Chat Room Excerpts & Highlights
rcookie says():Iraqi banks association with representatives of the u.s. Treasury Iraqi banks updates
June 1, 2016 7. 0 Our economy/agencies Iraqi private banks Association discussed with a team of u.s. Treasury akhralmstgdat belonging to the banking sector in Iraq, and Iraqi private banks Association representatives provided a comprehensive overview of development banking constraints and delimiters facing private banks,
as referring to the Association’s efforts to develop efficient banking sector particularly in combating money laundering and financing of terrorism, through training of workers in this sector in cooperation with the Foundation for global ACAMS.
The us Treasury representatives referred to the decision of the Central Bank regarding stop 300 banking company for the purpose of subjecting them to scrutiny by the Central Bank’s standards, but it’s also the representatives of the u.s. Treasury support for CBI plans for development the sector and banking llmaaiiraldolih in combating money laundering and terrorist financing.
Developing the sector has also been addressed and should overcome to take a real course.
http://www.dinarupdates.com/showthread.php?35293-Iraqi-banks-association-with-representatives-of-the-u-s-Treasury-Iraqi-banks-updates&p=153479#post153479
rcookie says():UST ALREADY AT WORK…….LET THE FUN BEGIN…….
Scotzgirl says to rcookie():tyvm, love seeing the interaction, know that progress is being made!
rcookie says():WOW!!….HERES A BIGGIE….
rcookie says():Iraq needs $ 50 billion to install its financial situation and save the economy
01-06-2016 Economic adviser to Iraqi Prime Minister revealed the appearance of Mohammed Saleh said that the World Bank and the IMF appreciate the size of the financial distress experienced by Iraq’s $ 50 billion between 2016 and 2019.
He explained during a seminar organized by the «Institute for the progress of the development policy», attended by experts and interested, that «access to the international loan is not easy, but requires implementation of a series of measures including informing the International Monetary Fund on the net real exchange for Iraq during 2015».
He added: «Fund discovered after follow-up of the exchange that salaries are exaggerated, as well as inflation in other areas, what he paid and the World Bank to demand from Iraq calculate the price of a barrel of oil set at $ 35 rather than 45, and the export of 3.6 million barrels per day, bringing the deficit to $ 11 billion », adding:« after deleting a lot of other expenses (exaggerated), left $ 6 billion a year, the Fund and the World Bank take care reimbursed ».
Saleh indicated that «the agreement obliges Iraq to issue a Financial Management Act and the introduction of the Integrity Commission as an active player in the independent follow-up process and the adoption of the United Nations document against corruption, accompanied by an amendment of the Central Bank Act restricts the Ministry of Finance of new foundations and the placement of external and internal debt to the audit,
since religion internal year amounted to 37 trillion dinars ($ 33.4 billion) ». He stressed that «the International Monetary Fund agreement with the federal government does not refer to allocate a portion of the Kurdistan region, as the Government of the Territory took the initiative to subject its oil exports to a foreign auditor to be submitted to the federal government.»
http://www.dinarupdates.com/showthread.php?35296-Iraq-needs-50-billion-to-install-its-financial-situation-and-save-the-economy&p=153483#post153483
rcookie says():Saleh pointed out that «the World Bank request from Iraq prepare detailed breakdown of the economic its potential and limited to money and assets available to the state institutions and knowledge of dues Contractors details, accompanied by governance performance of the Ministry of Finance and the restructuring of the bank of good government and Mesopotamia, and the establishment of a deposit insurance, social welfare and the ration card and displaced communities Inc. ».
He said that «the relationship with the World Bank and the IMF began in 2004, and that Iraq is a founding member of the Bank and the Fund since 1944, but the relationship foundered in 1977 after the former Iraqi regime had decided not to provide the Fund data on the Iraqi economy, but relations have returned with regulators to nature after 2003 ».
He pointed out that «relations organized by the UN Security Council which committed Iraq positively engages with the IMF and the World Bank in order to reach the settlement of foreign debt through the Paris Club, which is a binding agreement decision and not an option for Iraq, as the recent stability is part of the regional and international economic stability» .
Saleh indicated that «the agreement with the IMF was very transparent, no secrets or Khvaya in relation to the loan», adding that «Fund is interested in the issue of poverty in Iraq because of the high indicators, which amounted to 23 percent, and the presence of large numbers of displaced people, and the there are four poor people of every 10 people displaced, and the per capita share of GDP due to falling oil prices fell from seven thousand dollars to four thousand, and the unemployment rate rose to 23 percent ».
