TNT:
Fitzgerald : all bruce said on the call was that we are sooooooooooooooo close right now no rate given but said they were high and we would be happy. Bruce said that we are in a strong position of going next. Banks and exchange centers are ready
JumpinJackFlash: Folks...just thinking out loud here but...if the PTB doesn't want us to know when this is gonna go, do you think they would do it on a day that many are expecting because of some relevance to the Chinese numerology?
JumpinJackFlash: 8/8 has always been known as the "Lions Gate" but the ptb has hardly recognized signigicant dates in the past.
CO Dreamer: jjf gm, my thoughts exactly
....
Fitzgerald : all bruce said on the call was that we are sooooooooooooooo close right now no rate given but said they were high and we would be happy. Bruce said that we are in a strong position of going next. Banks and exchange centers are ready
JumpinJackFlash: Folks...just thinking out loud here but...if the PTB doesn't want us to know when this is gonna go, do you think they would do it on a day that many are expecting because of some relevance to the Chinese numerology?
JumpinJackFlash: 8/8 has always been known as the "Lions Gate" but the ptb has hardly recognized signigicant dates in the past.
CO Dreamer: jjf gm, my thoughts exactly
....
*********************************
Dinar Updates:
Poppy3 AFTER DISCUSSING IT ABOUT 4 MONTHS AGO WITH WHAT I CONSIDER THE BEST SOURCE IN THE WORLD...
HE TOLD ME...THEY HAVE MET AND AGREED IN A WAY NEVER BEFORE AND THEY FINALLY FOR THE FIRST TIME IN HISTORY EVEN HUGGED ONE ANOTHER WHICH THEY DON'T DO.
HE SAID THEY ALL HELD A LIST OF THINGS TO ACCOMPLISH AND WHEN ACCOMPLISHED... THE RATE WOULD CHANGE AND THEY WOULD TAKE THEIR PLACE WITHIN THE GLOBAL ECONOMY. ...
THEY ARE INCHING CLOSER AND THE PRESSURE IS GREATER NOW FROM AROUND THE WORLD THAN EVER BEFORE.
HANG TIGHT THEY WILL GET THERE.
************************************
KTFA:
Alan :Brought Forward
Urgent .. Abadi directed to postpone the introduction of the new customs tariff
08/06/2015 22:17
Mr. Prime Minister, Dr. Haider al-Abadi announced to postpone the introduction of the new customs tariff, said the Information Office of the Prime Minister directed that the Prime Minister came to while ensuring the readiness of all border crossings to enforce the law Baidalvesad and double standards.
And the Ministry of Finance took all necessary measures to ensure this.
http://ift.tt/1JQPK5o
************
Bluedog: YES IT'S ON ABADI'S WEBSITE SO IT IS TRUE ............
SO WHAT DO YOU THINK ABOUT THIS MOVE? ......... NEED A INTERNATIONAL RESPONSE RIGHT… ALSO OTHER THAN CHARGING THE IRAQIS MORE FOR PRODUCTS OR FOOD ..........
ALSO NEED A NEW TRANSFER OF A GOV OF THE CBI .............
GOI / CBI WORKING IN SINK ...... IMO ....... ABADI BEING THE FORMER FINANCE MINISTER ............. HE IS ON BOARD WHEN THIS WILL HAPPEN ............ IMO ............ BUT BORDERS WILL WAKE UP SOON IMO ........
BUT WAITING FOR THE MOMENT IN TIME ...... IRAQ IS AT A DEAD END AND THEY CAN SELL BONDS OF A RIDICULOUS AMOUNT .............. BUT POWER TO PROVIDENCES AND NATIONAL GUARD I HAVE SAID ….TILL YOU SEE THESE YOU WILL NOT SEE A CHANGE AT ALL ........
WHEN TALKING A YEAR AGO ABOUT THAT FOLKS LOOKED AT ME AS A DEER IN HEADLIGHTS WELL WHERE ARE WE NOW .........
