Millionday Roundtable 11/10/14 Part 1
Welcome to dinarupdates.com for Roundtable with Millionday!
Millionday: OK HERE WE GO
Millionday: NOTE -- THIS IS THE MEETING IN IRAQ WITH WORLD BANK
Millionday: Rose Nuri Shaways, Deputy Prime Minister and Chairman of the State Economic Commission today with a delegation from the World Bank, who is visiting Iraq is currently the economic situation in Iraq and ways to finance them.
A statement by the Office of Shaways received by all of Iraq [where] a copy of it, "it was discussed during the meeting, the subject of the implementation of the cooperation with Iraq strategy and
Millionday: NOTE - A LOAN HAS BEEN APROVED BY WORLD BANK THAT WILL BE COMING TO THEM FOR DEVELOPMENT
Millionday: NOTE -- THE MEETING IS ABOUT IRAQ`S ECONOMY AND ITS IMPLEMENTATION
Millionday: support the development process after the formation of the new Iraqi government in order to implement this strategy on the basis of the Iraqi priorities and take advantage of the World Bank's experience in the world of work with countries emerging from crises and wars
Millionday: NOTE -- THE GOV IS ACCEPTABLE AND WORLD BANK IS GOING TO GIVE THEIR EXPERT ADVICE AND HELP
Millionday: The Deputy Prime Minister, according to the statement "on the issue of the need to create an internal political stability and take advantage of the positive atmosphere surrounding the formation of the new government and push the process further understandings and political consensus down to the security and political stability of the firm," adding that "the government is serious in traffic in this area."
Millionday: The statement pointed out that "the two sides stressed on identifying some of the projects that the World Bank can be financed with the importance of choosing quality projects so that there will be concrete achievements on the ground to win the confidence of citizens and rebuild the trust between the citizen and the government."
Millionday: NOTE -- THEY ARE WORKING OUT WHERE THE MONEY FROM THE WORLD BANK LOAN WILL BE APPLIED TO MAKE THE LARGEST IMPACT OF PROGRESS
Millionday: He also touched on the Deputy Prime Minister and a delegation of the World Bank "to the importance of the private sector and its role in the development process and the need for the private sector to be serious and a real partner with the public sector,
and must be the development of this sector to be able to take real and serious role in the overall process of sustainable development."
Millionday: NOTE -- THE PRIVATE SECTOR IS ALWAYS THE HEART OF ALL ECONOMIES –
THE FEES AND MOVEMENT OF MONEY THROUGHOUT THE COUNTRY --
Millionday: The Intergovernmental Economic Commission announced last Thursday that it has taken many of the economic and financial decisions that will boost the economy, investment and development forward for the service of the public interest ". Without that describes what these decisions and nature
Millionday: NOTE -- DECISIONS HAVE ALREADY BEEN MADE ABOUT WHAT WILL BE DONE WHERE FIRST FOR THE DEVELOPMENT OF THE COUNTRY TO RETURN IT FOR THE CITIZENS
Millionday: The visit coincides World Bank delegation to Iraq with the Iraqi government warnings of a lack of financial liquidity may portend the future to bankrupt the state treasury with the decline in world oil prices, according to what he said Oil Minister Adel Abdul-Mahdi.
He said Abdul-Mahdi hosted in 30 of the last month's hearing "no need for Iraq to foreign debt because of his resources equivalent to the budgets of four neighboring Arab countries,
but the problem is the fact that the unilateral Iraqi economy depends on oil, which imposes on everyone to understand that the issue continue this way will lead to bankruptcy.
Millionday: NOTE -- THEY HAVE TO MOVE ON THEIR ECONOMY BEFORE THEY CRASH
Millionday: NOTE -- AS WE SAW WHEN I BROUGHT THE KUWAIT BUDGET THE OTHER NIGHT –
MANY IN THE REGION HAVE A HUGE PORTION THAT IS FROM OIL IN THEIR REVENUES SO IT IS DOABLE
Millionday: For his part, Finance Minister Hoshyar Zebari during the same meeting that "the withdrawal of the observed from the Development Fund for Iraq reserves during 2012 and 2013 affected economically and consequent financial commitments to a number of decisions and laws on compensation and the ration card and electrical projects."
