Chat Room Excerpts & Highlights
DIGIman1 says to LLN65():i was just noticing in the blog…..yesterdays auction numbers…..
LLN65 says to DIGIman1():oh do tell 🙂
LLN65 says to DIGIman1():are they down
DIGIman1 says to LLN65():29 banks…thats really high…and only 90M sold….
LLN65 says to DIGIman1():good sign eh 🙂
DIGIman1 says to LLN65():sorta tells me things are restructuring…hopefully the ‘thinning’ trend continues…quickly…lol
DIGIman1 says to LLN65():gm cookie …. care to offer your opinion on that?
rcookie says to LLN65():WHts that… the auctions…
DIGIman1 says():yes….
rcookie says to LLN65():sure….we know exactly what they are doing…
rcookie says to LLN65):ready…
rcookie says to LLN65():oops..
DIGIman1 says():it looks like they are ‘weaning’…..
rcookie says to DIGIman1():they are in ink cutting the auctions 75% in 24 months starting from jan 2015….25% in 2015…and 50% in 2016 for total of 75%..
rcookie says to DIGIman1():we know they did $44billion in 2015…so they are planned to do half of that in 2016…or $22 billion…
rcookie says to DIGIman1():22 billion by 12 months…
DIGIman1 says():so they are limiting the amount of USD available…and so many banks and remittance companies are stepping up to purchase…
rcookie says():the big thing that slipped by earlier in the week was the announcement of the new rafidain banks opening up throughout iraq….offering comprehensive “1 stop shopping” banking services….banking..loans…stocks…bonds…and auction windows…….
rcookie says():and the big part……who owns the 2 big state banks that are now restructured ….
rcookie says():rasheed…rafidain…
DIGIman1 says():i dare not try to answer that one….its too early….
DIGIman1 says():i rely on minds like yours to keep this all straight bud 😀
rcookie says():mof………
rcookie says():ministry of finance owns those banks…
DIGIman1 says():ok thank you 🙂
DIGIman1 says():so the number of banks has incresed obvioulsy and this would have an impact at the CBI with the auctions now….am i piecing that together right?
rcookie says():cbi not only ones conducting auctions…
rcookie says():yes…more banks with stricter controls..and waning volume…
DIGIman1 says():ok….thank you Mr Cookie…..makes much more sense now….
DIGIman1 says():sigh…..now i have to get ready to go to w**k……
rcookie says():rates set by cbi…caps on the vig for rate (1200),,,and limitations on currency amounts allowed to leave the country from 5000 to 3000…
rcookie says()been going since 5:00…
rcookie says():abadi meets with kerry…
DIGIman1 says():i just love the support abadi has been getting….
rcookie says():pledges $155 million for aid for displaced….
rcookie says():iraqs oil production up 12% over last year….but then whine at every opportunity about the pricing and how it impacts budget & economy…..hilarious….
rcookie says():Sources: US diplomats have succeeded in convincing the political blocs justice for a step change Abadi
Wrote: April 8, 2016 Abadi – selection-ministerial Political sources revealed that the success of the Iraqi President Fuad Masum, the Americans and diplomats to convince demanding a change in Iraqi Prime Minister Haider al-Abadi political blocs, a shrug for such a move.
The sources told the newspaper Kuwaiti politics that among the proposals put forward in enclosed rooms that are selected political candidates sovereign ministries and ministers technocrats of the ministries of service, as there is a proposal to change the interior and defense ministers.
rcookie says():
http://translate.google.com/translate?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ar&u=http://www.faceiraq.com/
larrykn says to rcookie():
interesting news you brought in, didn’t understand the rate part, rates set by cbi…caps on the vig for rate (1200),,,and limitations on currency amounts allowed to leave the country from 5000 to 3000…
rcookie says():
United States mediates between Erbil and Baghdad to resolve the outstanding problems
By Roudao 4 hours ago Roudao – Erbil Scheduled to visit a high-level delegation from the Kurdistan Regional Government, headed by the Prime Minister of the Kurdistan Region, Nechirvan Barzani, Baghdad, on Friday.
The visit coincided with another visit by US Secretary of State, John Kerry, is expected to put his problems with the Kurdish delegation to Baghdad, a US-brokered dialogue table this time around.
The head of the Kurdistan Democratic Party in Iraq’s parliament bloc, Khosro Goran, network Roudao media, “to visit the Kurdistan Region delegation headed by Nechirvan Barzani, Baghdad, and visit coincides with a similar visit from John Kerry.”
After the return of the delegation of the Kurdistan Regional Government of Baghdad, is scheduled to last a delegation of political parties, the Kurdish begins visit to Baghdad and his hand joint package, while the Kurds say that “Baghdad officials about the distribution of the share of the Kurds, without going back to Arbil, and this is unacceptable For us”.
rcookie says():
Roudao he learned alongside the United States, it would be the United Nations and Iran, their speeches about the form of changes in the government.