I WELCOME A REVIEW OF MY POSTS ON THE NATIONAL GUARD AND POWER BACK TO LOCAL GOV'S INSIDE IRAQ ........ BINGO...............PRAYING FOR FAST MOVEMENT ........... BLUEDOG
************
donardek: Frank, Just curious why no comment on Abadi's decision to resend taxes and tariffs?
This seems like a rather large move on his part, and would love to hear your opinion on why this move at this time, and what it means for the MR?
Thanks in advance sir for sharing your insights with the family!
************
Frank26: Another one bites the dust.......... ? No.
Another one gets in that LONG LINE that awaits the lifting of the three 000's.
The Longer the Line ........ The Greater the Pressure.
Aloha .......... KTFA Frank
***********
Alan » August 7th, 2015, 9:19 am Iraq's credit rating. It's up B.
http://ift.tt/1aih8X6
So they are now international?
Dinar Updates:
Poppy3 AFTER DISCUSSING IT ABOUT 4 MONTHS AGO WITH WHAT I CONSIDER THE BEST SOURCE IN THE WORLD...
HE TOLD ME...THEY HAVE MET AND AGREED IN A WAY NEVER BEFORE AND THEY FINALLY FOR THE FIRST TIME IN HISTORY EVEN HUGGED ONE ANOTHER WHICH THEY DON'T DO.
HE SAID THEY ALL HELD A LIST OF THINGS TO ACCOMPLISH AND WHEN ACCOMPLISHED... THE RATE WOULD CHANGE AND THEY WOULD TAKE THEIR PLACE WITHIN THE GLOBAL ECONOMY. ...
THEY ARE INCHING CLOSER AND THE PRESSURE IS GREATER NOW FROM AROUND THE WORLD THAN EVER BEFORE.
HANG TIGHT THEY WILL GET THERE.
************************************
KTFA:
Alan :Brought Forward
Urgent .. Abadi directed to postpone the introduction of the new customs tariff
08/06/2015 22:17
Mr. Prime Minister, Dr. Haider al-Abadi announced to postpone the introduction of the new customs tariff, said the Information Office of the Prime Minister directed that the Prime Minister came to while ensuring the readiness of all border crossings to enforce the law Baidalvesad and double standards.
And the Ministry of Finance took all necessary measures to ensure this.
http://ift.tt/1JQPK5o
************
Bluedog: YES IT'S ON ABADI'S WEBSITE SO IT IS TRUE ............
SO WHAT DO YOU THINK ABOUT THIS MOVE? ......... NEED A INTERNATIONAL RESPONSE RIGHT… ALSO OTHER THAN CHARGING THE IRAQIS MORE FOR PRODUCTS OR FOOD ..........
ALSO NEED A NEW TRANSFER OF A GOV OF THE CBI .............
GOI / CBI WORKING IN SINK ...... IMO ....... ABADI BEING THE FORMER FINANCE MINISTER ............. HE IS ON BOARD WHEN THIS WILL HAPPEN ............ IMO ............ BUT BORDERS WILL WAKE UP SOON IMO ........
BUT WAITING FOR THE MOMENT IN TIME ...... IRAQ IS AT A DEAD END AND THEY CAN SELL BONDS OF A RIDICULOUS AMOUNT .............. BUT POWER TO PROVIDENCES AND NATIONAL GUARD I HAVE SAID ….TILL YOU SEE THESE YOU WILL NOT SEE A CHANGE AT ALL ........
WHEN TALKING A YEAR AGO ABOUT THAT FOLKS LOOKED AT ME AS A DEER IN HEADLIGHTS WELL WHERE ARE WE NOW .........
I WELCOME A REVIEW OF MY POSTS ON THE NATIONAL GUARD AND POWER BACK TO LOCAL GOV'S INSIDE IRAQ ........ BINGO...............PRAYING FOR FAST MOVEMENT ........... BLUEDOG
************
donardek: Frank, Just curious why no comment on Abadi's decision to resend taxes and tariffs?
This seems like a rather large move on his part, and would love to hear your opinion on why this move at this time, and what it means for the MR?
