KTFA:
Scarlet2575: : LOVE INTERNATIONAL BONDS (see articles below)
Thor: Now Iraq just needs to execute this and a few other things to bring forth what we think they are doing - Don't just talk about it - then let the big progress start!! IMO
Mountainman: Let's GET REAL Here......These FUTURE BONDS......Will (NOT) be at A PROGRAM RATE......
Oh SHADOW/LAZARUS....RIP those PROGRAM RATE CLOTHES OFF and SHOW YOURSELF Completely=BIRTHDAY SUIT and {ALL} for WHAT You REALLY ARE Behind CLOSED.......Partially OPENED DOORS.......
You and The IMF KNOW IT......Yup.....Sure Do......IMO
Blessings,Mountainman (8)=New Beginnings.......for The REAL VALUED IRAQ to SHOW ITSELF........
....
Scarlet2575: : LOVE INTERNATIONAL BONDS (see articles below)
Thor: Now Iraq just needs to execute this and a few other things to bring forth what we think they are doing - Don't just talk about it - then let the big progress start!! IMO
Mountainman: Let's GET REAL Here......These FUTURE BONDS......Will (NOT) be at A PROGRAM RATE......
Oh SHADOW/LAZARUS....RIP those PROGRAM RATE CLOTHES OFF and SHOW YOURSELF Completely=BIRTHDAY SUIT and {ALL} for WHAT You REALLY ARE Behind CLOSED.......Partially OPENED DOORS.......
You and The IMF KNOW IT......Yup.....Sure Do......IMO
Blessings,Mountainman (8)=New Beginnings.......for The REAL VALUED IRAQ to SHOW ITSELF........
....
Walkingstick: Fitch: Iraq's agreement with the IMF will enable it to issue an international bond
May 20, 2016
Direct: agency Fitch Ratings said Friday that Iraq has an agreement with the IMF will open the way to get more international support and the possibility of issuing bonds to global markets.
I followed Fitch in a statement directly briefed on a copy of the agreement a firm offer of credit rating of the country.
Iraq has signed an agreement with the IMF this week under which Baghdad could get aid worth $ 5.4 billion , it has a positive effect on the credit rating of the country .
Fitch predicted that Iraq's budget deficit in 2016 to rise to 15%.
http://ift.tt/1Twukiw
***************
Walkingstick: Fitch: IMF Deal Supports Iraq in Face of Multiple Challenges
20 MAY 2016 9:22 AM EST
Fitch Ratings-London-20 May 2016: The staff-level agreement between Iraq and the IMF for a three-year Stand-By Arrangement (SBA), under which Iraq could access USD5.4bn of financial assistance, is credit positive, Fitch Ratings says.
The deal is likely to pave the way for further international support and may enable the government to issue international bonds.
This will provide some support to Iraq's finances as the country faces sharply lower oil revenue, ongoing conflict with the Islamic State (IS) group and a political crisis that has paralysed parliament and led to mass protests.
Engagement with the IMF could bring some improvements to economic policymaking and management. Following on from the Staff-Monitored Program agreed in November, the SBA is likely to set benchmarks related to budget spending levels, non-accumulation of arrears and various fiscal reforms, as well as strengthening the government's cash management.
The twin shocks of sharply lower oil prices and the conflict with IS have severely damaged Iraq's financial position.
We project the budget deficit in 2016 to widen to 15% of GDP - around USD22bn, assuming crude exports marketed by the central government remain around 3.3 million b/d and the government makes modest spending cuts. The government has also built up arrears.
Lower oil revenue is also causing a balance-of-payments shock. The central bank's stock of foreign reserves (including gold) has fallen from USD78bn at end-2013 to around USD50bn currently. This is still a robust level, at around nine months of current external payments, but is set to fall further this year and next.
Disbursements under the SBA and the further foreign assistance that is likely to follow will be a source of additional finance, but cannot mask the challenges Iraq faces. Oil revenue accounts for more than 90% of budget revenue and current external receipts. Government expenditure increased rapidly before the oil price collapse in 2014, creating a fiscal breakeven oil price above USD100/barrel.
Full implementation of the SBA will prove challenging. Wide-ranging fiscal reforms that would put Iraq's finances back on a sustainable footing would require tackling a bloated civil service (the government accounts for 40% of total employment), a troubled banking sector, and serious weaknesses in governance.
