Mali official: Iraq began to withdraw from its reserves and requested the assistance of the International Monetary Fund

[yota691]

Mali official: Iraq began to withdraw from its reserves and requested the assistance of the International Monetary Fund

 

Tuesday 5 May 2015 11:58

 

 

 

Director of the Middle East and Central Asia Department at the International Monetary Fund Masood Ahmed

 

 

 

Alsumaria News / Baghdad 

Director of the Department announced the Middle East and Central Asia in the International Monetary Fund Masood Ahmed, Tuesday, that Iraq requested financial assistance from the Fund, and as he emphasized that an agreement may be a loan of about $ 800 million in a matter of weeks, pointed out that Iraq has begun to withdraw from its reserves. 
 

Ahmed said in a statement to " Reuters ", that" Iraq's request for financial assistance from the Fund, "noting that" competent committees in this regard will work in the coming weeks, we hope to reach an agreement relatively soon. " 

 

 

Ahmed said, "It is likely to submit the loan through rapid funding mechanism will be relatively small at about $ 800 million," explaining that "Iraq has begun to withdraw from its reserves and is likely to grow slightly after the economy contracted 2.4 percent in the record" in 2014.
 

And between, that "the Finance Minister Hoshyar Zebari and Prime Minister Haider al-Abadi fully aware that there is a problem, and are committed to finding a solution within the constraints they face." 
 

And it established the IMF rapid funding to provide financial aid and urgent advice on economic policies of the Member States that need urgent aid to adjust the balance of payments mechanism, according to the website of the IMF loan is repayable submitted by the rapid funding mechanism over a period of between 40 to 60 months.
 

The loan has been paving the way for Iraq to get larger loans from the Fund pack when needed but such loans may require greater commitments on economic policies adopted.
 

Last week, Finance Minister Hoshyar Zebari said Baghdad will seek to obtain a credit rating sovereign to facilitate the issuance of bonds, and the government in the process of application procedures or working on the preparation procedures include asking bonds in local currency to the banks and the imposition of taxes on some consumer goods or cut public sector wages.

 

[yota691]

IMF: There may be an agreement on a loan of Iraq by about $ 800 million in a matter of weeks 

29 Show    May 5, 2015 13:50

 

(Independent) .. director of the Middle East and Central Asia Department at the International Monetary Fund Masood Ahmed announced that Iraq's request for financial assistance from the Fund, and as he emphasized that an agreement may be a loan of about $ 800 million in a matter of weeks, pointed out that Iraq has begun to withdraw from its reserves .

Ahmed said in a statement to "Reuters", that "Iraq's request for financial assistance from the Fund," noting that "competent committees in this regard will work in the coming weeks, we hope to reach an agreement relatively soon."

Ahmed said, "It is likely to submit the loan through rapid funding mechanism will be relatively small at about $ 800 million," explaining that "Iraq has begun to withdraw from its reserves and is likely to grow slightly after the economy contracted 2.4 percent in the record" in 2014.

And between, that "the Finance Minister Hoshyar Zebari and Prime Minister Haider al-Abadi fully aware that there is a problem, and are committed to finding a solution within the constraints they face."

And it established the IMF rapid funding to provide financial aid and urgent advice on economic policies of the Member States that need urgent aid to adjust the balance of payments mechanism, according to the website of the IMF loan is repayable submitted by the rapid funding mechanism over a period of between 40 to 60 months.

The loan has been paving the way for Iraq to get larger loans from the Fund pack when needed but such loans may require greater commitments on economic policies adopted. (End)

[yota691]

 

 

 

Iraq is about to apply for a loan from the International Monetary Fund

 

      Tuesday   05   May   2015 | 13:54

 

 

 

 

The government has projected a deficit of about $ 25 billion this year's budget in sizes up to about one hundred billion

 

It is likely to submit the loan through rapid funding mechanism and let loose on the period between forty to sixty months

 

