Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Sunday PM Chat 10-09-16 Part 1 of 2
hutch says():2017 budget "austerity" and the region's share of "17%"
Seen as MP for the Kurdistan Democratic Party Najiba Najib, on Sunday, that the federal budget for 2017 is' austerity budget ', and the share of the Kurdistan region of 17 percent.
She said Najib in a press statement, said that the ' budget 2017 austerity built on the basis of $ 42 per barrel, but after that initial estimates suggest $ 35 per barrel of oil, and the ratio of the deficit was very high, reaching more than 30 trillion dinars, it was amended budget and estimate a barrel of oil dollars with 42. "
revealed a member of the Committee of economy parliamentary that 'this amendment comes came to reducing the existing deficit in the Federal Almizanh for 2017 of 30 trillion dinars to 20 trillion Iraqi dinars.
She said, that ' the share of the Kurdistan region in the 2017 budget comes at the same items that were in the budget in 2015 and 2016, and its share of 17 percent, but not disbursed due to problems political existing between Erbil and Baghdad. "
concluded Najib her statement, said that ' the bulk of the Iraqi budget goes to the security sector and defense, there are directions to the parliament and the Iraqi government to incorporate elements of the popular crowd with the armed forces under the umbrella of the Ministry of defense, and considered as part of the Iraqi armed forces, as the a large part of the budget goes to the popular crowd, resulting in a significant impact on the Iraqi budget.
hutch says(): http://www.almadarnews.info/index.php?page=article&id=15933
hutch says(): IMF report No. 16/225 09/10/2016
The Board of the International Monetary Fund approved a standby credit loan SBA for a period of three years for Iraq and the rights of special drawing SDR value of 3.831 billion units (approximately: 5.34 billion, or percentage of 230%); to support the economic reform program adopted by the Iraqi government that the council authentication managed 455 Exchange million units of Special Drawing rights (about 634 million dollars) in July Iraq received a boost on according to the rapid financing funding instrument, ie the equivalent of one million units of Special Drawing rights (approximately 1.24 billion in the approval time).
The reform of the Iraqi economy, a program supported by the Stand-By loan SBA aims to address the urgent needs of the payments budget and adapt spending to the level of low world oil prices, and to ensure the survival of the debt level can afford it, the program also includes measures to protect the poor and strengthening public financial management, and enhance the stability of the financial sector, and reduce corruption, Iraq will need the support of the international community to implement these policies.
The International Monetary Fund today completed the first and second control program revision Fund experts SMP with Iraq, which was approved by the Director of Administration in the January 12, 2016.
In the wake of the signing of the Board of Directors, he issued a Deputy Director, who serves as Chairman of the Board, Mr. Min Zhu Min Zhu following statement:
(The Iraqi economy has been severely affected by the Sdmtin surfaced in the wake of the sharp drop Daesh in world oil prices attacks),
then he added: (The policies implemented by the authorities to deal with those suitable impact at, in the financial field authorities carried out a fair amount of adjustment policies financial mostly came through the reduction of non-effective capital spending while maintaining social spending and funding policies, and in the inner area authorities maintained a peg to the US dollar, which is the President of the economy LED).
He continued by saying: The fiscal adjustment envisaged for the years 2016 to 2019 is suitable to relieve the pressure caused by lower oil revenues, as well as higher spending on humanitarian and security affairs,
but the fiscal adjustment structure must be improved over time, in order to make room for an increase in investment spending but about a more effective, that the reform of public financial management system is necessary; in order to improve fiscal discipline,
as well as improve the quality of spending, the implementation of the sharing of the budget with the KRG agreement puts both the federal government (federal) and the government of the region in a better position to respond to attacks Daesh The oil price shock.
larrykn says():230 % lol
hutch says():Thats how the sdr works. They are allowed a percentage of their sdr deposit.
