Post From Dinar Updates 2-3-16
Excerpts & Highlights
Dinar Updates Member Chat 2-3-16 Part 3 of 3
rcookie says(): I HAVE POSTED THE LINKS FOR BOTH THE 2016 VERSION AS WELL AS 2011 VERSION WHICH GIVES PERSPECTIVE TO COMPARE & CONTRAST JUST HOW FAR THEY HAVE COME...
WHERE THEY ARE NOW...AND WHAT THEY HAVE TO DO GOING FORWARD..
Where'sthebeef says to daytrader(): It is an outline of what the IMF wants Iraq to complete. It does not say they will be in article 8 by end of Feb. Good read though
daytrader says to templejc():= YW. This is the LOI and MOU
rcookie says to Where'sthebeef(): GOOD READ...
Where'sthebeef says to daytrader(): soory wrong person
rcookie says to Where'sthebeef(): WOW
Where'sthebeef says to rcookie(): very good read.
kevin311312 says(): I dont spek IMF or MOU ,need an interpiter:D
daytrader says(): I printed it out and wore out a highliter going through it.
kevin311312 says(): thanks rc
rcookie says(): YVW...
rcookie says(): LOOK AT THE 2011 VERSION...AND YOU CAN SEE HOW THEY HAVE STAYED ON PROGRAM...
templejc says(): SO DAYTRADER - ON YOUR LIST HOW MANY MORE ACTIONABLE ITEMS NEED TO GET DONE?
daytrader says to templejc(): rcookie is in a far better position to answer that one.
daytrader says to templejc(): His brain is still young. (lol)
rcookie says(): HERE IS ANOTHER FEB 2016 MANDATE
rcookie says(): The amount of central bank indirect monetary financing will be revisited on the occasion of the first review in light of the inventory of government cash holdings in bank accounts to be completed by end-February 2016 (¶27).
The external financing will be covered by the planned issuance of Eurobonds ($2 billion), a loan from the Islamic Development Bank ($500 million) and project loans by the World Bank ($50 million), JICA ($502 million), and Italy ($40 million).
The government will not resort to the accumulation of arrears to finance the deficit. It commits to a zero ceiling on external arrears (continuous quantitative target, Table 1) and regular inventories of domestic arrears with a view to ensuring that new arrears do not accumulate and to paying them down after proper audit, as will be done for the existing stock of domestic arrears (¶27, second bullet).
templejc says(): JUST LOOKS LIKE ALOT TO STUFF FOR COMPLEATION BY THE END OF FEBRUARY 2016
larrykn says(): there must be a reason why they want all this done by the end of Feb, they might not be saying it but I would think this timeline is when they will finish what they are doing
subgirl says to rcookie(): $$$$$$$$$$$$$$$$$$$$$
rcookie says(): AND CANT ACCUMULATE AREAS TO FINANCE DEFICIT..THESE LOANS AND DEFICIT BRIDGING ARE ALL ACCOUNTED FOR IN 2016 BUDGET.....SO...DONE OR NOT DONE...
larrykn says(): since they will ahead of where they were told to be I'm thinking its time to get excited :)
templejc says to larrykn(): YEP - I AGREE WITH YOU - IT'S LIKE THE DOMINOS ARE FALLING RIGHT IN A ROW
larrykn says(): I'm thinking they have very few ideam left to do at this point
rcookie says(): THIS IS WHAT WE ARE LOOKING FOR...(PAGE 8)....AGAIN IN WRITING...NO GUESSING...OPINIONS...SPECULATING..
templejc says to larrykn(): THAT IS MY HOPE
rcookie says(): The Minister of Finance will approve a new draft of the Financial Management law in line with World Bank and IMF comments on the last draft submitted to the Shura Council (structural benchmark for the second review, Table 2).
larrykn says(): waiting to write what rcookie is about to type
clay says to larrykn(): confused MD said art 8 by end of month will show rate
clay says to larrykn(): is that right or not
rcookie says(): Survey, audit and pay domestic arrears. As a first step, the Ministry of Planning will complete, by end-February 2016, a survey of domestic arrears on investment spending accumulated by all ministries as of end-September 2015 (structural benchmark, Table 2) and the Ministry of Finance will complete a survey,
also by end-February, on current spending arrears accumulated by the same units as of end-September; in addition, similar surveys of arrears as of end-December 2015 by end-March 2016, and as of end-March 2016 by end-May 2016 will be completed.
