NEWSTIME WITH BGG Saturday afternoon, September 17, 2016
BGG says(3:00 PM):
Ok - here's some info...
magnetlady says(3:00 PM):
OK
BGG says(3:00 PM):
I put this article in here earlier...
Saleh: Iraq has implemented all the conditions of the International Monetary Fund!
BAGHDAD / News Network Iraq declared Prime Minister adviser on fiscal policies, the appearance of Mohammed Saleh on Thursday, for an end to Iraq 's own commitments first phase of the Stand -By agreement with the International Monetary Fund of several stages include 13 commitment by which it agreed to grant Iraq a financial loan $ 5.3 billion.
concluded Iraq and the international Monetary Fund in May / May last deal after meeting for several days held in the Jordanian capital Amman to grant Iraq a financial loan of 5.3 billion dollars with an interest rate of up to 1.5%, acknowledges Iraq share an initial value of $ 634 million in July / last June, said adviser to the Iraqi prime minister for financial policy,
the appearance of Mohammed Saleh, in a press statement today: " the first phase of the standby credit agreement with the international Monetary Fund included several reform requirements of the Iraqi economy, and performance standards, and financial management reform, reform.
some laws, procedures for restructuring the general budget, and maintain the central bank 's reserves, all of Iraq 's commitment to them. "
Saleh added that" the willingness of credit with the international Monetary Fund by which it agreed to grant Iraq a financial loan of $ 5.3 billion agreement, includes 13 consultation or obligation , Iraq and the international Monetary Fund , they finished the first review, there will be future revisions in early October in Washington."
Iraq 's chief financial officer , and continued that" after each audit is released part of a financial loan to Iraq in accordance with the agreement, and we expect that Iraq has received the second installment of the financial loan next month (without revealing its value). "
for his part, expressed the international Monetary Fund, on Wednesday, thanked the Iraqi authorities to" good cooperation with him and discussions frank and fruitful during the first review of the agreement to prepare the credit, which has in the Jordanian capital Amman recent meetings. "
The Iraqi government acknowledged the end of last month, the country 's budget for next year by 102 trillion dinars (about US $ 85 billion), to begin a new phase of internal and external negotiations may be more complicated on how to secure the fiscal deficit which stood at 30% of the total budget.
BGG says(3:03 PM):
So let's give some frame of reference in "layman's terms"...
We've talked over and over and OVER about this IMF "world" assistance package...
to start things off - they will get 5.3 Billion USD over the next 5 years.
their budget for 2017 is roughly 85 Billion (expressed in USD - which isn't really significant - just saying it in USD terms)...
I don't recall what their budget was for 2016 - probably similar...
once we're done with this - I'll ask a few important questions...
So they will have gotten something around 1 Billion USD in IMF aid this year - once the balance of the two payments are made - next month??
Everyone follow so far??
thedinarian says(3:08 PM):
y
DIGIman1 says to BGG(3:08 PM):
(y)
Pablo says(3:08 PM):
YEP.
Okie Dinar says(3:08 PM):
yes
bubbles says to BGG(3:08 PM):
yes
Nomad says(3:08 PM):
Yes
speakwell says(3:09 PM):
yep
MrsBGG says(3:09 PM):
(y)
null says(3:09 PM):
Yes
BGG says(3:09 PM):
So their total budget is around 85 Billion US and they are getting this "life-saving aid" amounting to a little over 1 Billion US...
hobie1965 says(3:09 PM):
yes
BGG says(3:10 PM):
That works out to a little over 1% of their budget... seriously?!?
DIGIman1 says to BGG(3:10 PM):
seems a moot point?
BGG says to DIGIman1(3:11 PM):
wait for it...
we're getting to that... :D
DIGIman1 says to BGG(3:11 PM):
:D
BGG says(3:13 PM):
This would be like you making 50,000 per year... you find yourself in a "financial crisis" - your banker comes to you and says "I'll give you $250.00 in July and another $250 in October"... how far do you think that would go towards solving your crisis??
Seriously??
Nomad says(3:14 PM):
not very...
slh5282 says(3:14 PM):
not to the corner for sure
BGG says(3:14 PM):
Exactly.
scottiegirl says(3:14 PM):
Like trying to save the Titanic with a tea cup
BGG says(3:15 PM):
THAT'S WHAT THE ACTUAL DOLLARS HERE MEAN... NOT MUCH!!!!!
So what in the world are they talking about when they say with this IMF and "world" support they have "over-come" their financial crisis?????
BGG says(3:16 PM):
So what in the world are they talking about when they say with this IMF and "world" support they have "over-come" their financial crisis?????
they are either on CRACK or they are talking about something other than the MONEY!!!
kalis says(3:17 PM):
({)
thedinarian says(3:17 PM):
go on.... :)
1rick says(3:18 PM):
credablity perhaps
kalis says(3:18 PM):
mark cuban or donald trump going to help 8-)
BGG says(3:19 PM):
Obviously - they are talking about something other than this little amount of financing... Saleh is essentially saying "we've done everything the IMF has asked"... this is critical for what's next - CRITICAL...
jtank says(3:19 PM):
credit rating
Nomad says(3:19 PM):
investment contracts?
tman23 says(3:19 PM):
The loan set up was a prelude to entering the SDR......setting up a credit rating.....and set them up for international exchange......
