Post From IQDCalls Chat Room
Chat Room News Excerpts & Highlights Late Wed PM 8-02-17
chattels: good evening all
chattels: Iraq floats $1 billion standalone bonds to worldwide investors
chattels: ERBIL, Kurdistan Region — The cash-strapped Iraqi government has again begun offering unsupported bonds, as it attempts to rebuild a country torn apart by conflicts since 2003 and the massive recent destruction caused by ISIS and its elimination.
“It’s a good time to sell as the battle for Mosul has been won, oil prices have recovered and the IMF program has proved a good anchor for fiscal policy,” Richard Segal, a London-based credit analyst at Manulife Asset Management, told Bloomberg.
“Almost everyone else has finished issuing for the season.” Riding the positivity of the liberation of Mosul from ISIS militants on June 10, Iraqi representatives have been meeting with investors in London, Boston and New York, according to Reuters and others.
chattels: The standalone bonds are being sold at an extremely higher rate than those Iraq previously sold this year. In January, bonds backed by the United States sold at a slim 2.149 percentage and totaled $1 billion. Iraq is rated B- stable by S&P and Fitch.
chattels: UN estimates for immediate stabilization, to repair basic public infrastructure in western Mosul alone sit at $700 million, which it has tried to facilitate through its Funding Facility For Stabilization (FFS) program. This however is a relatively small sum to rebuild the country. A senior US Senator Lindsey Graham said in March that he had discussed rebuilding with the Iraqi Prime Minister.
"I heard from the Iraqi prime minister yesterday — to reconstruct Anbar province and now Mosul, is about $50 billion," Graham said at a Senate hearing, addressing Defense Secretary Jim Mattis and Marine General Joseph Dunford, the chairman of the Joint Chiefs of Staff.
chattels: The Kurdistan Regional Government as it approaches a September 25th referendum on independence is preparing a dossier as leverage that includes hundreds of billions of dollars it says Baghdad owes in compensation to Erbil. Iraq’s national and foreign debts will most likely to have exceeded $134 billion by the end of next year despite growing oil production and revenues, according to an International Monetary Fund (IMF) report in June.
In order to restore some liquidity and allow for public financial management projects, the IMF agreed to release an additional $800 million to Iraq after it completed a fiscal review in June.
chattels: Corruption remains a problem country, which relies on 90 percent of its revenues from oil. Ahmed Haji Rashid, head of the finance committee in the Iraqi parliament, told Rudaw in June that $112 billion in oil revenues from 2003 to 2016 remains unaccounted for.
chattels: In December 2016, the Iraqi parliament approved a 100.67 trillion Iraqi dinars (about $85 billion) budget for 2017. It forecasted a deficit of 21.7 trillion dinars ($19 billion) and spending of 100.7 trillion dinars.
Iraq wanted to return to selling bonds in 2015, but had disagreements with buyers over the terms. Iraq’s last unsupported bonds totaled $2.7 billion that were sold in 2006 and still remain outstanding, according to the Financial Times.
Spectra: @chattels ty for your contribution!
Brow: @Spectra - I heard a Florist went into a Barber Shop & got a Hair Cut & When He went to pay the Barber-HE said No it's Free this week I'm doing Community service This week-
So the Next Morning When The Barber got to his Shop -On his Steps there was a Card & a Dozen Roses-
A policeman Came in that morning & ask For a Hair Cut & when the Barber was Finished The Cop ask How Much Do I owe You & the Barber said will Sir It Free This week because I'm Do Community all Week-
Will the next Morning when the Barber got to His Shop on the Steps there was a Card & a Dozen Donuts –
That Morning a Congressman show up & ask for a Hair Cut & when the Barber was Finished The Congressman Ask How much do I owe You-Will The Barber said it's Free all This Week Because I'm Doing Community Service all Week-
So the Next Day when The Barber Showed up To His Shop There was a Dozen Congressmen Lined Up For Their Free Hair Cut
Spectra: @Brow sounds like those cheap skates!