Thanks in advance sir for sharing your insights with the family!
************
Frank26: Another one bites the dust.......... ? No.
Another one gets in that LONG LINE that awaits the lifting of the three 000's.
The Longer the Line ........ The Greater the Pressure.
Aloha .......... KTFA Frank
***********
Alan » August 7th, 2015, 9:19 am Iraq's credit rating. It's up B.
http://ift.tt/1aih8X6
So they are now international?
Walkingstick » August 7th, 2015, 9:06 am FRANK................
Fitch assigns Iraq a sovereign credit rating
Friday, 07 August 2015
Fitch Ratings has assigned Iraq a long-term foreign currency Issuer default rating (IDR) of 'B-' with a stable outlook. The agency has also assigned a country ceiling of 'B-' and a short-term IDR of 'B'. No surprise perhaps that political risk and insecurity are among the highest faced by any sovereign rated by Fitch.
Sectarian conflict has raged with varying intensity since 2003, ISIS militants currently effectively hold three of the country’s 18 provinces, relations with the Kurdish regional government are volatile and governance indicators are exceptionally weak.
Iraq holds the world's fifth largest oil reserves and significant amounts of gas. Oil production has risen rapidly to 3.3m b/d in May 2015, from an average of 2.4m b/d in 2010, with Iraq becoming the world's second largest exporter in 2014. Production costs are low. The bulk of oil production facilities and infrastructure are away from areas of domestic insecurity. Investment is under way to further raise production capacity, although infrastructure bottlenecks remain a constraint and investment plans were set back by payment arrears in 2014.
Even so, Iraq's fiscal position has deteriorated rapidly since 2013 and Fitch forecasts a double-digit fiscal deficit for 2015, owing to lower oil prices, higher military spending and costs associated with civil conflict.
Savings buffers built during previous years of high oil prices have been largely eroded and the deficit will be financed by debt, likely including a eurobond and funding through an IMF rapid financing instrument that was approved in July.
Rising oil production and prices should lead to a narrowing of the budget deficit in 2016, although it will remain large and another more substantive IMF programme is likely in 2016. We forecast a small deficit for 2017. The government has cleared the USD9bn of payment arrears to international oil companies that were run up in 2014.
Government debt is forecast by Fitch at 51% of GDP at end-2015, in line with the 'B' range median and sharply up on the end-2014 level owing to deficit financing and a contraction in nominal GDP. Debt/GDP is forecast to peak in 2016.
Debt reflects the inclusion of funds (and accumulated interest) provided by GCC countries during the 1980-1988 Iran-Iraq war amounting to 22% of estimated 2015 GDP. Iraq faces no pressure to repay the GCC debt, which has not been subject to a haircut of 80% in line with terms to the Paris Club (in a 2004 restructuring covering debt under the pre-2003 regime).
Commodity dependence is among the highest of all rated-sovereigns. Oil accounts for around 40% of GDP and over 90% of fiscal and current external receipts. Despite some modest initiatives to introduce new excise and consumption taxes this year, there is little prospect of revenue diversification over our forecast period to end-2017. Limited economic policy tools complicate the response to oil price volatility.
Fitch estimates Iraq's net external creditor position to have totalled 22% of GDP at end-2014, reflecting current account surpluses averaging 7.5% of GDP in the decade to 2014. However, we forecast a current account deficit of 7.4% of GDP for 2015; this should gradually narrow as oil revenues rise. Foreign exchange reserves, at USD67bn at end-2014, were sufficient to cover over 10 months of current external payments. External debt service ratios are well below the peer median.
Non-oil GDP contracted by an estimated 9% in 2014 and Fitch forecasts it to decline faster in 2015, owing to the impact of the lack of security in the country. This is offsetting the boost to GDP from rising oil production. A return to growth looks possible in 2016. Inflation is lower than peers, averaging 3.7% over the five years to end-2014, supported by the nominal anchor of the exchange rate peg to the USD. Weak domestic demand and subdued external price pressures have pulled down inflation to below 2% so far in 2015.
