Millionday News 7/11/15 Part 2 of 2
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Millionday: SO AGAIN - DO NOT DELAY --- ALSO THE NEED FOR ALL IMPORTS TO GO THROUGH CUSTOMS -- EXPORTS AND LICENSING -- SMILE
awesomedtl: WITH KRG SHUTTING DOWN 6000 PROJECTS DUE TO LACK OF MONEY IS THAT GONNA PUT MORE PRESSURE ON THEM TO GET FUNDING GOING AND OPEN BUDGET!? TY VM MILLION
Millionday: ACCORDING TO THE REPORTS THEY ARE IN A HUGE HURRY TO MOVE FORWARD WITH INDUSTRIAL PROJECTS/PRODUCTS ETC
Millionday: THE LACK OF MONEY WAS AND IS DUE TO LACK OF DEVELOPMENT
Millionday: THEY ARE LOOKING FOR HUGE INVESTORS
Millionday: THEY DO ACCORDING TO WHAT THEY ARE SAYING -- NEED HUGE FUNDS
Millionday: NOTE -- KURDISTAN IS BEGINNING THIER JOB PROGRAM AND ALLOWING CITIZENS TO START THE BUSINESSES WITH FUNDING THAT IS TO BEGIN
Millionday: Farah pumice saw an economist that the achievement of the process of economic recovery and the change to a market economy is achieved by providing a suitable environment for business and investment universities outputs and institutes in this direction.
The expert Mahmoud Alloush "morning" to the labor force is concentrated in the State what strain the state budget in the country, Besides go large sums to institutions suffering from slack in the functional staffs.
Millionday: NOTE -- OBVIOUSLY WORKING OUT THE GOAL OF ECONOMIC RECOVERY AND FREE MARKET ECONOMY
Millionday: He stressed Alloush the importance to make way for the private sector through the provision of support and care appropriate to the work of this sector and provide the environment, to accommodate many of the workforce unemployed,
both universities and institutes, studies and other outputs or functional staffs assigned to retire. He noted the need to invest these expert output and directed towards the labor market through the curriculum and training courses, and urged them to work for the private sector supports the government trends in the transition towards a market economy and get the economy moving in the country.
Millionday: SO THEY ARE SAYING HOW IMPORTANT THE JOB MARKET IS FOR THE SUCCESS OF THE BUSINESSES MOVING TO DEVELOP AND THIS IMPACTS THE MOVE OF THE ECONOMY IN THE COUNTRY
Millionday: NOTE -- THIS NEXT REPORT WAS SENT TO ME BY ONE OF OUR DINARUPDATES.COM SUPER RESEARCHERS -- HUGE -- GREAT FIND HUN
Millionday: Expect President of the International Monetary Fund mission to Iraq Carlo Sidr Alevich oil production growth in Iraq at a rate of 11% and increase exports by 23%, confirming the pursuit Fund to help Iraq funded "potential" of $ 830 million to be provided to Iraq under the "rapid financing instrument",
And while pointing out that Iraq continues to take steps towards "enabling the private sector", he noted that the CBI has taken steps "in line with the recommendations of the IMF to liberalize the foreign exchange market."
This came during an interview the agency, "the long-Presse", with the head of the IMF mission to Iraq Carlo Sidr Alevich, and below the full text of the dialogue.
Millionday: NOTE -- WHOOPOW >>>, he noted that the CBI has taken steps "in line with the recommendations of the IMF to liberalize the foreign exchange market."
Millionday: NOTE -- THE IMF IS SAYING THAT EXPORTS WILL INCREASE BY A HUGE % OF 23% TO HELP FUND THE RAPID FINANCING INSTRUMENT
Millionday: NOTE -- THIS A GREAT INTERVIEW
Millionday: * What is your assessment of the economy of Iraq since 2014?
- Iraq over a difficult period in the last year, where it was to deal with the double shock of the organization Daash attacks coincided with a sharp drop in global oil prices.
And the conflict with Daash very serious negative impact on the economy - not to mention the human tragedy caused by the - also put pressure on the budget, which should provide a significant increase in security spending and meet What Iraq needs of a major humanitarian needs.
He was influenced by Iraq shocked oil prices much higher than other oil-exporting countries, due to the severity of the Iraqi economy's dependence on hydrocarbons, where oil exports accounted for more than 93% of government revenue in 2014 and for being the driving force of performance in most areas of the non-oil economy, particularly through government spending.
