(Dinar Recaps Note: PIF's comments are in italics and all caps.)
ALL RIGHT FOLKS SO DO YOU REMEMBER A FEW WEEKS BACK WHEN WE TOLD YOU THE RATE HAD CHANGED INTERNALLY AND THE MEMBERS OF THE PARIS CLUB AND THE EU HAD BEEN PAID, WELL HERE IT IS IN INK AND SOOOOOO MUCH MORE.
I ALMOST MISSED IT THE TOPIC OF THIS ARTICLE IS THE CREDIT RATING FOR THE COUNTRY BUT THE LAST PARAGRAPH CONFIRMS WHAT OUR INTEL TEAM HAS KNOWN FOR 3 WEEKS.
WE JUST GET SO EXCITED WHEN THINGS THAT WE TOLD VERBALLY EVENTUALLY SHOW UP INK, IT’S EXCITING!
NOW WHAT DOES IT ALL MEAN, IN MY OPINION IT MEANS WE JUST MOVED ONE STEP CLOSER TO THE SECURITY AND STABILITY OF THE COUNTRY.
THEY ARE DEBT FREE AND GOING FOR A GLOBAL CREDIT RATING.
PLEASE PAY ATTENTION TO THE MEMBERS OF THE PARIS CLUB AND THE OBSERVER BANKS OK,
THESE ARE ALSO THE COUNTRIES THAT HAVE BEEN IN AND OUT OF IRAQ LAST FEW WEEKS, AND THE COUNTRIES THAT ARE A PART OF OBAMAS COALITION THE SAME COUNTRIES THAT SAID THEY WOULD NOT ENGAGE UNTIL THEY GOT PAID FROM THE 2004 DEBT.
The 19 Paris Club permanent members are countries with large exposure to other States woldwide and that agree on the main principles and rules of the Paris Club. The claims may be held directly by the government or through its appropriate institutions, especially Export credit agencies.
These creditor countries have constantly applied the terms defined in the Paris Club Agreed Minutes to their bilateral claims and have settled any bilateral disputes or arrears with Paris Club countries, if any.
The following countries are permanent Paris Club members: AUSTRALIA, AUSTRIA, BELGIUM, CANADA, DENMARK, FINLAND, FRANCE, GERMANY, IRELAND, ISRAEL, ITALY, JAPAN, NETHERLANDS, NORWAY, RUSSIAN FEDERATION, SPAIN, SWEDEN, SWITZERLAND, UNITED KINGDOM, UNITED STATES OF AMERICA.
DO ANY OF THESE COUNTRIES SOUND FAMILIAR TO YOU??? REMEMBER EVERY TIME A DELEGATE, ARRIVES IN IRAQ I TELL YOU GUYS TO TAKE NOTICE AND KEEP TRACK THIS IS WHY.
NOW LET’S HAVE A LOOK AT OUR OBSERVERS HERE THEY ARE.
There are three categories of observers:
representatives of international institutions: IMF, World Bank, OEC , UNCTAD, European Commission, African Bank of development, Asian Bank of development, European Bank for Reconstruction and Development, Inter-American Bank of development.
DO ANY OF THESE INSTITUTIONS SOUND FAMILIAR TO YOU GUYS?
SO HERE IS THE ARTICLE;
Paves the global accounting firms to obtain credit rating
BAGHDAD Mustafa al-Hashemi,
Iraq achieved great success, with the help of financial institutions and international companies specialized control and financial auditing and accounting through brought in to those companies, in extinguishing a large proportion of its foreign debt, as it is hoped to contribute to these companies and institutions in Iraq to get the credit rating.
confirmed expert Economist Dr. Hilal Taan that those companies have contributed significantly to the development of Iraqi competencies in the field of audit and control and accounting of what will result, to speed up access to the credit rating of Iraq being a help to the country's progress in the peace International Classification according to international standards after the liberation entirely of its financial obligations International.
was The government has embarked on since 2004 contracted with a number of consulting firms in the financial aspects of the audit, accounting and legal, along with two banks WCW as external advisors who provide advice, support, and consulting with all Maitalq settlement of Iraq's foreign debts.
said Taan that the government step of contracting with these institutions is very good, but he also said that it does not mean dispensing with the experiences of Iraqi cadres and efficiency in this area, explaining that it contributed to the development of cadres of the country through their participation in the work with foreign experts on dealing in the management of files computational scientific methods of modern.
adding that the companies have achieved clear success in containing the debt and extinguish, It also had a prominent role in collaboration with the Central Bank and Ministry of Finance in this topic,
stressing the need for Iraq to consulting firms accounting and auditing for the purpose of audit according to international standards to the fact that any country in the world should be available by the international measurements of balance and the balance of the currency and financial resources and mechanism of distributed and spent.
mentions The institutions contracted by the government with it are all from Ernst & Young (Chancellor of accounting and Checksum) is responsible for auditing and matching Iraq's foreign debt, and the Foundation Cleary Kutlob (outside legal counsel) and the Foundation for Lazard French (financial advisor) mission cooperation and provide support and coordination between the Ministry of Finance
The Iraqi Central Bank and the Paris Club countries braved the (18) state all the money linked to the settlement of the debt due to its close relationship with the countries of the club. Foundation Houlihan Lokey English,
a financial advisor outside (negotiating) to the Ministry of Finance is responsible for providing support to each Maitalq settlement of debt countries the London Club or (non-member states of the Paris Club) and Masstasta Krupp and JP Morgan and two two banks mission is to provide support to the Ministry of Finance to settle the debts of trade creditors foreigners (foreign private sector) has been assigned the task to them, along with the large number of trade creditors.
