DINAR UPDATES 5-21-16
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Dinar Updates Saturday AM Chat 5-21-16 Part 1 of 3
rcookie says():OK.....CONFLICTING REPORTS ABOUT DEATH TOLL FROM YESTERDAYS ATTACK...
rcookie says():YESTERDAY IT WAS 2 DEAD AND 250 WOUNDED..
rcookie says():1 OF THE DEAD WAS PESHMERGA SECURITY FORCE THAT WAS STABBED...
rcookie says():GREEN ZONE CLOSED THIS MORNING....
Holly1 says():Iraqi delegation negotiating with the International Monetary Fund for a loan worth $ 5.5 billion
IMF loan under the economic program for three years includes "protect" the poor and "curb" corruption
Holly1 says():Assured the International Monetary Fund, said on Saturday that lend Iraq will be part of an economic program for the three-year requirement of completion of the macroeconomic framework and guarantees of funding,
and revealed that the program includes "measures" to protect the poor and support the stability of the financial sector and the "curb" corruption, with the exception that the Iraqi government. " worthy "to obtain the loan, he guessed that its Executive Board to consider the agreement during the month of June or July next.
Holly1 says():International Monetary Fund said a panel of experts in a statement received (range Press), a copy of it, "the Iraqi authorities and experts of the International Monetary Fund reached an agreement at the expert level on the request for an agreement to prepare the credit duration of 36 months,"
noting that "Iraq will receive under this Agreement which is subject to approval by the IMF Executive Board on the credit of the fund worth up to 3.894 billion and SDR, or about $ 5.4 billion. "
The statement added that "it will be subject to completion of the macroeconomic framework and guarantees of funding," noting that "the willingness credit the previous agreement with Iraq was worth 3.7 billion US dollars equivalent to 200% of Iraq's share in the fund, which was approved by the Fund in February 2010, and it expired in February 2013. "
Holly1 says():He said a team of experts, that "Iraq exchange in July of 2015 in the framework of its resources (rapid financing tool) $ 1.2 billion."
The statement quoted the head of the IMF mission to Iraq Cristian coconut as saying that "Iraq was severely affected by the conflict with Daash and the sharp fall in oil prices, and the ongoing armed conflict with al Daash still putting pressure on the country's resources and lead to an influx of new waves of internally displaced people yet their numbers reached more than 4 million people. "
He coconut, that "the sharp decline in oil prices also cause a large external shock in the balance of payments and revenues of the budget that relies primarily on oil export revenues," stressing that "the agreement was to meet urgent needs in the balance of payments between the Iraqi authorities with the IMF experts on a program of economic and financial policies for three years to achieve compatibility between spending and the level of low oil prices, and ensures the continuity of debt sustainability. "
Holly1 says():Coconut and pointed out that "the program also includes measures to protect the poor, strengthening public financial management, and support for the stability of the financial sector, and curb corruption," he returned to "Iraqi authorities worthy of obtaining the support of the international community in the implementation of these policies."
The head of the mission, said: "The Executive Board of the International Monetary Fund could be seen in standby credit agreement for three years in the month of June or July, once the completion of the implementation of the agreed prior actions."
The statement said, "The mission team met with Finance Minister Hoshyar Zebari and Iraqi Central Bank Governor acting on the Keywords, financial advisor to the Prime Minister Saleh appearance, and a group of officials from the finance, oil, planning and electricity Iraqi Central Bank and the ministries, and representatives of the Kurdistan Regional Government, and the Office of Financial Supervision national retirement and body, "advance" Thanks to the Iraqi authorities on the good cooperation and discussions frank and fruitful during the mission. "
Holly1 says():The Economic Adviser to the Prime Minister and the appearance of Mohammed Saleh revealed, in the (19 May 2016), that the approval of the International Monetary Fund for lending to Iraq required to reduce the public budget expenses by about 13 trillion dinars and the placement of "senior staff" allocations to settle the dues of oil companies income tax,
and noted that the conditions also included the exception of the armed forces and junior staff of the income tax provisions, as he emphasized that the loan will open the door for loans from industrialized nations worth more than $ 15 billion.
