Imf & iraq
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  1. #1
    RED LILY
    Guest

    Lightbulb Imf & iraq

    Iraq: Exchange Rate
    as of February 29, 2012

    The SDR is an international reserve asset created by the IMF in 1969 and serves as its unit of account. The currency value of the SDR is determined by summing the values in U.S. dollars of a basket of major currencies.


    (in SDRs per Currency unit)

    April 29, 2011 0.000527732
    April 30, 2010 0.000566092
    April 30, 2009 0.000570626
    April 30, 2008 0.000512352
    April 30, 2007 0.000516326
    April 28, 2006 0.000460244
    April 29, 2005 0.000451682
    September 22, 2004 0.000466938
    September 08, 2003 2.53758
    April 30, 2002 2.53758
    April 30, 2000 2.43852
    April 30, 1999 2.38074
    April 30, 1998 2.38881
    April 30, 1997 2.3558
    April 30, 1996 2.21848
    April 30, 1995 2.04504
    April 30, 1994 2.26323
    April 30, 1993 2.26004
    April 30, 1992 2.34852
    April 30, 1991 2.39924
    April 30, 1990 2.46985
    April 28, 1989 2.48283
    April 29, 1988 2.32407
    April 30, 1987 2.46269
    April 30, 1986 2.73556
    April 30, 1985 3.24557


    The information provided is for your convenience and is not intended to replace other official IMF reports and statements.

    Iraq: Financial Position in the Fund




  2. #2
    RED LILY
    Guest
    Iraq: Financial Position in the Fund
    as of February 29, 2012
    Summary of IMF members’ quota, reserve position, SDR holdings, outstanding credit, recent lending arrangements, projected payments due to the IMF, and monthly historical transactions with the Fund.




    I. Membership Status: Joined: December 27, 1945; Article XIV
    II. General Resources Account: SDR Million %Quota
    Quota 1,188.40 100.00
    Fund holdings of currency (Exchange Rate) 2,086.87 175.60
    Reserve Tranche Position 171.10 14.40
    III. SDR Department: SDR Million %Allocation
    Net cumulative allocation 1,134.50 100.00
    Holdings 1,131.95 99.78
    IV. Outstanding Purchases and Loans: SDR Million %Quota
    Stand-by Arrangements 1,069.56 90.00
    V. Latest Financial Arrangements:
    Date of Expiration Amount Approved Amount Drawn
    Type Arrangement Date (SDR Million) (SDR Million)
    Stand-By Feb 24, 2010 Jul 23, 2012 2,376.80 1,069.56
    Stand-By Dec 19, 2007 Mar 18, 2009 475.36 0.00
    Stand-By Dec 23, 2005 Dec 18, 2007 475.36 0.00
    VI. Projected Payments to Fund 1/
    (SDR Million; based on existing use of resources and present holdings of SDRs):
    Forthcoming
    2012 2013 2014 2015 2016
    Principal 111.41 497.64 423.37 37.14
    Charges/Interest 9.22 12.09 9.13 3.44 0.24
    Total 9.22 123.50 506.77 426.81 37.38
    1/ When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
    VII. Implementation of HIPC Initiative: Not Applicable
    VIII. Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
    IX. Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable
    Prepared by Finance Department




    NOTICE IT SAYS ARTICLE (XIV) 15


    http://www.imf.org/external/np/fin/t...key=2012-02-29
    Last edited by RED LILY; 07-04-2013 at 06:35 AM.

  3. #3
    RED LILY
    Guest
    ARTICLE 14 (XIV)

    Article XIV: Transitional Arrangements



    Section 1. Notification to the Fund

    Each member shall notify the Fund whether it intends to avail itself of the transitional arrangements in Section 2 of this Article, or whether it is prepared to accept the obligations of Article VIII, Sections 2, 3, and 4.

    FIRST QUESTION: HAVE WE SEEN ANYTHING SAYING THAT IRAQ HAS MADE THESE ARRANGEMENTS? IF SO, PLEASE POST IN THIS THREAD.. THANKS ~RED LILY

    A member availing itself of the transitional arrangements shall notify the Fund as soon thereafter as it is prepared to accept these obligations.

