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Zebari: We seek to issue international bonds worth $ 5 billion


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6:48: 04/16/2015
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Khandan- Finance Minister Hoshyar Zebari, Iraq decided to international issuance of bonds worth five billion dollars and is negotiating the terms in an effort to ease the pressure on government finances and the resulting drop in oil prices. Zebari said in an interview with a group of reporters in Washington: "We are negotiating on it with Citi and Bank Deutsche Bank ... we meet with them here in Washington, and we have a green light from the government that we need yoke. " He declined Zebari disclose maturity period or proceeds being negotiated bonds. He said Zebari said the government is facing a deficit of $ 25 billion in budget this year, which amounts to 100 billion dollars, adding that the budget for 2015 are based on an oil price of $ 56 a barrel. Zebari said Iraq is also considering a request emergency funding ranging from 400 million to 700 million dollars from the International Monetary Fund. He added, "We do not take After the decision, but I think they (the IMF) would not mind providing such support but want to do more action to reduce public spending. " However, Zebari said, "not as a precondition, but in fact advised that this is the way to provide these funds." Zebari also said that Iraq began to pay its debts to the international oil companies, but declined to disclose the size of the payment. He added, "We pay them actually ... not as much as they expect, but at least we began to pay them." 'Reuters'

 

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Zebari: Iraq decided to issue international bonds worth $ 5 billion

16/04/2015 09:49 | Number of Views: 285

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BAGHDAD / Almusdrnilloz / .. Finance Minister Hoshyar Zebari, Iraq decided to international bond issue worth five billion dollars and is negotiating the terms in an effort to ease the pressure on government finances and the resulting drop in oil prices.

 

Zebari said in an interview with a group of reporters in Washington: "We negotiate on that with Citibank and Deutsche Bank ... we meet with them here in Washington, and we have a green light from the government that we need yoke."

 

Zebari declined to disclose the maturity period or proceeds being negotiated bonds.

 

Zebari said that the government is facing a deficit of $ 25 billion in the current year's budget, which amounts to almost $ 100 billion, adding that the budget for 2015 are based on an oil price of $ 56 a barrel.

 

Zebari said Iraq is also considering a request emergency funding ranging from 400 million to 700 million dollars from the IMF Ata.anthy / p

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Finance Minister Hoshyar Zebari said Iraq has decided to international bond issue worth five billion dollars and is negotiating the terms in an effort to ease the pressure on government finances and the resulting drop in oil prices.

 

Zebari said in an interview with a small group of reporters in Washington, Wednesday, "We are negotiating on it with Citibank, Deutsche Bank, we meet with them here in Washington, and we have a green light from the government that we need it. " 

 

He declined to Finance Minister to disclose the maturity period or proceeds being negotiated bonds. 

 

and caused the collapse of oil prices, severe damage to Iraq's budget at a time Government faces Metzida military spending due to the war against al-Daash terrorist. 

Zebari said the government is facing a deficit of $ 25 billion in the current year budget of $ 100 billion dollars. 

 

He added that the budget in 2015 and developed based on an oil price of $ 56 a barrel. 

 

The total Brent crude futures on Wednesday settled at 60.32 dollars a barrel. 

 

Iraq is the second-largest oil producer in OPEC, and exports about 2.6 million to 2.7 million barrels a day.

 

He said Zebari said Iraq is also considering a request emergency funding ranging from 400 million to $ 700 million the International Monetary Fund. 

 

He added, "not yet make a decision, but I think they (the IMF) would not mind providing such support but want to do the government more to reduce public spending." 

But he added, "not as a precondition, but in fact advised that this is the way to provide these funds. 

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A government effort to issue bonds

 

 

         

4/18/2015 0:00 

 BAGHDAD - morning 

revealed Finance Minister Hoshyar Zebari said Iraq has decided to international bond issue worth five billion dollars and is negotiating the terms, indicating that we have a green light from the government that we need to do so. 

Zebari said a number of journalists in Washington: "The Iraq seeks to issue international bonds $ 5 billion, and we are negotiating on it with Citibank, Deutsche Bank, "noting that" the government is facing a deficit of $ 25 billion in the current year budget of $ 100 billion dollars. " 

Zebari pointed out that "Iraq is also considering a funding request emergency between 400 million to $ 700 million from the International Monetary Fund, "explaining that" Iraq has not made ​​a decision to do so until now. " 

The Minister of Finance said that "the International Monetary Fund does not mind in the provision of such support, but wants to do the government more to reduce public spending," noting that "this advice is not a prerequisite, but this is the way to provide these funds."

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I see two items in this article ;

 

# 1: if Iraq is "negotiating" Citibank and Deutsche Bank to issue $25B in bonds to the market, Iraq has been determined to be internationally "credit worthy". to honor the repayment of these bonds. Plus the IMF is "considering" an emergency "bridge loan" ?. There must be some activity behind the big curtain. 

Now, they need "hit the button" to have the exchange rate of their currency be internationally recognized.

 

# 2 : If Iraq is going to the international banking community to borrow/cover a budget shortage, someone needs to start the process to "claw back" the reported $400B that Maliki stole.

 

Just sayin' ..... IMHO only ..................

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