The visit comes at a time when the Iraqi political blocs have different attitudes about the technocrat government announced by Iraqi Prime Minister Haider al-Abadi.
rcookie says():
http://translate.google.com/translate?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ar&u=http://www.faceiraq.com/
cookie says():iraq is already making huge moves and lining up for sba from imf…….
horsegal says():Wow, news is awesome!
larrykn says to rcookie():and I’m ready too 🙂
rcookie says():last time iraq was in sba…what did they do….
larrykn says():backed off ?
larrykn says():that was under maliki and he fired Shabs
larrykn says():or tried to arrest him
rcookie says():no….no…..no….
rcookie says():they accepted article viii obligations…….
rcookie says():and what did they just do on monday in preparing for sba…..
horsegal says():Don’t know, Rcookie, what?
rcookie says():they just adjusted the oil price for the 2016 budget…..from $45…to $32….
clay says to rcookie():wow thought oil was to go up not down
dale says():Rcookie : All sounding great.
clay says to dale():starting to get alittle excited
rcookie says():they are cleaning up and recalculating the budget numbers …so acurate deficit is established…before they start to receive the 1st installment of the 16 billion they are going to get over next 3 years…..
LLN65 says to clay():go for it!!! 😀
dale says():Clay :/Me too …..
larrykn says to rcookie():is this part of the IMF loi
clay says to LLN65():(lol)
rcookie says():Iraq to set oil price at $32 in 2016 budget
BAGHDAD, 7/4/2016 Iraq plans to lower the oil price forecast in its 2016 budget to about $32 a barrel from $45, widening its fiscal deficit by several billion dollars, the International Monetary Fund (IMF) and a senior government official told Reuters.
The new price estimate is based on the continued low level of global oil prices in recent months, said Marwa al-Nasaa, Amman-based IMF resident representative for Iraq.
“We’re setting it closer to $30 based on the climate of international futures prices since November,” she told Reuters on Thursday.
The adjustment is expected to add about $6 billion to the OPEC producer’s budget deficit unless offsetting measures are taken, said the Iraqi official, who requested anonymity to speak about ongoing government deliberations.
Iraq’s current budget, which projects oil exports of 3.6 million barrels per day, predicts a deficit of 24 trillion Iraqi dinars ($20.56 billion).
The drop in oil prices over the past two years has battered Baghdad’s finances as it wages a battle against Islamic State militants in the north and west and confronts a political crisis that threatens to bring down the government.
Iraq, which relies on oil for more than 90 percent of its revenue and sells at a discount to global benchmark crudes, earned an average of $24 a barrel in the first two months of the year and $28 in March, the Iraqi official said late on Wednesday. “We have to rebuild the budget taking this into consideration.”
The revised budget, which has not been finalised, is part of Iraq’s negotiations for a standby agreement (SBA) with the IMF, the official added. The SBA financing could be approved as early as June, unlocking $15 billion in international assistance over the next three years.
“If an SBA is reached, part of that financing gap will be met by IMF and other donor financing, but it will not close the entire gap,” Nasaa said.
“A number of measures are going to have to come from the government itself to increase revenues and bring expenditure in line with the new revenue reality. It has to be a combination of both.”
The Iraqi official declined to specify what measures Baghdad would take to reduce the deficit, but said: “It is a must, otherwise we will have to borrow more and more.” – Reuters
rcookie says():so adding $6 billion to the 20.56 billion deficit…..so even at 26 billion …one of the lowest deficits in the region….
rcookie says():remember how there were people challenging and 2nd guessing whether or not they were going to implement the 2010 customs tariffs….lol
rcookie says():can everyone see now with all of these action plans that have been in the works..be appled….they are mandated to have required levels of non oil revenues that there was never a chance they were not going to apply……..where else was this revenue going to come from it represents more than 90%….lol
larrykn says to rcookie():they finally listened to the IMF and are on the right track now , good for them and good for us 🙂
larrykn says():getting rid of the corruption had to have been a big problem to solve, I know they will never get rid of it all but wow what a start
rcookie says():they have been under plan since 2011…thtas what is so exciting….this is the culmination…..
rcookie says():The issuance of the warrant against Ethel Najafi
Fri, 08 Apr 2016 12:07:34 Observer news / Baghdad A source, on Friday, that the Iraqi judiciary issued an arrest warrant against former governor of Nineveh Ethel Nujaifi.
http://translate.google.com/translate?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ar&u=http://www.faceiraq.com/
rcookie says():Iraqi sources: Kerry holds a “veto” on the US to change Abadi
BAGHDAD – Iraq Press – April 8 / April: Iraqi political sources said on Friday that US Secretary of State John Kerry holds in his visit to Baghdad “veto” US to change Abadi.
