7 replies to this topic

[Butifldrm]

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?

[rockfl9]

Butifidrm::You say " I know Iraq has a tremendous amount of reserves". I dont think so.. Iraq is living hand-to-mouth these days. If you are trying to use CBI reserves you cant . Those belong to the corporation called the Central bank of Iraq. Not the same as GOI/MOF!
Besided the IMF the GOI has other debt,...If they cant pay the IMF has no choice but to extend, Possible tack on a small penalty so they will not be getting off free! On the other debt if they dont make the payments i'm sure that will be tacked on to the principal..
The increase in GDP is about 12% , But still will end up spending more than income..I saw the PROJECTION of 3.9Mbbl/d depending on price of oil could ballance the budget
IF they dont find the need to do another suuplimental?

Edited by rockfl9, 23 July 2012 - 10:06 AM.

[moosebabys]

But Iraq has 40billion or was it 80billion in reserves....and we??? have15 trillion DEBT with a 1.3 trillion deficit. So what point are you trying to make?

[rockfl9]

The CBI has $63Bn in reserves. Dont know if GOI/MOF has any?? I am looking for proof of Iraqi reserves...
USA debt is not part of Iraqi finances! What's your point?

[Butifldrm]

rockfl9, I'm plussing you for giving your opinion. Yes you are right, the majority of people in Iraq are living hand to mouth. The truth is the US has been paying the salaries of the GOI since conception. You are correct saying Iraq cannot use it's reserves, (I guess I should have been more clear, that I know the reserves are assettss which support their currency), Also, I know the money coming in from oil is going into infrastructure and the poor Iraqi people are suppose to get 25% of the surplus which, now the GOI, has come up with supplementry budget to use that money, because of the decrease in the price of oil. All these thing I know. My question was, Do you think Iraq would have to raise the value of their currency to make the payments due in 2013, which is a 1,923.00% increase in payment from this year. I believe in relativity, something has to increase to pay the debt to the IMF 2013.

[Carrello]

But Iraq has 40billion or was it 80billion in reserves....and we??? have15 trillion DEBT with a 1.3 trillion deficit. So what point are you trying to make?

For someone that is so unfamiliar with Iraq reserves, which is pivotal in our dinar discussions, what point are you trying to make? Do you have some information that you researched and have been monitoring on the IMF you would like to share?

Butifidrm is a contributing, thinking member here, as well as well respected. Try and get the bigger picture in your mind before you jump in. These are tumultuous waters and you need to realize what you are jumping into.

[wavggg]

Let's remember that the CBI and the Iraqi Government Treasury are two distinct entities.
Let's remember that the CBI is a "private" Central Bank, owned by the same people that own the Bank of England and the US Federal Reserve.
Let's remember that it is Iraq, not the CBI, that is subject to Chapter 7 UN sanctions.
Let's remember that the CBI's function is to loan money to the Iraqi Government and print Dinar in exchange for Government Bonds (promises to pay - someday)
Let's remember that the purpose of all private central banks is to take control of a a country and its assets via un-repayable debt that the bank never asks for back.
Let's remember that the CBI and all private central banks only want to be able to secure equitable title control of a country and hold the politicians hostage via the debt.
Let's remember that the UN set up a trust account in NYC to hold all Iraq's money (except for the oil-for-food program).
Let's remember that this money does not show up on any country's balance sheet, because it is "in trust", property of Iraq, and protected.
Let's remember tho that the Banks are using those Iraqi funds on deposit as the source of their minimum deposit requirement to loan out 10X fractional bank loans to the world.
Let's remember that as long as all of Iraq's money is sent to another "special" private bank account in NYC, Iraq has no control of their funds.
Let's remember that all of this Iraqi money is generating interest since the early 90's.
Let's remember that the world's big banks are still buying up the earth - with what?
Let's remember that upon full release from Ch 7 and settlement with Kuwait, all the remaining money will flow directly into the Iraqi Treasury, not the CBI.
That would allow Iraq to discharge any Bonds they have given to the CBI in exchange for printed Dinar.
That would mean that Iraq wold be debt free.
The Big Banks that own the CBI do not want an Iraq that is not in debt to them - no control or equitable title to their oil.
So you wonder what the hold up is????
Imagine.
If I recall correctly, these cloistered funds are quite enough to put Iraq back on the map and fund a full restoration and recovery.
If you were the head of the Rothschild/Rockefeller banking cartel - would you be any big hurry to see Iraq get back to normal???

Remember who plays the tune that all politicians dance to...

Best!
gg

[rockfl9]

WOW waggg :::that's a lot to work on ..But I will workwith 2. CBI reserves are NOT GOI reserves ! We do not know if GOI has any reserves...
next GOi has debt about $500M at my last estimate ,.. They are found in US$ we dont know what if any restrictions are !? But if tied to the PEG it will nedd a lot of USD to settle... It would mean that the GOI has found a way to stash $100 Bn or more and noone knows about it????