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Press Release No. 16/321 July 7, 2016 The Executive Board of the International Monetary Fund (IMF) today approved a three-year Stand-By Arrangement (SBA) for Iraq for SDR 3.831 billion (about US$5.34 billion, or 230 percent of quota) to support the government's economic reform program.
The Board's approval enables the disbursement of SDR 455 million (about US$634 million). In July 2015, Iraq received disbursement under the Rapid Financing Instrument equivalent to SDR 891.3 million (about US$1.24 billion at the time of approval).
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Post From BondLadys Corner
BondLady & Tlm724 News & Comments 7-8-16
IMF gives Iraq $ 5.3 billion
08/07/2016 10:10 |Direction Press The IMF agreed to give Iraq a line of credit worth $ 5.3 billion to help the country overcome the financial crisis faced due to the deterioration of oil prices and the war being waged against the terrorist organization Daash.
The fund said in a statement that "the Iraqi government will get the case on the first loan of $ 634 million, while it must implement a series of economic reforms to get the rest of the installments of this assistance plan that stretches over three years."
The statement quoted Zhou Min, one of the assistant directors of the Fund, as saying that "the Iraqi economy has suffered severely from the double trauma of the attacks Daash sharp decline in oil prices."
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WSOMN:
AdminBill: G'DAY FRIENDS AND NEIGHBORS - WE WERE EXPECTING TO SEE SOMETHING AROUND 5AM MST THIS MORNING WHICH DID NOT HAPPEN.
THAT THE IRRITATING (NOT BAD) NEWS. BASED UPON THE TOTAL PICTURE THAT I AM GETTING THIS WEEK INTO THIS MORNING WE ARE STILL GOOD.
DURING A CONVERSATION I HAD EARLY THIS MORNING I BELIEVE THAT, BY CONTRACT, THERE ARE "CONDITIONS" THAT MUST BE FULFILLED BY END OF DAY ON THE 12TH.
PRIOR TO THIS OR AT THE SAME TIME IT IS MY OPINION THE VALUES OF CERTAIN WORLD CURRENCIES MUST BE ADJUSTED TO SUPPORT "CONDITIONS".
ONCE AGAIN WE HAVE ANOTHER WEEKEND UPON US THAT PROVIDES AN OPPORTUNITY TO START THE PROCESS SOMETIME AFTER THE MARKETS CLOSE TODAY OR OPEN MONDAY WHICH BRINGS US INTO TUESDAY (12TH) BECAUSE MONDAY IS NOT THE IDEAL BANK DAY DUE TO THE WEEKEND ACCOUNTING REQUIREMENTS.
THERE YOU ARE
....
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Re-Posted from December 10, 2014. Material is more timely now than ever. There are growing calls for deeper monetary consolidation and the globalization of central banks under one global bank would serve this purpose. - JC
Disclaimer: The following material is written from the perspective of the global interests which are engineering the multilateral financial system and shifting the monetary frameworks away from the USD based system, and the imbalances that are inherent within that framework.
In researching this material and structuring essays such as this one, it is challenging to coherently write from an opposing position, or even supporting position for that matter.
The material is presented in a neutral manner and the reader can make self determinations based on their own prejudices and analytical abilities. Where I have expressed opposition should be obvious to the reader.
With the coming multilateral financial system the framework of global institutions such as the International Monetary Fund will have to be adjusted, which is what we are seeing with the now imminent implementation of Plan B for the 2010 IMF Quota and Governance Reforms. The reforms will restructure the institution to more accurately reflect the economic realities of the emerging economies, such as China.
~~~
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KTFA:
BACKDOC: WHAT HAVE WE BEEN YAPPING ABOUT FOR WELL OVER A YEAR FAMILY? HEE HEE
THE UNIVERSAL CURRENCY WILL BE CONTROLLED BY CONTRACTS! BINGO! HERE WE SEE IRAN STARTING TO CRY A LITTLE AND HAVING A TEMPER TANTRUM. HEE HEE (see article below)
THEY WANT THEIR REALITY VALUE ADDED TO THEIR CURRENCY BEFORE THEY SIGN THE CONTRACTS !!!! HEE HEE DOC IMO
Mountainman: Yes......AYA TOLD YA SO........says the AYATOLLA......We want Fair Treatment Post IMPLEMENTATION DAY......Now We mean BUSINESS USA......and {ALL} Countries Take Note on "His NOTE".......Our OIL will Reach It's Pre-Sanction Levels by September....