The sources pointed out, according to the Lebanese daily Al – Akhbar that Kerry in his visit by a one – day meet with the Kurdish delegation, which will arrive in Baghdad , headed by President of the Kurdistan Regional Government Nechirvan Barzani and his deputy , Qubad Talabani,
and after that, will hold an expanded meeting includes the Kurdish delegation and President Fuad Masum, in addition to Abadi The head of the Islamic Supreme Council Ammar al – Hakim. According to early Kurdish source on the details of the meetings, the Kerry holds a «veto» US to change Abadi, according to the newspaper.
The sources confirmed that Kerry will meet from their politicians and officials in Iraq , the US administration ‘s support for Ebadi, during this phase, and will work to ensure the termination of media statements that speak or demanding change Abadi and his dismissal.
In the meantime, revealed that a member of a coalition of state law, Ibtisam al- Hilali, for the issuance of the Dawa Party , a decision to support Abadi and not to nominate any personal alternative of it, through the present time.
She explained Hilali, in a press interview that the last period has seen the nomination of alternative personalities from al – Abadi, notably Tarek Najm , director Former Prime Minister Nuri al- Maliki ‘s office, pointing out that the party leadership was dropped those nominations.
In the meantime , a local official in Anbar guessed that Kerry will meet with a delegation from the province to discuss the field, military and humanitarian developments in the province, and complete the liberation of the rest of their areas of control «Daash», without to announce the names that will meet with Kerry.
And reached US Secretary of State John Kerry to Baghdad this morning on an official visit one – day visit to meet with Iraqi officials and discussed on a number of files, also announced that the Iraqi Foreign Ministry. Q ended
rcookie says():
https://translate.google.com/translate?hl=en&sl=ar&u=http://www.iraqpressagency.com/&prev=search
larrykn says():so is Kerry going to support adibi or look for someone else, I see this as they will talk about it
clay01 says to subgirl():hoping to see this, this month, what do you think
subgirl says to clay01():yep me too! I am praying for this month!!! 🙂
subgirl says to clay01():so much is happening this month!! look at actions
clay01 says to subgirl():yes, I know, but a lot of June talk also, has me a little worried
subgirl says to clay01():interesting timing on things too!! one can not help from thinking maybe this month!
subgirl says to clay01():oh well yes I have seen some of that too but this month is meetings… next week is big!!
clay01 says to subgirl():If not this month, then looks like June is next window
subgirl says to clay01():ohhh I am praying for this month!!!
clay01 says to subgirl():Ask Larry, maybe you can get him to tell you, he has all the info
jtank says():what was rcookie excited about, 90% oil revenues and tarriffs
larrykn says to clay01():I just go by the news 🙂
larrykn says():I like were we are at 🙂
rcookie says():saudi arabia deficit $87 billion….kuwait and uae deficit over $40 billion…iraq $26 billion after revision with oil adjustment…
tank says(8):and the 90%, use tarriffs and tax for other income for imf
larrykn says():I have no idea when they will do it but the 15th is an interesting date 🙂
larrykn says():a lot going on that day
clay01 says to larrykn():I knew I liked the way you think, lol
subgirl says to clay01():maybe that is a clue lol
clay01 says to subgirl():You see, not so hard with a little prodding, lol
jtank says():15th – the bonds are done
subgirl says to clay01():lol
larrykn says():here is a big clue, they will do it in the first half of 2016 😀 (lol)
subgirl says to clay01():exactly lol just let him think a bit lol
Woodywoodpecker says():15th income taxing are due
subgirl says to clay01():lol
jtank says():dont think they revel w the bonds in play
subgirl says to Woodywoodpecker():guess that is a big date huh? UGH!
clay01 says to subgirl():now Woody comes in with trash talk, shame on him
Woodywoodpecker says():ugh
rcookie says():what was the 90% question about^^^^
subgirl says to rcookie():let me see if I can find it… 🙂
subgirl says to rcookie():jtank asked what rcookie excited about,90%oil revenues and tarriffs… another income maybe?
subgirl says to rcookie():not sure what he was referring too?
msdiva says():So no need for Shabibi since hes 74 i had no idea he was that old
clay says to msdiva():would be a great advisor
msdiva says():oh well i guess the cbi is stuck with ali alak
clay says to msdiva():I just want them to increase their value globally
clay says to msdiva):then Iraq is history in my book
rcookie says():the imf told iraq when they were co-authoring the 2016 budget…and preparing the loi/mefp/tech mou that a big part of their fiscal program and commitment for 2016 was to be to provide non oil revenues in line with non oil expenditures….
they mandated iraq to collect 8.8 trillion in non oil revenues…of which only 1 trillion could come from the increase in wage taxes….that means they need to generate 7.8 trillion in non oil revenues…..here it is from imf loi…
collect at least ID 8.8 trillion (6.5 percent of non-oil GDP) in non-oil revenue, out of which ID 1 trillion from an increase in wage taxation; and
rcookie says():what is the main source of that 7.8 trillion non oil revenues…..
da58 says():State Department contracted with “Ikea Furniture” $ 80 million for the formation of Iraqi government
08/04/2016 13:28 pm (Baghdad time) BAGHDAD – balances News It announced that the US State Department, for its contract with an international company for furniture worth $ 80 million to form a new Iraqi government.
