PappaJack: FRANKIE, CLEAR THIS UP FOR THE FAMILY PLEASE. IMF HAD SAID THAT IRAQ WOULD =NOT= RECEIVE ANY MORE MONEY UNTIL THE ZERO’S WERE LIFTED, IS THIS CORRECT OR NOT??????? PJ
StephenMac63: Ok, thinking here,….we have a report of 18 billion loaned by the IMF, thats the total of the loans. Article says 9 billion, half of it went to Kuwait for compensation……we know they got an installment of 2 billion last week…..so whats left…..7 billion, this is for the monetary reform…………….is my train of thought on track or did I get derailed? Or did Iraq officialy notify the IMF of the rate change and we have yet to see it?……I will give it a “few” days
Samson: Iraq receives $ 18 billion from IMF
5th March, 2017
Iraqi Parliamentary Economy and Investment Commission disclosed that Iraq received 18 billion dollars from the International Monetary Fund (IMF) on installments.
Member of the Commission Najeeba Najeeb added that 9 billions of this figure were paid to Kuwait for 1990 war compensations.
On the other hand, she added that Iraq signed an agreement with the IMF to reform the financial system in the country.
Iraq received this amount on three installments, as she added
Aggiedad77: I find this highly interesting….especially the part about payment to Kuwait for war compensations…..they owe Iraq $4.5 billion that had been deferred until this year…..now they are paying them 9 billion of this 18 billion from the IMF that is just odd to me, unless that is perhaps an agreed upon “extra” amount for loss of properties or bodies not recovered….who knows…..and the IMF stipulates they need to reform their financial system…..that sounds much like the Monetary Reform to me…..so be it….get with the program Iraq….make it so.
Jay: No more testing???…hmmmmm
First time in history??? Hmmmmm
CBI………..IN THE NEXT FEW DAYS?
AS PER FRANK……IN THE STILL OF THE NIGHT.
NUFF SAID. (smile)
The Ministry of Communications launches optic telephone network services tomorrow in Baghdad
The Ministry of Communications, on Sunday, announced the launch of optic telephone networks FttH services in Baghdad, indicating that the move is the first of its kind on the communications level in Baghdad.
The ministry said in a statement received “Tomorrow Press”, he was “under the direct supervision of the Minister of Communications Hassan Kadhim Al – Rashed and under the slogan (optical cable services will live and evolve) will launch the General Company for Post & Telecommunications, optic telephone networks FttH in Baghdad Services in collaboration with the companies of the sky , and equipped with Internet Services “.
She pointed out that ” the date of the service will be on Monday, the main site for the project object in Baghdad Tower near the Eagles Square area of Mansour near the Ministry of Communications twelve o’clock in the morning , ” indicating “it was all technical, administrative and logistical supplies for the opening and the launch of this project create were invitations to official bodies and companies connect to attend this important forum. ”
The ministry said that “This project is the first step of its kind to be activated on the communications level in Baghdad and the launch of the commercialization process of the citizens.”
Fenway: Not sure this is anything new but the IMF has a followup meeting with Iraq in March for the second review of the SBA:
“The Iraqi authorities have made good progress on implementing economic reforms under the SBA.”
“The Iraqi authorities and IMF staff will hold discussions on the second review of the SBA in March 2017.”
Don961: Morning Fenway ……the whole release : That list of reps from Iraq …. looks very similar to the group that gathered recently to make some important decisions … that caused DELTA to make the comment ” can we say BINGO now ? ” …. this is the month for the meeting with the IMF … IMO
Statement by an IMF Mission on Iraq
January 19, 2017
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.
The Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Baku, Azerbaijan from January 15–19, 2017 ahead of the second review of Iraq’s 36-month Stand-By Arrangement (SBA) that the IMF Executive Board approved on July 7, 2016 ( See Press Release No. 16/321). The first review under the SBA was completed on December 5, 2016 (See Press Release No. 16/540).
Mr. Christian Josz, Mission Chief for Iraq, issued the following statement:
“The Iraqi authorities have made good progress on implementing economic reforms under the SBA.
“The Iraqi authorities and IMF staff will hold discussions on the second review of the SBA in March 2017.
“During the discussions, the team met with Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, Deputy Finance Minister, Dr. Fadhil Nabee Othman, the Financial Adviser to the Prime Minister Dr. Mudher Saleh, and officials from the ministry of finance, the CBI, the ministry of planning, the ministry of oil, the State Oil Marketing Organization, the Central Statistical Office and representatives from the Kurdistan Regional Government. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”
MilitiaMan: This is what we are looking for. Global entities coming in with hard currency to support the value of the IQD. This imo is the speed of light for the monetary reform we hear about.