The banking sector remains under-developed and fundamentally weak. Private sector credit-to-GDP was just 8.1% at end-2014, the lowest of any rated sovereign. The two large state-owned banks Al-Rafidain and Al-Rasheed, which have high NPLs and exceptionally low capital adequacy, dominate the sector. There has been little progress in restructuring these banks; an exercise that Fitch assumes will require recapitalisation by the government.
Monetary policy flexibility is constrained by the exchange rate peg, weak banking system and limited monetary and credit transmission in the economy. At times this year, a small spread between the parallel market and official exchange rate has opened up as the central bank holds limited auctions of foreign exchange.
Iraq scores the worst of all Fitch-rated sovereigns on the composite World Bank governance indicator, reflecting not only insecurity and political instability but also corruption, government ineffectiveness and weak institutions. Doing Business indicators are below the peer median, although there is outperformance in some areas. GDP per capita, at USD5,300, is almost 50% greater than the peer median, but the Human Development Index is in line.
Fitch forecasts Brent crude to average USD65/b in 2015, USD75/b in 2016 and USD80/b in 2017. Iraqi oil production is conservatively forecast to increase to an average of 4.2m b/d in 2017. It also assumes that the Kurdish region will not try to break away over the forecast period and that periodic tensions will not descend into serious military confrontation with the federal government or result in serious damage to oil export infrastructure.
Moreover, the ratings agency assumes ongoing serious security threats, with large parts of the north east outside of the government's control.
- See more at: http://ift.tt/1K7jXbW
Fitch gives Iraq its first credit rating
4 hours ago
The ratings agency has given the country a stable outlook and a B- rating, six notches into junk.
The country is planning a $5bn bond issue towards the end of this year.
Fitch is cautious. Very cautious. It says:
Political risk and insecurity are among the highest faced by any sovereign rated by Fitch. Sectarian conflict has raged with varying intensity since 2003, ISIS militants currently effectively hold three of the 18 provinces, relations with the Kurdish regional government are volatile and governance indicators are exceptionally weak.
Iraq's fiscal position has deteriorated rapidly since 2013 and Fitch forecasts a double-digit fiscal deficit for 2015, owing to lower oil prices, higher military spending and costs associated with civil conflict. Savings buffers built during previous years of high oil prices have been largely eroded and the deficit will be financed by debt, likely including a eurobond and funding through an IMF rapid financing instrument that was approved in July.
And if that wasn't enough...
Iraq scores the worst of all Fitch-rated sovereigns on the composite World Bank governance indicator, reflecting not only insecurity and political instability but also corruption, government ineffectiveness and weak institutions. Doing Business indicators are below the peer median, although there is outperformance in some areas. GDP per capita, at USD5,300, is almost 50% greater than the peer median, but the Human Development Index is in line.
Iraq, of course, has oil. Lots of it. Indeed, the country has a "commodity dependence among the highest of all rated sovereigns", Fitch says.
The ratings agency is assuming here that the price of Brent holds at an average of $65 a barrel this year, $75 next year, and $80 in 2017. "Iraqi oil production is conservatively forecast to increase to an average of 4.2m b/d in 2017," it says.
http://ift.tt/1JQPLpY
************
JDTolle: » August 7th, 2015, Treasure whatever you have
It doesn’t matter whether you start with a lot or with a little. What matters is how diligently and purposefully you use it.
Whatever you have to work with is plenty with which to start. It is plenty, that is, when you choose to make full use of it.
Wishing that you could have it easier, won’t make it easier. Feeling resentful about whatever anyone else has to work with, won’t make your work any more effective.
The more fruitful choice is to be thankful for whatever you have. Your gratitude will shine a light on its true value, and open your mind to new ways for moving forward.
If you start with a lot of advantages and take them for granted, you’ll waste most of them. If you start with next to nothing, and yet truly treasure whatever you have, you can take yourself anywhere with it.
Life is dynamic, and responds very well to what you choose to do with it. So no matter what you have to work with, put all of yourself into the effort, and reap the rewards that your gratitude and diligence will surely bring.