Iraq's political challenges have vividly played out in Baghdad in recent months. In February, Prime Minister Haider al-Abadi announced his intention to appoint a new technocratic government, but has been unable to do so as various parties seek to protect their influence. Meanwhile, large protests culminated in the storming of the previously unviolated Green Zone and parliament itself.
This situation remains unresolved and presents a risk of further political instability and violence. Progress has been made in retaking territory from IS, but it still holds significant parts of the country, and continues to present a major threat.
We affirmed Iraq's 'B-' Long-Term Foreign-Currency Issuer Default Rating in March, and revised the Outlook to Negative from Stable as lower oil prices lead to a significant deterioration in Iraq's financial position. We said at the time of the Outlook revision that international support, including from the IMF, was likely.
http://ift.tt/1U4SSxA
**************
Mountainman: Now......(WHY) is this ARTICLE so HUGE and IMPORTANT.....???.....(see article below)
Because The IMF "HAS BEEN" and Continues TODAY to Work w/the ZIMBABWE as the IMF Recently gave them an ARTICLE 4 Review.....Here is the Main PROBLEM IMO......
****NOTE****The People don't TRUST nor Have Any DESIRE or CONFIDENCE that Their GOVERNMENT will be Responsible and bring About A CONSISTENT Flow of Business and WORK for the CITIZENS.......Sounds Familiar Huh.....???.....Hello IRAQ.....
So They have to get their Economy Moving Forward per the IMF and CREATE a HEALTHY INFLOW of Domestic and Foreign INVESTORS.......This WHERE the IMF and BONDS Come Into Play.......
It's Understandable that the ZIMBABWEANS are Extremely Skeptical and Cynical.....Who in their RIGHT MIND wouldn't Be......"TRILLION DOLLAR NOTES"....I mean C'mon.....RIGHT.....???
However in the NEW REALITY VALUES will CHANGE w/TRUE ASSETS Reflecting their Country......So NOTICE the Way CHINAMASA.....No Not MUFASA from the LION KING is Using his WORDS Carefully.....(FIRST)....We are going to IMPLEMENT New BONDS/New Measures to ease the Cash Crisis...... these BONDS are Non-Negotiable=Whether You Like it or Not.....
(SECOND).....He doesn't Say they are NEVER Re-Introducing the ZIM CURRENCY.....He Says....{NOT} NOW or YET,but Rather (UNTIL) the Economy FUNDAMENTALS are {R I G H T}......Because he Knows the CITIZENS are (AGAINST) the Process, let ALONE the ZIM CURRENCY......
So the OBJECTIVE to his Presentation is to Plead w/the People to "TAKE A LEAP of FAITH".....and See it Thru before they CONCLUDE......"It's A LOST CAUSE"......but LEAVES ROOM for this Direct Reason and Quote from Him On the FUTURE of the ZIM CURRENCY REALITY=The bond notes will be here "until our currency returns when the fundamentals are right"
(LASTLY).....They Currently are Using the S.African RAND and the USD.....(IMO) The YUAN May Also Show It's Head there As Well In Due Course....for CHINA has Bought Out Much of their DEBT and Has INVESTMENT Prospects There as Well......
Now Last Year I believe the SUMMER of 2015.....The Citizens were told to Bring In their HIGHER ZIM DENOM NOTES.......and In Return they would Receive A Small USD Return for said NOTES and A BANK ACCOUNT.......
Yup......Similar Tactics as they tried w/IRAQI Citizens.....Until SANTA CLAUS came Up w/ KIDDIE TOYS for A Bank Account being Opened Up for IRAQI'S.....
(FYI)....Now I Am (NOT) giving ANY Advice regarding INVESTING w/the ZIM....Just Merely Pointing Out Some Facts/Realities....Do Your OWN Homework and You Decide in this Realm...... In Basel 3 REGS the CURRENCY is to REFLECT a COUNTRIES OWN "MONEY"....and Their CENTRAL BANKS can HOLD that CURRENCY as A RESERVE ASSET.....
This is WHY I Personally Believe The EURO is a GONNER.....and {ALL} EVIDENCE is Mounting Up to that REALITY......So ZIMBABWE is No DIFFERENT in it's Independent Currency Requirements.......
I Think that is (WHY) the IMF, CHINA, USA, and A Host of Others are Guiding them/INVESTING in their Country.....