He added: «We have another problem of entitlements oil companies that get $ 10 for every barrel, regardless of the sale price, and there are accumulated dues back the past two years and the current value of billion dollars a month to meet the production costs and accruals Contractors amounting to 7.6 trillion dinars, and the problem left behind by issuing bond ».
He said: «Iraq send a message to the International Monetary Fund» in the 15th of this month «confirming his agreement to the conditions and mechanisms and the framework for fiscal policy, and presented to the Fund’s Board of the end of June the management,
if endorsed by the Governing Council is an agreement in force and release the first batch of fund loan that not less than $ 600 million, gets Iraq on the loan in full by 13 push over 36 months, and before each batch Bank reviews the achievements of Iraq than the previous installment, and be allowed to three years for each batch of loan payments and interest rate of 1.5 percent period ».
http://www.dinarupdates.com/showthread.php?35296-Iraq-needs-50-billion-to-install-its-financial-situation-and-save-the-economy&p=153483#post153483
rcookie says():And display financiers, economists and businessmen who attended the seminar, a number of ideas and observations about the reasons that have brought Iraq to the catastrophic economic results.
Former Planning Minister Mehdi al-Hafez and explained some of the things on this file, and if the cause of the economic downturn loans are not important, or resorting to excessive borrowing. He said: «The conditions that the country is experiencing now is normal and can not come out without the presence of a real sound management and a review of the political and financial management».
He said banking expert Majid picture «external debt amounted to 65.5 billion dollars, including 47 billion for the Gulf States, and the total internal and external loans reached $ 96 billion, including new debt and make up 77 percent of gross domestic product may rise to 100 percent» , stressing that the problem lies in the state administration.
http://www.dinarupdates.com/showthread.php?35296-Iraq-needs-50-billion-to-install-its-financial-situation-and-save-the-economy&p=153483#post153483
BGG says to rcookie():What?? You mean this 5.4 Billion (over however long) loan – WON’T CUT IT?? (lol)
rcookie says():FOLKS….THIS IS COMPLETELY SCRIPTED BY IMF & WB…
rcookie says():DO THOSE STATEMENTS ABOVE LOOK FAMILIAR…
clay says to BGG():if they need 50 and only getting 5.4 then what
clay says to rcookie():same question and GM 🙂
rcookie says():ONE SEC….LOOK FAMILIAR TO ANYONE…
BGG says to rcookie():BTW – thanks for bringing the news. BRB
rcookie says to BGG():HEY THERE BGG..YVW..
rcookie says():THIS IS AWESOME…DO YOU SEE WHAT THEY ARE REQUIRING OF IRAQ RIGHT NOW ABOVE^^^
watson1 says():it mean they need to do reform( rv) i am right
pinklady says):Get you politics and finances together…. YOU NEED A RATE!!! IMO 😀
rcookie says):HEY THERE WATSON…EVERYONE SNOOZIN…THAT PIECE IS AMAZING…THEY ARE TELLING YOU EXACTLY WHAT THEY WANT…
watson1 says():lol
Woodywoodpecker says():lets do it
rcookie says():AND THEY ARE HUGE….HUGE STEPS….
Woodywoodpecker says():I have time to go exchange today….
Woodywoodpecker says():I will take time lol
JD1 says():thank you rcookie as alway’s great find
Scotzgirl says to rcookie():access to the international loan is not easy, but requires implementation of a series of measures including informing the International Monetary Fund on the net real exchange for Iraq during 2015».
Scotzgirl says to rcookie():«the agreement obliges Iraq to issue a Financial Management Act and the introduction of the Integrity Commission as an active player in the independent follow-up process and the adoption of the United Nations document against corruption, accompanied by an amendment of the Central Bank Act restricts the Ministry of Finance of new foundations and the placement of external and internal debt to the audit, since religion internal year amounted to 37 trillion dinars
clay says to Scotzgirl():so what ya really thinkin
clay says to Scotzgirl():GM
bibi says to rcookie():Thank you for bringing the news, Rcookie! Great news! yay! HUGE!
