Post From KTFA by aggiedad77 » March 26th, 2014, 1:16 pm •
Wednesday Morning News Summaries
IMF: Iraq maintained the stability of its economy, despite the decline in oil prices and the budget deficit of 6%
This article was first seen in yesterday's news summaries....but I want to touch on a couple of points that I may have left out yesterday.....Iraq's GDP for 2013 was pegged at 6% and is predicted to be even stronger this year....if they can get off their butts with the budget....
also....there was earlier talk....can't quote the article....so will say.....IMO.....about a large sum of money "missing" from the DFI.....can if my feeble memory serves me correctly the finger was being pointed at the CBI....well near the bottom of this article is a paragraph that can easily be overlooked,
but it would appear the DFI balanced went from $18 billion dollars to $6.5 billion dollars because the GOI decided to put their grubby hands on the money to help cover some or all of the 2013 budget deficit.....
well guess what.....there isn't near enough now to cover what the 2014 deficit looks like it could be....guess the GOI will have to buy a new trick hat that is full of other rabbits.
"The Economist" Iraq is wasting 12 billion cubic meters of gas annually
What a scenario....Iraq burns or flares 12 billion cubic meters of gas on an annual basis, enough to supply the country of Austria with gas for a year.....
meanwhile they turn around and import natural gas from neighbor Iran.....why must they do this you ask....because they do not have the pipeline or processing infrastructure to process the gas they flare....
they need to work on changing this image. Iraq sits upon untold amounts of oil wealth, untold amounts of gold wealth....yet they cannot guarantee their citizens electricity 24/7....
what a shame.....some are trying to process more gas....but at the same time.....others are alarmed....they will upset the apple cart with foreign suppliers of gas.....
remember free trade....if you can make it...produce it....in country cheaper....that is the way to go.
Alkhozai for "tomorrow Press": Iraqi-Kuwaiti relations in the growing file of compensation and approached the decisiveness
The relations between Iraq and Kuwait are probably better than they have been in years....Iraq has been very diligently paying down their debt to Kuwait and the Kuwaiti citizens....it now stands at less than $8 billion dollars and should be completely paid off next year....
someone is bound to ask....so I will add an IMO here.....that I do not see this remaining debt as being a hold up to the MR process or to the RV process.
Bahaa al-Araji: World Bank called the Iraqi government to stop intervene in the work of the central bank
Iraq does not want or need to be put on the World Bank's "black list" for tampering with the CBI....the WB has warned the Iraqi government to cease with any interference or attempt to borrow from the CBI....it is not their responsibility.
Economic Expert: Gold quantity, bought by the central bank is small, currency stability needs more
At least one economist is stating that the CBI needs to purchase more gold to help stabilize the currency against foreign currencies....the recent purchase is good, but not enough to be more broadly diversified.
A former official at the Central Bank: Money Box main Astnzvth expenses
Dr. Mohammed Saleh points to the DFI that has been maintained near $18 billion dollars.....but today stands at $6 billion dollars, saying that Iraq will have trouble controlling the deficit this year due to the lack of funds in the DFI....
but a member of the Finance Committee points out that the current anticipated deficit is expected....however there is concern with how Iraq will meet the budget deficit this year when the global price of oil has been hovering around $105 per barrel, but Iraq sells much of their oil at a discounted rate from this.
That is it for news for now Randy