Post From Dinar Updates
Chat Room Excerpts & Highlights
BGG Saturday Afternoon News Time 9-17-16 Part 1 of 2
BGG says():Ok - here's some info...
BGG says():I put this article in here earlier...
Saleh: Iraq has implemented all the conditions of the International Monetary Fund!
BAGHDAD / News Network Iraq declared Prime Minister adviser on fiscal policies, the appearance of Mohammed Saleh on Thursday, for an end to Iraq 's own commitments first phase of the Stand -By agreement with the International Monetary Fund of several stages include 13 commitment by which it agreed to grant Iraq a financial loan $ 5.3 billion.
concluded Iraq and the international Monetary Fund in May / May last deal after meeting for several days held in the Jordanian capital Amman to grant Iraq a financial loan of 5.3 billion dollars with an interest rate of up to 1.5%, acknowledges Iraq share an initial value of $ 634 million in July / last June, said adviser to the Iraqi prime minister for financial policy,
the appearance of Mohammed Saleh, in a press statement today: " the first phase of the standby credit agreement with the international Monetary Fund included several reform requirements of the Iraqi economy, and performance standards, and financial management reform, reform.
some laws, procedures for restructuring the general budget, and maintain the central bank 's reserves, all of Iraq 's commitment to them. "
Saleh added that" the willingness of credit with the international Monetary Fund by which it agreed to grant Iraq a financial loan of $ 5.3 billion agreement, includes 13 consultation or obligation , Iraq and the international Monetary Fund , they finished the first review, there will be future revisions in early October in Washington."
Iraq 's chief financial officer , and continued that" after each audit is released part of a financial loan to Iraq in accordance with the agreement, and we expect that Iraq has received the second installment of the financial loan next month (without revealing its value).
for his part, expressed the international Monetary Fund, on Wednesday, thanked the Iraqi authorities to" good cooperation with him and discussions frank and fruitful during the first review of the agreement to prepare the credit, which has in the Jordanian capital Amman recent meetings. "
The Iraqi government acknowledged the end of last month, the country 's budget for next year by 102 trillion dinars (about US $ 85 billion), to begin a new phase of internal and external negotiations may be more complicated on how to secure the fiscal deficit which stood at 30% of the total budget.
BGG says():So let's give some frame of reference in "layman's terms"...
We've talked over and over and OVER about this IMF "world" assistance package...
to start things off - they will get 5.3 Billion USD over the next 5 years.
their budget for 2017 is roughly 85 Billion (expressed in USD - which isn't really significant - just saying it in USD terms)...
I don't recall what their budget was for 2016 - probably similar...
once we're done with this - I'll ask a few important questions...
So they will have gotten something around 1 Billion USD in IMF aid this year - once the balance of the two payments are made - next month??
Everyone follow so far??
DIGIman1 says to BGG():(y)
Okie Dinar says():yes
bubbles says to BGG():yes
BGG says():So their total budget is around 85 Billion US and they are getting this "life-saving aid" amounting to a little over 1 Billion US...
BGG says():That works out to a little over 1% of their budget... seriously?!?
DIGIman1 says to BGG():seems a moot point?
BGG says to DIGIman1():wait for it... we're getting to that...
BGG says():This would be like you making 50,000 per year... you find yourself in a "financial crisis" - your banker comes to you and says "I'll give you $250.00 in July and another $250 in October"... how far do you think that would go towards solving your crisis??
Nomad says():not very...
slh5282 says():not to the corner for sure
scottiegirl says():Like trying to save the Titanic with a tea cup
BGG says():THAT'S WHAT THE ACTUAL DOLLARS HERE MEAN... NOT MUCH!!!!!
So what in the world are they talking about when they say with this IMF and "world" support they have "over-come" their financial crisis?????
BGG says():So what in the world are they talking about when they say with this IMF and "world" support they have "over-come" their financial crisis?????
they are either on CRACK or they are talking about something other than the MONEY!!!
thedinarian says():go on....
1rick says():credablity perhaps
kalis says():mark cuban or donald trump going to help 8-)
BGG says():Obviously - they are talking about something other than this little amount of financing... Saleh is essentially saying "we've done everything the IMF has asked"... this is critical for what's next - CRITICAL...
jtank says():credit rating
Nomad says():investment contracts?
tman23 says():The loan set up was a prelude to entering the SDR......setting up a credit rating.....and set them up for international exchange......
BGG says to 1rick():you're getting warmer...
kalis says():no rv
BGG says to Nomad():on the right track.
kalis says():no rving
Nomad says(): It was that coffee...now I need another clue.
kalis says():yes please more clues
BGG says to tman23():Forget the loan - it (in and of itself) is almost useless...
scottiegirl says():Hopefully moving to the international stage....with an acceptable currency....maybe?
BGG says():What are the 2 things they really, really, really need??
BGG says to scottiegirl():NOW YOU'RE GETTING THERE!!
Soonergirlie says():purchasing power
Nomad says():peace and love
slh5282 says():acceptnce to the wto and money with value
BGG says to slh5282():VERY CLOSE.
Beeson says to slh5282():i like that
bubbles says():rate date
carxpress says():article 8 acceptance?
Marilynjoy says():in country production
kalis says():no peace and love ..wow
MrsBGG says to bubbles():smile
cricket22 says to BGG():Rate
BGG says():two things they really need...
1) IMF oversight and a demonstrated ability to do as they are told...
(that's a biggie)
kalis says():dinar can use any place in world and accepted
slh5282 says():international acceptable currency
BGG says():2) international acceptance... re-integration with the world economies.
#2 won't fully happen without #1...
Beeson says to slh5282():re-integration as in ?
Nomad says():I thought they had #!
kalis says():how are they doing on number 1