7-23-2012 Milndollarbabe: The HCL decides the profit share from the oil revenues, which the kurds have the majority of regionally. That is why Article 140 addresses the border issues. So they have a clear cut border of who (what region) has what oil rights.
-23-2012 Mike: The CBI is all on board.
« on: Today at 04:13:20 PM »Quote7-23-2012 Mike: The CBI is all on board. They have read the Future of Iraq Project. The project has to do with the economic side. Shabibi is worried about the economics, would he love to have a great government thats all for the future of his people.
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Yes, he would but what is more worried about is the economic future of his people and that differs. He is not there to pick the people who are in office. He is not there to give his approval to the people in office. He is there to do what he needs to do and get it done.
So, that when his term is over he can say what he was sent there to do which was to build the economy. Get the new currency going and get it RV'd to the point where they have viable economic circumstances.
7-23-2012 Rockfl9: Iraq is living hand-to-mouth these days.
« on: Today at 02:59:12 PM »Quote
7-23-2012 Rockfl9: Iraq is living hand-to-mouth these days. If you are trying to use CBI reserves you cant . Those belong to the corporation called the Central bank of Iraq. Not the same as GOI/MOF! Besides the IMF the GOI has other debt.
If they cant pay the IMF has no choice but to extend, Possible tack on a small penalty so they will not be getting off free! On the other debt if they don't make the payments I'm sure that will be tacked on to the principal.
The increase in GDP is about 12%, but still will end up spending more than income. I saw the PROJECTION of 3.9Mbbl/d depending on price of oil could balance the budget IF they don't find the need to do another supplemental.
7-23-12 Butifldrm:Supposedly Iraq's Standby Arrangement with the IMF expires
« on: Today at 02:58:16 PM »Quote7-23-2012 Butifldrm: Supposedly Iraq's Standby Arrangement with the IMF expires mid July. The initial two year SBA was due to expire February 2012, then Iraq asked for a five month extension. I have not seen or as far as I can tell, that Iraq has asked for further extension.
Today July 23 2012, a payment of 2,376.80 SDR millions (SDR value presently 1.50 to USD) is due to the IMF. It will be very interesting if this payment was made or if Iraq asked for another extension? Iraq's position in the fund, posted by the IMF data, only shows information up to June 30th 2012.
In 2012 Iraq is scheduled to pay a total of 6,093,153 SDR millions, which is minimal to their expected total payment of 123,289,854 in 2013. Wow, that is a huge increase in the amount of schedule SDR payment. IMO, this may reflect an increase the projected rate of the IQD. Iraq's 2012 GDP is around 12%, and the IMF's projected GDP for 2013 is only 1.5% higher.
In 2013 Iraq is going to have to come up with some serious cash. I know Iraq has a tremendous amount of money in reserves, including the DFI, but the DFI supposedly belongs to the people not the government. Shahiristani, just released that output exceeded 3.07 million bpd and a projected 3.9 million bpd in 2013.
Can Iraq's projected increase in GDP, cover the increase of the amount due to the IMF? I am not an economist, but it does seem the payments to the IMF should be proportionate to the wealth of the country. How is Iraq going to come up with the money to pay a 1,923.00% increase in expected payment in 2013?