Millionday: NOTE -- THEY HAVE HAD THE FROZEN DFI RETURNED TO THEM AND ZEBARI IS SAYING HERE THAT THEY HAVE DECIDED ALREADY WHERE THIS WILL BE APPLIED
Millionday: Zebari added that "the amount of required deficit financing 21 trillion dinars, which Maittalb adoption of new styles, including the imposition of taxes on some luxury goods or communications."
The finance minister said, "There are several proposals, including the agreement with the central bank to reduce the reserve to 7 instead of 15% and a Trade Bank of Iraq to grant the Ministry of Finance a loan of $ 3 billion and the issuance of securities,
which means that the fiscal deficit by about 5 trillion dinars," pointing at the same time "there was a real crisis in the financial liquidity but to call an end to bankruptcy in the presence of about 77 billion dollars in the fiscal reserve of the Central Bank has not been touched.
Millionday: SO THEY ARE TRYING TO FUND SOME OF WHAT WOULD CAUSE A DEFICIT WITH THE LOAN AND ALSO WITH THE DFI FUNDS RETURNED AND ALSO SO THE RESERVES ARE NOT TOUCHED –
WHICH CBI HAS STATED THEY ARE NOT USING THEM SO STRANGE THEY KEEP BRINGING THIS UP
Millionday: THE REASON FOR THE LOAN IS SO THE CITIZENS SEE IMMEDIATE CHANGE AND PROGRESS SO THEY START WORK AS WELL --
ROADS ELECTRICITY AND INFRASTRUCTURE BEFORE THE MONEY IS ACTUALLY EARNED BUT THE MIND SET OF PROGRESS ALL AROUND MAKES A PROVEN DIFFERENCE IN A WAR TORN COUNTRY
dinarmassa: Could this loan delay or accelerate the RV, didn't the same thing occur in Kuwait. Could this alleviate the need for an emergency budget producing a small RV vs a true reality rate.
Millionday: THE LOAN IS TO START WORK THEY CAN NOT AFFORD SO THEY ARE MORE ATRACTIVE TO THE INVESTOR AND MORE CONVENIENT FOR THE CITIZEN –
PROGRESS IMMEDIATELY PRODUCES SMILES NOT FRUSTRATION AND EXCUSES
Doug: what is DFI plz
Millionday: IT IS THE DEVELOPMENT FUND FOR IRAQ DOUG
Baldeagle: So this may not do anything until sometime in 2015?
Millionday: BALD -- THIS HAS NOTHING TO DO WITH TIMELINE EXCEPT FOR THAT THEY ARE PREPARING NOW -- WE DONT KNOW WHEN BUT THIS IS CALCULATED IN 2014 REVENUES
hawk: do u think we could get a higher rate due to this loan ?
Millionday: NO - I THINK THIS IS NOT TO DO WITH THE CALCULATION BUT IT MAY IMPROVE THE STABILITY FOR IRAQ ECONOMICALLY AFTER THE FACT --
quicktolegit96: I BELIEVE POPPY REPORTED $9 FOR KUWAIT WHEN THEY GOT A LOAN, BUT IT WAS ONLY FOR LIKE 6 DAYS, SOMETHING TO WATCH OUT FOR CORRECT?
hawk: such was reported to be the case with kuwait.
Millionday: THEY DID HOLD A HIGH RATE FOR 6 DAYS OR SO BUT NO ONE KNOWS WHAT IRAQ WILL DO UNTIL IT IS DONE
Midell: MD, as an investor, is this an rv thingy I can cash in on? or more infrastructure for Iraq
Millionday: WHAT DO YOU MEAN MIDELL -- THE LOAN ?
Midell: yes ma'am
Millionday: IT IS FOR THE PROGRESS TO BE AFFORDED RIGHT OFF THE BAT
foxmulder Millionday: and just what currency will or would these loans be paid in
foxmulder Millionday: petro $$$
Millionday: THEY WOULD BE EXCHANGED THROUGH CBI TO BE LOADED FOR THEIR USE OF DINAR BECAUSE CBI HAS SET REGULATIONS THAT THE DINAR IS THE NATIONAL CURRENCY
Millionday: AS WITH THE OIL PROCEEDS
Millionday: BRB WITH MORE
Millionday: HUGE PROGRESS
Millionday: The Finance Committee in the House of Representatives and the government Sttugean to take advantage of the tax system and customs tariffs, indicating that Iraq will be followed by a new economic strategy for the next phase.
Comments may be made at the end of Part 2 Thank You