Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Thursday PM Chat 9-1-16 Part 1 of 3
bubbles says to Okie Dinar():Is that the lastest ammendment past on amnesty law?
Okie Dinar says to bubbles():I would assume. He just posted that 2 hours ago :)
bubbles says to Okie Dinar():(y)
bubbles says to Okie Dinar():that was quick. only a couple days thank you
Okie Dinar says to bubbles():They are moving very quickly :)
bubbles says to Okie Dinar():yes love it
Okie Dinar says to bubbles():LOL, me too!
RickeyT says to BGG():do you feel that most of the crooked whales will have to be "brought to justice" prior to any currency form being implemented?
RickeyT says to BGG():Like Miliki....
rcookie says():GA DU!!...
rcookie says to Woodywoodpecker():I POSTED...AWAY FROM THE LAST CALL...THE LIST OF DTAILED REFORMS THE INF WANTS FROM THE CBI LAW BEING AMENDED...AS OUTLINED IN THE 2016 LOI/MEFP/TMU....
jtank says():rickeyt- how u doin-
rcookie says to Woodywoodpecker():I ALSO HAVE POSTED TWICE....THE LIST OF REVENUE AND EXPENDITURE REFORMS AD PC DEADLINES THE IMF IS LOOKING FOR AGAIN OFF OF THE 2016 LOI/MEFP.TMU...
rcookie says():I STARTED TO BRING IN THE PUBLIC FINANCIAL MANAGEMENT REFORMS WITH PC DEADLINE DATES THE IMF IS AGAIN LOOKING FOR IN THE 2016 LOI/MEFP/TMU AND STARTED TO BRING IN YESTERDAY BEFORE THE XXX AND XXX XXX CIRCUS VISITED DU.......
Okie Dinar says to rcookie()::D
rcookie says():BEEN EATING FISH ALL DAY TO RESTORE THE BRAIN MATTER LOST IN THE CONVERSATION..
rcookie says():I WILL YRY AGAIN TODAY IF ANYONE IS INTERESTED...
Okie Dinar says to rcookie():YES!
Elane says():Yes.... of course... not all of us are always here... thanks
bubbles says to rcookie():yes yes yes
rcookie says to Elane():EXCUSE ME MR HAND....BUT IF I'M HERE AND YOUR HERE DOESNT THAT MAKE IT OUR TIME....LOL
rcookie says to Elane():MOVIE QUOTE....WHO SAID IT....
Elane says():We dont need no stinkin hand.. I have no clue...
rcookie says():JEFF SPICOLI....FAST TIMES OF RIDGEMONT HIGH...
Elane says():Oh see youre younger than I
Elane says():Ok will remember
rcookie says():OK...SO DO WE WANT TO DO THIS NOW...THE PUBLIC FINANCIAL MANAGEMENT REFORMS & INITIATIVES FRO 2016 LOI/MEFP/TMU....
JETSET says():I was 15 months old when that movie came out! :D
Okie Dinar says():I'm good with now :)
rcookie says():HERE WE GO......
j10000 says():yes sir cookie. Always interested in what you bring in. Thank you
JETSET says():all eyes!
rcookie says to j10000():(y)
j10000 says():your the best!!! very appreciated
rcookie says():E. Public Financial Management Reforms
25. In order to strengthen fiscal discipline, the government will implement the following measures:
The Minister of Finance will approve a new draft of the Financial Management law in line with World Bank and IMF comments on the last draft submitted to the Shura Council (SB, Table 5).
This draft will include: prior Ministry of Finance approval of multi-year commitments; two set of budget execution reports: one on a cash basis, and, another one that will gradually include more and more elements measured on an accrual basis; and codification of the current intention not to invest any surplus oil revenues in domestic assets.
rcookie says():SO..HERE AGAIN WE AWAIT THE FINANCIAL MANAGEMENT LAW PASSAGE...AND OULINES WHAT THE AMENDMENTS TO LAW WILL INCLUDE
rcookie says():Improve Government Finance Statistics (GFS) reporting. Building on the IMF technical assistance recommendations, the Ministry of Finance will send to the IMF staff fiscal reporting tables (including revenue, expenditures and financing) at end-December 2015, end-March 2016 and end-June 2016 in compliance with the IMF Government Finance Statistics Manual 2014 (GFSM 2014, SB for the first review, Table 5).
It will publish quarterly fiscal reporting tables in compliance with the IMF GFSM 2014 with a quarter lag on the external website of the Ministry of Finance starting on January 1, 2017.
rcookie says():SO HERE TASKED TO IMPROVE GFS REPORTING IN LINE WITH TA RECOMMENDATIONS...MoF WILL SEND FISCAL REPORTING TABLES TO IMF 12-15, 3-16, 6-16 WILL PUBLISH QUARTERLY FISCAL REPORTS ON MoF WEBSITE WITH 1 QUARTER LAG...
rcookie says():PLEASSE KEEP IN MIND THIS IS NOT AN ARTICLE...AN OPINION PIECE...STATEMENT....BUT RATHER DIRECTLY FROM THE IMF....
AND SOMETHING NOT A SINGLE GURU HAS KNOWLEDGE OF OR USES AS BASIS OF PURSUING STATUS AS TO THIS INVESTMENT...
