Millionday Wednesday Night Newstime 1/27/16 Part 1 of 2
WELCOME TO DINARUPDATES.COM FOR MILLIONDAY NEWSTIME
Millionday: WE HAVE NEWS TONIGHT
Millionday: WE HAVE A LOT
Millionday: HOLD YOUR HATS
Millionday: THIS WAS THE ORDER THAT WAS GIVEN TO IRAQ FROM THE IMF AND THEN I WILL SHOW YOU THE RESULTS THAT HAVE RESULTED IN CHANGE FOR IRAQ`S POSITION NOW
Millionday: THE CHANGE OCCURRED IN JANUARY OF THIS YEAR -- A LITTLE OVER A WEEK AGO BY MEETING THE ORDERS GIVEN HERE
Millionday: “The Iraqi authorities are committed to addressing the fiscal pressures caused by the dual shocks related to oil prices and the ISIS attack.
They have reached a staff-level agreement with the mission on an SMP starting at the end of 2015. Under the SMP, the authorities will implement a fiscal consolidation that will contain public expenditure in line with available revenue and financing, and aim to reduce the non-oil primary deficit by 4 percent of non-oil GDP between 2014 and 2016.
Millionday: NOTE -- THEY ARE ORDERED TO RESOLVE THE LACK OF FUNDS TO OPERATE AND MOVE FORWARD OBVIOUSLY
Millionday: Under the SMP, agreement has also been reached on measures to strengthen public financial management, anti-money laundering and countering the financing of terrorism (AML/CFT), and financial sector stability.’
“The SMP will be submitted to IMF management for its consideration by the beginning of next year. It will allow the Iraqi authorities to build a track record for a possible Fund financing arrangement.
Millionday: NOTE -- THIS IS REFERRING TO THIS YEAR AS THE TIMELINE THEY HAD TO GET DONE
Millionday: “During the mission the team met with Minister of Finance Hoshyar Zebari, Acting Governor of the Central Bank of Iraq (CBI) Ali Allaq and officials from the ministries of finance, planning, oil, the CBI, the Board of Supreme Audit and representatives from state-owned banks. ‘
The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.
Millionday: NOTE -- THE AUDIT WAS COMPLETED AND HERE IS THE RESULTS SENT TO THE IMF ALREADY AND THE RESULTS
Millionday: The Managing Director of the International Monetary Fund (IMF) approved a Staff-Monitored Program (SMP) 1for Iraq covering the period of November 2015-December, 2016, on which the authorities and staff had reached ad-referendum agreement in November 2015
Millionday: NOTE -- IRAQ HAS MOVED TO THE MONITORING PROGRAM
Millionday: FOR THIS YEAR
Millionday: Iraq is facing a double shock arising from ISIS attacks and the sharp drop in global oil prices. The conflict is hurting the non-oil economy through destruction of infrastructure and assets, disruptions in trade, and deterioration of investor confidence.
The impact of the oil price decline—already felt in 2014—intensified in 2015, affecting the budget, the external sector, and medium-term growth potential. The authorities are responding to the crisis with a mix of fiscal adjustment and financing.
Millionday: NOTE -- ADJUSTING AS ORDERED
Millionday: To help address the present and urgent balance of payments and budget needs triggered by the ISIS attacks and the collapse in oil prices, the authorities have also requested an SMP to establish a track record of policy credibility to pave the way to a possible Fund financing arrangement.
Under the SMP, the authorities will implement fiscal consolidation that will contain public expenditure in line with available revenue and financing, and aim to reduce the non-oil primary deficit by US$20 billion or 12 percent of non-oil GDP between 2013 and 2016.
Millionday: NOTE -- WE READ ABOUT THE ORDER SPOKEN OF HERE
Millionday: Under the SMP, agreement has also been reached on measures to strengthen public financial management, anti-money laundering and countering the financing of terrorism (AML/CFT), and financial sector stability.
Millionday: The IMF has assisted Iraq in strengthening economic institutions and in providing advice to the government on economic policies and reforms for more than a decade. IMF staff will work closely with the authorities to monitor progress in the implementation of their economic program.
In addition, the IMF will continue to provide technical assistance to support Iraq’s capacity-building efforts and its reform program.
Millionday: DONT MISS THE BEST PART >>>>>> IMF staff will work closely with the authorities to monitor progress in the implementation of their economic program.
Millionday: SO THIS JUST HAPPENED AND IS VERY VERY INTERESTING WITH THE ANNOUNCEMENT MADE BY THE IMF CONCERNING THE EMERGING COUNTRIES AND ALSO THE ACCEPTANCE OF THE IMF AND ALSO OF COURSE THE STATEMENT MADE ABOUT THE WORK DONE AND THE RESULTS OF >>>>>>>>>>>
IMF staff will work closely with the authorities to monitor progress in the implementation of their economic program.
Millionday: SO IMO -- IRAQ IS NOW IN THE POSITION TO IMPLEMENT THE ECONOMIC PROGRAM AS WE CAN CLEARLY SEE HERE
rcookie: ARE YOU SAYING THIS PROGRAM IS DIFFERENT THAN IMF LETTER OF INTENT...MEMORANDUM ECONOMIC & FINANCIAL POLICY AND TECHNICAL MOU
Millionday: IS IT? I DIDN'T SAY IT WAS DIFFERENT OR COMPARE IT AT ALL -- THIS WAS JUST RELEASED -- I THINK YOU ARE TALKING ABOUT THE BEGINNING AND THE REPORT THEY MADE ABOUT THE INTENTIONS AND WORK THEY WERE DOING IN IRAQ
Millionday: THE PROGRAM HAS GONE ON FOR YEARS AS THEY WORKED ON IRAQ -- THAT WAS THE MOU -- THAT NO LONGER IS NEEDED MEANING THE WORK ON THE PROGRAM -- THEY ARE NOW UNDER MONITORING FOR ONE YEAR
Millionday: MAKE SENSE ?
rcookie: THE IMF AUDIT & OVERSIGHT PANEL IS THERE TO OVERSEE THEIR COMPLIANCE TO END OF 2016 NO...
