Keywords: IMF expressed satisfaction with the government's actions in the framework of financial reforms

[yota691]

Keywords: IMF expressed satisfaction with the government's actions in the framework of financial reforms   Sunday, 25 September 2016 21:12             Alsumaria News / Baghdad ,  Secretary - General of the Council of Minister Mahdi Keywords detection, Sunday, closely held meeting of the "break" with the International Monetary Fund, noting that the Fund expressed satisfaction at the measures taken by thegovernment in the framework of financial reforms, while pointing to the implementation of 75% of the government program .  Keywords and said in an exclusive interview with channel "Sumerian", " the international Monetary Fund expressed satisfaction at the measures taken by the Iraqi government in the framework of financial reforms, and there are observations and we respect them , " referring to "near decade break meeting with the IMF."         And on the government 's measures to fight corruption, Keywords, added that "one of the most important achievements is the launch of anti - corruption strategy , which lasted Integrity Commission a long time for the sake of cured , " adding that " a large document strategy will weaken the hotbeds of corruption dramatically if applied properly . "  with regard to the realized ratio of the government program, said the Keywords, that" what has been achieved from the activities and events in the government program for at least 75%, and there are 25% of the activities did not materialize due to financial distress , "explaining that" current oil production and export over the plan , which was drawn. "  He concluded by Iraq in September 2016 10, in the Jordanian capital , Amman , periodic consultations with the international Monetary Fund to review the draft federal budget law for 2017 and was agreed to calculate the price of a barrel of oil at $ 43 instead of $ 35 per barrel.

[Laid Back]

Why the IMF is satisfied.

Because Iraq has been doing what the IMF told them to do.

- Economic reform 

- Battle against corruption 

- Developing private sector

- Diversifying the economy 

Soon we will see Art 8 and the new monetary policy.

 

[nannab]

Come on article 8 and HCL !!!

Edited September 25, 2016 by nannab

[10 YEARS LATER]

So . . . . I do read this, as the IMF Is " as Happy as a Happy 3 LETTER AGENCY that has Something to be Happy About " with the " governments actions in the framework of Financial Reform."

So Iraq, if you've satisfied the IMF's wishes and they be very pleased & Shiite with you; how soon do we see the implimentation of Article 8 & the HCL ?

Enquiring minds wish to know. Thanks awfully and  HURRY THE HELL UP WOULD'YA ! ! ! !  

Actually, this article is very significant, now isn't it ? ! ! ! 

Edited September 26, 2016 by 10 YEARS LATER

[Wiljor]

4 hours ago, Laid Back said:

Why the IMF is satisfied.

Because Iraq has been doing what the IMF told them to do.

- Economic reform 

- Battle against corruption 

- Developing private sector

- Diversifying the economy 

Soon we will see Art 8 and the new monetary policy.

 

Exactly LaidBack, Iraq must make it to the worlds stage and in order to do so the IMF and international arena has set forth certain guidelines that must be in place. Re building a country from scratch is not an easy task, especially one that has been pilfered and torn apart by war. We are seeing things come together at a more rapid pace as of late do to pressure being put on by the IMF. If you want to play with the big boys, you must follow the rules and these rules must be in place by this date. 

Financial reform will be topped off with the real value of the IQD so hang on DV, things are going to get more crazy here and the information more questionable coming out of Iraq but Yota and gang will keep us grounded  

[DoD]

Well if the IMF is satisfied an happy with their progress I am too...we will continue to wait.

[sandfly]

Thanks 

[spacetuna]

Magic mystery money... It's like pulling Dinars out of a hat!!!!!!!

Sounds like the IMF is playing hardball with their loan money unless Iraq does a magic trick for them. 

 

http://www.mei.edu/content/article/iraq-s-shrinking-revenues-imf-and-oil-dilemma?.

Iraq’s Shrinking Revenues, the I.M.F. and the Oil Dilemma
By Ruba Husari | Scholar - The Middle East Institute | Sep 19, 2016.


The International Monetary Fund announced in July that it has approved a three-year, $5.34 billion loan for Iraq under the Stand-By Arrangement facility, which it said was focused on “implementing economic and financial policies to help the country cope with lower oil prices and ensure debt sustainability.” The promised financial assistance was made conditional on—among other things—Baghdad settling all debts to international oil companies (IOCs) without adding new debts. To satisfy that condition, this would require Iraq to allocate a big chunk of its oil exports to paying IOCs at the expense of revenues to the treasury. In the current dysfunctional political system in Iraq and the low accountability among its political class, the first victim of this arrangement will be Iraq’s oil market share where it faces fierce competition from Iran and Saudi Arabia.

The suggested reform program is very ambitious. It aims, according to the I.M.F., to bring spending in line with lower global oil prices, strengthen public financial management, and curb corruption, none of which the successive governments in Iraq had managed to do, or at least attempted to do.

The three-year loan comes on the heels of about $1.24 billion that Iraq received in 2015 from the I.M.F. under the Rapid Financing Instrument. It is also expected to open the door for Iraq for further external financing, which, according to some estimates, could amount to another $10 billion.

There are several caveats to the deal. An important one is that Iraq should pay all arrears owed to IOCs by year end and continue to be debt-free vis-à-vis those companies until the program starts. Those arrears are paid by allocating a certain number of barrels from the oil dedicated for export each month to the various developers of oil fields.

Since the beginning of 2016, Iraq has allocated about 236 million barrels of crude or some 30 percent of its total exports to end August for payments to IOCs.[1] Based on the average price Iraqi oil fetches on the market, those barrels were worth some $7.7 billion. The biggest chunk of this went to the payment of arrears to IOCs from 2015. For 2016, the Iraqi oil ministry budgeted total spending for all oilfields being developed by IOCs at $9.5 billion. This will help maintain output at close to its current levels, but not expand it significantly. Just how the I.M.F. expects Iraq to clear all arrears before the beginning of the program, and increase the spending to speed up the development of the oilfields to generate more revenue, while staying debt free, is a mystery.

The terms of the 11 contracts Iraq signed with IOCs since 2009 to develop its southern oil fields requires the ministry to pay back quarterly, in kind, all the cost incurred by the companies, in addition to a fee per barrel produced.

When the oil price was high, allocating the barrels was no issue. At $100 per barrel for the Brent benchmark, just 500,000 barrels of Iraqi export crude were enough to repay IOCs $1.5 billion/month. The remaining crude produced was enough to generate the revenues to satisfy Iraq’s budgetary needs. To keep payments at that rate when the oil price hit $30/barrel (or bbl), Iraq had to allocate more than three times that volume. This is more than 50 percent of its total oil exports that represent close to 90 percent of its budgeted revenues. Iraq had less oil to export and at a lower price, generating less and less revenues. Early this year, when Brent crossed the $30 bar, Iraqi crude fetched $22 and $23/bbl in January and February.

In 2014 and 2015, Iraq’s exports averaged 3 million barrels per day.[2] Thi

[jg1]

Very well put. Show me The magjic mystery Money.

[Big_J]

GM DV.

[Candy01]

21 hours ago, nannab said:

Come on article 8 and HCL !!!

[Jaygo]

Hhhmmm... I can think of an easy fix!

[Freedomwish]

23 hours ago, nannab said:

Come on article 8 and HCL !!!

Say it loud!!  SAY IT LOUD!!