The Finance Minister Hoshyar Zebari announced that, in the (19 May 2016), to reach an agreement with the World Bank Fund for a loan worth $ 5.4 billion, and as pointed out that the loan will allow securing additional financial assistance to reach about $ 15 billion over the next three years , Governor of the Central Bank of Iraq, on the Keywords confirmed that the annual interest rate of the loan is up to 1.5%.
Holly1 says():Iraqi delegation to negotiate with the International Monetary Fund
World Bank loans require financial control over Iraq and opposition Aaduha "detraction of national sovereignty
Holly1 says():I went back to the Committee of Economy and Parliamentary investment, on Monday, the demands of the International Monetary Fund of Iraq to agree to lend him "do not constitute conditions" but a vision to address the economic crisis being includes a reduction in spending and focus on productive sectors to enhance budgetary resources, while external borrowing experts who impose conditions, notably opposed "international financial control over Iraq," the enemy "detraction of national sovereignty", specialists stressed that "it is necessary" to cope with the economic fallout. "
Holly1 says to rcookie():The Iraqi delegation, headed by the Finance Minister, Hoshyar Zebari, and the membership of the Prime Minister for Financial Affairs Adviser, the appearance of Mohammed Saleh, and the central bank governor and the agency, on the Keywords, and a large group of specialists in the ministries of oil, finance, planning and electricity, as well as the central bank, is negotiating with the IMF international currently, in Amman, Jordan, to get soft loans.
The Chairman of the Committee on Economy and Investment parliamentary Jawad al-Bolani, said in an interview to the (long-Presse), "The IMF did not impose conditions on Iraq in return for lending, as some believe, but gave a vision to address the significant problems faced by the national economy as a result of its dependence on oil only "noting that" the fund wants the Iraqi government to reduce its spending and concentrated on the productive sectors to enhance budgetary resources. "
Holly1 says to rcookie():He said al-Bolani, that "the Prime Minister Haider al-Abadi, said that state resources sufficient to cover the salaries only," returned that "the solution is that government departments rely on imports, and to be a productive state, as well as edit taxes and activating the industrial and agricultural sectors."
And he approved the Chairman of the Committee, "the existence of points of mistakes taking advantage of the survival of Iraq under the financial and economic pressure, and that the budget did not achieve its goals of being political," adding that "the international economic institutions want to be an economic goal of Iraq's budget and that the pressure is on certain aspects to improve performance
Holly1 says to rcookie():For his part, economist Ahmed Rehn, said in an interview to the (long-Presse), "The loans that Iraq sought to obtain it from the International Monetary Fund and major industrial countries, remains limited compared to the size of domestic spending," pointing out that "the International Monetary Fund imposed by the custom conditions States that lend may not be consistent with Iraq's economic and financial situation. "
He said Rehn, that "Iraq should be planned on not to resort again to international financial institutions," but he also said, "Unfortunately, the government is determined to deal with those institutions since 2003, and so far, although they dictate its terms to the state that deal with it."
He declined an economist, "the imposition of any international financial control over Iraq," returned that "it constitutes a derogation of national sovereignty."
Holly1 says to rcookie():turn, the economic expert on behalf of Antoine, in an interview to the (long-Presse), said that "Iraq's oil exports has exceeded three million barrels a day, and there are expectations of an increase of the price of crude allowing salaries of state employees insurance."
Antoine said, "The Iraqi government obligations and deficits that nearly 16 percent of GDP, worsening economic hardships," and expressed regret over the fact that "the Iraqi government has not been able to transform the economy from the oil yield to the agricultural industry."
The economist, on "Iraq's need for international loans," noting that it was "natural that puts the IMF conditions and watching any loans the country's economy, and that this does not constitute a violation of the rule, as some believe."
