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Dinar Updates Monday Early PM Chat 12-5-16 Part 2 of 2
wickedwitch1 says to loop():YW. Thanks for posting the article. I appreciate all you do for us!
loop says to wickedwitch1():YVW
loop says():“Measures to bolster financial sector stability include strengthening the legal framework of the Central Bank of Iraq, restructuring state-owned banks, and eliminating exchange restrictions. Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation also need to be implemented.
clay says to loop():eliminating exchange restrictions....love that
wickedwitch1 says to loop():What affect does this have? "In the external area, the authorities are maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy."
wickedwitch1 says to loop():and then it mentions eliminating exchange restrictions, which seems to be what we are looking for to boost their economy (and ours lol)
clay says to wickedwitch1():yep
clay says to wickedwitch1():lol
Pablo says():Does it mean they are about to eliminate the exchange restructions, or is this a work in progress?
loop says():the peg is what is keep the dinar at it's current exchange rate. It also
loop says():It also help the dinar have a relatively stable value to the USD.
wickedwitch1 says():I'm not sure I understand...how can it be pegged to the dollar and eliminate the exchange restrictions?
loop says():As far the the eliminating exchange restrictions part goes. It seems they are indicating that they are working towards this.
Pablo says():They should hire The Flash to get it done quickly. :)
loop says():So first part (peg) is present tense and the second part (eliminating exchange restrictions) is future tense.
wickedwitch1 says to loop():Thank you! I appreciate the explanation.
david334 says():I could of sworn this was the second IMF SBA review. Sounds like there is a lot more structural changes need to be implemented. One step forward...
Buckaroo says():thought they had 1 review back in the summer, received some money, then a sept review we never heard if they got their money now this review....that is what i recall from the news articles
rcookie says():AND THIS IS WHY THE WAIVER TOWARD AREARS WAS REQUESTED AND GRANTED...
clay says to Dr Dave():lol
clay says to Dr Dave():they eat everything
rcookie says():The accumulation of domestic and external arrears to partly finance the 2015 budget was unfortunate and the authorities’ commitment to prevent a recurrence of arrears is essential to resume sound fiscal management.
The authorities need to pay international oil companies on time in order to secure oil revenue and be able to finance public spending and imports. They also need to strengthen their PFM system in order to accurately record existing arrears and pay them down after due control of their validity, as well as prevent the accumulation of new domestic arrears.
rcookie says():AND THIS LOOK FAMILIAR????..
rcookie says():PFM needs to be overhauled in order to improve the quality of spending and the authorities’ control over budget execution. To that end, it is crucial that the authorities take steps to implement a sound PFM law, comprehensive fiscal and debt reporting, commitment control, a Treasury Single Account, an Integrated Financial Management Information System, and Public Investment Management reforms.
rcookie says():The steps to strengthen anti-corruption legislation are welcome. A more independent Commission on Integrity, the criminalization of all corruption acts, and the other legislative changes envisaged will strengthen the legislative anti-corruption framework.
The implementation of a comprehensive asset declaration regime for senior public officials, their family members and associates will boost the fight against corruption.
rcookie says():Steps to strengthen the legal framework of the CBI, remove exchange restrictions and implement AML/CFT measures are welcome. They will improve the integration of the domestic financial system into the global economy.
rcookie says():The state-owned banks that dominate the banking system need to be restructured. The audits of the financial statements of the two state-owned banks Rasheed and Rafidain according to international standards need to be followed by the design and implementation of plans to restructure these banks.
rcookie says():The budget-sharing agreement with the KRG should be implemented. The proposal to shift to modalities that would net the oil revenue originated in KRG and the transfers to KRG in the budget of the federal government should be examined without delay.
Finding modalities to implement the budget-sharing agreement would put both the federal government and the KRG in a better position to address the ISIS attacks and the oil-price shock.
rcookie says():AND THIS IS WHAT SOME ARE CONFUSING WITH THE 1ST SBA REVIEW.................
rcookie says():Staff recommends completion of the first and second reviews of the SMP and approval of this request for a three-year SBA. Staff believes the policies laid out in the MEFP are adequate to deal with the present and urgent balance of payments and budget needs triggered by the ISIS attacks and the collapse in oil prices and achieve debt sustainability.
rcookie says():AND THE SBA REVIEWS ARE QUARTERLY...
rcookie says():The SBA will set: quarterly PCs on the non-oil primary balance, the stock of total public debt,18 the stock of net domestic assets of the CBI, official foreign exchange reserves, the absence of new external arrears and the stock of outstanding arrears to IOCs (MEFP, Table 3);
quarterly IT on social spending (a floor) and the stock of outstanding domestic arrears on non-oil investment (a ceiling); and PA and a few SB (MEFP, Table 5)﴿. As in Iraq’s previous SBA, the external auditor of the CBI will audit the stocks of net domestic assets and official foreign exchange reserves within two months after the test dates. An external auditor will also audit the stock of public debt within the same deadline.
The IMF Statistics Department has been providing technical assistance to ensure that the authorities report fiscal data in compliance with the IMF Government Finance Statistics Manual 2014.
rcookie says():YOU SEE THE DIFFERENCE BETWEEN READING CURRENT NEWS LIKE LOOPS REPORT////AND BEING ABLE TO GO BACK AND ALIGN DIRECTLY WITH IMF OFFICIAL DOCUMENTS AND REPORTS...
AND NOT SOME GURU WHO HASNT A CLUE FUMBLING WITH INFORMATION AND TURNING INTO SOMETHING IT IS NOT.......
subgirl says to rcookie():WOW! thank you! sure appreciate you very much rcookie!!!!
rcookie says():THOSE STATEMENTS ABOVE ARE COPY & PASTED DIRECTLY FROM JULY 2017 IMF LOI/MEFP/TMU....
clay says to rcookie():thanks :)
rcookie says():The PCs on the stock of net domestic assets of the CBI and official foreign exchange reserves will have adjusters allowing more/less indirect monetary financing and use of reserves in case foreign financing is lower/higher than programmed, with an asymmetric cap on the additional monetary financing to protect foreign exchange reserves.
The PCs could be revised and the fiscal adjustment path changed on the occasion of each review in case the medium term path of oil revenue and/or external financing differs from the one presented in this report. The PC on the non-oil primary balance will have an adjuster that will tighten the target in case the transfers to the KRG (¶5) are less than programmed.
rcookie says():Each program review will set a few structural benchmarks in areas that are essential for the success of the program.
Once the programmed fiscal adjustment is completed, and with oil prices recovering along the projected path, the budgetary position is expected to be sustainable without external financial support.
loop says to rcookie():So what is the date and rate(lol)??
UncleRod says():I Bet you dont get an answer on that question loop
eman4u55 says():ANY ONE GET THE NUMBER ON THAT PLATE ON THAT TRUCK
clay says to UncleRod():I'd still like one (lol)
loop says to UncleRod():If I got an answer I would stop coming to this site.
eman4u55 says to clay():ran us over with a truck
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