Said State Department spokesman spokesman John Kirby, according to a statement to the site “” duffelblog, that “his ministry managed to break the deadlock in the issue of forming a new Iraqi government raised porticoes of the Iraqi parliament, through a contract with Ikea Furniture Co., to cooperate in resolving the matter.”
Kirby added that “the company will succeed the formation of this ministerial cabin after Abadi himself failed to be formed, according to a spokesman for the US State Department.”
He stressed that “the Wikia Global Furniture Co. signed a contract worth $ 80 million to assemble or form a new Iraqi government , ” adding that ” the deal is worth this amount and that the topic has been consulted Jordan, Saudi Arabia, Turkey and Iran.” Ended 29/42 g LINK
subgirl says to rcookie():(6.5 percent of non-oil GDP) in non-oil revenue, out of which ID 1 trillion from an increase in wage taxation; and
rcookie says():what……
angus says():tourism
subgirl says to rcookie():they are having taxes/tarriffs they are collecting…
subgirl says to rcookie():they are having investors coming in…
angus says():i just got not read yet so cut me some slack…. lol
clay01 says to subgirl():Ok, I’m back, what was that, they have to raise 7.8 trillion selling girl scout cookies, lol
rcookie says():no…the statement was about the doubts ans people challenging whether the 2010 customs tariffs were going to be implemented at beginning of the year…
rcookie says():and shouting that there was never a chance that they werent going to be implemented because they were mandated in the 2016 budget….and loi/mefp/tech mou….
rcookie says():there was not an option…
angus says():I was hoping for the rv yesterday for our anniversary of 32 years….. but rcookie would not see to it…. lol
rcookie says():boy…got something very interesting for later..
larrykn says to rcookie():it sure has 🙂
rcookie says to angus():({)
angus says to rcookie():it’s your fault and you know it…. lol
angus says to rcookie():I am most greatful for all you bring to us.
rcookie says():was reading some of md nt from last night….
rcookie says():the bond auction coming on the 20th…are the 3rd in a series of 11……
VelmaF41 says():Rcookie – I agree with angus – I am grateful for everything you do for us
angus says to rcookie():sorry got you off track I am done
rcookie says():bonds brought up and nobody talking about being sold and traded on isx……….
clay01 says to rcookie():WHAT,
larrykn says to rcookie():those are the short term bonds right
clay01 says to rcookie():Today?
angus says to rcookie():just national ….. are they not
Scotzgirl says():How can they sell them on ISX if not internationally exchangeable?
rcookie says():nobody talking about iraqs major move to accept sba from imf……
clay01 says to rcookie():I thought I read they did accept
clay01 says to rcookie():for June
clay01 says to rcookie():or by June anyway
rcookie says():they are aligning to accept…and made their 1st major move in doing so…
clay01 says to rcookie():at this point, do they have a chioce
rcookie says to Scotzgirl():Securities forming committees to follow up mechanism of national bonds on the stock exchange
2016/04/05 (00:23 pm) – hits: 123 – number (3616)Baghdad/range press Discussed the Iraq market for securities, on Monday, with the Central Bank mechanism of government bonds in the Iraqi stock exchange, confirmed the formation of committees to follow up the matter.
Executive Director of the Iraq market for securities, Taha Ahmed Abdul Salam told the (term), “meeting the Central Bank building, was attended by Chairman of the Board of Governors and the Executive Director of the Iraq market for securities and Director General of debt management and staff of the Directorate of the Central Bank of Iraq”, stating that “during the meeting to discuss the mechanism of trading Government bonds in Iraq market for securities.
Abdel Salam, said that “the meeting decided to be there for trading these bonds according to the mechanism of the Iraq market for securities, adding that” these bonds in Iraq market for securities would have a benefit for everyone. ”
He said Abdel Salam, “the meeting decided to convene a technical meeting to complete the required procedures according to the requirements of electronic systems this week, saying” the formation of committees to follow up carefully. ” LINK
http://www.dinarupdates.com/showthread.php?32935-Securities-forming-committees-to-follow-up-mechanism-of-national-bonds-ISX-4-5
rcookie says to clay01():what do you mean they dont have a choice…
clay01 says to rcookie():If they want the help of IMF, don’t they need to accept the SBA
Scotzgirl says():rcookie: I re-read it, unfortunately my comprehension and ability to decipher remains the same 🙁
rcookie says to clay01():they have earned the sba with their impeccable performance and compliance with the smp and loi/mefp/tech mou…
rcookie says to clay01():and they are further aligning toward their sba with a huge move they announced on monday…
clay01 says to rcookie():OK, I a little confused now, they have done the SBA, or just thinking about it
clay01 says to rcookie():so it appears to me they are going through with it then
rcookie says to clay01():no…they announced they were concluding the smp (staff monitored program) and making preparations for sba which will afford them $16 billion in loans ove next 3 years…
clay01 says to rcookie():oh, ok, got it
rcookie says to clay01():what they did on monday was 1st huge step in preparing for sba….