Brow: @Spectra - They are No Different Then The Welfare People & I know many do Need It
chattels: Anyone have good understanding of " unsuppported or standalone bond(s) " ?
Brow: @chattels - Well There goes our RV with all the Corruption & It's not going to stop
chattels: @Spectra Good evening.
chattels: @Brow Hi. Not very promising, eh ?
Spectra: :yes: i am staying optimistic!
Brow: @chattels -No
Cree: I'm back hey all
Cree: something sounds bad, what gives??
Spectra: Having oil is not the only thing iraq has going for it self! besides having oil is a a assurance for wealth.They are working on diversifying their economy it takes time!
Spectra: I choose to look at all the positives! Why fill your head with negativity!
Spectra: besides common sense says -iraq is very special to the rest of the world or they would not be giving them soooo much speacial attention..for a country that will fail!
Spectra: DO YOU TRAIN A OLYMPIAN TO GO TO THE OLYMPICS FOR FAILURE ?...i think not!
Spectra: these country being bred to winning status!
Spectra: The gold medal is the glory of their currency back on top!
Sergio: Exchange rate (dinar per US$; period average) 1,166 1,166 1,166 1,180 This came from the IMF report today
ElmerFudd: Yeah, but when is the IMF giving them the godhead to RV?
ElmerFudd: go ahead
Sergio: Investors rush to buy Iraq’s first independent bond
ElmerFudd: How can they sell these without an RV?
abangjadul: @Sergio TY
abangjadul: @Sergio .....Iraq’s outstanding bonds rallied slightly on Wednesday after the IMF released a statement on the country on Tuesday
abangjadul: @Sergio the authorities are appropriately maintaining the peg of the Iraqi dinar to the US dollar, which provides a “key anchor” to the economy.
Sergio: @abangjadul yes I read the whole report
abangjadul: @Sergio yes thanks for your article and this is the answer for gurus who said nobody will buy their bonds
ElmerFudd: They need to unpeg that anchor.
Sergio: @ElmerFudd they could pair with another currency but I doubt they will.
Sergio: @ElmerFudd I think they did once with the British pound
Sergio: From the chart the IMF used it looks like they do not look for inflation to rise above 2 %
Sergio: As much as I hate to admit this, I think we might still be in for a long road
RickeyT: Some do not want the hear the truth because they do not want their illusion destroyed
Brow: On Hannity (Fox News ) said Something Big is going To Break on The Leaks in the White House in the Next Couple of Days
Brow: @RickeyT - Very True
Brow: "A Big Can of Worms is Being Open" It's about Time !!!
Brow: @Sergio - There is No Thinking It is Going To be a Long Time or Road ahead
Brow: My Nephew Works For Shell Oil-He Travels around The World For Them-Sometimes for a Week or Two & sometimes for a Month at a Time -He was In Kawait last Year for a Month- He called & Said He could pick up some Dinars if I wanted some more -I said got all I'm Buying-He just Laugh - He said He Wouldn't Touch Them with a Ten Foot Pole from the Talk in Kawait -
Brow: Wonder Why Iraq "CAN"T" ale Their BONDS ? Food For Thought !!!
Happy: Good evening! :) "Abadi: We plan to launch a large economic program"
Brow: My Next Door neighbor who has Works for Valero Oil & Gas Refinery-Been There for 30 years Told me The Talk there at Valero Refinery That The Dinar Is & has Been a Scam Now for Years- It's a Dealers Con job- Iraq will stay Beg to the Dollar !!!
Happy: Prime Minister Dr. Haider Al-Abbadi presides over the first meeting of the Higher Committee for Investment and Reconstruction http://pmo.iq/press2017/2-8-20171.htm
Happy: @Brow I think I'm going to go with IMF Measures to bolster financial sector stability include strengthening the legal framework of the Central Bank of Iraq, restructuring state-owned banks, and eliminating an exchange restriction and a multi-currency practice.
Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation also need to be implemented.
Happy: IMF Executive Board Completes Second Review of Iraq’s Stand-By Arrangement and the 2017 Article IV Consultation
Happy: "eliminating an exchange restriction and a multi currency practice"
Tebow: wondering how these idiots calling the dinars a con. I bought a few and they have gone up in value since when I bought in 04.
Tebow: Sure haven't lost any money on them.
Happy: I would rather lose my investment than lose out on the float! I would be pulling my hair for not investing ;angry :Tup
Happy: Iraq succeeds in the consultations of the credit agreement with the International Monetary Fund "The program included a set of reforms and objectives have been committed to the benefit of Iraq, the latest supplemental budget approved by the House of Representatives in record time, which showed the keenness of the legislative and executive authorities on the plan and programs of reform."
EMAN4U55: @Brow WANT TO SELL YOUR DINAR
Happy: Abadi: We plan to launch a large economic program
Happy: This is not Florida, this is Bismayah.Iraq's largest development project [youtube]
Romello: UN launches cash-for-work program in Iraq Wednesday, 2 August
Romello: International Monetary Fund confirms Iraq's commitment to reforms required 03/8/2017
Romello: Capital market, attracting investment factors and activating trading in securities 03/8/2017
Romello: Abadi: We plan to launch a large economic program 03/8/2017
abangjadul: their plan to bulit/ rebuilt /restored just like abadi said that their goal to raise the performance of the country economically and with the restoration of Iraq's economic status at the international level and increase confidence in financial and financial transactions......but they have no target at all "WHEN WHEN WHEN we can see the reality ..abadi /alak ust change your iqd rate pleaseeeee
chattels: Ah Bismayah. The name has attained almost Eldorado and Paradise like imagery, but to my knowledge it remains incomplete and nobody lives there.
chattels: Bismayah New City - National Housing Program BNCP is the first and the biggest city development project throughout the history of Iraq.
Bismayah city is located 10km south east of Baghdad on the Iraqi-Kuwaiti Highway, spread on a total area of 1,830 Hectare area and is planned to accommodate around 600,000 occupants in a total of 100,000 residential units. Also the infra-network such as electricity, water supply, and streets will be constructed.
As well as the infra-network, the Government of Iraq will develop the public facilities such as education, religious, welfare, and commercial facilities as well as infra-structure such as Water and Sewage Treatment plants.Bismayah New City will fill the lives of 600,000 citizens of Baghdad with happiness and be the most outstanding world class city beyond Iraq and Middle East as the first project of the National Housing Program.
Happy: Photo taken July 2017
Happy: Nobody lives there yet :)
Cree: @Happy looks really pretty
chattels: "A lot of work has been done," Araji said. "But the actual implementation on the ground, it (will take) about eight years."
chattels: That was in February of 2015.
Happy: I remember 2019 it will be complete...I must check for the info and post here
chattels: " Although the first apartments are ready to hand over by the summer, they say no water supply has been delivered to the city's purification plant, making the flats unlivable for now."
Happy: I found this on Wikipedia "The construction of Bismayah was started in early 2013 by Hanwha, a South Korean company. The city is expected to be completed between 2019 and 2021."
Happy: Chattels this is where I originally heard it.. 2019 Good video to see! "ABC News Report on Bismayah Project in Iraq_June.7.2015 ABC News Report"
chattels: What's the significance of Hashd participation in Hawija, Tal Afar operations?
chattels: The Iraqi Shiite-majority Hashd al-Shaabi paramilitaries will participate in the upcoming operations to remove Islamic State (ISIS) militants from their remaining strongholds of Hawija and Tal Afar.
This resurrects questions about the wisdom of having these Shiite-majority paramilitaries, some of them quite sectarian, fight in Sunni-majority areas.
chattels: The Hashd were excluded from the major operation to recapture the city of Mosul over fears that it would spark a sectarian conflict. The paramilitaries did surround the Turkmen-majority town of Tal Afar west of Mosul and cut ISIS off from the Syrian border early in that operation.
