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Iraq's Financial Plan Given To IMF.


Luigi1
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9/21/2016  KTFA:

PappaJ:  HERE IS MORE THAN A TIDBIT FOR YOU TO DIGEST!!!

THIS DOCUMENT LISTED  IS THE IMF'S PLAN FOR IRAQ.

LETTER OF INTENT ,MEMORANDUM OF ECONOMIC FINANCIAL POLICIES, AND TECHNICAL MEMORANDUM OF UNDERSTANDING  DATED 19 JUNE 2016.

LETTER OF INTENT OF THE GOVERNMENT OF IRAQ TO THE IMF    ENJOY!!! PJ 
 

Iraq: Letter of Intent, Memorandum of Economic and Financial - IMF 2016

http://www.imf.org/external/np/loi/2016/irq/06192016.pdf
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I read it and there are many things to be addressed and fixed. I did however like some of what I read....

13. The government is committed to maintaining the peg with the U.S. dollar. The peg provides a key nominal anchor in a highly uncertain environment with policy capacity weakened by the conflict with ISIS. The CBI will increase the sale of foreign exchange for valid current exchange transactions on the official market in order to reduce the spread between the official and parallel exchange rates (¶8).

14. The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate. As a first step, the Council of Ministers will approve and introduce to parliament an amendment of the Investment Law, or the CBI will issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction (SB Table 5), as recommended by a recent technical assistance mission of the IMF. As a second step, the CBI will, by the end of 2016, make the weekly limits on the purchase of cash at the weekly foreign currency auctions indicative, in the sense that any bank requiring additional cash for their clients’ legitimate travel expenses will be able to obtain the required amount above these limits on the basis of appropriate documentation. The CBI will make the public aware of such a policy by explaining it through a press conference and on its external website.

 

 

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2 hours ago, bostonangler said:

13. The government is committed to maintaining the peg with the U.S. dollar.

14. The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions.

Excellent B/A.  Yes, the USD has been strong this past year, gaining value. They WANT to be pegged (tied) to it which will show the world the IQD is stable and strong. And there's the 'come to Jesus' directive....remove MCP. The IQD becomes Iraq's currency, to be used for payment in ALL transactions both in and out of country. That means given a value that can be exchanged for euro, pound, yuan, USD...anywhere. It's coming folks. IMF driving the bus. Right there in black and white from the bus driver themselves.:)

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