On the basis of each of these surveys, the government will prepare plans for the orderly payment of the arrears, which will include an independent audit of the arrears and a repayment schedule in line with the government’s financing capacity.
As of end-April 2015, the government identified ID 7.3 trillion in domestic arrears, out of which ID 5 trillion accumulated in 2015 (¶13); the Board of Supreme Audit will audit these arrears to check th
larrykn says(): yes that is what she said
rcookie says(): YOU SEE THEY DID SIMILAR ACCOUNTING IN SEPT 2015 REVIEW...SO THEY ARE READY FOR FEB 2016'S...
rcookie says(): HERE IS ANOTHER TANGIBLE MANDATE THEY ARE TASKED WITH BY END OF FEB 2016...
rcookie says(): Take steps to move to a Treasury Single Account (TSA); as a first step, the Ministry of Finance and the CBI will, by end-February 2016, compile a list of all bank accounts controlled by the Ministry of Finance and all spending units and sub spending units of the federal government, in CBI, state-owned and commercial banks; details should include balances at end-December 2015, account number, title, location, purpose, authority, and signatories (structural benchmark, Table 2).
rcookie says(): AND ANOTHER....
rcookie says(): Design and implement, with the IMF technical assistance, a commitment control system for budget execution that is based on a comprehensive financial plan for budget execution.
rcookie says(): AND 1 FOR APRIL REVIEW PERIOD.....
rcookie says(): Design and implement an Integrated Financial Management Information System (IFMIS) with the assistance of the World Bank; as a first step, adopt, by end-April 2016, a road map detailing its core functional requirements, such as: the chart of accounts, multi-year expenditure tracking; carry-over of resources from one year to the next; and management of advances and cash management arrangements.
rcookie says(): AND ANOTHER FOR APRIL...
rcookie says(): Implement Public Investment Management (PIM) reform with the assistance of the World Bank. On October 18, 2015, the Prime Minister issued a decree endorsing the Public Investment Management Decision Process Framework in line with World Bank recommendations covering investment selection, implementation, and ex-post evaluation.
By end-April 2016, the federal Ministry of Planning will set up a central PIM unit that will screen projects based on feasibility studies and develop and manage the Integrated Bank of Projects (IBP) to be operated as a sub-system of the existing Iraq Development Management System (IDMS).
rcookie says(): AND OF COURSE THE "MALIKI & BARZANI MANDATE"....
rcookie says(): Implement the existing asset declaration procedures for high-level officials in order to improve governance and enhance anti-corruption efforts; the Public Integrity Commission will continue to publish the names of those who fail to submit their annual declaration.
rcookie says(): LOL..
templejc says(): OK - THEN I AM CONVINCED IN SEEING THESE ARTICLE AND THE WORK THAT NEEDS TO GET DONE - I SEE THAT THE FIRST HALF OF 2016 IS ACTUALLY WHAT THEY MEANT.
NOT THE FIRST MONTH BUT THE FIRST HALF OF 2016. THANKS FOR THE INFO RCOOKIE
rcookie says(): THERE ARE 11 UNDER THE BANKING SUPERVION SECTION...
rcookie says to templejc(): BUT REMEMBER...THEY ARE SO FAR AHEAD OF THE TASKS...
Babe says(10:48 AM): so another year with no rv...?
Mrs BGG says to rcookie(): Thank you for the News!!
rcookie says to templejc(): AD REVIEWS..
rcookie says to Mrs BGG(): YVW...
templejc says(): I AGREE RCOOKIE - BUT IN ORDER TO MANAGE EMOTIONS - THE FIRST HALF IS EASY TO MANAGE AND NOT THE 'WELL MAYBE TODAY'
rcookie says to templejc(): AND THE MAJORITY OF THOSE ARE DONE...AND WAY AHEAD OF SCHEDULE...
rcookie says to templejc(): AGREED....
templejc says(): RCOOKIE - I AM GOING TO PRETEND YOU DID NOT SAY THAT (lol)
rcookie says to templejc(): REMEBER THE ARTICLE ABOUT THE INDEPENDENT BANK AUDITORS...AND BREAK UP AND PRIVATIZING OF 2 BIG STATE BANKS...
clay says to rcookie(): I remember that
rcookie says to clay(): banks (SOB) of which one is an Islamic bank, 32 Iraqi private banks, of which 6 Islamic banks, and 17 foreign branches, of which 5 are Islamic banks.
