best for Iraq to conduct business at a value that will not kill them financially…………..their true value.
rcookie says():DOES EVERYONE REMEMBER AND KNOW THAT IRAQ WAS ALREADY IN ALIGNMENT FOR ARTICLE VIII AND WAS FOUND IN BREACH…SPANKED AND CORRECTED…IN 2013……
wmawhite says():I am finished
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():Mr White so some one at he IMF calclates the true value based on GDPpotential and investment flows and comparitibe or relative value to comparable counntries
rcookie says():THEY WERE IN BREACH OF OBLIGATIONS OF ARTICLE VIII SECTION 5
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():sorry rcookie section 5?
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():forget my question sorry
wmawhite says to rcookie():Do you remember what section 5 was?
rcookie says():UNDER SBA (STAND BY ARRANGEMENTS)…APPROVED IN 2010…AND EXPIRED IN FEB 2013…THE IMF EXECUTIVE BOARD GRANTED A “NON COMPLIANCE WAIVER”….AND CONCLUDED…”NO FURTHER REMEDIAL ACTION WAS NECESSARY”….
rcookie says():YES I DO HERE YOU GO…..I WILL REPOST AGAIN…
designbyg says to wmawhite(Whisper message)(8:51 AM):my take was the opposition to abadi have reached out to their enemies…
rcookie says():THIS IS AN IMF PRESS RELEASE FROM 2013 THAT OUTLINES A BREACH OF OBLIGATIONS UNDER ARTICLE VIII…AND IT DEALS WITH SECTION 5
rcookie says():IMF Executive Board Reviews Noncomplying Purchase by Iraq and Breach of Obligations Under Article VIII, Section 5Press Release No. 13/464 November 21, 2013
wmawhite says to rcookie():And then in October 2015, just prior tp the Article 4 consultation in amman, Jordan the IMF makes their statement about Iraq and the enter into the “markets”.
rcookie says():As the authorities have taken appropriate corrective measures since the purchase in March 2011, the Executive Board granted a waiver for the nonobservance of one continuous performance criterion (PC) and determined that no further remedial action is required in connection with its obligation to provide information under Article VIII, Section 5.
rcookie says():SO THE IMF EXECUTIVE BOARD GRANTED A NON COMPLIANCE WAIVER…AND CONCLUDED NO FURTHER REMEDIAL ACTION WAS NECESSARY….
rcookie says():The noncompliant disbursement arose as a result of misreporting on the observance of the standard continuous PC for the nonimposition or intensification of restrictions on the making of payments and transfers for current international transactions.
In October 2012, staff learned that during the last quarter of 2010 the Central Bank of Iraq (CBI) issued three circulars on the daily foreign exchange auctions that gave rise to exchange restrictions subject to IMF jurisdiction.
rcookie says():The circulars:
(a) introduced maximum limits on the availability of foreign currency cash for individuals,
(b) introduced limits on the availability of foreign currency cash through the CBI foreign exchange auctions to money transfer companies and exchange bureaus, and
(c) introduced and
(d) later intensified a requirement to present a tax clearance certificate for firms to transfer funds in excess of certain amounts purchased through the CBI auctions.
rcookie says():HMMMMM ANYONE TAKE A GUESS WHY THEY WERE SLOW AND RESISTANT TO REPORTING ON AUCTION ACTIVITIES AND ACCOUNTABILITY….BIG SHOCKER RIGHT…..
rcookie says():SO MISREPORTING OR REPORTING ALTOGETHER….
jarhead says():gm and here we go
wmawhite says to rcookie():Look at this:………….
rcookie says():The restriction on the availability of foreign currency cash for individuals was temporary, as the CBI repealed it in August 2011. The authorities have taken appropriate corrective action by removing the remaining restrictions in the course of 2013. On this basis, the Executive Board granted a waiver for the nonobservance of the PC.
rcookie says():THESE ARE THE RESTRICTIONS THEY REFER TO IN THE IMF LOI/MEFP/YECH MOU…….
wmawhite says to rcookie():Look at this….it referrs to what you just posted:
wmawhite says to rcookie():12. The spread between the official and the parallel foreign exchange market rate receded to around 2 percentage points since August from as high as 16 percentage points in June, as a result of the elimination of the obligation to prove custom duty and income tax payments before buying foreign exchange.
rcookie says():SO YOU SEE….THINK ABOUT THE BREACH….AND WHAT WAS THE SUBJECT OF THE METAC WORKSHOP THEY JUST WENT THROUGH……….
