Post From Wealthwatch.world Chat Room 10-27-15
Wealthwatch Special OOTW & Butifldrm Chat 10-27-15 Part 1 of 3
Butifldrm: Hi everyone
Butifldrm: I haven't been in chat for a while but there is a lot of good news coming from Iraq today
Butifldrm: there was an article that came out this week about Iraq's debt
Butifldrm: not sure if all will post, but it is very important
Butifldrm: Iraq's debt to $ 40 billion the window and the parliamentary financial stresses: Nsddha annually Economy and Tenders Since 10/27/2015 14:54 pm (Baghdad time) Special - scales News Said the parliamentary finance committee member Husam punitive, Tuesday, there to pay annual debt Iraq window specified by the Ministry of Finance, among that are addressing this problem through the budget.
He's punitive / scales News / "There is an annual repayment of the debt of Iraq window specified by the Ministry of Finance in agreement," stressing that "to address this problem is done through the budget."
In the same context, MP Majda al-Tamimi, confirmed that "Iraq's debts amounting to $ 81 billion, of which $ 40 billion effective debt must be repaid," noting that "the Iraqi financial system allows squandering public money and hospitality minister costing a hundred million dinars a month."
The parliamentary Finance Committee confirmed that "the operating budget of $ 74 billion and investing $ 27 billion in revenue this year and the other did not exceed one billion dollars stressing that the central bank reserves of $ 49 billion only."
It is clear that "the budget forecast very far from reality and illogical attributed due to the current austerity policy did not provide a lot of the budget" .anthy 29 / GS / 18/4 e
Butifldrm: there were some comments on the fact that some of us did not believe Iraq owed that amount
Butifldrm: this is from the CBI
Butifldrm: oh let me first post the link to the debt article Butifldrm: www.mawazin.net/%D8%AF%D9...LINK
Butifldrm: Now this is from the CBI
Butifldrm: Government Debt Total government debt is estimated to be $92.3 billion in 2010 and is comprised of the following components: - External debt ($87.7 billion, of which $45 billion can be subject to debt reduction by non-Paris Club official creditors, comparable to the Paris Club agreement) - Domestic debt ($4.6 billion) Note: Iraq's GDP in 2010 is estimated to be $82.2 billion.
External Debt Restructuring Following the ouster of the regime in spring 2003, Iraq’s external debt was estimated to be between $130-$140 billion. Reducing this debt to a sustainable level has been a priority since 2003 and debt relief negotiations have taken place in a variety of forums.
This has led to the cancelation of a significant amount of Iraq’s external debt. Iraq’s external debt is comprised of four components: Paris Club bilateral debt ($42.5 billion) Non-Paris Club bilateral debt ($67.4 billion) Commercial debt ($20 billion) Multilateral debt ($0.5 billion) Debt relief negotiations first led to an 80% reduction of the Paris Club debt.
The Paris Club agreement also set the terms for non-Paris Club and commercial debt cancelation levels. A provision of the Paris Club agreement is that Iraq cannot accept a debt cancellation agreement with other creditors on more favorable terms for Iraq than those reached with the Paris Club.
Thus, Iraq is expected to receive no more than an 80% cancelation from all of its creditors. Negotiations with non-Paris Club creditors are ongoing (mainly with Gulf countries), and resolution of the commercial debt is largely complete. This portion of the external debt has been reduced to $45 billion in 2010 (see government debt above).
Butifldrm: Take notice of the debt and the date This portion of the external debt has been reduced to $45 billion in 2010 (see government debt above).
Butifldrm: Iraq presently is in a sovereign debt crisis
Butifldrm: In 2014 we know they had at least 80B in reserves.
Butifldrm: Iraqi Central Bank decided on Thursday, "coined a variety of gold bullion" to sell the gold dealers, investors and segments of Iraqi society, as he emphasized that "this action represents one of the instruments of monetary policy to the Bank."
According to a statement of the Central Bank of Iraq it received (range Press) copy of it, it was "for the purpose of diversifying the means of savings to the public and to provide quantities of gold from the origins sober sold to dealers in gold, investors and segments of society Bdinaralaraca,
the Bank's Board of Directors decided in consultation with the Committee on Economic Affairs coined a variety of gold bullion ranging between weights (5 g and 1000 g). "
The statement added that "the Bank began contracting for gold bullion procedures for imported and then sold through the banking system," adding that "this procedure represents a monetary policy of the Central Bank of tools."
Economists believe that the World Gold entry to Iraq is a positive case for the revitalization of gold deal in the Iraqi market, especially since the Iraqi gold market was not affected by the entry of the United Arab Emirates and Turkish gold.
Butifldrm: he Iraqi Central Bank revealed in (September 22 2013) The reserves for the arrival of foreign currency and gold to about 80 billion dollars, while attributed to an increase in world prices for oil, the reserve is expected to increase over the coming months.
The International Monetary Fund, announced that, in (23 March 2013), that the financial balances preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserve of the Central Bank of hard currency to $ 70 billion, attributing this rise to "revenue oil unexpected.
" Financial experts assert that Iraq's stockpile of money has covered the cash flow over the past years, demanding the government to adopt alternative ways to cover the deficit, including recourse to the application of secondary-market policies that have been agreed with the government.
Butifldrm: www.almadapress.com/ar/ne... LINK
Butifldrm: Now Iraq has deleted their reserves according to this article to 49B
Butifldrm: So that leads to the question of why the debt?