The SOBs dominate the financial sector and account for the bulk of assets and credits. Three of the SOBs, Rafidain Bank, Rasheed Bank and Trade Bank of Iraq (TBI), cluster around 89 percent of the banking system’s assets.
The financial positions of Rasheed Bank and Rafidain Bank are fragile following years of quasi-fiscal operations. As a first step to restructure these banks, the Ministry of Finance will, by end- February 2016, appoint international auditors to audit the latest financial statements of Rasheed Bank and Rafidain Bank according to international standards (structural benchmark, Table 2), in cooperation with the Executive Committee for the restructuring of these banks and the World Bank.
templejc says to rcookie(): TELL US WHAT THAT MEANS (lol)
Mrs BGG says to rcookie(): (y)
clay says to rcookie(): stupid question....dinar trade always talked of opening a bank is that his bank.....Trade Bank
angus says(): rcookie I have a question. the PIM that you brought in it states Implement Public Investment Management reform. By end of April they will be screen projects to they need to be active for them to do the studies and to know if they are working.
So I guess what I am asking is they have to already be active and working so they know if they need to make adjustments or not. Or am I reading all of this wrong?
rcookie says(): OK...THE BIG REASON THAT THE SMALLER PRIVATE BANKS AND THEIR PROGRAMS AREN'T WORKING IS BECAUSE THE 2 BIG STATE BANKS CONTROL FAR TOO MUCH OF THE IRAQI CURRENCY ASSETS...AND PROVIDE VERY LITTLE RETURN TO THE GDP..
ONCE AGAIN A PART OF NON OIL REVENUE STREAMS...SO THAY ARE GOING TO BREAK UP TO MAKE MORE EFFICIENT AND PROFITABLE TO THE COUNTRY...
ALONG WITH IMPLEMENTING BANKING REFORMS TO THE OTHER BANKS THIS INDEPENDENT MONITORING WILL OVERSEE THIS BREAKUP AND ENFORCE....THIS IS ALREADY DONE.....
templejc says(): I REALLY LIKE THE WORD DONE!
rcookie says to angus(): NO...TOTALY AGREE..BUT THEY ARE ALREADY DOING...READ THE 2016 BUDGET AND SEE THE KIND OF FEASIBILITY STUDY PAPERWORK THE GOVERNORS OF THE PROVINCES HAVE TO DO TO QUALIFY THEIR PROJECTS AS PART OF DISTRIBUTION...
rcookie says to angus(): AND AS THE UN OVERSEES THE TRANSFER OF POWERS AWAY FROM THE CENTRAL AND ISSUES DISBURSEMENTS TO SPEND THOSE ALLOCATIONS TO THE APPROVED PROJECTS....NOT A FREE FOR ALL....
angus says(): Thank you rcookie. I was always told if you want to learn you need to suround yourself with those smarter than yourself for that I am most greatful for those of you that are willing to teach.
rcookie says to angus(): AGAIN....SO FUNNY.....WHEN HAS THAT EVER...EVER... EVER...EVER HAPPENED...EXECUTION OF THE BUDGET IN ITS ENTIRETY...
PAYING DEBTS AND ARREARS...BRINGING IN DEFINED REVENUES FROM VARYING SECTORS...
angus says(): never.
clay says to angus(): (y)
angus says(): till now
rcookie says to angus(): AND BEING REVIEWED AND ASSISTED AGAINST TASKS...WITH DEFINED INTERVALS...
rcookie says to angus(): THERE ARE MANY TANGIBLE MANDATES UNDER THE BANKING SUPERVISION SECTION......GREAT STUFF.....
rcookie says to angus(): LIKE THIS ONE ALREADY DONE...
rcookie says to angus(): Increasing the capital requirement of banks to ID 250 billion ($214 million), a level to which all private banks except one have increased their capital;
rcookie says to angus(): OR...
rcookie says to angus(): Preparing a Deposit Insurance Scheme which stipulates the establishment of a corporation to be licensed by the CBI, of which banks will have the opportunity to take a share in the capital;
rcookie says to angus(): OK BBL...GA EVERYONE.....
templejc says(): LOOKS LIKE DONE IS WINNING IN THE EQUATION