ALL RIGHT THIS IS HUGE TOO
Density bank does not chime and sustainable development plans
Mana calls to revive the proposal to establish a Bank for Economic Development
BAGHDAD - Hussein al-Tamimi Tgb
demanded an economist granting freedoms for banks operating to contribute effectively to the achievement of economic development, and that there is equitable geographical distribution of banks and branches in all cities to provide services and products to a wider area, particularly financial loans that contribute to the reducing poverty line.
urged Tawfiq inhibitor in an interview for the "morning" on the necessity of activating the proposal to establish a bank for economic development that was ratified in law the 2006 budget, and spread its branches in all the provinces to cover the investment services and rebuilding the infrastructure and this is a subject worthy of serious stand. moving the market activities and stressed the importance that banks contribute in supplying the investment process and move the construction market and work in the country, pointing to the importance of activating the cycle of capital to assist in moving the market activities, industry and agriculture, to contribute to the increase in gross domestic product rather than relying on the global market and increasing steadily rents and unilateral economy.
balanced economic development He added that the real challenge and the reality of progress and construction in the world is creating a strong economy through the establishment of balanced economic development and integrated play
and the evolution of social and economic reality right to exploit the material and human resources by identifying the visions of the economy and sustainable development,
noting that the economic and social development is the third pillar is very important for national security and national, pointing out that the beginning of the development of the banking system of a country like Iraq to become banks have any active role to establish an attractive environment and encouraging for investors at home and abroad
because of the three pillars of the investment are looking for an investor comes after political stability and security.
Are banks, insurance and logistics system (transport, supply, and storage). between the role of the banking sector, the current ineffectual and effective activities abused by the private sector,
Certainty between the beneficiary and public banks and mixed private and missing and the consequent two things transform Iraqi funds abroad to invest, operate and saved, either at home
The owner of Capital prefers Oktnazha rather than saved or invested, which declined the role of the private sector. distribution of banks and pointed to contrast the geographical distribution of the density of banking and density quantitative number of banking units available for one hundred thousand residents of Iraq or Alnph standard for the distribution of the banks, and the average (closer to 3 banks per 100 000 Iraqi citizen)
This contrasts with the approach of sustainable development, while Bangladesh (5 banks per 100 000 residents) and compared with only Spain 100 units America, 35 British and 13 notes a dramatic difference from the figures, authorized Banks in the country are weak to provide services to the citizen as is the case in the world,
referring to the disparity in the granting of loans, as Baghdad accounts for 73 percent of the value of loans granted in Basra, while 1 percent and zero Dohuk and Anbar 2 thousand. There is a very important indicator and clear the subject of performance and administration as it did not take into account the subject of the separation of capital and management.
pillars of investment and continued inhibitor, saying that companies investing in foreign facing the absence of banks that facilitate the operations required by the movement of cash by simplifying lending, financing and conversion, insurance and Allojcetk and things are the three most important Staff and pillars of foreign investment,
and noted the importance of the subject of the performance of banking and insurance. weakness insurance and Asher weakness attention to insurance and promise to decline in fiscal policy in the country, both to secure people and financial,
and the National Insurance Company did not deal claim to work as a secure real, especially in regard to re-insurance, and this one of the biggest obstacles in delayed investment. said that private sector banks are few in number in the stock market investor in the stock market does not invest his money in the institution did not know anything about it and the banks most of their capital a family,
and if the private sector banks will end up like the rest of the companies registered in the Iraqi market for securities is clear from the indicators that are below the level of ambition, because of the loss of the vocabulary of good governance in these companies, if what contributed citizen storehouse of his money, it means that he will contribute to an increase in investment rates and thus increase economic activity.
RAISE THE STANDARD OF LIVING….HUMMMM HOW BEST SHOULD THEY DO THAT!
Government program aims to raise the standard of living of citizens
BAGHDAD - Farah pumice
government is seeking through the implementation of its program to achieve the standard of living and a service to the citizen meets the requirements essential to live in dignity on in accordance with the principles of the actor committed to the effective programs and strategies in place in advance the most prominent development strategy Aloutnah.oppema particular occur Member of Parliament Dr Ibrahim Bahr al-Ulum,
indicating that the program government relied mainly on the premises useful at the level of state-building, the most important activation of decentralized management and starting a revolution administrative to rebuild state institutions and activating the principle of accountability, along with the adoption of consulting offices with expertise in terms of planning, as well as the economic vision in the shift towards the principle of private sector in various fields.
added Bahr al-Ulum that "basic premises are useful for activating the program as if it were cooperation and coordination with the House of Representatives in the field of legislation and oversight, and the adoption of these basic principles in the field of development and bear arms, however, the state and the interest of foreign policy that is based on common interests,"
stressing that it will be effective as if they were adhered to in accordance with the activation of programs and strategies in place in advance, including strategy development Aloutnah.okan government program presented by the Prime Minister Haider Abadi, the House of Representatives last Monday has met with wide acceptance by members of Parliament, as approved by the Council by an absolute majority.
continued Bahr al-Ulum : The basic items that depend on them the reform process is to combat corruption and improve the financial management system and activate the transformation of the rentier to the system depends on broadening the base of other productive sectors, in addition to providing the investment environment appropriate,
all you need to reform programs of economic, administrative and institutional, to contribute to improving Indeed, the service has Aama.kma that the government program depends on maximizing state revenues, including oil revenues,
at least in the short term and rely on increased production which is linked to the absorption of the production of the Kurdistan region and the activation system Kirkuk fields, taking into consideration the current circumstances, it halted,
considering that the main theme the financial revenue of the state is oil, so the mechanisms and strategies adopted by the government from one location to another depends on the ability of financial and economic institutions,
as it is necessary to work on its activation to be absorbed this production, which is estimated at about half a million barrels a day if they were to invest the entire revenue that goes to Iraq , he says.