DINAR UPDATES 3-29-16
Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Tuesday AM Chat 3-29-16 Part 1 of 3
hutch says(): Iraq tops list of World Bank loans worth 20 billion dollars and warned of "squandering it"
2016/03/29 11:32 Assured the Finance Committee in the Chamber of Deputies, on Tuesday, that Iraq suffers from financial and economic problems, "acute requiring international intervention", has promised to visit key States and Islamic banks to Iraq was timely, as revealed that Iraq tops list of World Bank loan projects amounting to $ 20 billion, indicated its intention to provide 250 million dollars loan to Iraq, promises to Islamic Bank grants.
Read More :http://www.dinarupdates.com/showthread.php?32634-Iraq-tops-list-of-World-Bank-loans-worth-20-billion-dollars-and-warned-of-quot-squandering
hutch says(): Twilight News / announced of the Sadrist block free on Tuesday, refusing to participate in the new government 's planned changes them headed by Haider al - Abadi.
The granting of the Iraqi Council of Representatives, Prime Minister Haider al - Abadi has until Thursday to announce the new ministerial lineup of technocrats, at a time when ascended leader Moqtada al - Sadr , his protest movement demanding reform.
Read More :http://www.dinarupdates.com/showthread.php?32625-Sadr-bloc-announced-not-to-participate-in-the-new-government-formation-3-29
thomas j says():boy after reading the news late last night and this morning things are falling apart ..tman was right abadi should have stay with his plan last . now everything is unwinding .reading the news here time has run out for mim and again i see malki is waiting
larrykn says to hutch():in that article about Sadr, how in one word he says they will not support the new govenment but in the next say they want him to hurry up with reforms, that makes no sense
thomas j says to larrykn():after reading all the news in news form here i think he like us are tired of abadi delays
thomas j says to larrykn():i think this week will tell the whole story
larrykn says to thomas j():I think you are right :)
larrykn says to subgirl():he got alternative motives :D
thomas j says to larrykn():on cnn they mention that malki may be put back in power :@
hutch says to larrykn):ive always thought that
hutch says to thomas j():dont see that happening
thomas j says to larrykn():i was afraid that something like would happen due delays ..
larrykn says to thomas j():I don't see that either
jtank says():maliki coming bacck-lol
subgirl says to thomas j():nor me either!! IMF is guiding this to the end!! IMO
thomas j says to hutch):who knows with them . it would something if he came back and got all the credits for the rv :@
larrykn says to thomas j():there is no more delay they have come to far to back out now
jtank says():maybe soneone like sadr- maliki blew his chance
subgirl says to larrykn():Exactly!
hutch says to thomas j():take the tin foil hat off.... IMF has a plan and they have said what it is
larrykn says to thomas j():I know we all have been waiting for this to happen for a very long time, now we are really seeing this happening right in front of us and its hard to grasp that, but its true, we are coming to the end of this ride, just buckle up and hold on , we are almost there :)
thomas j says():like i said and cnn said these next few days and maybe next week the world will see if this pm will last . i sure am hoping for the best . we have come never this close in my years following this for it go up in smoke .
larrykn says to thomas j():oops :)
thomas j says():dont the know they can be super power and the strongest in the middle east if they would just work together .:'(
rcookie says():YET 1 MORE REPORT OF ELECTRIC SECTOR INFRASTRUCTURE DEVELOPMENT...THIS ONE FOR DHI QAR...WITH CHINESE COMPANY CIN GROUP GOING TO PROVIDE A NG STATION OF 500 MW...
larrykn says to rcookie():does that include the power poles and stations thruout the country or just the power stations
rcookie says to msdiva():POWER STATIONS....
rcookie says to msdiva():ADDED TO THIS LIST IN LAST YEARS INTENSE FOCUS....
larrykn says to rcookie():so they would still need a company to install and maintain the power poles and transformer ect
rcookie says():THESE RECENT ADDRESSMENTS OF POWER INVESTMENT AND DEVELOPMENT PROJECTS....IN LAST YEAR ALONE....
3-12-16 GE $328 M USD PROJECT AWARD FOR 13 STATIONS SUPPLYING 1000 MW 3YEAR INSYTALLMENTS & PART OF 2016 BUDGET....