BGG says to 1rick(3:19 PM):
you're getting warmer...
kalis says(3:19 PM):
no rv
KAT1 says(3:19 PM):
RVING
BGG says to Nomad(3:19 PM):
on the right track.
kalis says(3:20 PM):
no rving
Nomad says(3:20 PM):
It was that coffee...now I need another clue.
kalis says(3:21 PM):
yes please more clues
BGG says to tman23(3:21 PM):
Forget the loan - it (in and of itself) is almost useless...
scottiegirl says(3:21 PM):
Hopefully moving to the international stage....with an acceptable currency....maybe?
BGG says(3:22 PM):
What are the 2 things they really, really, really need??
jtank says(3:22 PM):
rate
BGG says to scottiegirl(3:22 PM):
NOW YOU'RE GETTING THERE!!
Soonergirlie says(3:22 PM):
purchasing power
Nomad says(3:22 PM):
peace and love
MrsBGG says(3:22 PM):
date :D
slh5282 says(3:22 PM):
acceptnce to the wto and money with value
BGG says to slh5282(3:22 PM):
VERY CLOSE.
Beeson says to slh5282(3:23 PM):
i like that
bubbles says(3:23 PM):
rate date
carxpress says(3:23 PM):
article 8 acceptance?
Marilynjoy says(3:23 PM):
in country production
kalis says(3:23 PM):
no peace and love ..wow
MrsBGG says to bubbles(3:23 PM):
smile
jtank says(3:23 PM):
shoes
cricket22 says to BGG(3:23 PM):
Rate
BGG says(3:23 PM):
two things they really need...
1) IMF oversight and a demonstrated ability to do as they are told...
(that's a biggie)
kalis says(3:23 PM):
dinar can use any place in world and accepted
slh5282 says(3:24 PM):
international acceptable currency
BGG says(3:24 PM):
2) international acceptance... re-integration with the world economies.
#2 won't fully happen without #1...
AND
Beeson says to slh5282(3:24 PM):
re-integration as in ?
Nomad says(3:24 PM):
I thought they had #!
kalis says(3:24 PM):
how are they doing on number 1
Scotzgirl says(3:25 PM):
That article shows they've got #1
BGG says(3:25 PM):
international acceptance in every way. This includes an internationally priced and accepted currency...
slh5282 says(3:26 PM):
so 1 in done they just need to complete 2/
slh5282 says(3:26 PM):
?
BGG says to Scotzgirl(3:26 PM):
EXACTLY - obviously - Saleh is prone to bluster... he's a big talker.
scottiegirl says to BGG(3:26 PM):
Hallelujah Jesus!
Nomad says(3:26 PM):
so, they are still working on #2
jtank says(3:26 PM):
amen
BGG says to Scotzgirl(3:26 PM):
but - they won't get #2 - without #1...
speakwell says(3:26 PM):
One more meeting (IMF October) ?
rudy says(3:27 PM):
so whats going on...
BGG says to speakwell(3:27 PM):
it's not about the meetings - it's about what they are actually DOING.
speakwell says(3:27 PM):
OK Gotcha
BGG says(3:28 PM):
Let's go backwards a little - then cover this again...
slh5282 says(3:28 PM):
BGG, are they not cleaning up the corruption, cleaning up the mess with ISis, and now following the direction and
organiztion provided by IMF?
BGG says(3:28 PM):
why do they need international acceptance??
for one...
slh5282 says(3:28 PM):
How long do they anticipate the completion of Mosul before they have back total control?
carxpress says(3:28 PM):
investors?
Scotzgirl says(3:29 PM):
so they can conduct trade in their own currency
BGG says(3:29 PM):
their whole budget relies entirely on oil - everything you see in their budget is their whole oil production... their everything rises and falls on oil production and oil prices.
Nomad says(3:29 PM):
so their currency will be accepted everywhere...agree wi Scotzgirl
carxpress says(3:29 PM):
(good answer scotagirl)
BGG says(3:29 PM):
the IMF doesn't want that... neither should Iraq.
BGG says to Scotzgirl(3:30 PM):
exactly - but I'm getting to that - and why..
their oil income should be the ENGINE that drives their economy - NOT THE WHOLE THING...
speakwell says(3:30 PM):
Non-oil private sector "full" Productiion ?
BGG says(3:31 PM):
so how do they get things turned around??
thedinarian says(3:31 PM):
and in order for that to happen they need to have trade deals... and if that is going to happen they need a rate to attract the world...
carxpress says(3:31 PM):
as we've learned here at DU, they are exporting other products .. only cement comes quickly to mind ..
BGG says(3:31 PM):
by doing EXACTLY what they are doing.
