Supposedly Iraq's Standby Arrangement with the IMF expires mid July http://www.imf.org/e...y/IRQ/index.htm http://www.imf.org/e.../notes/iraq.htm
. The intial two year SBA was due to expire February 2012, then Iraq asked for a five month extention. I have not seen or as far as I can tell, that Iraq has asked for further extention. Today July 23 2012, a payment of 2,376.80 SDR millions (SDR value presently 1.50 to USD) is due to the IMF http://www.imf.org/e...key=2012-07-24.
It will be very interesting if this payment was made or if Iraq asked for another extention? Iraq's position in the fund, posted by the IMF data, only shows information up to June 30th 2012. In 2012 Iraq is scheduled to pay a total of 6,093,153 SDR millions, which is minimal to their expected total payment of 123,289,854 in 2013. Wow, that is a huge increase in the amount of schedule SDR payment. IMO, this may reflect an increase the projected rate of the IQD. Iraq's 2012 GDP is around 12%, and the IMF's projected GDP for 2013 is only 1.5% higher http://www.iraq-busi...s.com/tag/gdp/.
In 2013 Iraq is going to have to come up with some serious cash. I know Iraq has a tremendous amount of money in reserves, including the DFI, but the DFI supposedly belongs to the people not the government. Shahiristani, just released that output exceeded 3.07 million bpd and a projected 3.9 million bpd in 2013. Can Iraq's projected increase in GDP, cover the increase of the amount due to the IMF? I am not an economist, but it does seem the payments to the IMF should be proportionate to the wealth of the country. How is Iraq going to come up with the money to pay a 1,923.00% increase in expected payment in 2013? Can anyone out there give their thoughts/opinion on this subject?