    Section 2. Exchange restrictions

    A member that has notified the Fund that it intends to avail itself of transitional arrangements under this provision may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances the restrictions on payments and transfers for current international transactions that were in effect on the date on which it became a member.

    Members shall, however, have continuous regard in their foreign exchange policies to the purposes of the Fund, and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the promotion of a stable system of exchange rates.

    SOUNDS LIKE PART OF THE BANKING REFORM ACT THEY ARE WORKING WITH IRAQ ON CURRENTLY ~RED LILY

    In particular, members shall withdraw restrictions maintained under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the general resources of the Fund.

    THEY MUST STILL BE UNDER ARTICLE 15 IMO.. AS THEY ARE STILL IN MUCH DEBT TO MANY COUNTRIES AND STILL WORKING ON THE GLOBAL BANKING LAWS.. A NUMBER OF COUNTRIES HAVE FORGIVEN IRAQ OF THEIR DEBT BUT NOT ALL.. HENCE THE PARIS CLUB AGREEMENT... WILL KEEP READING ~RED LILY

    3/24/14. They have recently paid off more debt RED LILY ~

    Section 3. Action of the Fund relating to restrictions

    The Fund shall make annual reports on the restrictions in force under Section 2 of this Article. Any member retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4 shall consult the Fund annually as to their further retention. The Fund may, if it deems such action necessary in exceptional circumstances, make representations to any member that conditions are favorable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent with the provisions of any other articles of this Agreement. The member shall be given a suitable time to reply to such representations. If the Fund finds that the member persists in maintaining restrictions which are inconsistent with the purposes of the Fund, the member shall be subject to Article XXVI, Section 2(a).

    http://www.imf.org/external/pubs/ft/aa/#art14


    ARTICLE VIII


    Section 1. Location of offices


    The principal office of the Fund shall be located in the territory of the member having the largest quota, and agencies or branch offices may be established in the territories of other members.


    Section 2. Depositories


    (a) Each member shall designate its central bank as a depository for all the Fund’s holdings of its currency, or if it has no central bank it shall designate such other institution as may be acceptable to the Fund.


    (b) The Fund may hold other assets, including gold, in the depositories designated by the five members having the largest quotas and in such other designated depositories as the Fund may select. Initially, at least one-half of the holdings of the Fund shall be held in the depository designated by the member in whose territories the Fund has its principal office and at least forty percent shall be held in the depositories designated by the remaining four members referred to above. However, all transfers of gold by the Fund shall be made with due regard to the costs of transport and anticipated requirements of the Fund. In an emergency the Executive Board may transfer all or any part of the Fund’s gold holdings to any place where they can be adequately protected.


    3/24/14. THEY HAVE BEEN BUYING GOLD EVERY FEW MONTHS FOR A WHILE. RED LILY ~



    Section 3. Guarantee of the Fund’s assets


    Each member guarantees all assets of the Fund against loss resulting from failure or default on the part of the depository designated by it.

    ~~ 3/24/14 NOT THERE YET!! RED LILY ~
    Last edited by RED LILY; 03-25-2014 at 12:33 AM.

  4. #4
    RED LILY
    Guest
    Iraq: Transactions with the Fund
    from May 01, 1984 to February 29, 2012





    SEE FULL SPREADSHEET HERE: http://www.imf.org/external/np/fin/tad/extrans1.aspx?memberKey1=460&endDate=2012-02-29

    2012 0 0 3,116,853 0 0 0 0 0 3,116,853
    2011 297,100,000 0 13,735,520 0 0 0 297,100,000 0 13,735,520
    2010 772,460,000 0 2,961,939 0 0 0 772,460,000 0 2,961,939
    2008 0 0 1,639,339 0 0 0 0 0 1,639,339
    2007 0 297,100,000 16,057,888 0 0 0 0 297,100,000 16,057,888
    2006 0 0 14,433,927 0 0 0 0 0 14,433,927
    2005 0 0 10,519,931 0 0 0 0 0 10,519,931
    2004 297,100,000 0 733,007 0 0 0 297,100,000 0 733,007

    1/ Includes loans under the Structural Adjustment Facility and Trust Fund.
    2/ Formerly Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust.