Butifldrm: the good news: I don't have to go into detail about ISIS, Maliki, the owners SLC, or the majority of corruption which have siphoned off 312 Billion dollars from the economy, but today the investment law was passed and in that law there is decentralization of the funds for projects that directly affect the people
Butifldrm: We see that Abadi is going through with replacing at least 10 ministers in his reforms
Butifldrm: Oh here is the CBI link Butifldrm: www.cbi.iq/index.php
Butifldrm: the debt is from Iraq having a lack of vision blurred from corruption
Butifldrm: Abadi has the vision, I am not sure if he has to the protection to see it through
OOTW: HIYA EVERYONE
Butifldrm: noone here but us
chattels: head of the US Joint Chiefs of Staff Gen. Joseph Dnford on Tuesday said he would recommend the deployment of US troops near the Iraqi soldiers to fight al Daash. "If it appears that the procedure will enhance the chances of the defeat of the organization." chattels: www.alliraqnews.com/modul...
OOTW: GREAT CHAT BUTI OOTW: JUST READING IT
chattels: US Secretary of Defense Ashton Carter said Tuesday that US forces would step up pressure on the organization Daash in Iraq and Syria fighters. Carter said before the Armed Services Committee, US Senate that these strikes "local forces will support the air campaign expanded direct action on the ground from time to time."
Butifldrm: Hi chattels
Butifldrm: Obama weighs moving U.S. troops closer to front lines in Syria, Iraq
OOTW: LOL - FEELING A LITTLE EXCITED NOW THAT THE INVESTMENT LAW HAS BEEN PASSED - GREAT TO SEE THAT INVESTOR'S SHOULD GET PROTECTION AND
THIS WILL ALSO HELP CREATE AND PROTECT JOBS FOR THE PEOPLE AND WILL GET THE PRIVATE SECTOR ROLLING - JUST WHAT WE WANT
Butifldrm: I was just chatting myself about Iraq's reserves going from 80B to 49B
Butifldrm: ‹@OOTW› Praise god it passed
OOTW: I SAW THAT BUTI.....FO SHO BUTI
Butifldrm: before they release the CBI loans to the banks
OOTW: WOULD LOVE TO HAVE BEEN A FLY ON THE WALL WHEN MOHSEN MET TO DISCUSS IMF PROTOCOLS/PROCEDURES
Butifldrm: chattels, between the South china sea situation, Iraq and Syria, the US is is some kind of delima
OOTW: THAT COMBINED WITH THE RESERVE FIGURES ARE INTERESTING
Butifldrm: ‹@OOTW› wow I did not see that woods
OOTW: YEP...WE WAIT TO SEE THE RESULTS OF THE US CONGRESSIONAL MEETING TODAY TO SEE IF OBAMA WILL BE SENDING MORE GROUND TROOPS, AS WAS STATED IS NEEDED
OOTW: I GUESS THE MILITARY ATTACHE'S THAT MET AT CONGRESS TODAY STATED THEY STILL HAVE NO PLAN TO CREATE A NO FLY ZONE
OOTW: MCCAIN DIDN'T SEEM TO HAPPY, BUT REALLY, HE NEVER DOES LOL
BOBBY: Anyone see the CNN article on the low oil prices and the Middle East and its effect?
Butifldrm: ‹@OOTW› I'm surprised
OOTW: SO WAS HE...OR RATHER, DISGUSTED
Butifldrm: sadly we are still arming Assad opposition
Butifldrm: truly if Isis is to be defeated Assad will have to satay
chattels: I am not at all certain that the recent amendments to the 2006 Investment Law will make a great difference in the volume of investment in Iraq.
Butifldrm: you can't walk that fence without a bad outcome
Butifldrm: ‹@chattels› the thing Iraq has to depend on is investors with a vision
OOTW: CHATTELS BUTI AND I ARE GOING TO ANALYZE THE LAW THIS WEEK, AT LEAST AS MUCH AS WE'RE ABLE TO ACCESS AND I WILL ANNOUNCE VIA MEMBER EMAIL, WHAT TIME WE WILL HOLD A CHAT ON THIS
Butifldrm: the thing I love about the law is that it decentralizes the inestment
chattels: ‹@OOTW› I did some research and posted in the forum if you are interested ?
chattels: the amendments themselves are a difficult read for me
Butifldrm: I am not saying the money will flow to honest people, but the for sure the Central Government has mishandled the funds
OOTW: YES THANK YOU
Butifldrm: ‹@chattels› most importantly..... this law had to be passed before the CBI released funds to provide liquidity to the private sector
Butifldrm: Iraq is in a do or die position right now
Butifldrm: they have gone from 80B in reserves to 49B
OOTW: INTERESTING READ CHATTELS
OOTW: I THINK I WILL RESERVE MY COMMENTS FOR A FORMALLY ANNOUNCED CHAT
OOTW: AT PRESENT, I AGREE WITH SOME OF WHAT YOU HAVE POINTED OUT - DEFINITELY THERE ARE MAJOR PROBLEMS WITHIN IRAQI POLITICS
chattels: ‹@OOTW› My research and commentary was rather impromptu, so I look forward to you and Butifldrm to comment
OOTW: IT WOULD BE GREAT IF YOU MIGHT CONTRIBUTE DURING THE CHAT IF YOU LIKE
OOTW: NO PRESSURE
chattels: ‹@OOTW› Just let me know when :)
OOTW: WILL DO
chattels: I can't seem to keep my mouth shut anyway :)
Comments may be made at the end of Part 3 Thank You Part 2 LINK