Ralph Marston Wishing All a safe and blessed day/weekend JDT
P.S. Seek first to understand and then to be understood.-- Stephen Covey
Fitch assigns Iraq a sovereign credit rating
Friday, 07 August 2015
Fitch Ratings has assigned Iraq a long-term foreign currency Issuer default rating (IDR) of 'B-' with a stable outlook. The agency has also assigned a country ceiling of 'B-' and a short-term IDR of 'B'. No surprise perhaps that political risk and insecurity are among the highest faced by any sovereign rated by Fitch.
Sectarian conflict has raged with varying intensity since 2003, ISIS militants currently effectively hold three of the country’s 18 provinces, relations with the Kurdish regional government are volatile and governance indicators are exceptionally weak.
Iraq holds the world's fifth largest oil reserves and significant amounts of gas. Oil production has risen rapidly to 3.3m b/d in May 2015, from an average of 2.4m b/d in 2010, with Iraq becoming the world's second largest exporter in 2014. Production costs are low. The bulk of oil production facilities and infrastructure are away from areas of domestic insecurity. Investment is under way to further raise production capacity, although infrastructure bottlenecks remain a constraint and investment plans were set back by payment arrears in 2014.
Even so, Iraq's fiscal position has deteriorated rapidly since 2013 and Fitch forecasts a double-digit fiscal deficit for 2015, owing to lower oil prices, higher military spending and costs associated with civil conflict.
Savings buffers built during previous years of high oil prices have been largely eroded and the deficit will be financed by debt, likely including a eurobond and funding through an IMF rapid financing instrument that was approved in July.
Rising oil production and prices should lead to a narrowing of the budget deficit in 2016, although it will remain large and another more substantive IMF programme is likely in 2016. We forecast a small deficit for 2017. The government has cleared the USD9bn of payment arrears to international oil companies that were run up in 2014.
Government debt is forecast by Fitch at 51% of GDP at end-2015, in line with the 'B' range median and sharply up on the end-2014 level owing to deficit financing and a contraction in nominal GDP. Debt/GDP is forecast to peak in 2016.
Debt reflects the inclusion of funds (and accumulated interest) provided by GCC countries during the 1980-1988 Iran-Iraq war amounting to 22% of estimated 2015 GDP. Iraq faces no pressure to repay the GCC debt, which has not been subject to a haircut of 80% in line with terms to the Paris Club (in a 2004 restructuring covering debt under the pre-2003 regime).
Commodity dependence is among the highest of all rated-sovereigns. Oil accounts for around 40% of GDP and over 90% of fiscal and current external receipts. Despite some modest initiatives to introduce new excise and consumption taxes this year, there is little prospect of revenue diversification over our forecast period to end-2017. Limited economic policy tools complicate the response to oil price volatility.
Fitch estimates Iraq's net external creditor position to have totalled 22% of GDP at end-2014, reflecting current account surpluses averaging 7.5% of GDP in the decade to 2014. However, we forecast a current account deficit of 7.4% of GDP for 2015; this should gradually narrow as oil revenues rise. Foreign exchange reserves, at USD67bn at end-2014, were sufficient to cover over 10 months of current external payments. External debt service ratios are well below the peer median.
Non-oil GDP contracted by an estimated 9% in 2014 and Fitch forecasts it to decline faster in 2015, owing to the impact of the lack of security in the country. This is offsetting the boost to GDP from rising oil production. A return to growth looks possible in 2016. Inflation is lower than peers, averaging 3.7% over the five years to end-2014, supported by the nominal anchor of the exchange rate peg to the USD. Weak domestic demand and subdued external price pressures have pulled down inflation to below 2% so far in 2015.
The banking sector remains under-developed and fundamentally weak. Private sector credit-to-GDP was just 8.1% at end-2014, the lowest of any rated sovereign. The two large state-owned banks Al-Rafidain and Al-Rasheed, which have high NPLs and exceptionally low capital adequacy, dominate the sector. There has been little progress in restructuring these banks; an exercise that Fitch assumes will require recapitalisation by the government.
Monetary policy flexibility is constrained by the exchange rate peg, weak banking system and limited monetary and credit transmission in the economy. At times this year, a small spread between the parallel market and official exchange rate has opened up as the central bank holds limited auctions of foreign exchange.
Iraq scores the worst of all Fitch-rated sovereigns on the composite World Bank governance indicator, reflecting not only insecurity and political instability but also corruption, government ineffectiveness and weak institutions. Doing Business indicators are below the peer median, although there is outperformance in some areas. GDP per capita, at USD5,300, is almost 50% greater than the peer median, but the Human Development Index is in line.
Fitch forecasts Brent crude to average USD65/b in 2015, USD75/b in 2016 and USD80/b in 2017. Iraqi oil production is conservatively forecast to increase to an average of 4.2m b/d in 2017. It also assumes that the Kurdish region will not try to break away over the forecast period and that periodic tensions will not descend into serious military confrontation with the federal government or result in serious damage to oil export infrastructure.
Moreover, the ratings agency assumes ongoing serious security threats, with large parts of the north east outside of the government's control.
- See more at: http://ift.tt/1K7jXbW
Fitch gives Iraq its first credit rating
4 hours ago
The ratings agency has given the country a stable outlook and a B- rating, six notches into junk.
The country is planning a $5bn bond issue towards the end of this year.
Fitch is cautious. Very cautious. It says:
Political risk and insecurity are among the highest faced by any sovereign rated by Fitch. Sectarian conflict has raged with varying intensity since 2003, ISIS militants currently effectively hold three of the 18 provinces, relations with the Kurdish regional government are volatile and governance indicators are exceptionally weak.
Iraq's fiscal position has deteriorated rapidly since 2013 and Fitch forecasts a double-digit fiscal deficit for 2015, owing to lower oil prices, higher military spending and costs associated with civil conflict. Savings buffers built during previous years of high oil prices have been largely eroded and the deficit will be financed by debt, likely including a eurobond and funding through an IMF rapid financing instrument that was approved in July.
And if that wasn't enough...
Iraq scores the worst of all Fitch-rated sovereigns on the composite World Bank governance indicator, reflecting not only insecurity and political instability but also corruption, government ineffectiveness and weak institutions. Doing Business indicators are below the peer median, although there is outperformance in some areas. GDP per capita, at USD5,300, is almost 50% greater than the peer median, but the Human Development Index is in line.
Iraq, of course, has oil. Lots of it. Indeed, the country has a "commodity dependence among the highest of all rated sovereigns", Fitch says.
The ratings agency is assuming here that the price of Brent holds at an average of $65 a barrel this year, $75 next year, and $80 in 2017. "Iraqi oil production is conservatively forecast to increase to an average of 4.2m b/d in 2017," it says.
http://ift.tt/1JQPLpY
************
JDTolle: » August 7th, 2015, Treasure whatever you have
It doesn’t matter whether you start with a lot or with a little. What matters is how diligently and purposefully you use it.
Whatever you have to work with is plenty with which to start. It is plenty, that is, when you choose to make full use of it.
Wishing that you could have it easier, won’t make it easier. Feeling resentful about whatever anyone else has to work with, won’t make your work any more effective.
The more fruitful choice is to be thankful for whatever you have. Your gratitude will shine a light on its true value, and open your mind to new ways for moving forward.
If you start with a lot of advantages and take them for granted, you’ll waste most of them. If you start with next to nothing, and yet truly treasure whatever you have, you can take yourself anywhere with it.
Life is dynamic, and responds very well to what you choose to do with it. So no matter what you have to work with, put all of yourself into the effort, and reap the rewards that your gratitude and diligence will surely bring.
Ralph Marston Wishing All a safe and blessed day/weekend JDT
P.S. Seek first to understand and then to be understood.-- Stephen Covey
via Dinar Recaps - Our Blog http://ift.tt/1K7jYwL
No comments:
Post a Comment