WHICH IS WHY THE GUESSING...SPECULATION AND FOOLISHNESS WONDERING WHERE THEY STAND OR WHAT WE ARE LOOKING FOR....DU IS GETTING THIS FIRST....SO YOU ARE EONS AHEAD OF THE GURUS...
rcookie says():HERE WE GO..
rcookie says():Survey, audit and pay domestic arrears:The government will monitor with quarterly surveys the accumulation of arrears by systematically recording in detail and monitoring the existing unpaid obligations on aregular basis. It will complete of a survey of all domestic arrears, i.e. payment due for more than 90 days, at end-June 2016, including:
(i) current spending (salaries, pensions, goods and services and capital purchases), managed by the Ministry of Finance; and
(ii) non-oil investments (projects and any associated penalties), managed by the Ministry of Planning.
The Ministry of Finance will elaborate a consolidated report on all these arrears for the included ministries. (SB for the first review, Table 5).
SO HERE UNDER DOMESTIC ARREARS BY JUNE 2016 WILL COMPLETE SURVEY OF AQLL DOMESTIC ARREARS AND OUTLINES EXPECTATION OF SURVEY IN DETAIL...
rcookie says():On the basis of each of these surveys, the government will prepare plans for the orderly payment of the arrears, following an independent audit of the arrears by the BSA and a repayment schedule in line with the government’s financing capacity.
In its revised fiscal program for 2016 (¶20), the government has included the issuance of two-year bonds in a provisional amount of $2.5 trillion carrying an interest rate of 5 percent to repay part of theID 7.5 trillion in domestic arrears on non-oil investment identified by the Ministry of Planning (¶11).
The government will set the amount of this issuance in light of the results of the audits of these arrears by the BSA, who will conduct it by end-August 2016, and its financing capacity.
rcookie says():SO...HERE AN AUDIT OF ARREARS & FINANCING CAPACITY BY BSA BY END OF AUGUST 2016.
rcookie says():WHICH WE KNOW WAS COMPLETED..
rcookie says():The government will observe a ceiling on the accumulation of domestic arrears on non-oil investment as surveyed by the Ministry of Planning (IT, Table 5).
The scope of this IT will be widened to include all domestic arrears on the occasion of future reviews in light of the results of the survey of domestic arrears on current expenditures on the occasion of the first review.
This IT will be upgraded to a PC on zero accumulation of domestic arrears as soon as the government has developed the ability to reliably monitor and prevent them.
rcookie says():IT= INDICATIVE TARGET PC= PERFORMANCE CRITERIA
Okie Dinar says to rcookie():(y)
rcookie says():Take steps to move to a Treasury Single Account (TSA). As a first step, the Ministry of Finance and the CBI compiled a list of all bank accounts controlled by the Ministry of Finance and all spending units and sub spending units of the federal government, in CBI, state-owned and commercial banks at end-December 2015 (¶11). Going forward, the Ministry of Finance will implement the following measures:
rcookie says():SO HERE AS MOVE TOWARDS TSA...THE MoF & CBI WILL COMPILE A LISTO OF ALL BANK ACCOUNTS CONTROLLED BY MoF...THIS WAS DOCUMENTED COMPLETED AT END OF DEC 2015...
rcookie says():Constitute a working group comprising representatives of the Ministry of Finance, CBI, Al Rasheed and Rafidain Banks and TBI to take stock on the readiness of the payment and settlement systems in the country, and develop a plan for modernizing systems to enable operation of a TSA by end-December 2016.
rcookie says():SO HERE A WORKING GROUP OF MEMBERS FROM CBI, MoF, RASHEED, RAFIDAIN & TBI DEVELOP PLAN FOR MODERNIZING SYSTEMS TO ENABLE TSA BY DECEMBER 2016...
rcookie says():In light of the existing and planned banking and financial management information technology infrastructure, develop a strategy, design and action plan for the phased development of the TSA by end-March 2017.
rcookie says():AND BY MARCH 2017 DESIGN ACTION PLAN FOR PHASED DEVELOPMENT OF TSA...
rcookie says():Create a Cash Flow Management Unit (CMU) and mandate it to develop cash flow forecasts that will identify cash needs over the course of the budget year as one of its core responsibilities (by end-June 2016) with the support of technical assistance by the IMF.
These cash flow forecasts should include details of all receipts and payments into and from the central government accounts and should be used to inform the spending units about funding operations.
The CMU will develop: 12-month rolling revenue cash forecasts by end-September 2016; and 12-month rolling expenditure cash forecasts based on the larger spending units by end- December 2016. Throughout 2017, the government will build CMU capacity to develop accurate in-year cash plans, including scenario analysis.
rcookie says():SO HERE THEY ARE LOOKING FOR CASH FLOW MANAGEMENT UNIT (CMU) BY END OF JUNE 2016...
WITH 12 MONTH ROLLING REVENUE CASH FORCASTS BY END OF SEPTEMBER 2016 AND 12 MONTH ROLLING EXPENDITURE CASH FORECASTS OF LARGER SPENDING UNITS BY END DECEMBER 2016...
AND IN 2017 WILL BUILD CMU CAPACITY ACURATE CASH PLANS INCLUDING SCENARIO ANALYSIS...
Pablo says():The TSA??? Good heavens! Are they going to be infesting the Iraq airports too? :D
JETSET says to Pablo():(lol)
Okie Dinar says to MrsBGG():Treasury Single Account (TSA)
JETSET says to Pablo():he explained that above
Okie Dinar says to Pablo()::D
JETSET says():still funny though