Millionday: THE IMF STAFF WILL WORK CLOSELY WITH THE AUTHORITIES TO MONITOR PROGRESS IN IRAQ`S>>>>>>>>>>>>IMPLEMENTATION OF THE ECONOMIC PROGRAM -- THEY ARE READY TO IMPLEMENT ACCORDING TO THE IMF LAST WEEK
Tiger: implementation to the economic reform program is the hinge that swings the door open, so we are at the door about to be swung open
Millionday: I HAVE TO SAY THAT THE PLACE WE WANT THEM TO BE AT IN THE IMPLEMENTATION AS THAT IS WHAT THEY WANT TO GO TO A MARKET ECONOMY -------- WHOOOPOW
Millionday: THE ECONOMIC REFORM INCLUDES ALL ECONOMICS -- BANKS -- MONETARY -- FUNDING -- MARKET -- ETC
Millionday: TIGER -- SMILE
bellfire: Who are the emerging nations? With the IMF
Millionday: I DON'T HAVE THEM IN FRONT OF ME ---
Millionday: I WILL DO SOME RESEARCH AND GET YOU A LIST HUN
maine: the key word here is implementation which is far different than intent to do something; actively starting a project, going forward in an active motion
bellfire: Vietnam is of them I hope
Millionday: THEY HAVE A MAJOR GOV CHANGE GOING ON RIGHT NOW -- TIME WISE I WOULD SAY IT WILL BE A LITTLE WHILE BELLFIRE
maine: i would hope so too bellfire
Millionday: MAINE -- EXACTLY
cjquade54: this implementation of monitoring has started? if so, as of when did it start?
Millionday: IMF Managing Director Approves a Staff-Monitored Program for IraqPress Release No. 16/04
January 12, 2016
cjquade54: so it's been approved but started?
Millionday: YES IT HAS ALREADY STARTED
cjquade54: great news ... ty
Pablo: I just got here. Do we know anything more about this cabinet shuffle?
Millionday: THIS IS JUST MONITORING -- THEY HAVE BEEN GIVEN THE REIGNS -- THIS IS HANDS OFF AND JUST MONITORING --
NOT DOING ANYTHING BUT MONITORING -- THE HELP TO GET TO THIS POINT HAS BEEN GOING ON FOR YEARS AND NOW THEY HAVE FORMALLY ANNOUNCED THAT IRAQ IS READY TO IMPLEMENT AND THE IMF WILL MONITOR
Millionday: NOT THE SAME THING BY ANY MEANS THAT HAS BEEN GOING ON -- THIS IS HUGE
Millionday: UNDERSTAND -- MANY WILL TRY TO TWIST THIS --- THEY ARE NOT CORRECT -- THIS IS JUST MONITORING AND IS FANTASTIC NEWS -- IRAQ IS THEIR OWN COUNTRY AND CBI IS INDEPENDENT
Millionday: PABLO -- ABADI IS CHANGING SOME OF THE POSITIONS AND IT IS NOT SUPPOSED TO IMPACT THE INCOME BUT IS SUPPOSED TO CHANGE THEIR JOBS
thomas1: WELL IT BEEN A GREAT WEEK FOR NEWS WITH RCOOKIE AND MILLIONDAY WHOOPOW . I THINK IT MILLER TIME LOL
Millionday: THOMAS I AGREE
Millionday: WISH I HAD ONE LOL
Risk: This fits in beautifully with IMF statement "They anticipate Iraq re-entering global market mid 2016"
Millionday: I WOULD RATHER IT SAY THE BEGINNING OF 2016 SMILE
Millionday: FITS MUCH MORE BEAUTIFULLY TO ME LOL
Millionday: Osama Mehmoud, the global stock representative in Iraq stressed about the importance of integrative laws and economic action of law making. He also pointed out that linking the Iraqi dinar currency to the global economy has its own importance.
The Iraqi currency should achieve its value against the global currencies. It would allow in providing more power to the economic process in the country.
Millionday: NOTE -- LINKING THE DINAR IN THE MARKET WILL ADD VALUE DUE TO IT ACTUALLY BEING ON THE MARKET ALONG WITH ALL OTHER ADVANCES TO THE MARKET ECONOMY
Millionday: He further added in his press interview that current economic condition in Iraq needs more care. He pointed out that most of the laws related to the Iraqi economy are still need to get regulations for the economic management in the economic sector, according to the formula. The process in trade and economy are following an open economy as it is called market economy.
Millionday: NOTE -- THE REGULATIONS FOR A MARKET ECONOMY NEED TO BE LAUNCHED AND OF COURSE USED TO BRING THE CURRENCY AND TRADE TO THE GLOBAL MARKET
Millionday: He further added that it would improve the economic management that would produce an uncertain economy.
There are many industrialized nations depending on the open market that implemented the processes of production and the theory of import and export. The commercial exchange process between a numbers of companies should adopt a unified economic system.
Comments may be made at the end of Part 2 Thank You