Holly1 says to rcookie():He pointed out Antoine, that "the imposition of taxes and the application of the tariff law may believe resource plus oil," but he also said, "But the economic crisis remain valid in light of population growth and the requirements of infrastructure, which requires orientation to get soft loans from both the International Monetary Fund or the Bank Islamic development or from the inside. "
For his part, head of the Iraqi Economists Association Abdul Hussein al-Yasiri, in an interview to the (long-Presse), "The International Monetary Fund puts conditions on any country lends a guarantee of his money," adding that those "conditions that balancing the country concerned should be transparent, and that the disposal of funds the things are very necessary, and to be financial decisions taken by the Government of that country that are reasonable. "
Holly1 says to rcookie():Yasiri pointed out that "Iraq has begun to achieve those conditions," and expressed optimism that "Iraq overcome the current economic crisis as working to increase the production of wheat, a substance that believes in the economic situation and food."
Promised Prime Iraqis Economists Association, that "the conditions of the International Monetary Fund is not a dilemma, despite the arbitrariness sometimes, as long as Iraq was developing his economic policy," stressing that "the delegation of Iraq, which is negotiating the fund houses keen interest of the country significant economic expertise, and will not accept any arbitrary conditions." .
Financial advisor to the Prime Minister, the appearance of Mohammed Saleh, was announced on Saturday (14 May 2016), that Iraq sought to borrow $ 16 billion through the preliminary meetings with the International Monetary Fund.
Holly1 says to rcookie():Saleh, said in an interview to the (long-Presse), in the (26th January 2016), that Iraq has agreed with the International Monetary Fund for long-term soft loans for the implementation of development projects, noting that the fund is among other conditions, the government expenses and modified some procedures related to economic policies, while counting economist that "the most important" of those loans is to know the amounts that will be obtained during the year 2016.
It is said that Iraq declared in the (13th January 2016), the approval of the International Monetary Fund to finance the budget deficit through clouds of hard currency reserves, indicating that this means reducing those reserves from $ 59 billion the end of October 2015 the past, to 43 billion during the current year.
Holly1 says to rcookie():Paris Club met postpone the benefits of Iraq 's debt until 2019
Author: HH, ZJ Editor: HH, NS 21/05/2016 11:26 Prime Minister for Economic Affairs Advisor to detect the appearance of Mohammed Saleh, said on Saturday that members of the Paris Club nations decided to postpone the debt of Iraq, the benefits are met until the end of 2019, and as pointed out that the procedure was to ease the financial burden on Iraq, he stressed that those annual dues of approximately $ 800 million.
He said the appearance of Mohammed Saleh in an interview with (long-Presse), "The last meeting of the Paris Club on sovereign debt of countries and based on what introduced by Canada and reached Iraq of the Convention on the credit to be prepared with the International Monetary Fund and the Member States in the club exemption Iraq decided to pay interest on the remnants of his debts and dues suspended until the end of the year 2019 ".
Holly1 says to rcookie():Saleh added that "these annual for the debts of countries of the Paris Club and other sovereign debt remnants of receivables from outside the club, which is subject to be considered the same and payable amounting to $ 800 million," adding that "this procedure was to ease the financial burden on Iraq."
Saleh continued, "This decision was based on a proposal by the Canadian government of being a member of the Paris Club of creditor nations, as well as being one of the seven countries of the adult group (G7)".
Holly1 says to rcookie():It was Prime Minister for Economic Affairs Advisor to the appearance of Mohammed Saleh, said earlier that Iraq has fulfilled its obligations to creditors who appeared after 2003, whether they are governments or traders or businessmen on accordance with the Paris Judge Club agreement, to pay 20% of the amounts owed to it in the form of payments for a waiver of those entities for 80%, or pay 10% in cash in exchange for ceding 90%. "
The policies pursued by the previous regime burdened Iraq's debt, which is tens of billions of them, despite his trust still extinguishing a lot of countries the consequences have his trust.