Take this Into Account w/the Article on Next Weeks DIGITAL CONFERENCE in SINGAPORE and I hear IRAN Singing and Rappin w/ 12/1 FAMILIY/ies that Is.....LOL.......Are they waiting for an SDR REALITY......???......Hmmm IMO
Blessings,Mountainaman (8)=New Beginnings......for the "OIL RUSH as WELL".......SDR STYLE......INDEED
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The below posts were in our 10am newsletter
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The Board's approval enables the disbursement of SDR 455 million (about US$634 million). In July 2015, Iraq received disbursement under the Rapid Financing Instrument equivalent to SDR 891.3 million (about US$1.24 billion at the time of approval). Iraq's economic reform program supported by the SBA aims to address the urgent balance of payments need, bring spending in line with lower global oil prices, and ensure debt sustainability.
The program also includes measures to protect the poor, strengthen public financial management, enhance financial sector stability, and curb corruption. Iraq will require the support of the international community to implement these policies,
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rcookie says():GOING TI SAY THIS ONE LAST TIME FOR EVERYONE!!!!......
_firefly_ says():Next question :)
angus says():this is like a mistery novel
rcookie says):THE IMF SBA LOAN HAS ABSOLUTELY NOTHING TO DO WITH CURRENCY REFORM IN IRAQ!!!!!!
angus says):I'm ready for the next chapter
rcookie says):ABSOLUTELY NOTHING
rcookie says):IT IS ACCESS TO BUDGET DEFICIT BRIDGING FUNDS THAT THEY EARNED THE RIGHT TO ACCESS THROUGH SMP AND PREVIOUS FINANCIAL LOAN INSTRUMENTS FROM IMF IN THE PAST.......
Pablo says():How much is left to clean up the city?
rcookie says():EVERY COMPONENT OF THAT ARTICLE IS IN 2016 LOI/MEFP/TECH MOU AS WELLA S THE RECAP FROM MADDSCOUT
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KTFA:
BACKDOC: THINK LIKE A BANK
"GOOD MORNING, GOOD AFTERNOON, GOOD EVENING, AND GOOD NIGHT," (SINCE I DON'T KNOW WHEN YOU'LL READ THIS)!
IN YESTERDAY'S POST, "THINK LIKE A COUNTRY," I MENTIONED THAT I EXPECTED THE NEW ASSET BACKED DIGITAL CURRENCY TO BE INTRODUCED ON THE 8TH OR PRIOR TO A RATE CHANGE.
AFTER SLEEPING ON THAT THOUGHT I HAVE COME TO THE REALIZATION THAT I NEEDED TO ALSO "THINK LIKE A BANK".
AS A RESULT, I THINK THE FOLLOWING PROCESS MAY ENSUE. LET'S CONSIDER THIS SCENARIO: THE DAY OF RATE CHANGE HAS COME UPON US AND WE NEED TO EXCHANGE OUR CURRENCY FOR THE NEW HIGHER VALUE.
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LEAFLETS DROPPED BY AIR OVER MOSUL TELLING OF SECURITY FORCES VICTORIES THROUGHOUT COUNTRY...
ARMED ATTACK TARGETS BARZANI HEADQUARTERS OUTSIDE OF KIRKUK...
INTERNATIONAL COALITION CONDUCTS 29 SORTIES IN IRAQ AND SYRIA...
PUTIN & OBAMA STATE READINESS TO COORDINATE ACTIVITIES IN SYRIA...
FARMING VILLAGES CLEANSED OF ISIS ELEMENTS EAST COAST OF TIGRIS RIVER SOUTH OF QUARRAYAH DISTRICT MOSUL...
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WingIt:
Some Intel Highlights From "The Big Call"
Cornerstone: BRUCE CALL: EXTREMELY CLOSE!
