Chat Room Excerpts & Highlights
hutch says(): Iraq tops list of World Bank loans worth 20 billion dollars and warned of “squandering it”
2016/03/29 11:32 Assured the Finance Committee in the Chamber of Deputies, on Tuesday, that Iraq suffers from financial and economic problems, “acute requiring international intervention”, has promised to visit key States and Islamic banks to Iraq was timely, as revealed that Iraq tops list of World Bank loan projects amounting to $ 20 billion, indicated its intention to provide 250 million dollars loan to Iraq, promises to Islamic Bank grants.
Read More :http://www.dinarupdates.com/showthread.php?32634-Iraq-tops-list-of-World-Bank-loans-worth-20-billion-dollars-and-warned-of-quot-squandering
hutch says(): Twilight News / announced of the Sadrist block free on Tuesday, refusing to participate in the new government ‘s planned changes them headed by Haider al – Abadi.
The granting of the Iraqi Council of Representatives, Prime Minister Haider al – Abadi has until Thursday to announce the new ministerial lineup of technocrats, at a time when ascended leader Moqtada al – Sadr , his protest movement demanding reform.
Read More :http://www.dinarupdates.com/showthread.php?32625-Sadr-bloc-announced-not-to-participate-in-the-new-government-formation-3-29
http://www.dinarupdates.com/showthread.php?32625-Sadr-bloc-announced-not-to-participate-in-the-new-government-formation-3-29
thomas j says():boy after reading the news late last night and this morning things are falling apart ..tman was right abadi should have stay with his plan last . now everything is unwinding .reading the news here time has run out for mim and again i see malki is waiting
larrykn says to hutch():in that article about Sadr, how in one word he says they will not support the new govenment but in the next say they want him to hurry up with reforms, that makes no sense
thomas j says to larrykn():after reading all the news in news form here i think he like us are tired of abadi delays
thomas j says to larrykn():i think this week will tell the whole story
larrykn says to thomas j():I think you are right 🙂
larrykn says to subgirl():he got alternative motives 😀
thomas j says to larrykn():on cnn they mention that malki may be put back in power :@
hutch says to larrykn):ive always thought that
hutch says to thomas j():dont see that happening
thomas j says to larrykn():i was afraid that something like would happen due delays ..
larrykn says to thomas j():I don’t see that either
jtank says():maliki coming bacck-lol
subgirl says to thomas j():nor me either!! IMF is guiding this to the end!! IMO
thomas j says to hutch):who knows with them . it would something if he came back and got all the credits for the rv :@
larrykn says to thomas j():there is no more delay they have come to far to back out now
jtank says():maybe soneone like sadr- maliki blew his chance
subgirl says to larrykn():Exactly!
hutch says to thomas j():take the tin foil hat off…. IMF has a plan and they have said what it is
larrykn says to thomas j():I know we all have been waiting for this to happen for a very long time, now we are really seeing this happening right in front of us and its hard to grasp that, but its true, we are coming to the end of this ride, just buckle up and hold on , we are almost there 🙂
thomas j says():like i said and cnn said these next few days and maybe next week the world will see if this pm will last . i sure am hoping for the best . we have come never this close in my years following this for it go up in smoke .
larrykn says to thomas j():oops 🙂
thomas j says():dont the know they can be super power and the strongest in the middle east if they would just work together .:'(
rcookie says():YET 1 MORE REPORT OF ELECTRIC SECTOR INFRASTRUCTURE DEVELOPMENT…THIS ONE FOR DHI QAR…WITH CHINESE COMPANY CIN GROUP GOING TO PROVIDE A NG STATION OF 500 MW…
larrykn says to rcookie():does that include the power poles and stations thruout the country or just the power stations
rcookie says to msdiva():POWER STATIONS….
rcookie says to msdiva():ADDED TO THIS LIST IN LAST YEARS INTENSE FOCUS….
larrykn says to rcookie():so they would still need a company to install and maintain the power poles and transformer ect
rcookie says():THESE RECENT ADDRESSMENTS OF POWER INVESTMENT AND DEVELOPMENT PROJECTS….IN LAST YEAR ALONE….
3-12-16 GE $328 M USD PROJECT AWARD FOR 13 STATIONS SUPPLYING 1000 MW 3YEAR INSYTALLMENTS & PART OF 2016 BUDGET….