clay01 says to rcookie():thanks for clearing up
rcookie says to clay01():and everyone remeber what happened last time iraq was in sba with the imf……….
rcookie says to clay01():hmmmmmm…..
Scotzgirl says():Article 8
breakthrough82 says():Article 8 was my answer too Rcookie
rcookie says to Scotzgirl():tell her what shes won johnny!!!….
Scotzgirl says(9:12 AM):Woo Hoo!!!
lay01 says to rcookie():a brand new RV
rcookie says to breakthrough82():(y)
breakthrough82 says to rcookie():because you told us earlier 🙂
Scotzgirl says to subgirl():(y)
breakthrough82 says to rcookie():not sure what we would do without you! 🙂
rcookie says():but them revising the 2016 budget is huge!!!
breakthrough82 says to rcookie):I check in the morning for you, WMAWHITE and BGG posts. Thank you so much for helping us try to understand all of this adventure we are on with this investment! THANK YOU, THANK YOU, THANK YOU!
rcookie says to breakthrough82()::)
rcookie says():yvw!!…saw some comments that articles arent followed with explanations…..
clay01 says to rcookie():You do realize that even when articles are bought in that most of us in here have a hard time following the translation wording that they are in, most make no sense unless I read them about 10 times, so that is why most people do not bother reading news forum
clay01 says to rcookie():You can understand the language barrier better than most, so thank you for explaining
breakthrough82 says to clay01():I definitely depend on the teams interpretation of the translation of the articles for sure!!!!
rcookie says to clay01():yvw…
rcookie says():wow!!…….but to say that explanations…translations and insight to tie in relevance and alignment of topics and issues is not only inacurate…but simply crazy!!
rcookie says():everyone on this sight is important in following and figuring the news and actions …and the questions are important because they lead to new perspectives and ideas….
rcookie says():all the researchers try to answer questions and tie in relevance and importance…
rcookie says to da58():now back to the ikea furniture you’re selling…
da58 says():IKEA.. it’s not bad stuff..
da58 says():Legal representative: the new ministerial cabin will pass regardless of the committees’ decisions 8.4.2016
Baghdad} Euphrates News said the deputy head of the parliamentary legal committee Muhsin al-Sadoun, said that “the majority of the names of ministers presented by Prime Minister Haider al-Abadi will pass when brought to the House of Representatives, regardless of all the committees’ decisions.”
Saadoun and told {Euphrates News} Friday, that ” the work of the committees is not a resident minister, but merely see the biography about the specialist committee with the ministry side , ” noting that ” the committees you can not refuse, Valrvd be under the Constitution in the parliament after the prime minister presents his ministers at the House of Representatives. ”
He added that” the prime minister does not take into account the decisions of thecommittees , “pointing out that” all initiatives are welcome, but must remember thelast package when there were popular protests and large sit – ins inside the country. ” it is
noteworthy to Prime Minister Haider al – Abadi handed over the presidency of theHouse of Representatives during hosted last March 31 session, the ministerial lineup is composed of 16 ministers, which included merging some ministries, while the excluded and the interior and defense ministries of the amendment {time} present. Ended h http://alforatnews.com/modules…..yid=113609 bad link
rcookie says():here i will repost….
rcookie says():anyone not know that iraq had previously accepted article viii obligations…and found to be in breach of section 5….
da58 says to rcookie():wow.. never knew that
clay says to rcookie():well that aint good
rcookie says to clay():?????
Woodywoodpecker says():shooting at Lackland Air Force base…one dead so far.
Woodywoodpecker says( 2 now
subgirl says to Woodywoodpecker():oh WOW
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
clay says to Woodywoodpecker():oh no
clay says to rcookie():so is it corrected now
clay says to rcookie():section 5
rcookie says():so their last sba was approved feb 2010 3.63 billion and expired feb 2013….
rcookie says():so they were under review period during sba
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.
clay says():so all is good now?
rcookie says():yes….