Millionday: NOTE -- A HUGE IMPACT HAS BEEN FELT BY IRAQ DUE TO OIL PRICES AND TERRORISM
Millionday: Overall, the economy shrank in 2014 by 1.2%, while the non-oil economy shrank by nearly 9%. In the current year, we are more optimistic to some extent, and we expect some recovery, which is in a growth rate of 0.5%, thanks to growth in the oil sector.
In fact, the oil sector's performance in this challenging grave circumstances may surprise of many observers. In 2015, we expect that oil production is growing at a rate of 11% and oil exports increase by 23%, driven by production from oil fields in the south and the additional oil exports, which facilitated the agreement between the Government of Iraq and the Kurdistan federal government.
Millionday: NOTE -- THE IMF IS STATING THE % IS GOING TO RAISE BUT YET 2014 THEY SUFFERED LOSS ? -- WHOOPOW
Millionday: NOTE -- READ EVERY WORD
Millionday: * Is Iraq has implemented reforms requested by the Fund during the last meetings?
- Aware of the challenges facing Iraq now, we are working in close collaboration with the Ministry of Finance and the Central Bank to perform the procedures and structural reforms necessary to deal with the impact of trauma.
We recommended to correct public finances to keep spending in the availability of resources and funding limits, and the 2015 budget shows that there is a commendable effort aimed at balancing the decline in oil revenues on the one hand and pressures to increase spending on security and humanitarian needs on the other hand. In addition to fiscal adjustment, we support the government's efforts to diversify its sources of funding, internal and external alike.
The Fund also seeks to help ease funding pressures through potential funding of almost $ 830 million to be provided to Iraq under the "rapid financing instrument" that allow emergency assistance to member countries when facing a balance of payments financing needs urgent, as is the case with Iraq.
Millionday: NOTE -- THE FUND WILL HELP IRAQ WITH PAYMENTS -- HUGE IN KEEPING YOUR WORD OR CREDIT RATING UP --
Millionday: For the Central Bank of Iraq, we see that the recent steps towards the liberalization of the foreign exchange market in line with our recommendations in this regard, as recommendation we made to achieve a gradual reduction in the foreign exchange market distortions, and that impose significant costs on the economy and can reduce confidence in the currency.
We believe that such steps would help to reduce the foreign exchange rate differentials in the parallel market and contribute to the reduction of the volatility of these differences.
Millionday: HUGE STATEMENT
Millionday: NOTE -- HERE IS THE REST
Millionday: * Is Iraq has made progress in the empowerment of the private sector?
- Dr. Abadi, the prime minister, has the correct vision of the role of the private sector in the economy, providing a source of growth is not linked to the oil sector, and job creation not in a position to provide the public sector the number of jobs that was able to be supplied before.
But I do not doubt that the security situation still poses a challenge to the participation of the private sector in the economy effectively.
Millionday: NOTE -- THEY ARE WORKING ON THE PRIVATE SECTOR BUT FEAR PROBLEMS WITH TERRORISM -- LOGICALLY
Millionday: Even in this case, Iraq continues to take steps towards the empowerment of the private sector. And the financial sector example of this, where authorities were working to create an environment where equality between private banks and state-owned banks realized.
The General entities currently accept letters of guarantee and checks guaranteed issued by private banks; it also has increased the maximum letters of credit between the Finance Ministry and private banks; and have been allowed to state-owned enterprises to deal with private banks to open accounts and the acquisition of deposits and the payment of salaries.
Millionday: NOTE -- THEY ARE MOVING FORWARD WITH DEVELOPMENT AND THE REFORMS FOR THE COUNTRY
Millionday: The government has also prepared a study on the reform of state-owned enterprises which envisages a systematic assessment of the cost-benefit in order to determine the most appropriate structure for each institution, and our commitment to close the dialogue on policies with the government and central bank to help Iraq on the implementation of sound macroeconomic policies that will boost the economy hardness in this challenging daunting circumstances.
Millionday: READ EVERY WORD >>our commitment to close the dialogue on policies with the government and central bank to help Iraq on the implementation of sound macroeconomic policies that will boost the economy
slh5282: any information on the auctions and there not being any dinar presented for exchange in the last two auctions
Millionday: YES -- THEY ARE LIQUIDATING THE US DOLLAR THIS REPORTABLY EXPECTED FOR THE NEXT FEW MONTHS
Millionday: THERE IS A REPORT ON CBI`S STATEMENT ABOUT IT AND I WILL FIND IT FOR US
puffdragon: Liquidating dollars ongoing doesn't effect rv timing ?
