DELTA: IMF ASKED IRAQI GOVERNMENT TO IMPLEMENT ECONOMIC REFORM IN EXCHANGE FOR THE REST OF THE LOAN.
THOR: Thank you! Was a time frame quoted? If memory serves me correctly - they have to finish the Financial reforms first - IMO
Frank26: THAT is CORRECT !!! Watch my VIDEO on the next thread................ I want to tell You what DELTA and I think this ............ MEANS.
ReddStarr: When I said that IMF wouldn't be asking Iraq to launch the economic reforms....unless they knew Iraq was ready....this is what I meant.....you can use this for a check list.....along with the what the IMF just stated a few days ago (listed below, under UNAMI)....to understand.....just how close we are.....to seeing a new reality....for all of Iraq.....for us....IMO....as always....
Economic and Financial Reform (UNAMI)
The package of reforms is wide-ranging and has five dimensions:
1. Combating corruption (CHECK)
2. Eliminate ineffective governance (CHECK)
3. Economic reform
4. Financial sector improvement (CHECK)
5. Basic services amelioration (CHECK)
The package has greeted with statements of support from across the political spectrum, and both Council of Ministries (CoM) and Council of Representatives (CoR) immediately approved it.
How will the reforms help....and what are the recommendations?
7-1 Accelerate the implementation of the financial and economic package of reforms to promote private sector growth and employment creation, which in turn will solve part of the unemployment and under-unemployment in some sectors of the economy.
7-2 The ISIL crisis came at a time when Iraq was just beginning to show signs of economic recovery and made important progress toward achievement of the Millennium Development Goals (MDGs). But the fighting has disrupted an already weak service delivery system, particularly in electricity and water in the four provinces most affected by ISIL. Iraq should develop and implement targeted recovery programs, revamping of Iraq’s public financial management (PFM), strengthening governance, and streamlining public spending.
7-3 All recovery and development programs should be oriented to the needs and priorities of Iraq’s people.
7-4 The government of Iraq should implement series of actions to diversify Iraq’s revenue sources and promoting private non-oil sector activates, explore new financial resources such as services fees, and increase production and improve productivity in the agriculture sector. Strategic investments designed to rejuvenate livelihoods lost during the ISIL crisis and promote economic growth should be prioritized, including infrastructure development, agriculture, science, technology, and social service delivery. Opportunities for promoting private sector’s development should also be a priority.
7-5 Enhance the management of oil revenue by designing a mechanism for effective revenue management. This could be done in the context of the creating of a sovereign “parking fund” and a fiscal stabilization fund to minimize the impact of oil revenue volatility on expenditure policy.
7-6 Improve transparency and accountability with regard to the management of oil and government expenditure in order to build Iraq’s legitimacy.
7-7 Improve the performance of the administration and tax authorities in order to increase tax revenues (income tax, property and land taxes, etc.).
7-8 Formulate a good mechanism to improve the state budget’s performance and operational capacities. This will ensure a more flexible budget capable of achieving its goal.
7-9 Conduct a sectorial expenditure review to help assess the government’s ability to deliver basic services efficiently and effectively.
7-10 Effectively manage defense and security sector reform. Reintegration programs will be required to reduce the constant tensions between the three groups (Sunni, Shia, Kurdish).
7-11 High levels of unemployment, lack of educational opportunities, and increasing poverty due to the ISIL crisis have combined to cause many Iraqi youth to resort to violence and join ISIL to get by. Any reconstruction endeavors will need to invest in young Iraqi people.
From the IMF SBA for Iraq....
Iraq’s economic reform program supported by the SBA aims to address:
1. The urgent balance of payments needed (CHECK)
2. Bring spending in line with lower global oil prices (CHECK)
3. Ensure debt sustainability (CHECK)
4. Measures to protect the poor (CHECK)
5. Strengthen public financial management (CHECK)
6. Enhance financial sector stability (CHECK)
7. Curb corruption (CHECK)
Iraq will require the support of the international community to implement these policies! (CHECK)
In the external area, the authorities are maintaining the peg to the U.S. dollar, which provides a key anchor to the economy. (CHECK)
ReddStarr: Behind the scenes Iraq has been working to complete all these key items....the IMF is telling them to move forward and launch the economic reforms...because they have given them the final approval....they have the support from the IMF....including the peg to the dollar....meaning all restrictions have to be lifted....this is GOLD....
Frank26: YES !!!
Scotchie: The Executive Board of the International Monetary Fund (IMF) today approved a three-year Stand-By Arrangement (SBA) for Iraq for SDR 3.831 billion (about US$5.34 billion, or 230 percent of quota) to support the government’s economic reform program.
The Iraqi TV is blasting that the IMF stepped in and asked the GOI to implement reforms in exchange for the rest of the loan. (BAM!) Citizens are very happy and ecstatic. EID is over on Sunday. All regions are showing 1.18 on cards and in banks with partial use based on the citizen's dinar allotment. The cards should increase with full access on Monday or Tuesday (BAM again!!!!) I report.....YOU decide. Enjoy your weekend #wearethepeople
Must Listen: It's Over: Bill Holter ~ JULY 9th, 2016