Scotzgirl says():he asked… giving it my best effort 8-|(Tp)
clay says to Scotzgirl():you seem to be doing a great job 🙂
Woodywoodpecker says():thanks rcookie and also scotzgirl
Baxter says():Hey CLAY…. we made it to JUNE…. (lol)
sheila3 says to clay():thank you :):-*
clay says to Baxter():seems so
Baxter says():Now Iraq needs another 50 B I L L I O N>…. (lol) all I want… is a Dime… (lol)
clay says to Baxter():(lol)
clay says to Baxter():I want 3.86
jarhead says():i want a job
Baxter says():tell ya what… you get me a Dime… I give you a Million… hows that?
clay says to Baxter():need something
clay says to Baxter():NOW!!!
rcookie says to Scotzgirl():GREAT WORK SCOTZ…DOES THAT LOOK FAMILIAR…
Scotzgirl says to rcookie():Yep
rcookie says to Scotzgirl():??????
rcookie says to sophie1():HI SOPHIE…YVW
Scotzgirl says to rcookie():LOI, MOI, etc etc IMF, WB, BIS, etc etc …only familiar because of you and Mr White
rcookie says():E. Public Financial Management Reforms
27. In order to strengthen fiscal discipline, the government will implement the following measures:
The Minister of Finance will approve a new draft of the Financial Management law in line with World Bank and IMF comments on the last draft submitted to the Shura Council (structural benchmark for the second review, Table 2).
BUCK says to rcookie():is that 50 billion a one year thing or spread out over the three years the loans are to occur????
rcookie says():THIS IS A NOT ANYTHING NEW…THIS IS SOMETHING THEY HAVE BEEN WORKING ON AND SOMETHING FOR US TO BE WATCH FOR….
rcookie says():THE PERIOD THEY ARE REFERENCING IS 2016-2019..BUT ARENT SAYING THEY ARE GETTING LOANS FOR THAT AMOUNT…THAT IS TOTAL DEFICIT #’S…..
THE SBA LOANS ARE FOR $25 BILLION 3 YEARS STARTING END OF THIS MONTH..
rcookie says():AND THE AMENDING OF THE CENTRAL BANK ACT WITH REDEFINITION OF THE MOF ROLE IS ALSO BEING OBLIGATED BY IRAQ…
rcookie says():THIS IS ANOTHER THING TO BE LOOKING FOR…..ANY OF THIS SOUND FAMILIAR WITH RECENT NEWS AND EVENTS IN IRAQ…
rcookie says():Take steps to move to a Treasury Single Account (TSA); as a first step, the Ministry of Finance and the CBI will, by end-February 2016, compile a list of all bank accounts controlled by the Ministry of Finance and all spending units and sub spending units of the federal government, in CBI, state-owned and commercial banks; details should include balances at end-December 2015, account number, title, location, purpose, authority, and signatories (structural benchmark, Table 2).
rcookie says():THE FIRST STEP TOWARD MOVING TO TSA BY THE MOF WAS DONE…AND ALSO USED IN THE EFFORTS TO RANK THE VARIOS BANKS IN IRAQ AT VARIOUS LEVELS…
rcookie says():A TSA is a unified structure of government bank accounts that gives a consolidated view of government cash resources. Based on the principle of unity of cash and the unity of treasury, a TSA is a bank account or a set of linked accounts through which the government transacts all its receipts and payments. The principle of unity follows from the fungibility of all cash irrespective of its end use.
While it is necessary to distinguish individual cash transactions for control and reporting purposes, this purpose is achieved through the accounting system and not by holding/depositing cash in transaction specific bank accounts. This enables the treasury to delink management of cash from control at a transaction level.
Scotzgirl says to rcookie(Do you think that by putting this out again at this time that they’ve already processed through these requirements and we’re waiting for the reveal?
rcookie says():A full-fledged TSA shares three essential features:
First, the government banking arrangement should be unified, to enable ministry of finance (Mof) (or treasury) oversight of government cash flows in and out of these bank accounts. A unified structure of government bank accounts allows complete fungibility of all cash resources,
including on a real-time basis if electronic banking is in place. The TSA structure can contain ledger sub-accounts in a single banking institution (not necessarily a central bank), and can accommodate external zero- balance accounts (ZBAs) in a number of commercial banks.
Second, no other government agency operates bank accounts outside the oversight of the treasury. Options for accessing and operating the TSA are mainly dependent upon institutional structures and payment settlement systems (see the section on Transaction Processing under a TSA System).
Third, the consolidation of government cash resources should be comprehensive and encompass all government cash resources, both budgetary and extra-budgetary.
This means that all public monies2 irrespective of whether the corresponding cash flows are subject to budgetary control or not (e.g., in the case of reserve funds, earmarked funds and other off-budget/extrabudgetary funds) should be brought under the control of the TSA.
