BLC Admin Tlm724 Chat on World Bank
[tlm724] so I was thinking about that World Bank article from yesterday and asked myself " what has the WB's panties in a wad this time
[tlm724] let me show you the article first
World Bank calls for the Iraqi government to change the policy of the Central Bank By: Bayyna on: Wed, 05/14/2014 3:21 The World Bank warned the Iraqi government of the consequences of the monetary policy pursued by the Central Bank of Iraq.
He demanded the World Bank, in a letter addressed to the Iraqi government to exert pressure on the management of the Iraqi Central Bank's current policy change for the better, without having to address the current policy of the Central Bank will lead to the collapse of the Iraqi economy, where the Bank has a foreign policy or internal to the challenges. . http://www.albayyna-new. ··· id=30607
[tlm724] I did a little digging to refresh my memory on what exactly the World Bank wanted Iraq to do. Found this news announcement on the Minister of Finance's site and it lays it out there. Its from Sunday November 17, 2013. Let me show you
[tlm724] I am not going to show the whole thing, it's too long let me link you and then get to my point
[tlm724] here are the important requirements are listed for us so lets line them up and these are pretty specific instructions from the World Bank
[tlm724] here they are
1. The two sides discussed during the meeting a number of issues related to the banking sector where he Excellency that Iraq needs a banking system, well worthy of his reputation and the strength of its economy .. stressing that the presence of a strong banking sector and sophisticated reflected about positive on all joint economic, including private banks .. calling need to be Iraqi banks platform with a mechanism allowing them to use credit card
2. that Iraq sought towards the promotion and development of the Iraqi banking sector is among the mechanics of development is to open new branches of Iraqi banks in a number of brotherly and friendly countries
3. during the meeting the latest developments in the file of Iraq's debt, indicating that significant steps have been made in this area
4. indicated that she felt an overwhelming response by His Excellency the Minister in relation to the project of restructuring the banks of the Iraqi government Helen showed that the restructuring of the project would help the Iraqi banking sector that is making positive steps that will help large private banks as well as the support of the Iraqi economy by about a year
[tlm724] so lets take 1. first , here is what I found
[tlm724] Here is an article BondLady posted on April 26, 2014
Enact laws to support electronic payment system and the balance of payments on Sat Apr 26, 2014 6:16 am show the need for the country to enact legislation governing the payment mechanisms external or internal client companies in this way known as the payments system as a range of tools, procedures, and tools taken by the monetary authority to facilitate financial payments and settlement obligations between economic units, ‘
including debt settlement "the importance of speeding up the legislation of laws governing the payment mechanism external to the electronic commerce between Iraq and the countries of the world to their importance in the current stage and in line with the requirements of the transition to a market economy as it is a way to pave the way for Iraq's accession to the World Trade Organization."
[tlm724] and this is important also : General Secretariat of the Council of Ministers sent a system of electronic payment services to the Department of the facts in the Ministry of Justice
Sent the General Secretariat of the Council of Ministers service system of electronic payment of money No. 3 for the year 2014 to the Department of the facts in the Ministry of Justice.
According to the Department of Cabinet Affairs, the Office of Media and Government Communications at the General Secretariat of the Council of Ministers said the cabinet decided to issue a payment services email to money auditor by the Shura Council State based on the provisions of Article 80 / Item III of the Constitution and Article 27 of the Law on electronic signature and electronic transactions No. 78 for the year 2012.
[tlm724] This shows us that all Iraq needs is the law to back up this system, in other words all systems are go just get the legal backing and this will be a moot point !
[tlm724] next is 2. open new branches of Iraqi banks
Open branches to Rasheed Bank in 3 States 15/01/2014 09: 26 The Ministry of finance to open branches to Rasheed Bank in three States in their endeavours to support Iraqi economy along solid development programs. the Director of the Department of public information and relations in the Ministry's Bank, ‘
Saleh Hassan Kadhum told (morning) to Rasheed Bank is currently opening procedures 3 branches outside the country the first in the State and in the U.A.E. Romania and the third in Turkey, indicating that this action comes within the solid development policy pursued by the Bank to support the economy, and providing the best service to the customer's Bank within the country and abroad. http://www.imn.iq/news/view.35220/
[tlm724] now 3. debt
Mar 21, 2014 6:18 am Iraq extinguish a large proportion of its foreign debt Is a good indicator within the rankings Baghdad - Mostafa Hashemi is Iraq from countries committed to pay its debts gives a good indication of what part of the world rankings informal in this area.
Where have paid more than $ 40 billion of total debt adjusted to the Paris Club, which was up to 51.6 billion dollars in 2004. classified Iraq's foreign debts on 4 categories include both debt to Paris Club countries, the debt of non-member states of the Paris Club, and the debt of commercial creditors ( foreign private sector), and the debt of the GCC countries in addition to contracts for consultants accounting and legal. http://www.alsabaah.iq/ArticleShow.aspx?ID=67183
[tlm724] lastly 4. restructuring the banks which includes raising capital
Increase the capital banks and industrial real estate 6/5/2014 9:53 Cabinet decided at its regular seventh session held in May 4, 2014 to increase the capital of the Land Bank of the amount of (150,000,000,000) dinars, only one hundred and fifty billion dinars to 500 billion dinars, of which only two hundred and fifty billion dinars for 2014 and $ 250 billion dinars for 2015 . and Zkrmusdr in the Department of Cabinet Affairs, the Office of Media and Government Communications,
said the council also decided to increase the capital of the Industrial Bank of the amount of (175,000,000,000) dinars, only a hundred and seventy-five billion dinars to the amount of $ 500 billion dinars, of which only two hundred and fifty billion dinars for the year 2014.
and $ 250 billion dinars for the year 2015. , and will be financed amount of the increase over the search of the public treasury within the allocations of the federal budget for fiscal years 2014/2015, according to the provisions of Article (10) of the Companies Act No. 22 of 1997 as amended. http://cabinet.iq/ArticleShow.aspx?ID=4690
[tlm724] Here is another one if you want to read it : Raise banks' capital boosts lending capacity http://www.bondladyscorner.com/t92869-raise-banks-capital-boosts-lending-capacity
[tlm724] what we can get from this as we saw, the state banks are opening branches, loaning money, supporting the state with loans for infrastructure so it is safe to say that this requirement 4. has been met
[tlm724] number 3 has also been addressed as we know for a fact Iraq's debts are diminishing daily, we saw a settlement yesterday with Zambia http://www.bondladyscorner.com/t93352-zambia-still-owes-iraq
[tlm724] second point again the state banks are opening branches in several countries, so yep that's covered
[tlm724] back to number 1 now. calling need to be Iraqi banks platform with a mechanism allowing them to use credit card
[tlm724] as I just showed you above Iraq is lacking one requirement imo the importance of speeding up the legislation of laws governing the payment mechanism external to the electronic commerce between Iraq and the countries of the world
[tlm724] I know the system is in place and we read where the infrastructure is in place also, it seems to me that this is what has the World Bank freaked out, maybe !
[tlm724] and I say maybe because there is always the possibility that is a repeat art , but it is still important we do this status check today
[tlm724] but I think Iraq is ready for this laundry list to be checked off ! Just get that law enacted and they have meet all the requirements of the WB as far as I can tell
[tlm724] before I end this I just want to quote BondLady here "this is the best thing that could have happened for Iraq and for us ",from this article she posted this am
Interior: "Daash" calling on his supporters to leave outside Iraq after suffering heavy losses and the number iddah Baghdad - and babysit - Interior Ministry announced on Thursday that al-'Daash' called on his supporters to leave outside Iraq after suffering heavy losses iddah and number.
According to a ministry statement received news agency public opinion (and babysit) a copy of it, that "the so-called organized Daash terrorist issued a statement in which he called his supporters and followers of the need to prepare for departure to other places of the world,
pointing out that this statement came after the blows received by the terrorist organization of by the armed forces which Qaibdth heavy losses in Anbar, particularly Fallujah. "
The statement noted that the extensive preparations and advanced capabilities of our security forces in the prosecution of members of the organization and prepare for departure is the safest option for the terrorist organization to other parts of the world. http://alrayy.com/110737.htm
[tlm724] ^^^ that's is an incredible feat of bravery and perseverance on the part of the Iraqi forces and all that support them and on a side note it's got to make Gov. Turki have a warm and fuzzy feeling too
[RCS1947] timmie thank you for all the great research!!!
[tlm724] RCS1947 yw
[tlm724] so if the World Bank is happy and the IMF is happy then we should be happy too any minute now
[tlm724] had to change it up from that soon , in the coming days crap so any minute now will work lol
[cat] tlm724 thank you so much for helping all of us
[tlm724] plus my boy Turki said this : And the project to delete the zeros of the central bank governor said that the new measures will be there by the middle of this year, the bank raised about the new currency and the deletion of zeros, indicating that the bank has a very large mass of cash