They are SUPER RICH in RESOURCES and {ALL} these INTERNATIONAL INVESTORS/INSTITUTIONS Know It {ALL} to Well...... and CHINAMASA says The BONDS will Be Here "UNTIL" Our CURRENCY RETURNS...... (NOT) "IF".....But Rather [WHEN] the Fundamentals are RIGHT"........
{ALL} this Points to A NEW REVIVED FUTURE ZIMBABWE CURRENCY.....Obviously Lower Denoms Down the Road:
WHEN will that Be EXACTLY......Well that's The "TRILLION DOLLAR" Question, Now Isn't [IT].....???......LOL......{ALL} this (IMO).....
Blessings,Mountainman........Thank You WS for The Article....... (8)=New Beginnings.......for A NEW ZIMBABWE CURRENCY.......IMO
May 20, 2016
Direct: agency Fitch Ratings said Friday that Iraq has an agreement with the IMF will open the way to get more international support and the possibility of issuing bonds to global markets.
I followed Fitch in a statement directly briefed on a copy of the agreement a firm offer of credit rating of the country.
Iraq has signed an agreement with the IMF this week under which Baghdad could get aid worth $ 5.4 billion , it has a positive effect on the credit rating of the country .
Fitch predicted that Iraq's budget deficit in 2016 to rise to 15%.
http://ift.tt/1Twukiw
***************
Walkingstick: Fitch: IMF Deal Supports Iraq in Face of Multiple Challenges
20 MAY 2016 9:22 AM EST
Fitch Ratings-London-20 May 2016: The staff-level agreement between Iraq and the IMF for a three-year Stand-By Arrangement (SBA), under which Iraq could access USD5.4bn of financial assistance, is credit positive, Fitch Ratings says.
The deal is likely to pave the way for further international support and may enable the government to issue international bonds.
This will provide some support to Iraq's finances as the country faces sharply lower oil revenue, ongoing conflict with the Islamic State (IS) group and a political crisis that has paralysed parliament and led to mass protests.
Engagement with the IMF could bring some improvements to economic policymaking and management. Following on from the Staff-Monitored Program agreed in November, the SBA is likely to set benchmarks related to budget spending levels, non-accumulation of arrears and various fiscal reforms, as well as strengthening the government's cash management.
The twin shocks of sharply lower oil prices and the conflict with IS have severely damaged Iraq's financial position.
We project the budget deficit in 2016 to widen to 15% of GDP - around USD22bn, assuming crude exports marketed by the central government remain around 3.3 million b/d and the government makes modest spending cuts. The government has also built up arrears.
Lower oil revenue is also causing a balance-of-payments shock. The central bank's stock of foreign reserves (including gold) has fallen from USD78bn at end-2013 to around USD50bn currently. This is still a robust level, at around nine months of current external payments, but is set to fall further this year and next.
Disbursements under the SBA and the further foreign assistance that is likely to follow will be a source of additional finance, but cannot mask the challenges Iraq faces. Oil revenue accounts for more than 90% of budget revenue and current external receipts. Government expenditure increased rapidly before the oil price collapse in 2014, creating a fiscal breakeven oil price above USD100/barrel.
Full implementation of the SBA will prove challenging. Wide-ranging fiscal reforms that would put Iraq's finances back on a sustainable footing would require tackling a bloated civil service (the government accounts for 40% of total employment), a troubled banking sector, and serious weaknesses in governance.
Iraq's political challenges have vividly played out in Baghdad in recent months. In February, Prime Minister Haider al-Abadi announced his intention to appoint a new technocratic government, but has been unable to do so as various parties seek to protect their influence. Meanwhile, large protests culminated in the storming of the previously unviolated Green Zone and parliament itself.
This situation remains unresolved and presents a risk of further political instability and violence. Progress has been made in retaking territory from IS, but it still holds significant parts of the country, and continues to present a major threat.
We affirmed Iraq's 'B-' Long-Term Foreign-Currency Issuer Default Rating in March, and revised the Outlook to Negative from Stable as lower oil prices lead to a significant deterioration in Iraq's financial position. We said at the time of the Outlook revision that international support, including from the IMF, was likely.
http://ift.tt/1U4SSxA
**************
Mountainman: Now......(WHY) is this ARTICLE so HUGE and IMPORTANT.....???.....(see article below)
Because The IMF "HAS BEEN" and Continues TODAY to Work w/the ZIMBABWE as the IMF Recently gave them an ARTICLE 4 Review.....Here is the Main PROBLEM IMO......