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 non-imposition 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():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 THINGS THEY WENT THROUGH IN 2011 THAT WERE IDENTIFIED AND ADDRESSED…HOWEVER ARE PART OF THE ARTICLE 8 OBLIGATIONS AND PROCESS….THEY REMOVED THE REMAININ RESTRICTIONS IN 2013^^^^
rcookie says():The Executive Board also found that the inaccurate reporting on the observance of the PC also gave rise to Iraq’s breach of its obligations under Article VIII, Section 5, of the IMF’s Articles of Agreement, which requires member countries to furnish such information as the Fund deems necessary for its activities, including information that is necessary to assess observance of PCs.
rcookie says():The CBI introduced the necessary changes in its procedures in order to share circulars with the IMF in a timely manner and
regularly publish the circulars on the CBI website. In view of the commitment by Iraq to provide timely and accurate data to the IMF on the exchange system in the future, the Executive Board decided not to require any further remedial action in connection with the breach of obligations under Article VIII, Section 5.
rcookie says():remember they just announced recent changes to currency limits from 5000 to 3000 for travelers…students or those leaving country for medical treatments….
rcookie says():SO THEY WERE FOUND IN VIOLATION…SPANKED AND CORRECTED…
rcookie says():HERE IS THE LINK TO THAT IMF PRESS RELEASE…
https://www.imf.org/external/np/sec/pr/2013/pr13464.htm
rcookie says():this is section 5 of article viii that they were in breach of……
rcookie says():Section 5.Furnishing of information(a) The Fund may require members to furnish it with such information as it deems necessary for its activities, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters:
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;
rcookie says():(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;
(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;
rcookie says():(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(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.
rcookie says():(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():SO THAT IS SECTION 5 OF ARTICLE VIII’S 7 ARTICLES…AND THE ONE THAT IRAQ WAS IN BREACH OF IN 2011….
rcookie says():THE OTHER ARTICLE THAT EXPERTS SAY IS TO BE CHALLENGING IN MAINTAINING COMPLIANCE ON…ESPECIALLY IN TODAYS ENVIRONMENT IS ARTICLE 3….
rcookie says():section 3… not article 3*
rcookie says():Section 3. Avoidance of discriminatory currency practicesNo member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any discriminatory currency arrangements or multiple currency practices, whether within or outside margins under Article IV or prescribed by or under Schedule C, except as authorized under this Agreement or approved by the Fund.
If such arrangements and practices are engaged in at the date when this Agreement enters into force, the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 3 of that Article shall apply.
rcookie says():HERE IS THE LINK FOR ARTICLE VIII OBLIGATIONS FROM IMF…
Article VIII: General Obligations of Members
http://www.imf.org/external/error.htm?URL=http://www.imf.org/external/pubs
rcookie says():and….lastly…as the tie in to 2016 imf loi/mefp/tech mou here it is……..
rcookie says():anyone still here…….
rcookie says():lol
larrykn says():yes I’m reading lol
bibi says to rcookie():yes, still here! thanks, Rcookie!
Woodywoodpecker says():yes
rcookie says():so…they have had exchange restrictions handled since 2013…..
rcookie says():and mcp’s in ink being reduced by 75% over 24 months since jan 2015…..25% in 2015…and 50% in 2016 for total of 75% reduction…..and since we know they had $44 billion in auction sales….we know they are on plan to have $22 billion or less in 2016….divide that by 12 months…
bibi says to rcookie():Great progress! woo hoo~
da58 says to rcookie():yes – reading all this.. thx..
rcookie says to da58():yvw..
da58 says to rcookie():so – the current auctions are right in line..
da58 says to rcookie():appears so..
da58 says to rcookie():great research – wow..
bibi says to rcookie():It’s so amazing to see it all falling in place, truly extraordinary!
BGG says to rcookie():of course, Iraq (and the previous thugs running the place) are always in breach of something… world support for Abadi and reforms right now, speaks volumes.
BGG says to rcookie():we should talk this over later – I’ll be out till late this afternoon though.
bibi says to BGG():Yes, great to see the support for Abadi and the reforms. That’s reassuring, to say the least.
rcookie says():there is one of the siemens projects…in basra….
rcookie says():Industry opens plant structures ferrous and ferrous foundries plant in Kaza Taji
April 7, 2016 4 0 Economy/Baghdad Opened by the Ministry of industry and minerals, Thursday, 2 steel industries spend Taji, North of Baghdad, and promised him move in the steel industries in the history of Iraq, calling on all State institutions to contract with the State company for steel industries to possess six giant plants
He said Industry Minister Mohamed Al-daradji’s owner, on the sidelines of the opening of laboratories in General steel industries company plant steel structures and steel foundries plant in Taji, North of Baghdad, juvenile justice, and attended by the correspondent economy newsletter, that “the day we opened two new productive plant overhead rail sections walkrinat and plant the other rocket mortar ballistics Lab”, stating that “the opening of these teachers were moved in the steel industries in the history of Iraq.”
Daraji said, that “the Ministry has products at the borders of 164 billion dinars during the six months and is twice the annual budget”, adding that “the Ministry of industry need not state if other ministries cooperated and buy the product we will support the State budget by 4 or 5%.”