hutch says():Generally it is 200 percent
larrykn says():really that kind of high
larrykn says():they will be paying back over 15 billion dollars for a 5 billion dollar loan
hutch says():They have approx 10bl in sdr basket, so they are allowed 200 percent of that. That is why they were able to get a 20bl loan
hutch says():Its not the interest rate
larrykn says():yes , just reread that your right its not the interest but what they can brorrow from
hutch says():Thats what the agreement is and the 5.34 is one of the installments
larrykn says():yes, all I can say is I love it they are moving forward an I think these loans start what we are looking for
hutch says():It gets them on their feet. Thats why investment into the country is so important to what OUR end goal is.
hutch says():Here comes a favorite
says():Who is benefiting from Iraqi Kurdistan oil?
October 9, 2016 NEW YORK,— The news about oil and Kurdistan continues and most of us are very confused to where all of the Billions of dollars in oil sales are disappearing to. All the time we hear and read on the news about the millions of barrels of oil being sold every month in Kurdistan and yet the people in Kurdistan are not getting paid the salaries and have not had their salaries paid in almost one year now.
For example; last week the Ministry of Oil said that they got $611 Million in oil sales for the month of September and they only had a net of $327 Million and they claim of $284 Million in expense. Of course the oil ministry does not say where this huge amount of expense went to, but I think we now know.
Most of this money is going to pay off the “foreign advisers” that the Kurdish government has on it payroll. Some of the advisers are mentioned in this Wikileak document.
If anyone takes a little time and do some research about who many foreign advisers the Kurdish government has, they will be very shocked. Why do we need so many of those advisers, or should I say, thieves and robbers? Do we not have Kurds that can write and read to become advisers?
The Kurdish government has bought many foreign politicians with our Kurdish money and got nothing in return. These foreigners, all of them are British, are making millions and while we Kurds are suffering with no salary payment that resulted in having our children not being able to go to school this year because the teachers are on strike and demand their payments.
How can we ever have our own country of we have no education? This does not matter to the British advisers since they are only there to steal our oil money and do not care about our children.
On February 27th, 2012, WikiLeaks began publishing The Global Intelligence Files, over five million e-mails from the Texas headquartered “global intelligence” company Stratfor. The e-mails date between July 2004 and late December 2011. One of the documents below:
Local Governments Support Kurdistan-Iraq Oil & Gas Conference
LONDON (24 August 2011): Supported by the Kurdistan Regional Government, the Iraqi Government and the Ministry of Natural Resources – Kurdistan, Kurdistan-Iraq Oil & Gas will take place in Erbil on the 13-15 November 2011.The summit will be opened by H.E. Dr Barham Salih, Prime Minister of Kurdistan and H.E. Dr Ashti Hawrami, Minister of Natural resources as well as Iraqi Prime Minister Representatives and the members of the Iraqi Federal Government.
H.E. Dr Ashti Hawrami the Ministry of Natural Resources, said in his letter of support “The conference will gather together prominent figures from the KRG and the Federal Iraqi Government as well as international industry leaders and politicians. It will showcase the achievements and opportunities in upstream and downstream. The focus will be on the untapped potential as well as the success stories.”
This conference will explore Iraq’s new role in a global context and it will highlight the role of the investors on Iraq’s economy and how the Kurdistan region and Iraq are looking to open markets and resources.
The conference has a big international representation, including top-level oil executives from oil and gas companies investing or looking to invest in Iraq and service companies both in logistics and oil servicing.
The conference agenda will showcase achievements and opportunities in upstream and downstream with a focus on the untapped potential as well as success stories and the gas-to-power policies of the KRG and the federal Iraqi Government.
Adding value to the core conference, there will be workshops in Legal and Technical, and field trips.
Gulf Keystone Petroleum is confirmed as Principal Sponsor; Genel Energy, DNO, Marathon Oil, Repsol, Oil & Gas Management, UB Holding, Addax Petroleum, Oilserv, Afren, OMV, MOL, Garda World and Mubadala are confirmed as Associate Sponsors for the Conference.
http://ekurd.net/who-benefitin.....2016-10-09 broken link – access denied