    The information provided is for your convenience and is not intended to replace other official IMF reports and statements.


    http://www.imf.org/external/np/fin/t...ate=2012-02-29


    Last edited by RED LILY; 06-29-2013 at 09:11 PM.

  5. #5
    RED LILY
    Guest
    Iraq: IMF Credit Outstanding
    as of February 29, 2012

    The SDR is an international reserve asset created by the IMF in 1969 and serves as its unit of account. The currency value of the SDR is determined by summing the values in U.S. dollars of a basket of major currencies.


    (in SDRs)

    February 29, 2012 1,069,560,000 0 1,069,560,000
    December 31, 2011 1,069,560,000 0 1,069,560,000
    December 31, 2010 772,460,000 0 772,460,000
    December 31, 2007 0 0 0
    December 31, 2006 297,100,000 0 297,100,000
    December 31, 2005 297,100,000 0 297,100,000
    December 31, 2004 297,100,000 0 297,100,000
    December 31, 1984 0 0 0


    SEE FULL SPREADSHEET HERE: http://www.imf.org/external/np/fin/tad/exportal.aspx?memberKey1=460&date1key=2012-02-29&category=EXC

  6. #6
    RED LILY
    Guest
    I BELIEVE THIS WILL BE WHERE THEY PLACE IRAQ "AFTER" ALL THE BANKING REFORMS ARE COMPLETED.. JMO ~RED LILY

    Article VIII: General Obligations of Members





    Section 1. Introduction



    In addition to the obligations assumed under other articles of this Agreement, each member undertakes the obligations set out in this Article.

    Section 2. Avoidance of restrictions on current payments

    • (a) Subject to the provisions of Article VII, Section 3(b) and Article XIV, Section 2, no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions.
    • (b) Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member. In addition, members may, by mutual accord, cooperate in measures for the purpose of making the exchange control regulations of either member more effective, provided that such measures and regulations are consistent with this Agreement.
    Section 3. Avoidance of discriminatory currency practices


    No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any discriminatory currency arrangements or multiple currency practices, whether within or outside margins under Article IV or prescribed by or under Schedule C, except as authorized under this Agreement or approved by the Fund. If such arrangements and practices are engaged in at the date when this Agreement enters into force, the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 3 of that Article shall apply.
    Section 4. Convertibility of foreign-held balances

    • (a) Each member shall buy balances of its currency held by another member if the latter, in requesting the purchase, represents:

      • (i) that the balances to be bought have been recently acquired as a result of current transactions; or
      • (ii) that their conversion is needed for making payments for current transactions.
    The buying member shall have the option to pay either in special drawing rights, subject to Article XIX, Section 4, or in the currency of the member making the request.


    • (b) The obligation in (a) above shall not apply when:
      • (i) the convertibility of the balances has been restricted consistently with Section 2 of this Article or Article VI, Section 3;
      • (ii) the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2;
      • (iii) the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them;
      • (iv) the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3 (a); or
      • (v) the member requested to make the purchase is for any reason not entitled to buy currencies of other members from the Fund for its own currency.
    Section 5. Furnishing of information

    • (a) The Fund may require members to furnish it with such information as it deems necessary for its activities, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters:
      • (i) official holdings at home and abroad of (1) gold, (2) foreign exchange;
      • (ii) holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange;
      • (iii) production of gold;
      • (iv) gold exports and imports according to countries of destination and origin;
      • (v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin;
      • (vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items;
      • (vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information; (KEEP IN MIND, THEY HAVE NOT PASSED THE TARIFF LAWS THAT THE IMF AND WTO HAVE BEEN PUTTING PRESSURE ON THEM ABOUT.. ~RED LILY)

      • (viii) national income;
      • (ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices;
      • (x) buying and selling rates for foreign currencies;
      • (xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and
      • (xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding. (BANKING REFORM ACT NEEDS TO GET DONE ~RED LILY)
    • (b) In requesting information the Fund shall take into consideration the varying ability of members to furnish the data requested. Members shall be under no obligation to furnish information in such detail that the affairs of individuals or corporations are disclosed. Members undertake, however, to furnish the desired information in as detailed and accurate a manner as is practicable and, so far as possible, to avoid mere estimates.
    • (c) The Fund may arrange to obtain further information by agreement with members. It shall act as a centre for the collection and exchange of information on monetary and financial problems, thus facilitating the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.