3-4-16 SWISS ABB $100MUSD 3000 MW…..
1-16-16 500 MW NAJAIBIYAH BASRA $75M USD….
11-23-15 BARZANI OPENS HYDRO POWER PROJECT DUHOK 36 MW JAPANESE FUNDED….
11-8 15 BID FOR NIC (NATIONAL INVESTMENT COMMISSION) 32 SEPERATE CONTRACTS TO SUPPLY 1200-1400 MW OWN & OPERATE IN AL-YUSUFIYAH BAGHDAD…..
larrykn says to rcookie():keyword here is to supply, that means they need to do it all, thats good, 🙂
rcookie says):NOW…WENT THROUGH THIS LAST WEEK….JUST LOOK AND CONSIDER THE FOCUS IN LAST YEAR ALONE…THAT STILL LEAVES THEM AT ABOUT 1/4 THE CURRENT NEEDS….
larrykn says():its a start
rcookie says():AND THAT IS 2016 WITH THIS FOCUS…….IN WHAT ALTERED STATE OF FANTASY DOES ANYONE THINK THERE WAS A POSSIBILITY OF REVALUATION AND RECRUITMENT OF INTERNATIONAL BUSINESS & INVESTMENT TO DEVELOP PRIVATE SECTOR INDUSTRY AND INFRASTRUCTURE…..AT ANY TIME IN PAST…..
rcookie says():IF THERE IS THIS TODAY…
rcookie says():YES IT IS
larrykn says to rcookie):your right in the past they weren’t even close to being ready for this to happen, today they are 🙂
rcookie says():AND THAT IS WITH MASS DISPLACED NOT YET REPATRIATED TO THEIR HOMES…IMAGINE WHAT THAT WILL DO TO THEIR DEMAND AND CONSUMPTION NEEDS,,,,,,
larrykn says to rcookie():amazing isn’t it 🙂
da58 says():IMF says Iraq could secure 3-year standby deal by June
http://af.reuters.com/article/commoditiesNews/idAFL5N1713AJ
AMMAN, March 29 (Reuters) – The International Monetary Fund could approve a standby arrangement (SBA) with Iraq as soon as June if talks due to be held next month in Washington reach agreement, the head of the IMF’s Iraq mission said on Tuesday.
Christian Josz told Reuters that an agreement could secure Iraq around $15 billion in financing – one third of it from the IMF itself and the rest from other international organisations and donors. If we conclude the discussions in April in Washington I think we could present an agreement of the standby arrangement for the approval of the board of the IMF in June,” Josz said.
Iraq had made “good progress” in talks that began in November over a three-year standby deal, Josz said. The potential $15 billion package for the debt-ridden country could come from several sources including the IMF, the World Bank, Gulf states, the United States and other G7 countries.
“If they adjust their spending we see they have a financing need of $15 billion over three years,” said Josz, envisaging the country would get at least $5 billion this year and the remainder by the end of the arrangement.
Iraq, with income nearly exclusively from oil, is struggling to pay its bills amid the fall in global crude prices. (Reporting by Suleiman Al-Khalidi; Editing by Dominic Evans)
da58 says():why would Iraq be needing a ‘standby agreement’ of 15bill by june.. what is meant by ‘standby’ – ?? Loop?? you must know.. !
Woodywoodpecker says():standby….if you need it
da58 says():like a line of credit.. ? of loans if needed – right??
da58 says():woody – thx..
da58 says to subgirl():it’s validation.. says by june..
da58 says to subgirl():imo
watson1 says():??? if they are getting loan will they need rv ..
RickeyT says to da58():this is all speculation folks
RickeyT says to da58():no guarantees
da58 says to watson1():from what I understand, it’s not ‘getting a loan’.. it’s a ‘it’s here if you need it’ kind of thing..
larrykn says to watson1():they can have all the loans they want but they have to pay them back , at the current rate that would not happen , so yes they need to change the rate to go forward once they go international, that will also allow companies to enter into Iraq which will give money to Iraq to run
Loop says():Central sales decline at an auction today
Economy Since 29/03/2016 16:11 pm (Baghdad time) BAGHDAD – balances News CBI reported sales, on Tuesday, a decline in the auction for the sale of foreign currency to sell $ 80 million.