IMF announced that Iraq's request for financial assistance, pointing out that it may be agreed to loan $ 800 million in a matter of weeks. 
The director of the Middle East and Central Asia Department Fund Masood Ahmed "will work committees in this regard in the coming weeks .. hope to reach an agreement relatively soon, "explaining that he is likely to provide the loan through rapid funding mechanism, and repaid over a period of between forty to sixty months. 
The government  has projected a deficit of about $ 25 billion this year's budget in sizes up to about a hundred billion. 
may contribute IMF loan to ease the pressure and help the government to funding from other sources measure by enhancing investor confidence. Baghdad has said it plans to issue five billion dollars in bonds, which is the first international version nine years ago. 
could pave the loan way to get Iraq on larger loans from the International Fund for when you need a package, but such loans may require greater commitments on economic policies adopted. 
, referring to the The  Finance Minister Hoshyar Zebari said  last week  that Baghdad will seek to obtain sovereign credit rating to facilitate the issuance of bonds. The government is about application procedures or working on the preparation procedures include asking local currency bonds to banks and the imposition of taxes on some consumer goods or cut public sector wages.

[yota691]

Iraq withdraw from its reserves

By Mohammed Emad 05.05.2015 12:06 | Views: 435

Font size:  

 

 

Brother - Baghdad

Director of the Middle East and Central Asia Department announced at the International Monetary Fund Masood Ahmed, Tuesday, that Iraq's request financial assistance from the Fund, and as he emphasized that an agreement may be a loan of about $ 800 million in a matter of weeks, pointed out that Iraq has begun to withdraw from its reserves.

Ahmed said in a statement to "Reuters", that "Iraq's request for financial assistance from the Fund," noting that "competent committees in this regard will work in the coming weeks, we hope to reach an agreement relatively soon."

Ahmed said, "It is likely to submit the loan through rapid funding mechanism will be relatively small at about $ 800 million," explaining that "Iraq has begun to withdraw from its reserves and is likely to grow slightly after the economy contracted 2.4 percent in the record" in 2014.

And between, that "the Finance Minister Hoshyar Zebari and Prime Minister Haider al-Abadi fully aware that there is a problem, and are committed to finding a solution within the constraints they face."

And it established the IMF rapid funding to provide financial aid and urgent advice on economic policies of the Member States that need urgent aid to adjust the balance of payments mechanism, according to the website of the IMF loan is repayable submitted by the rapid funding mechanism over a period of between 40 to 60 months.

The loan has been paving the way for Iraq to get larger loans from the Fund pack when needed but such loans may require greater commitments on economic policies adopted.

Last week, Finance Minister Hoshyar Zebari said Baghdad will seek to obtain a credit rating sovereign to facilitate the issuance of bonds, and the government in the process of application procedures or working on the preparation procedures include asking bonds in local currency to the banks and the imposition of taxes on some consumer goods or cut public sector wages.

[SocalDinar]

And I walked on down the hall.

Jim Morrison

[yota691]

 

05/05/2015 19:21

IMF to give Iraq a loan of 800 million dollars

 

 

 

It is likely to provide the loan through rapid funding mechanism will be relatively small, about $ 800 million.

BAGHDAD / Obelisk: official at the International Monetary Fund said that Iraq's request for financial assistance from the Fund, and that it is possible to agree on a loan of about $ 800 million in a matter of weeks.

The director of the Middle East and Central Asia Department Masood Ahmed in the fund, according to international news agencies, Tuesday, that "the committees will work in this regard in the coming weeks, we hope to reach an agreement soon."

He added that "It is likely to submit the loan through rapid funding mechanism will be relatively small, about $ 800 million," adding that "Iraq has begun to draw from the reserves, it is likely that the economy grows slight growth after shrinking by 2.4 percent recorded in 2014." .

And it paves the way to get the loan Iraq on larger loans from the fund when needed package, but such loans require greater commitments in the economic policies espoused by. And counting on the IMF loan to contribute to ease the pressure and help in funding from other sources measure by enhancing investor confidence.

 

[MyLadiesDaddy]

Bump

[eburt]

Are you kidding me!!! Why don't these bone heads just RV their currency and stop relying on others to all ways bail them out - I need a drink!!!!

[tlars brother]

there will not be any loans prior to a change in the value...period.   The loan is already done and standing by FYI

[2fast4u2c]

No offense Tlar, but I disagree.  I think we are months away...at least September.

 

I hope I am wrong.

["Fred"]

No offense Tlar, but I disagree. I think we are months away...at least September.

I hope I am wrong.