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to wmawhite():METAC was a relative purcgasing power index vs comparable countries?
rcookie says():FISCAL REPORTING & TRANSPARENCY…….HELLOOOOOOOOOOO
rcookie says():ANYONE…
jarhead says():so they r working withthe imf correctly ??
rcookie says to jarhead():COMPLETELY CORRECT JAR…
jarhead says():fantastic
rcookie says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():??? METAC WHAT….
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():Forget my question stupid
clay says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():nothing here is stupid
rcookie says to Holly1():HI HOLLY…YES 1ST TIME EVER LNG EXPORT..
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():But the fiscal transparency reporting in 2013 was an arbtrary move by maliki to extract money for personal not governmental or corporate legitamite reasons
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():Could we go back to rectifying Article 8 Section 5 violations. Is that the focal point
rcookie says():OK…SO FROM ARTICLE 8…WHAT OBLIGATION DID THEY BREACH IN 2013..
eman4u55 says to rcookie():dont know (
rcookie says():I JUST POSTED IT………… rcookie says():^^^^ UP THERE SOMEWHERE^^^^
eman4u55 says():just like my brain its there some were
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():They let the spread get very wide which I guess was the way to get money out of the system into private banks I am not that fmiliar with Iraqi fraud tactics
rcookie says():(i) official holdings at home and abroad of (1) gold, (2) foreign exchange;
(ii) holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange;
(iii) production of gold;
(iv) gold exports and imports according to countries of destination and origin;
(v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin;
(vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items;
rcookie says():(vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information;
(viii) national income;
(ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices;
(x) buying and selling rates for foreign currencies;
(xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():a lot of place for leakage
rcookie says():(xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.
rcookie says():(b) In requesting information the Fund shall take into consideration the varying ability of members to furnish the data requested.
Members shall be under no obligation to furnish information in such detail that the affairs of individuals or corporations are disclosed. Members undertake, however, to furnish the desired information in as detailed and accurate a manner as is practicable and, so far as possible, to avoid mere estimates.
(c) The Fund may arrange to obtain further information by agreement with members. It shall act as a centre for the collection and exchange of information on monetary and financial problems, thus facilitating the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.
rcookie says():THIS IS WHAT THEY WERE IN BREACH OF……………….
rcookie says():AND AGAIN….ANYONE REMEMBER THE NAME OF THE IMF METAC WORKSHOP THEY JUST COMPLETED ON MARCH 13-16…………
rcookie says():HELLO…
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():No not me, so now the IMF will monitor compliance. They will have review periods to confirm compliance. Hopefully with new CBI governor it will not break down now. Thats all the IMF can do they cant run theCBI
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says():I dont remember surprise , surprise
rcookie says():THE IMF HAS BEEN MONITORING THEIR COMPLIANCE SINCE 2011…AND WILL CONTINUE TO DO SO THROUGH 2016….
rcookie says():THEY WERE IN BREACH OF FINANCIAL REPORTING…TIMELINESS…ETC…
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():periodic monitoring. So the politics that result in violations are better but theyb have to prove it.
rcookie says():THE IMF METAC WORKSHOP THEY JUST COMPLETED MARCH 13-16….WAS TITLED…”FISCAL REPORTING & TRANSPARENCY”……………
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():a good thing. Hopefully some one will execute it properly
eman4u55 says():THE ACME IMF METAC WORKSHOP THINGY
eman4u55 says():”FISCAL REPORTING & TRANSPARENCY” THATS WHAT I MENT
rcookie says():THE MAIN POINT IS THEY ALREADY HAVE….AND THESE 50 WORKSHOPS ARE THE FOLLOW THROUGH WITH THEIR ECONOMIC POLICIES AND ACTIONS…RELATIVE TO THE GLOBAL STANDARDS AND PRACTICES…..
rcookie says to eman4u55():WILE E COYOTE….
