Post From Peoples Dinar
Stevel & Members Discussion On IMF Approval
IMF Executive Board Approves US$5.34 billion Stand-By Arrangement for Iraq
Press Release No. 16/321 July 7, 2016 The Executive Board of the International Monetary Fund (IMF) today approved a three-year Stand-By Arrangement (SBA) for Iraq for SDR 3.831 billion (about US$5.34 billion, or 230 percent of quota) to support the government’s economic reform program.
The Board’s approval enables the disbursement of SDR 455 million (about US$634 million). In July 2015, Iraq received disbursement under the Rapid Financing Instrument equivalent to SDR 891.3 million (about US$1.24 billion at the time of approval).
Iraq’s economic reform program supported by the SBA aims to address the urgent balance of payments need, bring spending in line with lower global oil prices, and ensure debt sustainability.
The program also includes measures to protect the poor, strengthen public financial management, enhance financial sector stability, and curb corruption. Iraq will require the support of the international community to implement these policies,
Nancy1958: This sounds like promising news. IMF, SBA - Iraq must be doing something right to win approval for this disbursement.
Hstrymknwmn: More good news!! :) :) :)
Wldcat03: First off, this is approval, which is positive news. This certainly means Iraq is following orders and playing by the rules.
Secondly, it's only approval. Nothing has been released and available to use. Iraq still has work to do before the IMF hands over the money.
Lastly, I am surprised the IMF approved of the loan with the latest bombing. They obviously know more than we do.
Stevel: Here is what most of you missed:
Managing external pressures. Key measures include maintaining the exchange rate peg as the key nominal anchor; gradually removing the remaining exchange restrictions; and strengthening the anti-money laundering and combatting of financing of terrorism (AML-CFT) framework to stem illegal and speculative demand on foreign exchange.
I like this part.
Here is the actual link http://www.imf.org/external/np/sec/pr/2016/pr16321.htm
Now another observation our team found or notices, go look at Exchange rate (dinar per US$; period average) you will see a rate for 2013, 2014, 2015 but nothing for 2016. Interesting to say the least. Perhaps that need to wait until 2017 to post 2016. Please do not read too much into this. It is only an observation.
It really does look like things are coming together very nicely. Steve
Phantom: I like VERY NICELY!!!! thanks Steve.
hischoicenotmine: Is this a standby agreement from December 2015 that Steve mentioned before
Ms Biz: this is awesome news........... B) cheers to all of it...... :) thanks jeffusa.......