According to a statement of the bank, it received / balances News /, copy of “The size of the amount sold today reached 80 million, and 514 thousand and $ 348, priced at 1182 dinars exchange rate against the dollar, and with the participation of 25 banks and 18 companies for the fiscal transfer.”
He added that “the amount of remittances and credits amounted to 45 million and 800 thousand dollars in what was the quantity sold in cash 11 million and 640 thousand dollars.”
The statement pointed out that “the amounts transferred to the accounts of banks selling abroad is priced at 1190 dinars per dollar, and the cash sales price shall be the price of 1182 dinars per dollar,” .anthy 29/9 P
Source http://www.dinarupdates.com/showthre…056#post149056
http://www.dinarupdates.com/showthread.php?32645-Central-sales-decline-at-an-auction-today-3-29&p=149056#post149056
subgirl says to Loop():yes I like that article too!! (y)
Pablo says():Are they down to just 1 auction a week now?
subgirl says to Pablo():I dont think so yet…
Loop says to Pablo():No they are still occuring daily. But they are much lower then they have been in the past and are monitored like they never were before.
larrykn says to watson1():the IMF stated they will revalue in the first half of 2016 that is a revaluation of their currency, they have been working on that or sometime now, I believe we are about to see that happen now.
rcookie says to da58():IMF Stand-By ArrangementIn an economic crisis, countries often need financing to help them overcome their balance of payments problems. Since its creation in June 1952, the IMF’s Stand-By Arrangement (SBA) has been used time and again by member countries, it is the IMF’s workhorse lending instrument for emerging and advanced market countries.
The SBA was upgraded in 2009 along with the Fund’s broader toolkit to be more flexible and responsive to member countries’ needs. Conditions were streamlined and simplified, and more funds were made available up front, as borrowing limits were doubled in response to the global financial crisis. These limits were increased further in 2016. The new framework also enables broader high-access borrowing on a precautionary basis.
rcookie says to da58():Lending tailored to member countries’ needsThe SBA framework allows the Fund to respond quickly to countries’ external financing needs, and to support policies designed to help them emerge from crisis and restore sustainable growth.
rcookie says to da58():Eligibility. All member countries facing external financing needs are eligible for SBAs subject to IMF policies. However, SBAs are more often used by middle income (and, more recently, advanced) member countries, since low-income countries have a range of concessional instruments tailored to their needs.
rcookie says to da58():Duration. The length of a SBA is flexible, and typically covers a period of 12–24 months, but no more than 36 months, consistent with addressing short-term balance of payments problems.
rcookie says to da58():Borrowing terms. Access to IMF financial resources under SBAs is guided by a member country’s need for financing, capacity to repay, and track record with use of IMF resources. Within these guidelines, the SBA provides flexibility in terms of amount and timing of the loan to help meet the needs of borrowing countries. These include:
rcookie says to da58():Normal access. Following implementation of the 14th Review quotas in early 2016, borrowing limits were increased to give countries access of up to 145 percent of new quota for any 12-month period, and cumulative access over the life of the program of up to 435 percent of new quota, net of repayments.· Exceptional access.
The IMF can lend amounts above normal limits on a case-by-case basis under its Exceptional Access policy, which entails enhanced scrutiny by the Fund’s Executive Board. During the current global economic crisis, countries facing acute financing needs have been able to tap exceptional access SBAs. Front-loaded access. The new SBA framework provides increased flexibility to front-load funds when warranted by the strength of the country’s policies and the nature of its financing needs.
rcookie says to da58():Rapid access. Fund support under the SBA can be accelerated under the Fund’s Emergency Financing Mechanism, which enables rapid approval of IMF lending. This mechanism was utilized in several instances during the recent crisis.
rcookie says to da58():Precautionary access. The new SBA framework has expanded the range of high access precautionary arrangements (HAPAs), a type of insurance facility against very large potential financing needs. Precautionary arrangements are used when countries do not intend to draw on approved amounts, but retain the option to do so should they need it.
rcookie says to da58():Fewer conditions, focus on objectives When a country borrows from the IMF, it agrees to adjust its economic policies to overcome the problems that led it to seek funding in the first place.
These commitments, including specific conditionality, are described in the member country’s letter of intent (which often includes memorandum of economic and financial policies).Building on earlier efforts, the IMF has further reformed the conditions of its lending to focus on criteria that are measurable and observable:
rcookie says to da58():Quantitative conditions. Member countries’ progress is monitored using quantitative program targets (quantitative performance criteria and indicative targets).