He said Al-daraji, there are 163 devastating bridge in the liberated areas of the control regulation (daash) this plant reconstruction of these bridges if the competent ministries and faith for these products for the reconstruction of destroyed bridges. LINK
david212 says to BGG(: If anyone has the time I was curious about a back up plan to in case the Parliment still insists on resisting Abadi’s cabinet. I understand that there is enough of a hub bub for Kerry to express concern for political instability to spill over into the military effort in Mosul.
rcookie says():2 new steel plants opened…north of baghdad…with plans for 6 giant plants…..
david212 says():No big deal don’t have to respond your very busy
rcookie says to david212():bgg left 10 minutes ago..
david212 says():Okay no problem
rcookie says():figures….is tgat the one with the comments during nt last night
rcookie says():Baghdad, the Kurdish delegation arrives and starts meeting with Kerry in the US embassy
History Tahrir:: 2016/4/8 15:56 • 58 times mqrw’h
Baghdad, the Kurdish delegation arrives and starts meeting with Kerry in the US embassy
{Baghdad} Euphrates News began meeting the Prime Minister of the Kurdistan region Nechirvan Barzani with US Secretary of State John Kerry on Friday at the US embassy in Baghdad building.
A source told {Euphrates News}, that ” the delegation Kurdistan Regional Government , headed by Nechirvan Barzani arrived at 13:45 in the afternoon of Friday, the Iraqi capital , Baghdad, where they will be meeting later with Prime Minister Haider al – Abadi, a number of Iraqi officials to others . ” .
Kurdistan Regional Government delegation to Baghdad and includes both Vice President of the Kurdistan Regional Government , Qubad Talabani, the head of the Presidium of the region , Fouad Hussein, the provincial government spokesman Falah Mustafa, as well as the US Consul General in Erbil Matthias Mettmann. “ended h http://alforatnews.com/modules/news/article.php?storyid=113656
rcookie says():Kerry Ebadi: America stands firmly with Iraq to cross the financial challenge facing the
History Tahrir:: 2016/4/8 18:25 • 24 times mqrw’h
http://alforatnews.com/modules/news/article.php?storyid=113664
rcookie says():oil at $40.04……………
MrsBGG says to rcookie():Whoo hoo rcookie!!
rcookie says():Consultant Abadi: Governmental obsession go from the 5 trillion to the private sector without them [voice]
History Tahrir:: 2016/4/8 8:24 • 304 times mqrw’h [Wayne – special] stressed adviser to Prime Minister Haider al – Abadi, that there is an obsession with the state that goes dedicated to supporting the private sector in misplaced the $ 5 trillion dinars, or that the tainted by corruption.
He said the appearance Saleh told all of Iraq [where] that ” the amount of the 5 trillion dinars allocated by the central bank to run the Iraqi economy and raising the level of growth in it, should go to the right goals, and the state is very careful and accurate in the subject of the disbursement of these loans and dispose of them, and fortify of corruption, or go to a non – allocated purposes. ”
He stressed that” the government does not want to hand over the money to the wrong people, who do not serve development in Iraq. ”
Saleh explained that” the loan in two forms, the first terms of microfinance, which will cost a trillion dinars, and guaranteed private banks, an interest rate not to exceed 5% for a period of about 3 years, and is allocated to finance small businesses, small such as markets, shops carpentry, blacksmithing and other …. ”
he noted that” the second form of loans, is a financing medium and large, and will be handled by the industrial and agricultural two banks, in addition to the housing fund. ”
and Saleh that” loans to fund housing dedicated to housing only, which is about 50 million every citizen guarantees and soft interest
,
rcookie says():and fortified standards of corruption, such as the opening credits and studies feasibility. ”
he was a member of the Committee on economy and investment parliamentary proof Mamouri has warned of” the consequences of wasting money within the central bank for supporting industrial and agricultural projects to the private sector amounting to five trillion dinars initiative. ”
said Mamouri in a statement, he said that” a lot of previous initiatives hundreds bellowed where billions of dinars did not achieve their goals because of the corruption that accompanied these initiatives, particularly with regard to the agricultural side. ”
He added that” the most influential figures in the agricultural Bank still manages this process despite the failure that has plagued these initiatives in the past and that bellowed big money because of mismanagement and corruption who accompanied her , “noting that his committee” will be audited each file are lending and follow – up on the ground , either agricultural or industrial or residential. ”
rcookie says():
http://www.alliraqnews.com/modules/news/article.php?storyid=34826
rcookie says():wanting to know of identification of 5 trillion in funding earmarked for private sector projects…allocated by the central bank and drive economic growth…and assurement that the funds arrive to their intended targets….as loans disbursed….
and not fall by the ways of corrupt non intended sources….saleh lays out 2 axes plan…1st being microfinancing worth 1 trillion guaranteed at private banks at interest no more than 5% and 3 year terms for small businesses….and the second….for medium to large loans for industrial and agriculture sectors
rcookie says():and complains that the same individuals in charge at some of the industrial & agricultural banks that have squandered funds and programs in the past….
rcookie says():US, Iraq to Train More Iraqi Forces to Retake Territory from Daesh – Kerry
08/04/2016 18:59 (Updated 19:08 08.04.2016) US Secretary of State John Kerry said that US-led coalition plans to work with Iraq to ‘turn up the pressure’ on Daesh terrorists embedded in the country by targeting more of the group’s leaders.