Scotzgirl says(3:31 PM):
natural gas, Port of Faw revenue, tariffs, taxes, etc
thedinarian says(3:32 PM):
Boom... they are there!
rudy says(3:32 PM):
so things could happen pretty quick?
BGG says(3:33 PM):
getting along with the IMF... this loan is just a vehicle to get the IMF and "world support" on board...
Scotzgirl says(3:33 PM):
shows the world that IMF considers them credit/debt worthy?
thedinarian says(3:34 PM):
I couldnt agree more! They already have our attention... now they are showing us that they can follow direction and deliver!
BGG says(3:35 PM):
According to economists - once they are internationally integrated - their currency priced right, investment laws are properly ammended and internationally accepted - THEY WILL GET HIT WITH A WALL OF INVESTMENT MONEY... (their actual words).
thedinarian says to BGG(3:37 PM):
yup yup!
Nomad says(3:37 PM):
The line forms to the right!!!
BGG says(3:37 PM):
When this happens - they will be a lot less dependant on oil income... far more diversified.
TONYV says(3:38 PM):
BGG: IMO, I see the carrot and stick approach from the IMF. Make no mistake, the IMF is in charge. What say you?
BGG says(3:38 PM):
I agree...
thedinarian says to BGG(3:39 PM):
and that will give them they stability they need and what we investore want to see.
BGG says(3:39 PM):
and they seem to be responding.
Nomad says(3:39 PM):
double dog agree
scottiegirl says(3:39 PM):
Seems as though Saleh was telling the IMF "we are ready"
TONYV says(3:39 PM):
Absoulutely, in a BIG way Iraq is responding.
BGG says(3:40 PM):
OK gang - questions??
thoughts//
jetset says(3:41 PM):
thought...
TONYV says(3:41 PM):
I don't know exactly at what point the financial reform will happen but the IMF is spelling it out for them.
Nomad says(3:41 PM):
with the right leadership, they are moving ahead...wish it had happened years ago...
BGG says to TONYV(3:41 PM):
I really think all of this is part of "the financial reform"... no doubt.
slh5282 says to BGG(3:41 PM):
there seems to be some issues still in Mosul, any idea on the time frame on total control of the city?
tman23 says(3:41 PM):
Certainly the loan is useless...... But it was the contract of stipulations that sets up the moving forward.....And the IMF focus is SDR...... Which the IMF will tie into the future with Carbon Credits which deals with Climate Change taxation...... Iraq will be the fastest growing new infastructure and pretty much is the poster child for the "climate change" policies and programs that are ready to be initiated....... This gets way to deep for most BUT it is a subject that does not go without mention even from Legarde herself........ The globalism far exceeds what most think it involves...... I and other associates have been on this "carbon credit" trail since 2001 and well versed on what is happening here...... No conspiracy or otherwise, just a laid out global plan.......... IMO the interest for us now is only the intro of new currency and how they will treat the existing 3 zero notes.......
BGG says to Nomad(3:41 PM):
agreed.
DIGIman1 says(3:42 PM):
could they be using these loans to bolster the credit rating?
jetset says(3:42 PM):
I think the question / thought I and many others are wondering is - do you think this next phase is a long process before we see them return to the international stage with a legitimate rate?
TONYV says(3:43 PM):
BGG: Thank you for the insight.
BGG says to tman23(3:43 PM):
no need to be concerned about how they treat the 3 zero notes... they are worth a Dinar and will still be worth a Dinar once they make the change...
carxpress says(3:43 PM):
With the corrupt politicians, the cleaning of Mosul, and amending needed laws, what do you think their priority order is?
Scotzgirl says to jetset(3:44 PM):
you asked that much better than me, I was going to ask for the date _____?
wickedwitch1 says(3:44 PM):
It is obvious that this will greatly benefit their economy and the people. What is holding them back from making the change and moving forward?
jetset says to BGG(3:44 PM):
there should be no doubt about that, BGG that is for sure!
jetset says to Scotzgirl(3:44 PM):
({)
BGG says to jetset(3:44 PM):
I don't see how they can wait that long - unlike in previous regimes - there is no stall here... it's all GO, GO, GO!!
Nomad says(3:45 PM):
Everyone is finally on board!!!!!
jetset says to BGG(3:45 PM):
obviously that is what i want to hear but i agree that it sure seems like it has to be that way as well. pedal to the metal!
BGG says to jetset(3:46 PM):
My simpathies to you on this College Football Saturday
null says(3:46 PM):
Does passing their 2017 budget have anything to do with what we are looking for?
BGG says to null(3:46 PM):
I doubt it.
thedinarian says to BGG(3:47 PM):
Thank you BGG for your time and energy and sharing your wisdom with us all! I appreciate you and your lady more than you can imagine!
TONYV says(3:48 PM):
BGG: I'm sure I'll get spanked for this but I have to ask. I can't help but believe Obama's ego has some influence in this process before he leaves office.
BGG says to thedinarian(3:48 PM):
YVW
hobie1965 says(3:49 PM):
Thanks BGG What shall we look for next
sslh5282 says to BGG(3:50 PM):
great news thnks for the insight