Fund disbursements are conditional on the observance of quantitative performance criteria, unless the Executive Board decides to waive them. Examples include targets for international reserves and government deficits or borrowing, consistent with program goals.
rcookie says to da58():Structural measures. The new SBA framework has eliminated structural performance criteria. Instead, progress in implementing structural measures that are critical to achieving the objectives of the program are assessed in a holistic way, including via benchmarks in key policy areas, in the context of program reviews.
rcookie says to da58():Frequency of reviews. Regular reviews by the IMF’s Executive Board play a critical role in assessing performance under the program and allowing the program to adapt to economic developments. The SBA framework allows flexibility in the frequency of reviews based on the strength of the country’s policies and the nature of its financing needs.
rcookie says to da58():Lending terms Repayment. Repayment of borrowed resources under the SBA are due within 31⁄4-5 years of disbursement, which means each disbursement is repaid in eight equal quarterly installments beginning 31⁄4 years after the date of each disbursement.
rcookie says to da58():Lending rate. The lending rate comprises (1) the market-determined Special Drawing Rights (SDR) interest rate—which has a minimum floor of 5 basis points—and a margin (currently 100 basis points), together known as the basic rate of charge, and (2) surcharges, which depend on the amount and time that credit is outstanding.
A surcharge of 200 basis points is paid on the amount of credit outstanding above 187.5 percent of quota. If credit remains above 187.5 percent of quota after three years, this surcharge rises to 300 basis points. These surcharges surcharges are designed to discourage large and prolonged use of IMF resources.
rcookie says to da58():Commitment fee. Resources committed under all SBAs are subject to a commitment fee levied at the beginning of each 12-month period on amounts that could be drawn in the period (15 basis points for committed amounts up to 115 percent of quota, 30 basis points on committed amounts above 115 percent and up to 575 percent of quota and 60 basis points on amounts exceeding 575 percent of quota).
These fees are refunded pro rata if the amounts are drawn during the course of the relevant period. As a result, if the country borrows the entire amount committed under an SBA, the commitment fee is fully refunded. However, no refund is made under a precautionary SBA under which countries do not draw.
rcookie says to da58():Service charge. A service charge of 50 basis points is applied on each amount drawn.
rcookie says to da58():that is directly from the imf sba fact sheet 2016……
https://www.imf.org/external/np/exr/facts/pdf/sba.pdf
jeffjane says to rcookie():Seems IRAQ would need to come out with a real rate very soon to build confidence before they need the loan
da58 says to rcookie():thanks for all of this.. sure clears some of the fog.. Rcookie, assuming they revalue, enter the global market – don’t you think they would still have a need for some of this right away, to pump their infastructure into warp speed? Beyond the loans that are in place right now by not yet funded.. ?
imo – this seems like it would be more assurance to the success, long term success of Iraq.. the sooner that infastructure is in hi gear, the larger the income to the country.
Loop says():Borrowing terms. Access to IMF financial resources under SBAs is guided by a member country’s need for financing, capacity to repay, (y)
Loop says():capacity to repay,
Pablo says():Aren’t they supposed to be repaying the oil companies starting next month?
R&R says():When a country borrows from the IMF, it agrees to ADJUST ITS ECONOMIC POLICIES to overcome the problems that led it to seek funding in the first place.
These commitments, including specific conditionality, are described in the member country’s LETTER OF INTENT (which often includes memorandum of economic and financial policies — MEFP). <—- references the MOU, LOI, MEFP
R&R says():recall that Iraq tried to raise int’l capital on its own to the tune of $6 billion last year, but s****ped the plan on 10/11/15 due to “high yields” (interest rates were too high)
R&R says():We know they went to the “lender of last resort” the IMF to make up the shortfall, and hence, the LOI that was signed in December 2015 …. which told them what they had to accomplish to get an SBA
R&R says():They had their review with the IMF in Amman, Jordan yesterday with Alak, Saleh, Zebari, and other big wigs to discuss progress… looks like things are positive according to that article
rcookie says to da58():yes i do…..these are short term stop gap measures….
R&R says():Question is… what do they have to do prior to the April 15th IMF Spring Conference meeting, in order to get a “nod” that their request has preliminary approval to go before the Board in June?