3 The cash balance in the TSA main account is maintained at a level sufficient to meet the daily operational requirements of the government (sometimes together with an optional contingency, or buffer/reserve to meet unexpected fiscal volatility).4
rcookie says to Scotzgirl():YES I ABSOLUTELY DO….AND THE REASON IS FROM LOOKING AT PAST LOIS AS REFERENCE TO OTHER INITIATIVES THEY HAVE NEEN WORKING ON FOR YEARS LIKE PIM (PUBLIC INVESTMENT MANAGEMENT)…IFMIS (INTEGRATES FINANCIAL MANAGEMENT INFORMATION SYSTEM)…
rcookie says to Scotzgirl():THESE SYSTEMS AND MECHANISMS ARE ALSO THINGS THEY HAVE BEEN ASSIGNED TO ADDRESS IN THEIR METAC WORKSHOP PROGRA OVER THE YEARS AND CONTINUING CURRENTLY…
rcookie says to Scotzgirl():HERE IS THE LINK FOR THE IMF WORKING PAPER ON TSA’S…
https://www.imf.org/external/pubs/ft/wp/2010/wp10143.pdf
rcookie says():THERE WILL BE A QUIZ LATER…
Carl_H says to rcookie():Very good news. Thanks for all your hard work bringing us the news day in and day out! Your are awesome!
rcookie says to Carl_H():HEY CARL…YVW!!
watson1 says to rcookie():hey when they going to do some work over ?? lol
Scotzgirl says to rcookie():I’m hoping there is a reveal later (})
rcookie says to Scotzgirl():(y)
rcookie says to watson1():SLACKERS..
rcookie says():THE OTHER THINGS TO LOOK FOR UNDER BANKING SUPERVISION AND ENHANCING THE BANKING SECTOR ARE…
IBAN (INTERNATIONAL BANK ACCOUNT NUMBER)
INCREASING CAPITAL REQUIREMENTS OF BANKS 250 BILLION…..DONE..
CREATE RATING SYSTEM FOR BANKS…IN PROCESS…
UPGRADING PRUDENTIAL REGULATIONS ON “LIQUIDITY” AND “CAPITAL ADEQUACY RATIOS”..
PREPARING DEPOSIT INSURANCE SCHEME…AND ESTABLISH LICENSED CORPORATION OF CBI…
CBI CONTRACTING PRIVATE FIRM FOR CREDIT REGISTRY SYSTEM WITH DATA SHARING AMONG BANKS…ON THEIR COMMON EXISTING AND POTENTIAL BORROWERS…
BANKING LAW ISSUED FOR ISLAMIC BANKING SERVICES…
dinarmassa says():Seems to me, IRAQ is trying to pull the wool over the IMF’s eyes, cry the blues and ask for a larger loan amount, once they settle and get the loan, write the contracts for all those companies and countries wanting to do business with IRAQ, collect that money. Pay back the IMF cheap loan over time, walla!! a business decision
High index Iraq with the continuation of the selling trend in trading foreign
Wednesday 01-06-2016 | 6:30:12 Shafaq News / The main index of the Iraqi market for securities ISX 60, the end of trading today rose for the second consecutive session, with the continuation of the selling trend in foreign dealings.
The index increased by 1.7%, reaching the level of 518.91 points, gains 8.68 points, higher than three times the profit yesterday.
And support for the index rising from 10 banks led by the investment bank’s shares by 7.14%, and issued share gainers today, the Bank of Babylon Commercial Bank shares rose by 5.56% and 5.13%.
The index came heights today with the continuing trend of foreign investors tended towards selling during the session, the outcome of selling a $ 158 million dinars.
Trading volumes fell to 1.75 billion shares, valued at 856.53 million dinars, compared to 20.97 billion shares, valued at 4.85 billion dinars last hearing, taking into account United Bank deal yesterday worth 4.2 billion dinars
The shares were traded at prices of 35 companies of which 22 rose, while prices of 7 shares fell top modern livestock production increased by 5.88%, and stabilized prices of 6 shares at the same previous levels.
Issued shares Commercial Bank active stock in terms of volume and value traded to 423.17 million shares, valued at 169.26 million dinars.
http://translate.google.com/translate?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ar&u=http://www.faceiraq.com/
_firefly_ says():IMO, Iraq isn’t as dumb as most make them out to be. I believe they are still finishing up on c oncessions asked by Iraq
_firefly_ says to cricket22():Remember, the media doesn’t make money by telling the truth lol
cricket22 says to _firefly_():Yayyy… We are in June now! I am so ready! 🙂
_firefly_ says():Aka …. the 3 year extension for Iraq to pay the Paris Accord debt
Read More: http://www.dinarupdates.com/showthread.php?35268-Wednesday-June-1-2016
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