Nothing personal but I hope your wrong as well

[Officiallytook]

Bumpidy bump...tell the worlds were broke and borrowing money today....muahahahahhaa(evil laugh)....and tomorrow become millionaires in their faces.

[unirod]

"asking bonds in local currency" This leads me to believe the Bonds will be issued in IQD.

[Texstorm]

Cowabunga !!!!!!!!!!!!!!!!!!!!!!!!!!!! Go RV !!!    

[new york kevin]

And it established the IMF rapid funding to provide financial aid and urgent advice on economic policies of the Member States that need urgent aid to adjust the balance of payments mechanism, according to the website of the IMF loan is repayable submitted by the rapid funding mechanism over a period of between 40 to 60 months.

I like the part where it's refers to " Member States " . Does the IMF make loans to non-member states ? Is this Iraqs application to join the big boys club at the IMF, who won't make loans to countries with unstable economies ? Is this a signal to the outside world that Iraq is committed to a market economy ? When the IMF makes this loan within a few weeks will this give Iraq the evidence they need to get a decent to good credit rating so they can go forward with their bond issuances? Hmmm!

[new york kevin]

And it established the IMF rapid funding to provide financial aid and urgent advice on economic policies of the Member States that need urgent aid to adjust the balance of payments mechanism, according to the website of the IMF loan is repayable submitted by the rapid funding mechanism over a period of between 40 to 60 months.

I like the part where it's refers to " Member States " . Does the IMF make loans to non-member states ? Is this Iraqs application to join the big boys club at the IMF, who won't make loans to countries with unstable economies ? Is this a signal to the outside world that Iraq is committed to a market economy ? When the IMF makes this loan within a few weeks will this give Iraq the evidence they need to get a decent to good credit rating so they can go forward with their bond issuances? Hmmm!

[pocono]

The IMF site indicates Iraq has been a member since 1945.

[msmortgagewiz]

And I walked on down the hall.

Jim Morrison

Lol...my husband randomly says that same sentence.

[k98nights]

IMF says may agree on $800 mln loan to Iraq in weeks

 

May 5, 2015 Updated: May 5, 2015 07:05 PM

 

     

 

BAGHDAD // Iraq has requested financial assistance from the International Monetary Fund and agreement may be reached within weeks on a loan of about US$800 million (Dh2.9bn), a senior IMF official said.

 

It comes amid continued violence in the country as Iraqi forces seek to purge the ISIL militant group which has taken over large parts of Iraq and Syria.

 

On Tuesday, a car bomb blast near the Baghdad headquarters of a Shiite militia fighting ISIL in Baghdad killed at least four civilians and injured at least 13 people.

 

Iraqi finances have been hit hard by the plunge of oil prices since last year as well as by the ISIL insurgency.

 

The government has projected a budget deficit of about $25 billion this year, in a budget of some $100 billion.

 

Aid from the IMF could ease the pressure and by increasing investor confidence, help Iraq raise money from other sources. Baghdad has said it plans to issue $5 billion of debt in its first international bond sale for nine years.

 

The aid would probably come in the form of a Rapid Financing Instrument (RFI), said Masood Ahmed, director of the IMF’s Middle East and Central Asia department said.

 

The RFI is a facility created by the IMF to provide quick financial assistance and economic policy advice to member countries with urgent balance of payments needs.

 

It could pave the way in the longer term for a larger IMF lending programme for Iraq, if that were needed, Mr Ahmed said. Such a programme could involve more extensive economic policy commitments by Baghdad.

 

Mr Ahmed noted that Iraq had started running down its international reserves and said its economy was likely to grow only marginally this year, after shrinking 2.4 per cent in 2014.

 

“The finance minister and the prime minister are both very clear that they recognise there is a problem and they are committed to finding a way to address it, within the constraints that they face,” he said.

 

The government has introduced or is planning measures including a local currency bond issue to banks, taxes on some consumer goods, and public wage cuts.

 

Tuesday’s explosion occurred near the headquarters of Kataeb Imam Ali in the Karrada area of central Baghdad. It was the second attack in Karrada since Saturday when 15 people were killed in a car bombing outside a popular restaurant. No one claimed responsibility for the attack, although Saturday’s attack was claimed by the ISIL group.