R&R says():And, no, I am not implying RV necessarily
rcookie says to Pablo():yes $2 billion in april……
R&R says():But that LOI has benchmarks that must be met in order for them to obtain a loan approval (or even a preliminary approval)… two of them are “eliminating exchage rate distortions” and ending “multiple currency practices”….
rcookie says to R&R():meetcompliance with their smp…loi…and article iv consultation…
R&R says to rcookie():and it looks like they are on target (y)
rcookie says to R&R(10):they are absolutely on target and ready to accept article viii obligations…..
Pablo says():That being said, do you think they will be Article 8 by the 1st?
rcookie says to Pablo():youre not actually asking me to commit to their action by a specific date are you pablo…..
subgirl says to rcookie():lol
Pablo says():Merely asking your opinion. 🙂
R&R says to Pablo():what he said
Movack says():glad to see them finislly start cleaning up the banks
subgirl says to Movack():yes and to come down with only 1 auction a week is big!! IMO:)
subgirl says to Movack():good reading in the forum!
Movack says():concerns me tho with what the kurds are saying these days what you think
subgirl says to Movack():and what rcookie brot in about the IMF WOW!
rcookie says to Pablo():anyone remember what iraq was in breach of concerning article viiii in 2013…
subgirl says to Movack():well I think it will all come together! IMF has guides for Iraq!
Pablo says():I wasn’t around back then.
subgirl says to Movack():rcookie just told us not long ago! UGH what was it?
Movack says():what imf piece you talking about so many these days
NWBeauty says():I always wondered what the penalty was for that breach….
rcookie says to NWBeauty():there was none!!!
NWBeauty says():they’re in a 3year time-out
subgirl says to Movack():look in the logs when you have time. He brot in a bunch of news of what the IMF is saying…
rcookie says to NWBeauty():no…not at all…
Movack says():kk
NWBeauty says():I’m kidding They have been moving at lightening speed, esp for Arabs !!
larrykn says():I have a question because I didn’t see the article that stated that Ababi was going to do it this week, does anyone have that article? please 🙂
NWBeauty says():I know we won’t see this until June but I’m hoping it won’t be x-mas AGAIN 7 in a row …
clay says to NWBeauty():me too
subgirl says to NWBeauty():it wont be christmas and IMO I think it will be before june…
Movack says():agreeded
subgirl says to NWBeauty():that is my opinion…
NWBeauty says():woo-hoo!!! Praise Allah
rcookie says to NWBeauty():and there was no remedial actions taken or suggested…
subgirl says to NWBeauty():we have to keep watching IMF!!!
NWBeauty says():I just keep wondering WHEN our banks willl muster the confidence to deal with their currency …
rcookie says to NWBeauty():the breach had to do with failure to report issues from section 5 of article viii….
Movack says():when it is on the forex lol
larrykn says to NWBeauty():when they go international
NWBeauty says():I could ask the boss to send me to Jordan, but … I’ve still got an 11 y/o at home & widowed, so …
NWBeauty says():RC – they either didn’t KNOW or thought they were under the radarOR legitimately did not understand their role
NWBeauty says():PTSD from finding my husband (after IRaq & Suicide) now MINE I manage
NWBeauty says():I’m better It has been many years It doesn’t go away really
NWBeauty says():RUNNING helps !!
NWBeauty says():I’m blessed because my health is good (Italian genes)
subgirl says to NWBeauty():well that is good! Keep on staying strong!!
rcookie says():no they were unable to get certain reports and requested data for analysis….and commited to strenghten its capacity to supply the required information in a timely and transparent manner….and provided technical assistance to do so….think about the imf metac workshop they just completed titled…”fiscal reporting &transparency march 13-16)…which was there 2nd workshop snce 2015 in the regard….
NWBeauty says():RC – something they really needed because I think the expertise just isn’t there
NWBeauty says():and they can’t feign ignorance any longer !!
David212 says to rcookie():I think that article 8 , multiple loans and the WB program to provide the ME a a $40 billion restructurng practice with Iraq being the foundation to build the ME fuutre on is huge. Having said that I, and others are not expects in their operating proceedures are know the only experts.
All the funding planned makes non experts worry if the impotance of a strong IQD currency is as urgent as it was 1yr ago. Vietname made an incredible annoucement today that there financials have blown the world away on the upside. wmawhite doesnt see a VNm RV because they are export driven.