    Section 6. Consultation between members regarding existing international agreements




    Where under this Agreement a member is authorized in the special or temporary circumstances specified in the Agreement to maintain or establish restrictions on exchange transactions, and there are other engagements between members entered into prior to this Agreement which conflict with the application of such restrictions, the parties to such engagements shall consult with one another with a view to making such mutually acceptable adjustments as may be necessary. The provisions of this Article shall be without prejudice to the operation of Article VII, Section 5.


    Section 7. Obligation to collaborate regarding policies on reserve assets



    Each member undertakes to collaborate with the Fund and with other members in order to ensure that the policies of the member with respect to reserve assets shall be consistent with the objectives of promoting better international surveillance of international liquidity and making the special drawing right the principal reserve asset in the international monetary system.

    http://www.imf.org/external/pubs/ft/aa/#art8


    F
    AMILY NOW HOME.. GOING TO VISIT THEM..
    Last edited by RED LILY; 06-29-2013 at 09:25 PM.

  7. #7
    RED LILY
    Guest
    Qualifiers Used in Summings Up of Executive Board Meetings

    Last Updated: March 11, 2012
    Summings up are an essential element of the decision-making process at the IMF. They are a helpful vehicle for recording consensus views, while simultaneously taking account of any significant nuances in those views—possibly including even dissent by some chairs—that would be difficult to reflect in a formal decision of the Executive Board. As such, a summing up enhances the record of the Board’s agreement, and in some circumstances, the summing up may itself constitute an Executive Board decision.1 For example, meetings of the Executive Board related to Article IV consultations are concluded by a summing up, while meetings on general Fund policies are frequently concluded by a summing up particularly when Board views give direction to future staff work.
    Since the Fund’s inception, the Executive Board has emphasized the importance of seeking consensus rather than formal voting. As an alternative to formal votes, the Board decided in 1946 to task the Chairman with the responsibility for identifying the “sense of the meeting,” which would be the basis for decision making. Rule C-10 of the IMF’s Rules and Regulations reflects this approach and provides that the Chair shall ordinarily ascertain the sense of the meeting in lieu of taking a formal vote. The “sense of the meeting” is understood as a position supported by Executive Directors having sufficient votes to carry the question if a vote were taken. In summing up, the Chairman reflects the Board discussion in wording that is precise enough for operational purposes, yet broad and subtle enough to capture significant nuances of Executive Directors’ views. Individual views, however, are generally not incorporated into a summing up, but are recorded in the Board minutes which are a comprehensive and complete record of Board meetings.
    As part of the consensual decision-making process described above, a long-standing practice has emerged to use qualifiers to record the extent of support on issues where differences of view exist. Although the enumeration of Executive Directors’ views in qualifiers is based on the count, in summing up a discussion the Chair will also need to give consideration to the necessary voting majorities to carry the question if a vote were taken (especially for decisions requiring special majorities) given the weighted distribution of voting power on the Executive Board.2 Also, when summings up note differences of view, they do not attribute views to particular Directors. On the other hand, the term “Directors” (without qualifier) does not necessarily imply unanimous agreement or full consensus. As noted above, the minutes of Board meetings are the appropriate formal vehicle to reflect all views in a comprehensive and complete manner.
    The table below describes the qualifiers most commonly used in summings up.
    Qualifiers Commonly Used in Executive Board Summings Up