 

The bomb went off in front of the Royal Hotel, leaving the headquarters untouched but damaging cars and the hotel lobby, a witness said.

 

Meanwhile, reinforcements were being rushed to the key Beiji refinery in northern Iraq amid heavy fighting with ISIL militants who have been trying to capture the facility for months, Iraqi officials said on Tuesday.

 

But Brig Gen Saad Maan, a spokesman for the interior ministry, denied during his appearance on state television that ISIL had taken over major parts of the refinery, as some Iraqi media reported.

 

Aside from its commercial significance as the country’s largest refinery, Beiji is on the road to Mosul – Iraq’s second largest city and the main centre of ISIL’s power in Iraq. If Iraqi forces hope to eventually take back Mosul, they have to secure Beiji – the scene of stubborn fighting for months.

 

Ammar Hikmat, the deputy governor for Salahuddin province where the refinery is located, said that the troops holding the refinery have been battered since Monday by a wave of suicide bombings carried out by armoured vehicles packed with explosives.

 

The government has several times said the refinery was under control, but militants have repeatedly counterattacked.

 

http://www.thenational.ae/world/middle-east/imf-says-may-agree-on-800-mln-loan-to-iraq-in-weeks?

[tedro]

IMF "may" loan $800 million.......IMF you are all heart.......Iraq has a 2015 BUDGET deficit of $25 BILLION.........I guess when one is a beggar every little bit helps.

 

Feel free to RV your dinar.........maybe that might help!!  An RV would indeed help me, help Uncle Sam via my tax bite, help all the businesses I will visit, and help a bunch of needy folks not so blessed as I will be.......go team!!

[justchecking123]

"HE walked on down the hall...come on baby take a chance with us...after taking a face from the ancient gallery...". I'll wait for Umbertino to post the best version.

[Theseus]

No offense Tlar, but I disagree.  I think we are months years away...at least September... in this century.

 

I hope I am wrong.

There fixed it to be more apropos to the way Iraq does things. 

[yota691]

Monetary Fund: $ 800 million loan to Iraq within weeks

 

 

         

5/6/2015 0:00 

 Dubai (Reuters) - 

A senior official at the International Monetary Fund said that Iraq's request for financial assistance from the Fund and it may be agreed to loan $ 800 million in a matter of weeks. 

financial situation severely worsened by the collapse of oil prices since last year, as well as organizing attacks (Daash) terrorist . The government projected a deficit of about $ 25 billion this year in budget sizes up to about 100 billion Dolar.oukd contribute to the International Monetary Fund loan to ease the pressure and help the government measure funding from other sources by enhancing investor confidence. Baghdad has said it intends to issue bonds at five billion dollars and is the first international version nine years ago. 

Masood Ahmed Director of the Middle East and Central Asia Department at the International Monetary Fund said "will work committees in this regard in the coming weeks. We hope that we reach an agreement relatively soon." 

and between Ahmed it is likely to submit the loan through rapid funding mechanism would be "relatively small at about $ 800 million." 

established the IMF rapid funding to provide financial aid and urgent advice on the economic policies of the Member States that need circumscription urgent aid to adjust the balance of payments mechanism. According to the website of the International Monetary Fund repay the loan provided by the rapid funding over a period of between 40 to 60 months mechanism. 

Loan way to get Iraq on larger loans from the fund when needed package could pave But such loans may require greater commitments on economic policies adopted. 

In Last week, Finance Minister Hoshyar Zebari that Baghdad will seek to obtain sovereign credit rating to facilitate the issuance of bonds. The government is about application procedures or working on the preparation procedures include asking bonds in local currency to the banks and the imposition of taxes on some consumer goods or cut public sector wages. 

Ahmed said that Iraq began to withdraw from its reserves and added that it is likely to grow slightly economy after a contraction of 2.4 percent recorded in 2014. 

"I realize the Minister of Finance and the Prime Minister completely that there is a problem and are committed to finding a solution within the constraints they face."

[MyLadiesDaddy]

"HE walked on down the hall...come on baby take a chance with us...after taking a face from the ancient gallery...". I'll wait for Umbertino to post the best version.

Strange how my quotation of the song was removed. But everyone else is OK.

[djgabrielie1]

Iraq - "Don't touch my stash!"