Morning News Comments 06/06/2015
IMF lends Iraq $ 833 million
[tlm724] " Fund is ready to support Iraq in its efforts to cope with the economic impact left by the conflict with Daash, and the decline in world oil price
[tlm724] here is the link to the official press release from the IMF yesterday with comments also:
http://ift.tt/1GrtEX2
[tlm724] “The mission has reached a staff-level agreement with the Iraqi authorities for IMF emergency assistance of SDR 594.2 million (approximately US$833 million) under the RFI.
~~~
IMF lends Iraq $ 833 million
[tlm724] " Fund is ready to support Iraq in its efforts to cope with the economic impact left by the conflict with Daash, and the decline in world oil price
[tlm724] here is the link to the official press release from the IMF yesterday with comments also:
http://ift.tt/1GrtEX2
[tlm724] “The mission has reached a staff-level agreement with the Iraqi authorities for IMF emergency assistance of SDR 594.2 million (approximately US$833 million) under the RFI.
~~~
[tlm724] Subject to IMF management approval, the staff-level agreement is expected to be submitted to the IMF Executive Board for consideration in July 2015
[tlm724] With low oil prices, export revenues have contracted, pushing the current account into a deficit expected to reach 8 percent of GDP in 2015
[tlm724] As a result, foreign assets have declined in 2014 to US$67 billion and are projected to fall further this year
[tlm724] “Under the pressure of high conflict-related spending and weak oil revenues, the budget deficit is projected to rise from 5 percent of GDP last year to about 17 percent of GDP in 2015, despite the non-oil tax measures envisaged in the 2015 budget and strict control of expenditures, including through the prioritization of investment projects.
[tlm724] to about 17 percent of GDP in 2015, despite the non-oil tax measures envisaged in the 2015 budget
[tlm724] “We welcome the steps taken by the authorities to address these urgent challenges and support their request for IMF emergency assistance.
[tlm724] this financial assistance and tax revenue in full swing in August should help relieve some of the pressure
~~~
Barzani: very close to solution of the problems with Baghdad regarding the budget of Kurdistan
[tlm724] are very close to solving the problems with Baghdad," noting that "what concerns us primarily, is to solve the issue of the financial budget which we consider a priority
[tlm724] we have a follow up that ^^^
[tlm724] parliamentary Finance Committee, announced the intention of the Federal Government to send 600 billion Iraqi dinars, to KRG staff salaries for the month of May
[tlm724] Zebari, announced that the Government decided to send $ 600 billion Iraqi dinars to the Kurdistan region, from oil exports for the month of may as its share of the budget for the year. http://ift.tt/1dlDc8I
[tlm724] so maybe they will come to a final agreement after all these years!
~~~
Parliamentary Finance: Issue 50 categories and 100 000 dinars than reducing demand for the dollar
[tlm724] the central bank tends to issue currency worth 50 000 dinars and 100 thousand dinars and purpose to reduce the demand for the dollar and foreign currency because we observed a steady rise in the prices of foreign currencies against the Iraqi dinar."
[tlm724] revealed the bank's intention to launch a new paper currency from the category of 50 thousand dinars and 100 thousand dinars to reduce the control of the dollar on commercial transactions,
[tlm724] , the new currency and meet the market needs of large denominations which are equivalent to about $ 100.
[tlm724] expert contrary goldsmith issuance of these two categories as "unfortunate step", noting that "they will not Tqlla of demand for the dollar in the domestic market because the size of the issuance of this bulletin will cost the state treasury large sums of money in light of the financial crisis experienced by the country
[tlm724] , as well as the Bank's intention to delete zeros from the Iraqi operation, which means the destruction of these two categories in the near future,
[tlm724] With low oil prices, export revenues have contracted, pushing the current account into a deficit expected to reach 8 percent of GDP in 2015
[tlm724] As a result, foreign assets have declined in 2014 to US$67 billion and are projected to fall further this year
[tlm724] “Under the pressure of high conflict-related spending and weak oil revenues, the budget deficit is projected to rise from 5 percent of GDP last year to about 17 percent of GDP in 2015, despite the non-oil tax measures envisaged in the 2015 budget and strict control of expenditures, including through the prioritization of investment projects.
[tlm724] to about 17 percent of GDP in 2015, despite the non-oil tax measures envisaged in the 2015 budget
[tlm724] “We welcome the steps taken by the authorities to address these urgent challenges and support their request for IMF emergency assistance.
[tlm724] this financial assistance and tax revenue in full swing in August should help relieve some of the pressure
~~~
Barzani: very close to solution of the problems with Baghdad regarding the budget of Kurdistan
[tlm724] are very close to solving the problems with Baghdad," noting that "what concerns us primarily, is to solve the issue of the financial budget which we consider a priority
[tlm724] we have a follow up that ^^^
[tlm724] parliamentary Finance Committee, announced the intention of the Federal Government to send 600 billion Iraqi dinars, to KRG staff salaries for the month of May
[tlm724] Zebari, announced that the Government decided to send $ 600 billion Iraqi dinars to the Kurdistan region, from oil exports for the month of may as its share of the budget for the year. http://ift.tt/1dlDc8I
[tlm724] so maybe they will come to a final agreement after all these years!
~~~
Parliamentary Finance: Issue 50 categories and 100 000 dinars than reducing demand for the dollar
[tlm724] the central bank tends to issue currency worth 50 000 dinars and 100 thousand dinars and purpose to reduce the demand for the dollar and foreign currency because we observed a steady rise in the prices of foreign currencies against the Iraqi dinar."
[tlm724] revealed the bank's intention to launch a new paper currency from the category of 50 thousand dinars and 100 thousand dinars to reduce the control of the dollar on commercial transactions,
[tlm724] , the new currency and meet the market needs of large denominations which are equivalent to about $ 100.
[tlm724] expert contrary goldsmith issuance of these two categories as "unfortunate step", noting that "they will not Tqlla of demand for the dollar in the domestic market because the size of the issuance of this bulletin will cost the state treasury large sums of money in light of the financial crisis experienced by the country
[tlm724] , as well as the Bank's intention to delete zeros from the Iraqi operation, which means the destruction of these two categories in the near future,
[tlm724] ok again we have "experts" speaking their opinions
[tlm724] and goldsmith makes a good agruement, would it be cost effective to print and distrubute these large bills since they will be deleting the zero's ?
[shunshine] makes no sense to me.
[tlm724] only to have to pull them from the market later ??
[shunshine] What a waste
[tlm724] exactly shunshine
[tlm724] wouldn't it be better to continue to pull in the dinar people are dumping like hot potato's and dedollarize via the introduction of the LD's which are are already printed and paid for ????
[tlm724] that sounds like a better plan to me
http://ift.tt/1GrtGhu
[tlm724] and goldsmith makes a good agruement, would it be cost effective to print and distrubute these large bills since they will be deleting the zero's ?
[shunshine] makes no sense to me.
[tlm724] only to have to pull them from the market later ??
[shunshine] What a waste
[tlm724] exactly shunshine
[tlm724] wouldn't it be better to continue to pull in the dinar people are dumping like hot potato's and dedollarize via the introduction of the LD's which are are already printed and paid for ????
[tlm724] that sounds like a better plan to me
http://ift.tt/1GrtGhu
via Dinar Recaps - Our Blog http://ift.tt/1dlDc8K
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