Steve: This is positive.
November 1, 2015 in Iraq Banking & Finance News
By John Lee.
Finance Minister Hoshiyar Zebari (pictured) has said that Kuwait has postponed the final instalment of reparations for Iraq’s 1990-91 occupation until 2017.
The move, requested by Iraq, will help alleviate the cash crisis in Baghdad caused by lower oil prices and war with the Islamic State group (IS, ISIS, ISIL).
According to Reuters, this last tranche is also largest, worth $4.6 billion.
Nearly all the $52.4 billion in reparations has already been paid through Iraq’s annual allocation of 5 percent of crude oil exports to the U.N. Compensation Commission (UNCC).
Let me know if you have any questions and I will try and get them answered. Blessings, Steve
Jimplants, on 01 Nov 2015 – 1:54 PM, said: Helping a brother out. IMO Kuwait can’t wait for Iraq to be free of sanctions they share a port and oil wells with them and are invested in the port of Basra which has been named by the World Bank as the new gateway to the new Silk Road.
The World Bank has a massive office in Basra it will be a 24/7 365 day money generating machine of which Kuwait is invested in so the more money Iraq makes the more money Kuwait makes.
Steve: You bet. This is a big deal to them and they are ready for Iraq.
dalawr3012, on 02 Nov 2015 – 06:30 AM, said: Thank you Steve for chiming in, always great to hear from you. Are you still of the belief that the rate will be in the 3.5 give or take a few range?
Steve: Yes I do. A strong currency will be equal to a strong economy. This one to one I am just not buying into at this time. How do you become one of the largest economic countries you ask?
Yes, a strong currency will be hand in hand. I believe if you go look at some strong countries with assets, you will see what I mean. The KWD to the USD is 3.30 at this momnet and Kuwait is next door with many things they are sharing in common like ports, oil, etc.
I understand not all countries are at the Kuwaiti rate nor ever will be, but that does not mean that the IQD falls within that group. Joe P that was on our site and was very much into this with huge contacts believed the rate to be close to the post Sadam days.
Things have changed but Iraq is a very rich asset country.
I will try and find a few more articles and post them here that takes this into more detail that you love to read over and over. Until then, stay safe.
One impressive fact I do recall is that the Arab Gulf has 65% of the world’s proven oil reserves and Iraq 12%. Iraq is capable of producing 2 billion plus barrels of oil per year. Blessings, Steve