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():The MOU and LOI outline these requirements but the Iraqi leadership has to perform and there has been no history of that.
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():Last question rcookie have the how long have the workshops been going on?
rcookie says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():NO THAT IS COMPLETELY NOT TRUE…THAT IS THE POINT…THEY HAVE BEEN UNDER PROGRAM AND MONITORING SINCE 2011 AND ARE IN TOTAL COMPLIANCE….
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():But you said in 2013 they fell out of compliance I thought
rcookie says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():HERE ONCE AGAIN…THIS IS THE SUMMATION OF THE IMF LOI/MEFP/TECH MOU..
rcookie says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():THERE THEY ARE MENTIONING IMF PROGRAM MONITORING THROUGH 2019…ACTUALLY 2020….RIGHT FROM IMF LOI/MEFP/TECH MOU…
rcookie says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():DAVID…THEY DID NOT FALL OUT OF COMPLIANCE IN 2013….
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():I get it rcookie its an ongoing mutual aggreement to watch the process. So there is no room for misunderstanding or external interpretation.
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():Sorry for being a tad dense on the compliance mechanics and history.
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():I guess I won’t get into the Kennedy School at Harvard but that was my dream retirement
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():You should though
rcookie says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():YES…BUT THE ARTICLE 8 BREACH WAS DISCOVERED…ADDRESSED…GRANTED A WAIVER BY THE EXECUTIVE BOARD FOR NON OBSERVANCE OF ONE CONTINUOUS PERFORMANCE CRITERION (PC)…
AND DETERMINED “NO FURTHER REMEDIAL ACTION IS REQUIRED IN CONNECTION WITH ITS OBLIGATION TO PROVIDE INFORMATION UNDER ARTICLE VIII SECTION 5…..
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():It’s the future and we need the best people managing the emerging countries to adopt proper economic policy but when you look at Brazil thats a big challenge
rcookie says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..]():THE POINT IS THAT IRAQ IS COMPLETELY AWARE OF ARTICLE VIII ATTAINMENT AND HAS BEEN ENGAGED FOR MANY YEARS NOW AND THROUGH THE END OF IMF SMP….
AND IS IN A COMPLIANT STATUS TO DO SO…….IT IS THEIR CALL…AND THEN ON TO WTO ACCESSION.
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says to rcookie():Thanks again rcookie. I really appreciate you sharing your amazing knowledge.
tman23 says():The demonetisation of the Zimbabwe dollar which was announced by the Minister of Finance and Economic Development in the 2014 National Budget, as well as, in the Mid-term Fiscal Review, and in the Monetary Policy Statement of January 2015, commenced on 15 June 2015 and ended on 30 September 2015.
The purpose of demonetization of the local unit was to promote consumer and business confidence by providing credibility to the multi-currency system and legally retiring the Z$. DEFINITION…….Demonetization is the act of stripping a currency unit of its status as legal tender.
THIS IS OFFICIAL FROM CENTRAL RESERVE OF ZIMBABWE…. PAGE 31….. http://www.rbz.co.zw/assets/monetary…nuary-2016.pdf ……
http://www.rbz.co.zw/assets/monetary-policy-statement-january-2016.pdf
rcookie says():AND CITIZENS ABILITY TO INVEST DIRECTLY IN BONDS TOWARD THAT PROJECT IS AMAZING…AND WILL GIVE THEM SKIN IN THE GAME…..
tman23 says():And some should take the time to read the 2016 review for policy……and compare some of it to Iraq…….. http://www.rbz.co.zw/assets/monetary…nuary-2016.pdf
http://www.rbz.co.zw/assets/monetary-policy-statement-january-2016.pdf
clay says to tman23():can the Zim ever come back
Baxter1243 says():Clay….. it sure doesn’t look good…. want to buy some? (lol)
tman23 says to clay():They may introduce a NEW when they get economic factors turned around…….But the Z$ anyone holds is DEAD PAPER.
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