    Qualifier Number of Executive Directors
    A few 2-4
    Some 5-6
    A number of 6-9
    Many 10-15
    Most 15 or more
    Significant minority of the Board or, in exceptional cases, required majority or a majority of the Board Indication of necessary voting strength, particularly useful in cases of special majorities
    Directors Required voting majority would be very comfortably satisfied if there were to be a vote; and all, or almost all, Directors can go along with the majority view.
    1 By contrast, the Executive Board may record its decision by adopting specifically proposed text, which is typically the case where a Board decision involves the use of Fund resources, administrative or budgetary items, and some policy matters.
    2 For more information on decision making in the IMF, see Leo Van Houtven, 2002, Governance of the IMF: Decision Making, Institutional Oversight, Transparency, and Accountability (IMF, Washington, D.C.) and Joseph Gold, 1977, Voting Majorities in the Fund: Effects of Second Amendment of the Articles, Pamphlet Series No. 20 (IMF, Washington, D.C.). For the voting power currently exercised by Executive Board chairs, seehttp://www.imf.org/external/np/sec/memdir/eds.htm

    http://www.imf.org/external/np/sec/misc/qualifiers.htm




  8. #8
    RED LILY
    Guest

    Thank you BRIARPATCH via CHATTELS~~




    IMF Executive Board Concludes 2013 Article IV Consultation with Iraq




    Public Information Notice (PIN) No. 13/58
    May 21, 2013




    Public Information Notices (PINs) form part of the IMF's efforts to promote transparency of the IMF's views and analysis of economic developments and policies. With the consent of the country (or countries) concerned, PINs are issued after Executive Board discussions of Article IV consultations with member countries, of its surveillance of developments at the regional level, of post-program monitoring, and of ex post assessments of member countries with longer-term program engagements. PINs are also issued after Executive Board discussions of general policy matters, unless otherwise decided by the Executive Board in a particular case.




    On May 13, 2013, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Iraq.1




    Background




    Iraq is exceptionally rich in oil, but its economy suffers from severe structural weaknesses, such as a small non-oil sector, a dominating role of the government in all areas of the economy, and a poor business environment. Nevertheless, partly thanks to the increase in oil production since 2003, Iraq has achieved a rise in GDP per capita from $1,300 in 2004 to $6,300 in 2012 in a very difficult security and political context. During this period, Fund program engagement with Iraq was instrumental in maintaining macroeconomic stability—even though progress on structural reforms and job creation was mixed.


    REMEMBER THAT A COUNTRY"S CURRENCY RATE OF EXCHANGE IS BASED ON A COUNTRY'S GDP.. WE SEE HERE THAT IRAQ'S GDP HAS INCREASED GREATLY!! THIS IS GOOD NEWS FOR US.. HOWEVER, THEY MUST BE ABLE TO "MAINTAIN" THIS. WE CAN ONLY WATCH THIS PLAY OUT. IF IRAQ'S POLITICAL STABILITY DOES NOT IMPROVE, THEN IT GOES TO FOLLOW THEIR ECONOMY WILL NOT STRIVE THE WAY IT NEEDS TO. NOTICE THE NUMBER OF YEARS ABOVE, 2004 to 2012.. MOST OF THAT TIME, THE US WAS STILL OCUPPYING IRAQ AND SHABIBI WAS STILL GOVERNOR OF THE CBI... ~ RED LILY ~




    Recent macroeconomic developments have been broadly positive. Economic growth has reached 8.4 percent in 2012 and is expected to rise to 9 percent in 2013 as oil production increases to 3.3 million barrels per day (mbpd). Inflation has declined from about 6 percent at end-2011 to 3.6 percent at the end of last year, and should increase only slightly in 2013. International reserves of the Central Bank of Iraq (CBI) rose from $61 billion at end-2011 to $70 billion at end-2012, and fiscal reserves held at the Development Fund for Iraq (DFI) have increased from $16.5 billion to $18 billion.