Millionday: IT IS PART OF THE TOOLS AVAILABLE TO CBI THAT MAINTAIN THE ECONOMY AND THE CURRENCY ACCORDING TO REPORT
Millionday: WOW THAT REPORT WAS GREAT IMO
puffdragon: So the timing isnt effected what ever that is ?
Millionday: THE TIMING IS ALSO ONE OF THE TOOLS -- SO I HAVE NO INK ON TIMING BEING IMPACTED ON THE USE OF TOOLS OR THE REFORMS EXCEPT THE LAST REPORTS ON CBI TAKING STEPS ETC
slh5282: would this not make the value of the dinar much higher if there is none being exchanged? and change the balance of trade?
Millionday: IT WOULD IMPACT THE MARKET ECONOMY IMO -- (SUPPLY AND DEMAND)
Millionday: HERE IS A REPORT CONCERNING THE SALES
Millionday: Governor of the Central Bank announced on the Keywords, Saturday, Bank of liberation select a specific cap on dollar sales, stressing that the Iraqi dinar strength which cost the state treasury sums expensive was the cause of the growth of the economies of neighboring countries.
Said Dr. Ali Keywords in a seminar monetary difficulties and the position of the central bank towards them, which was brought by the progress of policy development attended imn.iq the website of the Iraqi Media Network Institute, said that "the central bank can not be committed to the decision sale 75-120 million dollars a day as stated in the decision of the general budget for the year 2015,
Millionday: NOTE -- THIS IS EXPLAINING WHY THE CAP WAS LIFTED
Millionday: and also stopped the fulfillment of duties and taxes of 8% on the sale of currency operations ", noting that" the bank was able to maintain the exchange in a balanced and acceptable price and exceeded inflation, which heralds've had two weeks before the option. "
He said the central bank governor, said that "liberalization of sales ceiling process need to be controlled by the authority scrutinize the money source for fear of getting caught in the nets of corruption and money laundering," stressing that
Millionday: NOTE --THEY HAVE BEEN ABLE TO MAINTAIN INFLATION RATES THROUGH THE USE OF AVAILABLE TOOLS/CHANGES --MEANING CBI
Millionday: "the Central Bank is currently working on the development of regulatory mechanisms through the opening of an office within the central bank to combat crimes Money laundering ".
He Keywords that "the central bank make great efforts to strengthen the dinar cost the state huge amounts of money, this process leads to attract investment, but unfortunately, the power of the Iraqi dinar was the cause of the growth of the economies of neighboring countries, which is imported by Iraq of all its needs,"
Millionday: NOTE -- IRAQ`S CHANGES HAVE IMPACTED GROWTH IN THE REGION --
Millionday: THE GOV WENT ON TO SAY>>" citing the "exit At least 70% of hard currency from the sale of oil to the outside of the lack of local produce such as industry, agriculture and tourism. "
He continued that "demand for the dollar factors that must be given much attention by the government and parliament and academics to develop a real foundations to ensure address anomalies in the Iraqi economy in a comprehensive manner away from the prosthetic processors,"
pointing out that "the budget items are subject to economic vision leading to more rentier and the distribution of money without creating productive investment and expand the economic base. "
Millionday: SO THE BUDGET IS RELIANT ON THE GROWTH OF IRAQ`S CURRENCY --
Millionday: HOW MUCH IT DOES NOT SAY AT THIS TIME
Millionday: OBVIOUSLY WE ARE SEEING A PATTERN IN CBI ANNOUNCEMENTS AND THE TOOLS THEY ARE USING --
subgirl: What is the hold up for the credit rating? AND what happen to the budget? Is the Rate in the budget?
Millionday: I DONT KNOW BUT ALL GREAT QUESTIONS
Millionday: THE ANNOUNCEMENTS WE HAVE SEEN IN PAYMENTS THEY EXPECT TO MAKE FOR PAYROLL AND PROJECTS ETC -ARE ALL PART OF BUDGETED FIGURES --
jtank: Can they rebuild without a reval? All they have stated this year--much!
Millionday: THEY NEED INVESTMENT ACCORDING TO REPORTS AND ALL REFORMS ACTIVATED --
Millionday: WE WILL SEE YOU AT 730 EST TOMORROW