Sorry back to Iraq is the need for an international strong single currencies still as critical to their econ growth, loan repayment capability , and diversification as ever? Everyone has said ann RV is independent of parliment, Shabibi, Sahr on and on but it has to because stability is still uncertain. Is this statement wrong.
NWBeauty says():well, power to the people and enlightenment to Parliament – are they named & seated? I have to go look….
da58 says to NWBeauty():no
da58 says():HYSTERICAL Loop!! (lol)
clay says to Loop():Where do I sign then (lol)
David212 says():rcookie the IMF is this enormous global finacial organization which is controled bybthe US to analysis what they want or what the process is is beyong human icapcity short of knowing LaGrade personally. They are apolitical.
We know that Iraq hos to led the ME with a model democratic , market economy . In fact the refugee nightare can only be solved by using Iraq as an example to spur the unwinding of economic oppression of the world poor a large majority.
clay says to David212():that I agree with
JAMVOX says():Loop, is there one we can sign to keep him locked up
clay says to JAMVOX():lol
rcookie says():A potential $ 15 billion loan to Iraq of international lenders
Posted: 29.03.2016 | 15:00 GMT |Last updated: 29.03.2016 | 15:10 GMT
Head of the IMF mission in Iraq, Christian Gooch said on Tuesday, March 29 / March, the Fund has agreed to grant a loan of Baghdad’s demand for a period of 3 years, by June next year.
He added Gooch told “Reuters” that if an agreement is reached during the meetings to be held in Washington during the month of April / April next, Iraq will receive under the agreement to finance the estimated $ 15 billion, a third of the International Monetary Fund and the rest from international institutions and other donors.
Gooch said that Iraq had made good progress in the talks, which began last November on loan demand for three years, adding that the amount could come from several sources, including the IMF and the World Bank and the Gulf states and the United States and the Group of Seven adults.
Read More : http://www.dinarupdates.com/showthread.php?32648-A-potential-15-billion-loan-to-Iraq-of-international-lenders-3-29&p=149063#post149063
rcookie says():He said the head of mission “if introduced amendments to make ends believe that Iraq would need funding of $ 15 billion over three years,” predicted that Iraq gets a $ 5 billion at least this year and the rest by the end for the funding.
For his part, Finance Minister Hoshiyar Zebari said on Tuesday, March 29 / March, that his country is waiting to receive a financial aid worth $ 6.4 billion this year from donors and international institutions.
Zebari said the agency “Reuters” after talks with officials from the International Monetary Fund in Jordan, “This year we expect the International Monetary Fund and other financial institutions and donor aid by about $ 6.4 billion.”
Iraq earns almost all of its revenues from oil sales, and finds it difficult to pay off its obligations in light of the decline in world crude prices. Source: “Reuters”
http://translate.google.com/translat….faceiraq.com/ bad link
Read More : http://www.dinarupdates.com/showthread.php?32648-A-potential-15-billion-loan-to-Iraq-of-international-lenders-3-29&p=149063#post149063
clay says to JAMVOX():let him out if we get the RV (lol)
JAMVOX says():right pigs fly
clay says to JAMVOX():lol
NWBeauty says():? for RCookie – dedollarization where are they in Iraq? Do you think they will resort to 1:1+ to clear the streets of USD and cover those values while dollar is relatively strong or something else??
rcookie says():$15 billion over 3 years…6.4 billion this year……
rcookie says to NWBeauty():no….smething else….
NWBeauty says():I thought the CBI would shuffle to reserves
rcookie says to David212():its a $20 billion regional development fund to which iraq is vying fr a share as you can see in the above report….
NWBeauty says():ramping up their efforts !! LOVE it
rcookie says():i disagree with the assertion that the process is beyond human capacity….as the imf & wb have transparently laid out the expectation…and action plan for attainment….in hte past….currently and through 2020….it is in ink……
NWBeauty says():I’m a simple military type engineer with limited financial / world economic exposure and learning but even I can see that there is more control and planning in every country in the silk road and TPP as those emerging economies fall under the IMF and WB perview
NWBeauty says():http://english.vov.vn/economy/foreign-reserves-soar-to-record-high-of-us40-billion-315788.vov
rcookie says():and is visible in every economic policy and action we see every day….just sign on to the cbi website…and open the imf letter of intent in another window…the wb economy profile 2016 in another…wb rebuilding iraq economic reform & transition….wb/un joint needs assesment working paper for soe privatization plan……
Zig says():You can analyze the death out of this…..and many do….I look at it with my simple mind….lol…..I bought low and “hope” to sell high with no “expectations”…..a simple speculative venture using some of my risk funds…..buy and hold…..