Once Daesh is fully defeated and announced the cascade of events said to be implemented are many and will all have momentum to drive the demand side of the equation while the CBI can monitor the supply side of things.
National reconciliation, HCL, monetary and economic reforms, infrastructure re build, etc.. ALL WILL START AND NOT WITH A PROGRAM RATE.
The pace we have seen of late may seem slowed, as we are anticipating Daesh to fall 100%, however, imo the pace of current events has been steady and far more advanced than ever before to date. See final articles 1-32.. They confirm that Iraq fully intends to do all of the oforementioned above and get back to the glory days the country deserves!
We all know that the glory days for Iraq was not with a program rate or present market rate of 1250 IQD / 1 USD. The coming days? Frank says he’ll see us in a few days.
WS, am i correct this is from Dr. Shabibi? If so it is a ta da Franken da article!! The coming days ….. Oh so (thumbs up)
Frank26: It all Bodes well ……….I will see you in less than a few days ……… To SHARE!!!
Samson: Central Bank: the financial crisis behind us and the next few days are promising
The central bank, announced on Sunday that Iraq exceeded the financial crisis and the coming days are promising, indicating that the decline Amajaov on hard currency reserves.
He said the Iraqi Central Bank adviser Walid Idi, in a press statement, that “the crisis, austerity and fiscal deficit as a result of lower oil prices in the last period has ended and Iraq overcome the financial crisis and the coming days are promising.”
He added that “Iraq will become a country of foreign investment as a result of competing foreign international companies to invest in the reconstruction after the devastating cities recovered from Daesh.”
“The entry of foreign Iraq’s companies reflect a positive outlook and will contribute to attracting major countries to rebuild the devastated areas and the holding of joint agreements for investment as well as trade exchange and activate tourism and oil industry,” stressing that “holding oil agreements with Arab and foreign countries will contribute to bring in hard currency for the country and raise reserves the central bank of the currency. ”
Idi He continued, “For the Amajaov hard currency reserves fell in the Central Bank and the decline of my time will be improved in the near future.
Aggiedad77: Nice big article here IMO….speaking of improvements coming soon….near future….speaking of the hardships of recent days is now past…..reconstruction help coming from the outside…..third party investors….positive outlook…..not just from foreign countries but Arab countries as well…..and the reserves on the rise….well of course, we know that….Time’s UP remember…..the BEST is coming.
Walkingstick: Beware of buying the dollar …. !!
Sunday 0.5 March 2017
Bank Central said in a statement published Wednesday by the agency (information) The implementation of the new system applied to a window sale of foreign currency led to a marked decline in the dollar against the Iraqi dinar, where the new system removed the middlemen and hackers by changing the requirements and procedures towards simplification and transparency in operations window selling foreign currency, and added that the new system provides for a window competition between banks on the basis of the extent of compliance with the rules to combat money laundering and terrorist financing, the bank confirmed that the new system’s success and cooperation with the Iraqi banks are encouraged to take additional measures that the legitimate demand for the dollar to cover up to the price target through the implementation of programs and new standards and rules check the clarity and transparency of such operations, and through a quick reading of the contents of this statement clear to the reader a set of observations notably:
The Bank has implemented a new system for window sell the dollar , which led to a marked decline in the exchange rate, which means that the system , which was applied by the bank is not valid , despite the 11 years passed since the sale of the dollar in the (auction) CBI during which the sale of hundreds of billions of dollar of which 7 billion and 285 million dollars for the period from 01/02/2017 up to 02/03/2017.
Don961: Some individuals are becoming wary of of buying the dollar because of all associated with it …. this speaks of the reasons … that a new system was needed is an admission the old one in place for the last 13 years was conducive to manipulation , corruption , potential terrorist financing , money laundering , etc …. the people selling the dollar make money by charging more for it on the street , which just hurts people’s purchasing power … other items highlighted ….
this article points out the need and more reasons for the country to deal with their own currency …. give it real purchasing power … on par or greater than the dollar …. so there will be no need for dollar auctions to function in every day life ….. as the article yesterday pointed out , delete the zeroes from the currency and increasing the value of their own dinar … will solve a lot of problems … IMO
Aggiedad77: Sort of screams that the MCP is upon us….USD drying up…..who knows.