    THE MONEY IRAQ IS USING TO REBUILD THEIR COUNTRY'S INFRASTRUCTURE ~ RED LILY ~


    Thanks to higher-than-expected oil revenues and the under-execution of the investment budget, fiscal surpluses reached almost 5 percent of GDP in 2011 and 4 percent in 2012. However, with a break-even oil price of about $100, fiscal performance is very vulnerable to oil revenue shocks—either from oil price declines or export shortfalls. Furthermore, fiscal discipline weakened over the past two years, with poor budget planning and execution, large off-budget spending, and low investment execution rates. The 2013 budget includes large unfunded commitments, increasing fiscal risks, including the possible depletion of fiscal reserves, if the budget were to be fully executed.




    AFTER READING AS MUCH AS I CAN ABOUT THE IMF AND WORLD BANK, IT IS MY OPINION THEY WILL NOT GIVE IRAQ THE GREEN LIGHT TO RV UNLESS THEY PROVE THEY CAN PROPERLY RUN THEIR COUNTRY AND BECOME RELATIVELY STABLE POLITICALLY.. WITH PIPELINES BEING SABOTAGED OR SHUT DOWN DUE TO EXPLOSIVE DEVICES OR BECAUSE THE CENTRAL GOVERNMENT WILL NOT PAY OIL DUES, WHY SHOULD THEY? This is only my opinion. I AM NO EXPERT. DO NOT LOSE HOPE. ~ RED LILY ~


    The policy of a de facto peg to the U.S. dollar provides a key nominal anchor to the economy, and the nominal exchange rate in the official market has remained stable since 2010. However, since late 2011, the authorities enforced existing exchange restrictions and introduced new restrictions in response to concerns about money laundering and illegal foreign exchange outflows related to the increased demand for foreign exchange. As a result, the spread between the official rate and the parallel market rate—which had been up to that point below 2 percent—started to climb, passing 9 percent in May 2013.



    WE WANT TO SEE THIS GO IN THE OTHER DIRECTION!!! THIS IS WHAT SHABIBI WAS TALKING ABOUT IN THE ARTICLE I POSTED THE OTHER DAY.. ~ RED LILY ~


    Over the medium term, Iraq’s macroeconomic outlook will continue to be driven by developments in the oil sector. Staff projects that oil production will rise gradually by about 400-500 thousand barrels per day per year, reaching 5.7 mbpd by 2018. Overall, growth is projected to remain above 8 percent and inflation at 5–6 percent over the medium term.




    Risks to the macroeconomic outlook remain high. They include (a) weak policy implementation, particularly in the fiscal area;


    SO PLEASE UNDERSTAND THIS, THE IMF NOT ONLY LOOKS AT THE "ECONOMY"... They look at ALL THINGS THAT MAY EFFECT THE ECONOMY AS WELL~~ "WEAK POLICY IMPLEMENTATION" could be implementing ,UCH NEEDED BANKING LAWS AND TARIFF LAWS... THE POLICY OF POWER SHARING... THE POLICY OF THE DEMOCRATIC PROCESS ETC... ~ RED LILY ~


    (b) further deterioration of the political and security situation;


    IT IS DANGEROUS OVER THERE. NOT MANY PEOPLE OR COMPANIES WANT TO RISK THEIR LIVES TO MAKE MONEY... NOT MANY COMPANIES WANT TO INVEST IN A COUNTRY THAT IS CONSTANTLY BLOWING THINGS UP.. I realize that is a way of life for them over there BUT there is NO DOUBT things have gotten worse since we pulled out INSTEAD OF remaining relatively stable. COMMON SENSE. ~ RED LILY ~


    (c) a larger-than-projected decline in global oil prices; and (d) delays in developing Iraq’s oil fields and oil export capacity, possibly due to security issues but also insufficient investment in oil infrastructure. These risks can translate into lower oil revenues, deterioration in the fiscal position, pressures to use CBI reserves for fiscal purposes, and higher inflation.




    "INSUFFICIENT INVESTMENT": ASK YOURSELF THIS QUESTION.... Would you want to set up shop in a country, INVESTING YOURSELF/COMPANY, in a country, where you may get bombed? AND, if your company did get bombed, would you not want LAWS IN PLACE that, AT THE VERY LEAST, WOULD OFFER SOME SORT OF COMPENSATION TO YOU IF THAT HAPPENED??