BRUCE CALL: EXCHANGES DONE IN THE LAST DAY TO INCREASE LIQUIDITY WHERE IT WAS NEEDED
BRUCE CALL: 28% OF REDEMPTION CENTERS SETUP TO RECEIVE ZIM
BRUCE CALL: WE HAVE BEEN SELECTED TO RECEIVE THE 800S, WILL BE UNDER THE BANKING TAB
BRUCE CALL: AFTER 800S, WILL HAVE A SHORT RECORDED CALL AND CELEBRATION POST
UncleBig: Humanitarian funds released last night to some
9thOrbit: waiting for Hawaii banks to cose at 9 PM PST
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The below posts were in our 10pm Newsletter
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Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Thursday PM Chat 7-7-16 Part 3 of 3
_firefly_ says():Program Summary
The economic program aims to stabilize the Iraqi economy which has been hit by the double shock of a steep decline in oil prices and ongoing ISIS conflict. The program is centered around four pillars:
Managing external pressures. Key measures include maintaining the exchange rate peg as the key nominal anchor; gradually removing the remaining exchange restrictions; and strengthening the anti-money laundering and combatting of financing of terrorism (AML-CFT) framework to stem illegal and speculative demand on foreign exchange.
Implementing fiscal consolidation while protecting the poor. The government will continue to implement fiscal consolidation, mostly through inefficient capital expenditure retrenchment, while protecting social spending.
This will help to bring spending to a sustainable level given the much lower level of oil revenue. The government will also design and implement deeper grounded revenue and expenditure reforms to hold the lid on the non-oil primary balance and achieve debt sustainability. Efforts are underway to implement the budget-sharing agreement with the Kurdistan Regional Government.
~~~
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Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Thursday PM Chat 7-7-16 Part 2 of 3
_firefly_ says():Out of curiousity since I just got on. Did anybody bring in any new stuff on Mosul?
_firefly_ says():So nothing in print obviously
Pablo says():I've heard more victories.
_firefly_ says to clay():Thanks :)
clay says to _firefly_():cookie brought in about kurds getting more arms from the US thats it
_firefly_ says to clay():That's old news lol
clay says to _firefly_():oh ok
clay says to _firefly_():lol
DTE says to _firefly_(): Throwing Iraqi flags and leaflets indicate (victories) over Mosul
Thursday July 7, 2016 - 11:49
Declared war media cell, on Thursday, throwing Iraqi aircraft flags and "millions of publications that refer to the victories" over the center of the city of Mosul (405 km north of Baghdad).
~~~
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Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Thursday PM Chat 7-7-16 Part 1 of 3
jtank says():I think all this unrest, bombing ,gov probs are all based from Iran
IcemanAKASnake says():Shabs is IN THE KNOW !!
graci says():GM. I was just reading the news I am a bit confused. A few months back it was said the Anmisty, investment laws,HCL were all ammended. Why are they having to redo them again just a few months later
angus says():graci I think they just have to be voted on..... but I could be wrong....
da58 says to graci():I believe there were additional recommendations made about 1.5 or 2 mths ago made in a getogether is Jordan (not sure of location... by IMF).. tweeking, to make it even more user friendly as I understood..
Amnesty has never been thru the successful second reading without objections to 'a paragraph', perhaps verbage.. and HCL hasn't been 'settled' once and for all - yet to my knowledge. I could be wrong here, but this is my understanding.
graci says():thanks
~~~
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Post From Peoples Dinar
Millionday Update 7-7-16
Iraq New 500-Dinar Note With Kurdish Confirmed
Stevel: I am posting this for Millionday as she cannot be in the news chat.
Here is her comments on this: (this was by way of a text message to me)
This is a clear move to re denominate the country, IMO it is clearly to support the move to world trade and all economic reforsm and their activation/launch.
She ended with a big "Whoooopow"!
Then the last two text messages:
Millionday: Great, this is exciting. :)
Millionday: Cost more to make than it's worth with overhead. <-- Great point I say.
Stevel: When she gets excited, I get more excited. This confirms a lot of positive things. Happy feet.
Stevel: By the way, Millionday again can not be here tonight but should be here tomorrow. I will do what I can to add to here news tomorrow. This should be a great Friday News Day.
Best Regards All, Steve
~~~
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....KTFA:
DELTA: Key measures include maintaining the exchange rate peg as the key nominal anchor; gradually removing the remaining exchange restrictions
.
http://www.imf.org/external/np/sec/pr/2016/pr16321.htm
Doodlebug: Thank you Delta. Are you sharpening your scissors and perfecting the art of "ponytail removal?" (note: Frank26 will cut off his ponytail when it RV's)
DELTA: YES I'M READY FOR NEXT WEEK. (wink)
....
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