Iraqi men collect humanitarian aid supplies provided by the US development agency USAID to displaced Iraqis who have fled clashes between Islamic State group jihadists and Peshmerga fighters, on October 2, 2014, in the town of Daquq, around 180 kilometres (110 miles) north of Baghdad
© AFP 2016 / MARWAN IBRAHIM US Provides $ 155Mln in Additional Humanitarian Aid to Iraq
WASHINGTON (Sputnik) – The US- led coalition plans to work with Iraq to ‘turn up the pressure’ on Daesh terrorists embedded in the country by targeting more of the group’s leaders and training more Iraqi forces, US Secretary of State John Kerry said during a press conference in Iraq on Friday.
rcookie says():In the coming weeks and months, the coalition will work with Iraq to turn up the pressure even further,” Kerry said. “We will continue targeting and taking out Daesh’s leaders and we will train local forces to take and hold more ground.”
Kerry warned during his unannounced trip to the country on Friday that the Iraqi forces would continue to work to “improve every aspect of our capability” against Daesh and would “not be complacent at any point in this campaign.”
Washington shares Iraqi Prime Minister Haider Abadi’s goal of liberating the country’s second largest city Mosul, “as quickly as possible,” Kerry added.
In recent weeks, the Obama administration has hinted at further enabling Iraqi forces to retake Mosul from Daesh insurgents. Earlier in March, Joint Chiefs of Staff chairman Gen. Joseph Dunford said the Pentagon planned to recommend to the US president that more support should be provided to Iraqi security forces to reclaim Mosul.
On Thursday, Combined Joint Forces Land Component Command-Iraq Maj. Gen. Gary Volesky told US media that the US-led coalition was preparing the Iraqi forces to take back Mosul, but expected the mission to be a difficult one.
The Mosul offense comes nearly four months after Iraqi forces in December landed a major victory after they regained control over most parts of Ramadi, the capital of the western Iraqi Anbar province, which had been occupied by Daesh since last May.
http://translate.google.com/translate?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ar&u=http://www.faceiraq.com/
rcookie says():Abadi and Barzani discuss reforms and change Ministerial
08/04/2016 19:19 Search Prime Minister Haider al-Abadi with the head of the Kurdistan Regional Government Nechirvan Barzani and his accompanying delegation, on Friday, reforms and change file Ministerial and the emphasis on support for the benefit of all Iraqis.
A statement by the Office of Abadi, received “Tomorrow Press”, a copy of it, that “the Prime Minister Haider al-Abadi, received today, the President of the Kurdistan Regional Government Nechirvan Barzani and his accompanying delegation.”
The statement added that “it was stressed during the meeting, which took place in an atmosphere of frankness and friendly, the importance of cooperation and coordination and joint action to eliminate the risk Daash that threatens Iraq and its people and all its components, and to proceed with the liberalization of Mosul, also discussed reforms and change the ministerial and the emphasis on support to achieve interest of all Iraqis. ”
The Abadi, according to the statement, that “it is in all our interests that Iraq remain united and we are keen to continue cooperation and coordination and to promote the principle of partnership with the Kurdistan region.”
“The liberation of Mosul important for us and we must preserve the unity of the city after its liberation and the cooperation and agreement on this would resolve the battle as soon as possible and restore security and stability to the province.”
rcookie says():He called Al-Abbadi, for “address all issues relating to the relationship between the federal government and the Kurdistan Regional Government realistic and serious”, also reviewed the reforms and the ministerial change, stressing his commitment to “meet popular demands for reform and representation of all segments of Iraqi society in a fair, the fact that the change does not amount to an abuse of any person or component”.
For his part, Nechirvan Barzani stressed “the importance of developing the relationship with the federal government and increase communication and the need to operate on the principle of partnership, once again support the reforms and stand together in general security and economic challenges facing the country and the continued coordination to resolve the battle to liberate Mosul.
http://translate.google.com/translate?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ar&u=http://www.faceiraq.com/
bibi says to rcookie():THAT sounds good
rcookie says to bibi():yes it does….
rcookie says to bibi():”operate on the principles of partnership”……..
rcookie says to bibi():support reforms….stand together on all challenges and fronts….
BUCK says():it does not seem that baghdad has ever shown much “principle of partnership” with the kurds….hope they start
BGG Blog