The Iraqi government said that only regular Iraqi forces would actually enter the town itself to remove the militants. That hasn't yet happened.
chattels: “The Tal Afar operation will reportedly follow the same pattern as Mosul, meaning the Hashd will be holding and taking the perimeter while only the army, police and Golden Division will actually enter the town,” Joel Wing, an Iraq analyst who runs the Musings on Iraq blog, told Rudaw English.
chattels: Wing concluded. “But that's the simplistic view, because Iraq is, as always, complicated.”
chattels: " Iraq is, as always, complicated.”
Happy: "I don't expect it will be a fierce battle even though the enemy is surrounded," Major-General Najm al-Jabouri told Reuters earlier this week. The Mosul offensive took nine months to carry out, but Jabouri doesn't see that being the case to the west.
chattels: Presidency of Kurdistan: "Violation of the Constitution" gives us the right to hold a referendum
chattels: [Ayna-Erbil] The presidency of the Kurdistan region responded to the parties that described the referendum as a violation of the Iraqi constitution by saying that "the violation of more than 55 articles in the Constitution prompted the Kurdistan region to resort to the option of referendum and independence."
The spokesman for the presidency of the Kurdistan region, Omid Sabah, in a press statement that "the contract between Erbil and Baghdad, the Constitution has been violated, and this gives the Kurdistan region the right to choose another way."
abangjadul: Representatives of the Iraqi private sector meet with the International Monetary Fund
chattels: Tal Afar has no " Iraqi " civilian population remaining. The reports are that the sole occupants are DAESH and their families.
Happy: Nujaifi warns of the inclusion of Kirkuk referendum Kurdistan .. And Britain confirms that the time is not appropriate
chattels: Tal Afar was a city of about 200,000 compared to Mosul which was almost 1.7 million.
Happy: That should be eazy breezy..
chattels: @Happy It took them more than a week to retake Qaraqosh from DAESH.
abangjadul: now the private sectors start to complains... :yes:
chattels: Wednesday, August 2, 2017 Post Mosul Liberation Day 22 Aug 1 2017
Happy: It's good to start somewhere taking back ISIS.. a week a month whatever it takes...get rid of the rats!!!
Happy: Every hole they might be hiding in..
Happy: Chattels a little too negative?.. smile :)
Happy: @abangjadul what do you mean?
abangjadul: @Happy have u read that article
Happy: Which one?
abangjadul: He stressed: applaud the progress made by the Office of Financial Supervision in the audit of transactions that have not been audited two months ago during a meeting in Baku and listen now to the points that contribute to the upgrading of the economy and how you are going business compared to last year
Did you see a sign of economic recovery that we do not support the existence of two prices to dollar exchange and that taxes must be 30% we have seen Jordan exempt from this tax on imported materials as well as Iran and Turkey is how to increase state revenues.
abangjadul: Representatives of the Iraqi private sector meet with the International Monetary Fund
Happy: @abangjadul Good article but I hate the way these articles are translated
abangjadul: yes ...maybe bing better ,,,let see
Happy: all the same
Happy: don't stress..
abangjadul: @Happy what is the meaning the existence of two prices to dollar exchange
Happy: I'm assuming Market rate street rate
Happy: This latest one stands out the most "IMF Executive Board Completes Second Review of Iraq’s Stand-By Arrangement and the 2017 Article IV Consultation" Measures to bolster financial sector stability include strengthening the legal framework of the Central Bank of Iraq, restructuring state-owned banks, and eliminating an exchange restriction and a multi-currency practice.
Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation also need to be implemente
Happy: Link http://www.imf.org/en/News/Articles/2017/08/01/pr17311-imf-executive-board-completes-second-review-of-iraq-sba-and-the-2017-article-iv-consultation
abangjadul: A plan to increase the number of foreign banks in Iraq
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