NWBeauty says():it’s fascinating to learn about the inner workings Already read that MOU in Feb sometime
NWBeauty says():or LOI …
BGG says to Zig():We simply comment on current news and keep an eye on legitimate trends.
BGG says to Zig():pretty basic “due diligence” – lucky someone is doing it…
NWBeauty says():our world is a complex and continually refined place to do business the trends are important to recognize and dazzling to be a part of !!
Soonergirlie says():Larry, I’m looking for it too…
subgirl says to NWBeauty():hope you do too!! cya laters!!:) (})
rcookie says():JUST A REMINDER AS TO IRAQS (RELATIONS WITH THE FUND) STATUS TOWARD EXCHANGE RESTRICTIONS AND MCP’S UNDER “EXCHANGE ARRANGEMENT” SECTION….(PAGE 3)…
rcookie says():Iraq continues to avail itself of the transitional arrangements under Article XIV, Section 2 but no longer maintains any exchange restrictions or multiple currency practices subject to Article XIV, Section 2, and currently maintains three exchange restrictions and one multiple currency practice (MCP) subject to Fund approval under Article VIII, Sections 2(a) and 3
rcookie says():The exchange restrictions arise from (i) the requirement to pay all obligations and debts to the government before proceeds of investments of investors, and salaries and other compensation of non-Iraqi employees may be transferred out of Iraq;
(ii) an Iraqi balance owed to Jordan under an inoperative bilateral payments agreement; and (iii) weekly limits on purchases of cash by financial institutions from the CBI. These limits are currently $300,000 per week for banks with capital of at least ID 250 billion, $150,000 per week for MTCs, and $50,000 per week for MEBs.
rcookie says():The MCP arises from the official action to limit the purchase of foreign exchange, with no mechanism to ensure that exchange rates in the official auction and in the market do not deviate from each other by more than two percent. The average spread between the official and market rates was around 2.4 percentage points in November 2015.
In addition, one exchange restriction maintained for security reasons should be notified to the IMF under the framework of Decision 144–(52/51).
David212 says to rcookie():Last question the IQD is still pivitol over the time frame through June 31st.
David212 says to rcookie():I have been looking ay WB reports and IMF operating proccedures as well. Do I understand it … Not completely.
wmawhite says():HUUUUUUUUUUGGGGGGGGGGGGGGGGEE!!!!…..
Iraq continues to avail itself of the transitional arrangements under Article XIV, Section 2 but no longer maintains any exchange restrictions or multiple currency practices subject to Article XIV, Section 2, and currently maintains three exchange restrictions and one multiple currency practice (MCP) subject to Fund approval under Article VIII, Sections 2(a) and 3
rcookie says to wmawhite():THERE HE IS…
kayb says to wmawhite():Ok. I read it. What does it mean?
wmawhite says():Folks any of you understand what this is saying………………….Let me show you paragraph #20 from the LoT……..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….
wmawhite says to kayb():those were the two remaining issues for acceptance of the obligations of Artice 8………..verbatime
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wmawhite says():IMO….what we are viewing is the actual process of the CBI (Iraq) moving into article 8 and with it entering the world markets.
monique13 says():WHOOOPWHOOP!!!
sheila3 says to wmawhite():wow thank you
_firefly_ says():Iraqi talks with the IMF and the international financial institutions fund in Oman ( started on March / 201627-28 in Amman financial and economic talks between Iraq and the experts of the International Monetary Fund ) 03/29/2016
_firefly_ says():Jus keeps getting better (y)
subgirl says to wmawhite():thank you so much!! WOW!
Investor1 says():Mr White I like your opinion
ronda says():I might be wrong but it says gradual which means slower than slow
R&R says():So if you read what wmawhite just posted, those first three things do not have to be eliminated in order for them to be considered Art 8 compliant… they only need to be in the process of being “gradually” removed…
eman4u55 says():well i think that deserves a call
futuremoney says to ronda():you are probably right
ronda says():R&R Thank you
_firefly_ says to R&R():Correct
R&R says():Once they go international, the MCP and the 2% differential are basically self-fulfilling!
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