****NOTE****The People don't TRUST nor Have Any DESIRE or CONFIDENCE that Their GOVERNMENT will be Responsible and bring About A CONSISTENT Flow of Business and WORK for the CITIZENS.......Sounds Familiar Huh.....???.....Hello IRAQ.....
So They have to get their Economy Moving Forward per the IMF and CREATE a HEALTHY INFLOW of Domestic and Foreign INVESTORS.......This WHERE the IMF and BONDS Come Into Play.......
It's Understandable that the ZIMBABWEANS are Extremely Skeptical and Cynical.....Who in their RIGHT MIND wouldn't Be......"TRILLION DOLLAR NOTES"....I mean C'mon.....RIGHT.....???
However in the NEW REALITY VALUES will CHANGE w/TRUE ASSETS Reflecting their Country......So NOTICE the Way CHINAMASA.....No Not MUFASA from the LION KING is Using his WORDS Carefully.....(FIRST)....We are going to IMPLEMENT New BONDS/New Measures to ease the Cash Crisis...... these BONDS are Non-Negotiable=Whether You Like it or Not.....
(SECOND).....He doesn't Say they are NEVER Re-Introducing the ZIM CURRENCY.....He Says....{NOT} NOW or YET,but Rather (UNTIL) the Economy FUNDAMENTALS are {R I G H T}......Because he Knows the CITIZENS are (AGAINST) the Process, let ALONE the ZIM CURRENCY......
So the OBJECTIVE to his Presentation is to Plead w/the People to "TAKE A LEAP of FAITH".....and See it Thru before they CONCLUDE......"It's A LOST CAUSE"......but LEAVES ROOM for this Direct Reason and Quote from Him On the FUTURE of the ZIM CURRENCY REALITY=The bond notes will be here "until our currency returns when the fundamentals are right"
(LASTLY).....They Currently are Using the S.African RAND and the USD.....(IMO) The YUAN May Also Show It's Head there As Well In Due Course....for CHINA has Bought Out Much of their DEBT and Has INVESTMENT Prospects There as Well......
Now Last Year I believe the SUMMER of 2015.....The Citizens were told to Bring In their HIGHER ZIM DENOM NOTES.......and In Return they would Receive A Small USD Return for said NOTES and A BANK ACCOUNT.......
Yup......Similar Tactics as they tried w/IRAQI Citizens.....Until SANTA CLAUS came Up w/ KIDDIE TOYS for A Bank Account being Opened Up for IRAQI'S.....
(FYI)....Now I Am (NOT) giving ANY Advice regarding INVESTING w/the ZIM....Just Merely Pointing Out Some Facts/Realities....Do Your OWN Homework and You Decide in this Realm...... In Basel 3 REGS the CURRENCY is to REFLECT a COUNTRIES OWN "MONEY"....and Their CENTRAL BANKS can HOLD that CURRENCY as A RESERVE ASSET.....
This is WHY I Personally Believe The EURO is a GONNER.....and {ALL} EVIDENCE is Mounting Up to that REALITY......So ZIMBABWE is No DIFFERENT in it's Independent Currency Requirements.......
I Think that is (WHY) the IMF, CHINA, USA, and A Host of Others are Guiding them/INVESTING in their Country.....
They are SUPER RICH in RESOURCES and {ALL} these INTERNATIONAL INVESTORS/INSTITUTIONS Know It {ALL} to Well...... and CHINAMASA says The BONDS will Be Here "UNTIL" Our CURRENCY RETURNS...... (NOT) "IF".....But Rather [WHEN] the Fundamentals are RIGHT"........
{ALL} this Points to A NEW REVIVED FUTURE ZIMBABWE CURRENCY.....Obviously Lower Denoms Down the Road:
WHEN will that Be EXACTLY......Well that's The "TRILLION DOLLAR" Question, Now Isn't [IT].....???......LOL......{ALL} this (IMO).....
Blessings,Mountainman........Thank You WS for The Article....... (8)=New Beginnings.......for A NEW ZIMBABWE CURRENCY.......IMO
Walkingstick: No going back on bond notes: Chinamasa
May 17, 2016
FINANCE minister Patrick Chinamasa (pictured) has declared that the planned introduction of bond notes to ease the cash crisis was non-negotiable, adding government was determined to implement the new measures despite massive resistance from various quarters of the population.
