I just got word that there will be no vote in this session. Maybe Thursday they will try again and that is a huge maybe. Kurds are at it again with more demands, so until someone steps up to the plate and says "NO MORE", then it will be a while longer.
Everyone seems to be obsessed with this and it is about time you all sit back and take a break like I have. Let it happen and let it come to you. Sitting up all night will get you absolutely nothing but more frustration and aggravation. Please put this behind you and let it go until they all finally come to agreement and start moving in the right direction for their people, in the mean time, you and I are not suffering, but the citizens of Iraq are.
Thursday will come and you all will be obsessed again, the it will get moved to Sunday, etc., so until you let it go it is just not healthy.
Read More Link on Right
Read the bible, read a book, spend more time with family and friends, spend time resting and preparing for the big day, spend time doing something, but quit hitting the "What's New" every few seconds. This site will still be here when you return. All members in good standing with valid emails will be notified when we here officially that it has been voted on and finally passed, so until then, take a well deserved break. This goes for you Mods as well.
Now for the good news, they are still working on getting this done. Please do not buy into all the crap in the recap blogs as they are there to bolster their egos and nothing more. Not one of them are correct, but they will continue calling it every day trying to be first. This "blinking bank screen" crap is nothing more than a fictional statement to keep you coming back so they can share more of the Bull (you know what).
Also good news, please correct me if I am wrong, but they will need to open up the budget to repay the IMF. Two-year Stand-By Arrangement (SBA) in the amount of SDR 2.38 billion (about US$3.8 billion), approved by the IMF's Executive Board on February 24, 2010. The IMF's Executive Board completed the first program review on October 1, 2010, and the second review on March 18, 2011, bringing the total resources currently available to Iraq under the arrangement to SDR 1069.56 million (about $1.7 billion). At the time of the second review, the program duration was extended by five months to July 2012, along with a rephasing of program disbursements based on a shift in financing needs from 2010 into 2011.
The Executive Board of the International Monetary Fund (IMF) approved on July 20, 2012—on a lapse-of-time basis1—a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013.
The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the policy measures needed to complete the
combined third and fourth reviews under the SBA. The extension will, in particular, provide time for discussions on fiscal policies for the remainder of 2012 and on measures to improve the functioning of the
The two-year Stand-By Arrangement (SBA) in the amount of SDR 2.38 billion (about US$3.58 billion), was approved by the IMF's Executive Board on February 24, 2010 (see press release 10/60). The IMF's Executive Board completed the first program review on October 1, 2010 (see press release 10/373), and the second review on March 18, 2011 (see press release 11/90). At the time of the second review, the program duration was extended by five months to July 2012, along with a rephasing of program disbursements based on a shift in financing needs. Total resources currently available to Iraq under the arrangement amount to the
equivalent of SDR 1307.24 million (about $1.96 billion).
Iraq is estimated to have the world’s second-largest oil reserves, with reserves of 143 billion barrels. By the 1970s, Iraq’s oil resources had enabled the country to reach middle-income status, with a modern infrastructure, and good education and healthcare systems. Since then, however, the country has suffered through three devastating wars, a long period of economic and financial mismanagement, and
international sanctions imposed during the 1990s. These events severely damaged political and economic institutions and undid earlier economic and social gains. By 2004, per capita GDP had fallen to less than US$800 from US$3400 in 1980, and the country suffered from a crippling debt burden.
The task of rebuilding the country after 2003 remains immense and is made harder by sectarian politics and prolonged violence. Iraq’s reconstruction requires not only the rebuilding of its infrastructure, but also of its economic and social institutions and the creation of a business environment that attracts capital and brings with it new technology and skills to modernize the economy. Iraq’s huge oil reserves could, in principle, provide the revenues needed to finance the reconstruction, but strong institutions and favorable business environment are needed to use these resources effectively. The longer-term outlook is strong as domestic and
foreign investment in the hydrocarbon sector is bearing fruit. According to the Ministry of Oil, oil production reached 3.3 million barrels per day (mbpd), of which 2.6 mbpd are exported, and extraction and exports are projected to increase considerably in the years ahead. Nevertheless, Iraq’s economic prospects continue to be subject to significant risks, deriving mainly from institutional and capacity constraints, oil prices volatility, delays in the development of oil infrastructure, and an extremely fragile political and security situation.
For the new members, you wonder what the loan was for. Well here is a bit about it.
The current program aims to continue to support the reconstruction of Iraq. Following the successful conclusion of Iraq’s second SBA program, the IMF’s Executive Board approved a new two-year SBA program on February 24, 2010 with an access of US$3.7 billion (SDR 2,376.8 million, or 200 percent of quota). The program provided a macroeconomic framework supporting the reconstruction efforts during the political transition following the March 2010 parliamentary elections.
In line with past programs, the key objectives of the current SBA are the preservation of macroeconomic stability and the adoption of policies and measures to promote sustainable growth and poverty reduction. The financial resources envisaged in the context of the program were meant to be made available to respond to the drop in oil prices from their peak levels in mid-2008, which translated into a substantial deterioration of Iraq’s external position in 2009 and to a financing gap in the government finances.
Besides preserving macro-stability and providing budgetary support, the program also supports the authorities’ medium-term structural reform agenda. This agenda relies on three key pillars:
Modernizing Iraq’s public financial management system. This encompasses improvements in the allocation, execution, transparency, and accountability of the mobilization and use of public
resources. Priority areas include improving budget preparation, reporting and cash management, public procurement, internal audit and control systems, and the accounting framework.
Developing the financial sector. This pillar relies on enhancing Central Bank of Iraq (CBI) operations and promoting a banking sector that can provide basic financial services, including, crucially, to the private sector. Reinforcing central banking operations includes rebuilding the capacity of the central bank to conduct monetary and exchange rate policies, supervise banks, and manage the country’s foreign exchange reserves. The financial restructuring of the two main state-owned banks is an important step to help establish the conditions for the banking system to extend credit to the private sector.
Strengthening governance in the oil sector. As part of the authorities’ efforts to increase transparency and accountability in the oil sector, Iraq became a candidate member to the Extractive Industries
Transparency Initiative (EITI) in February 2010, and produced its first EITI report in December 2011. Efforts in this area are also directed at completing the installation of oil metering systems, which will help reconcile oil production and export data with budget revenues from the oil sector, and at maintaining a single account for all oil export proceeds.
Now that the bad news and good news was presented, here is the great news, NO BUDGET, NO MONEY!
Have a safe week and we will talk more later this week.
God Bless each and every one of you.
By the way, I will be creating a special post regarding taxes where you can ask anything and everything. I have a very special CPA that will be a guest on that post to help answer them. Now this will be worth coming back for. Should have it going in the next day or two.