3-4-16 SWISS ABB $100MUSD 3000 MW.....
1-16-16 500 MW NAJAIBIYAH BASRA $75M USD....
11-23-15 BARZANI OPENS HYDRO POWER PROJECT DUHOK 36 MW JAPANESE FUNDED....
11-8 15 BID FOR NIC (NATIONAL INVESTMENT COMMISSION) 32 SEPERATE CONTRACTS TO SUPPLY 1200-1400 MW OWN & OPERATE IN AL-YUSUFIYAH BAGHDAD.....
larrykn says to rcookie():keyword here is to supply, that means they need to do it all, thats good, :)
rcookie says):NOW...WENT THROUGH THIS LAST WEEK....JUST LOOK AND CONSIDER THE FOCUS IN LAST YEAR ALONE...THAT STILL LEAVES THEM AT ABOUT 1/4 THE CURRENT NEEDS....
larrykn says():its a start
rcookie says():AND THAT IS 2016 WITH THIS FOCUS.......IN WHAT ALTERED STATE OF FANTASY DOES ANYONE THINK THERE WAS A POSSIBILITY OF REVALUATION AND RECRUITMENT OF INTERNATIONAL BUSINESS & INVESTMENT TO DEVELOP PRIVATE SECTOR INDUSTRY AND INFRASTRUCTURE.....AT ANY TIME IN PAST.....
rcookie says():IF THERE IS THIS TODAY...
rcookie says():YES IT IS
larrykn says to rcookie):your right in the past they weren't even close to being ready for this to happen, today they are :)
rcookie says():AND THAT IS WITH MASS DISPLACED NOT YET REPATRIATED TO THEIR HOMES...IMAGINE WHAT THAT WILL DO TO THEIR DEMAND AND CONSUMPTION NEEDS,,,,,,
larrykn says to rcookie():amazing isn't it :)
da58 says():IMF says Iraq could secure 3-year standby deal by June
AMMAN, March 29 (Reuters) - The International Monetary Fund could approve a standby arrangement (SBA) with Iraq as soon as June if talks due to be held next month in Washington reach agreement, the head of the IMF's Iraq mission said on Tuesday.
Christian Josz told Reuters that an agreement could secure Iraq around $15 billion in financing - one third of it from the IMF itself and the rest from other international organisations and donors. If we conclude the discussions in April in Washington I think we could present an agreement of the standby arrangement for the approval of the board of the IMF in June," Josz said.
Iraq had made "good progress" in talks that began in November over a three-year standby deal, Josz said. The potential $15 billion package for the debt-ridden country could come from several sources including the IMF, the World Bank, Gulf states, the United States and other G7 countries.
"If they adjust their spending we see they have a financing need of $15 billion over three years," said Josz, envisaging the country would get at least $5 billion this year and the remainder by the end of the arrangement.
Iraq, with income nearly exclusively from oil, is struggling to pay its bills amid the fall in global crude prices. (Reporting by Suleiman Al-Khalidi; Editing by Dominic Evans)
da58 says():why would Iraq be needing a 'standby agreement' of 15bill by june.. what is meant by 'standby' - ?? Loop?? you must know.. !
Woodywoodpecker says():standby....if you need it
da58 says():like a line of credit.. ? of loans if needed - right??
da58 says():woody - thx..
da58 says to subgirl():it's validation.. says by june..
da58 says to subgirl():imo
watson1 says():??? if they are getting loan will they need rv ..
RickeyT says to da58():this is all speculation folks
RickeyT says to da58():no guarantees
da58 says to watson1():from what I understand, it's not 'getting a loan'.. it's a 'it's here if you need it' kind of thing..
larrykn says to watson1():they can have all the loans they want but they have to pay them back , at the current rate that would not happen , so yes they need to change the rate to go forward once they go international, that will also allow companies to enter into Iraq which will give money to Iraq to run
Loop says():Central sales decline at an auction today
Economy Since 29/03/2016 16:11 pm (Baghdad time) BAGHDAD - balances News CBI reported sales, on Tuesday, a decline in the auction for the sale of foreign currency to sell $ 80 million.