BY RICHARD CHIDZA
Chinamasa told a public discussion, organised by the Southern African Political and Economic Series (Sapes) Trust, in Harare last Thursday that Zimbabweans had no choice, but to accept the bond notes as part of several measures to bring stability into the economy
.
“We are asking Zimbabweans to take a leap of faith into the future. We all lost something in the past, but we cannot be held back by what happened. Some people will have to jump unwittingly. You are going to jump and some of you we will ask you in future how you jumped,” he said.
Chinamasa was referring to the growing public sentiments against the “re-introduction of the Zimbabwe dollar through the back door”, as the bond notes have come to be characterised.
He, however, said government would maintain an open-door policy to consultations on its new policy proposals, but ruled out the introduction of the Zimbabwe dollar anytime soon.
“We are not introducing the local currency. Our people do not want to hear anything about it. The bond notes will be here until our currency returns when the fundamentals are right. But we will keep on consulting. Nothing is cast in stone regarding the policy pronouncements we have made. But we must make sure whatever we say, we are aware of our unique situation as a country,” he said.
Economists, opposition parties and the public in general have all voiced concerns and scepticism over the introduction of the bond notes.
Most have argued government is being insincere saying the bond notes are an indirect introduction of the country’s currency, which was rejected by the economy over five years ago.
The Treasury chief accused Zimbabweans of being too sceptical and “specialized in painting a gloomy picture”.
“We do not need Zimbabweans to make this kind of noise. I can bet when foreigners come to Zimbabwe, they will say how nice the country is, but our people could cry ‘no, it is not’,” Chinamasa said.
“There is no security risk posed by bond notes. The greatest security risk to our country is an economy that is not growing. We have said this to our colleagues in the security sector. The economy is our first line of defense and the consequences of an economy that is not growing are far worse.”
But former Reserve Bank of Zimbabwe governor, Kombo Moyana shot down bond notes, saying they would not plug the cash shortages.
http://ift.tt/1OyRJPX
May 17, 2016
FINANCE minister Patrick Chinamasa (pictured) has declared that the planned introduction of bond notes to ease the cash crisis was non-negotiable, adding government was determined to implement the new measures despite massive resistance from various quarters of the population.
BY RICHARD CHIDZA
Chinamasa told a public discussion, organised by the Southern African Political and Economic Series (Sapes) Trust, in Harare last Thursday that Zimbabweans had no choice, but to accept the bond notes as part of several measures to bring stability into the economy
.
“We are asking Zimbabweans to take a leap of faith into the future. We all lost something in the past, but we cannot be held back by what happened. Some people will have to jump unwittingly. You are going to jump and some of you we will ask you in future how you jumped,” he said.
Chinamasa was referring to the growing public sentiments against the “re-introduction of the Zimbabwe dollar through the back door”, as the bond notes have come to be characterised.
He, however, said government would maintain an open-door policy to consultations on its new policy proposals, but ruled out the introduction of the Zimbabwe dollar anytime soon.
“We are not introducing the local currency. Our people do not want to hear anything about it. The bond notes will be here until our currency returns when the fundamentals are right. But we will keep on consulting. Nothing is cast in stone regarding the policy pronouncements we have made. But we must make sure whatever we say, we are aware of our unique situation as a country,” he said.
Economists, opposition parties and the public in general have all voiced concerns and scepticism over the introduction of the bond notes.
Most have argued government is being insincere saying the bond notes are an indirect introduction of the country’s currency, which was rejected by the economy over five years ago.
The Treasury chief accused Zimbabweans of being too sceptical and “specialized in painting a gloomy picture”.
“We do not need Zimbabweans to make this kind of noise. I can bet when foreigners come to Zimbabwe, they will say how nice the country is, but our people could cry ‘no, it is not’,” Chinamasa said.
“There is no security risk posed by bond notes. The greatest security risk to our country is an economy that is not growing. We have said this to our colleagues in the security sector. The economy is our first line of defense and the consequences of an economy that is not growing are far worse.”
But former Reserve Bank of Zimbabwe governor, Kombo Moyana shot down bond notes, saying they would not plug the cash shortages.
http://ift.tt/1OyRJPX
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