The statement issued at the conclusion of the IMF mission on Iraq
Friday, 26 December 2014
Fielded the International Monetary Fund mission to the Jordanian capital of Amman, led by Mr. Carlo Sdralvić in period 2 to 7 December 2014 ongoing contract discussions with Mr. Hoshyar Zebari,
Minister of Finance of Iraq and Mr. Zuhair Ali Akbar, deputy governor of the Central Bank of Iraq and a number of officials in the Ministries of Finance and Altaktitovi Central Bank to assess Recent economic developments in the country and discussions focused on the impact of the double trauma of organizing Daash attacks and low oil prices at the end of the visit, Mr. Sdralvić issued the following statement:
[tlm724] the attachment to this statement can't be translated, let me check the IMF, ok that was the original statement from the IMF on Dec 9th
[tlm724] I am curious why the Minister of Finance is bringing this up now, I believe there are ongoing discussions with the CBI at the present time
[tlm724] it is one of the greatest points in Iraq at this moment, it has everything to do with monetary policy and currency reform as well
[campdav] *hallelujah* Have no doubt they are moovin and groovin
[tlm724] it's just as Bondlady said this morning, we will watch their every move ! And they are moving have no doubt !
[poopsie] tlm724 yes halleluyah
[tlm724] they just don't post things on the MOF site for giggles
[campdav] [BondLady] kinda reeks when I've talked about this stuff for like 7 years and they are just now finally doing it but glad they are
[tlm724] campdav *hallelujah*
The completion of the draft budget law for 2015 Friday, 26 December 2014
Completed and the Ministry of Finance on the evening of 24/12/2014 final version of the 2015 budget was approved in its final form by the ministerial committee,
which was formed from the Prime Minister and Deputy Prime Minister and Minister of Finance and Minister of Planning and Minister of Higher Education and the General Secretariat of experts and finance ministers. Especially after Cabinet approval at a meeting on 23.12.2014
The government presented today 25/12/2014 draft budget bill to the House of Representatives held a regular meeting was the first reading of the project.
The ministry provided four drafts to the Cabinet since 2014/11 / 26 and implemented the directives Council of Ministers to rationalize spending and reduce the deficit and the search for realistic sources to finance the deficit.
The total revenue of 99.8 trillion dinars from oil revenues (84.2) trillion dinars and non-oil (15.6) trillion.
It was total expenditure account on the basis of 125 0.2 trillion, including current expenditures (80) trillion and investment expenses (45.2) trillion dollars and it becomes a planned deficit 25.4.
It was this deficit through a series of measures which included the national savings for state employees and assets retained and the Special Drawing Rights of the IMF cover International and issuing foreign bonds and the issuance of public debt bonds by the legal reserve banks and loans and couriers treasury of Trade Bank of Iraq and the issuance of couriers safe from government banks.
It was calculated price of a barrel of oil at $ 60 per barrel and card export of 3.3 million barrels per day.
included draft budget on a number of measures to increase non-oil from fees and levies and taxes on sales revenue for a number of commodities.
Was also taking into account the share of Iraq's Kurdistan region in the light of the recent agreement between the federal and the provincial government on the budget and oil the government.
The government and the Finance Ministry has pledged performed a draft budget before the end of this year and submit it to the parliament.
[tlm724] again not sure why the MOF posted this today however take a look at this : the Special Drawing Rights of the IMF cover International and issuing foreign bonds and the issuance of public debt bonds by the legal reserve banks and loans and couriers treasury of Trade Bank of Iraq and the issuance of couriers safe from government banks
[campdav] VERY SPECIFIC AND DIRECT
[tlm724] bonds coming right up and if they are long term then IMO no way will they be issued at 1166
[campdav] Impossible. No one would buy those IMO at 1166
[tlm724] as I always say if they issue at 1166 and those bonds mature say at $1 per it would cripple Iraq !
[campdav] thats right
[tlm724] very interesting times for sure
[campdav] no net gain
[tlm724] huge lose campy
[tlm724] defeats the purpose ! that's just my thoughts anywho
[therealbubbie] they never mention if there long term !! why ?
[campdav] Reflecting on old with Shredd to sell that debt they would need to come off that 1166as I recall
[tlm724] therealbubbie campdav 'Foreign Bond' A bond that is issued in a domestic market by a foreign entity, in the domestic market's currency.
[therealbubbie] even if there short term bond .. who would buy them at 1166 !!
[campdav] tlm724 Excellent
[tlm724] in the domestic market's currency
[therealbubbie] in the domestic market's currency.
[campdav] Great stuff
[therealbubbie] and when are these bonds to be issued !!
[tlm724] Zebari doesn't say specifically bubbies but if they intend for this move to offset the deficit in the budget then they best get moving and quick
[campdav] therealbubbie trillion dollar question
[tlm724] right campy
[campdav] We always knew the date the bonds went on the market we would see the rate
[campdav] Great stuff
[tlm724] yeppers campy you are right there
[therealbubbie] tlm724 iraq passes out new coins today .... that would be better stuff!
[tlm724] therealbubbie *hallelujah* *kickA*
[campdav] Same result Wink
[tlm724] any R at this point campy just drop the dayum curtain for pete's sake , let us see whats ya got CBI
[campdav] and now!!!!!!!!!!! Its coming ..,
[tlm724] no doubt
More Chat Added:
BondLady's Chat Hope for a Prosperous New Year 12/26/2014
[cat] BondLady could you please give us an update as to where you think we are in this investment ?
[BondLady] I think if we can see the budget gazzetted and activated say in a month and a half then the economic laws being passed and activated also...and it looks like thats a good possibility, then we should also see a montetary change imo within the 1st half of 2015
[BondLady] we hope
[tlm724] we pray
[BondLady] it could happen in the 1st quarter too
[tlm724] I still like the first quarter
[BondLady] but I feel like we have a real shot to see something change within the CBI in the 1st quarter but with them it makes me want to stretch it on into the 1st half of the year
[BondLady] I don't do dates and rates but that's the best scenario I can come up with for the new year, cat hope that helps. We just have to wait and see as always
[cat] BondLady sounds good to me thanks