    "EXPORT CAPACITY": IM SURE THEY NEED TO PUT UP MORE OIL WELLS AND PIPELINES ETC... HOWEVER, think about the IMPORTS AND EXPORTS..... THEY HAVE YET TO AMEND THEIR TARIFF LAWS AND THIS HAS BEEN A REQUIREMENT FROM THE BEGINNING. YET THEY HAVE NOT MOVED ON THIS ISSUE. THERE HAS BEEN LOTS OF TALK, BUT NOTHING SOLID PASSED AS LAW TO MEET THE REQUIREMENTS AS PUT FORTH BY THE IMF, WTO, WB, & UN. ~ RED LILY ~





    Executive Board Assessment




    Executive Directors commended the authorities for maintaining macroeconomic stability in a difficult security and political environment. With risks remaining high, including from oil price volatility, they stressed the need to build fiscal buffers and further strengthen the institutional framework. They urged the authorities to step up reforms to develop the private non oil sector to help generate employment and inclusive growth.




    Directors emphasized the need to implement sustainable fiscal policies and address risks from oil revenue volatility. Rationalizing current spending—including public employment, energy subsidies, the Public Distribution System, and transfers to state owned enterprises—is needed to create space for priority social spending and public investment and to accumulate buffers. Enhancing public financial management and avoiding quasi fiscal operations by the state owned banks are also crucial. Directors noted that fiscal rules could provide a framework for fiscal policy over the medium term.





    FISCAL RULES... WHO IS GOING TO MAKE SURE THEY FOLLOW THE RULES? They need a constant presence acting as a mediator and educator to the government IMO. They do not UNDERSTAND THE RULES. THEY ARE STILL TOO BUSY ARGUING, FUSSIN, FIGHTING, POINTING FINGERS, THROWING SHOES ETC... ~ RED LILY ~


    Directors supported the objective of the Central Bank of Iraq (CBI) to liberalize the foreign exchange market and the recent steps to simplify market regulations. Further measures are needed to liberalize fully the supply of foreign currency, with the objective of lowering the exchange rate spread, removing distortions, and complying with Article VIII of the Fund’s Articles of Agreement.


    PLEASE SEE ARTICLE 8 Study here: http://www.dinarupdates.com/showthre...ll=1#post29574




    Directors considered that strengthening the Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework, in line with the Middle East and North Africa Financial Action Task Force (MENA FATF) recommendations and FATF standards, would be more effective than restricting foreign exchange in curbing money laundering and terrorist financing.




    Directors agreed that a stable exchange rate, supported by a high level of international reserves, provides a valuable anchor in an uncertain environment. They agreed that the two tier architecture of prudent management of CBI reserves and use of the Development Fund for Iraq (DFI) as a de facto oil stabilization fund is appropriate. They urged the authorities to continue to rely on the DFI to help stabilize government spending and ensure oil revenue transparency.




    Directors highlighted the importance of a stable financial sector in developing the private sector and diversifying the economy, and were encouraged by recent progress in strengthening banking supervision and restructuring the Rasheed and Rafidain banks. They encouraged the authorities to ensure a level playing field for public and private banks by opening to private banks access to government business.




    More broadly, Directors emphasized that fostering growth in the private non oil sector requires improving the business environment, investing in infrastructure and social capital, reforming state owned enterprises, and enhancing public service delivery. Judicious use of the country’s oil wealth can help address these pressing challenges.


    Improving the authorities’ capacity to implement reforms will also be critical.



    http://www.imf.org/external/np/sec/pn/2013/pn1358.htm








  9. #9
    So we wait.... There is a reason for all of this delay... We are on God's time... But with that being said... I commented a couple of days ago that it was curious when Obama was in Africa, Bush the 2nd happened to be in the same area, and Maliki decides to take another trip to Russia... Could Maliki have been receiving instructions from his handlers Bush and Obama?... Is there another delay in the works?... Time will tell of course...

  10. #10
    RED LILY
    Guest

    Re: Imf & iraq

    IMF REPORT ON IRAQ JULY 2013.

    PDF LINK

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