According to a statement of the bank, it received / balances News /, copy of "The size of the amount sold today reached 80 million, and 514 thousand and $ 348, priced at 1182 dinars exchange rate against the dollar, and with the participation of 25 banks and 18 companies for the fiscal transfer."
He added that "the amount of remittances and credits amounted to 45 million and 800 thousand dollars in what was the quantity sold in cash 11 million and 640 thousand dollars."
The statement pointed out that "the amounts transferred to the accounts of banks selling abroad is priced at 1190 dinars per dollar, and the cash sales price shall be the price of 1182 dinars per dollar," .anthy 29/9 P
subgirl says to Loop():yes I like that article too!! (y)
Pablo says():Are they down to just 1 auction a week now?
subgirl says to Pablo():I dont think so yet...
Loop says to Pablo():No they are still occuring daily. But they are much lower then they have been in the past and are monitored like they never were before.
larrykn says to watson1():the IMF stated they will revalue in the first half of 2016 that is a revaluation of their currency, they have been working on that or sometime now, I believe we are about to see that happen now.
rcookie says to da58():IMF Stand-By ArrangementIn an economic crisis, countries often need financing to help them overcome their balance of payments problems. Since its creation in June 1952, the IMF’s Stand-By Arrangement (SBA) has been used time and again by member countries, it is the IMF’s workhorse lending instrument for emerging and advanced market countries.
The SBA was upgraded in 2009 along with the Fund’s broader toolkit to be more flexible and responsive to member countries’ needs. Conditions were streamlined and simplified, and more funds were made available up front, as borrowing limits were doubled in response to the global financial crisis. These limits were increased further in 2016. The new framework also enables broader high-access borrowing on a precautionary basis.
rcookie says to da58():Lending tailored to member countries’ needsThe SBA framework allows the Fund to respond quickly to countries’ external financing needs, and to support policies designed to help them emerge from crisis and restore sustainable growth.
rcookie says to da58():Eligibility. All member countries facing external financing needs are eligible for SBAs subject to IMF policies. However, SBAs are more often used by middle income (and, more recently, advanced) member countries, since low-income countries have a range of concessional instruments tailored to their needs.
rcookie says to da58():Duration. The length of a SBA is flexible, and typically covers a period of 12–24 months, but no more than 36 months, consistent with addressing short-term balance of payments problems.
rcookie says to da58():Borrowing terms. Access to IMF financial resources under SBAs is guided by a member country’s need for financing, capacity to repay, and track record with use of IMF resources. Within these guidelines, the SBA provides flexibility in terms of amount and timing of the loan to help meet the needs of borrowing countries. These include:
rcookie says to da58():Normal access. Following implementation of the 14th Review quotas in early 2016, borrowing limits were increased to give countries access of up to 145 percent of new quota for any 12-month period, and cumulative access over the life of the program of up to 435 percent of new quota, net of repayments. Exceptional access.
The IMF can lend amounts above normal limits on a case-by-case basis under its Exceptional Access policy, which entails enhanced scrutiny by the Fund’s Executive Board. During the current global economic crisis, countries facing acute financing needs have been able to tap exceptional access SBAs. Front-loaded access. The new SBA framework provides increased flexibility to front-load funds when warranted by the strength of the country’s policies and the nature of its financing needs.
rcookie says to da58():Rapid access. Fund support under the SBA can be accelerated under the Fund’s Emergency Financing Mechanism, which enables rapid approval of IMF lending. This mechanism was utilized in several instances during the recent crisis.
rcookie says to da58():Precautionary access. The new SBA framework has expanded the range of high access precautionary arrangements (HAPAs), a type of insurance facility against very large potential financing needs. Precautionary arrangements are used when countries do not intend to draw on approved amounts, but retain the option to do so should they need it.
rcookie says to da58():Fewer conditions, focus on objectives When a country borrows from the IMF, it agrees to adjust its economic policies to overcome the problems that led it to seek funding in the first place.
These commitments, including specific conditionality, are described in the member country’s letter of intent (which often includes memorandum of economic and financial policies).Building on earlier efforts, the IMF has further reformed the conditions of its lending to focus on criteria that are measurable and observable: