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Iraq receives four billion dinars as a loan from the World Bank next month


yota691
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Iraq receives four billion dinars as a loan from the World Bank next month

economy

 Since 11.27.2016 at 10:07 (Baghdad time)

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Economic Adviser to the Prime Minister revealed the appearance of Mohammed Saleh, Sunday, that Iraq will receive four billion dinars as a loan from the World Bank, the start of the month of December next.

Saleh said, L / balance News /, that "Iraq will receive four billion dinars as a loan from the World Bank loans of the seven major industrialized nations and the European Union, the start of December next."

He said economic adviser, said: "The loan is allocated to support the general state budget for the purposes of investment projects, which include support for various projects, including vital infrastructure destroyed and the rehabilitation and reconstruction of the affected areas," .anthy 29 / A 43 areas 

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31 minutes ago, Boozer said:

Why bother if its going out the backdoor as fast as you bring it in the front. and why Dinar its worthless ? This don't add up maybe someone smarter than me can put some light on this..

I don't pretend to be Smarter than a 5th Grader but I think it has to do with National Debt. Every country (or so it would seem) owes and/or is indebted to the WB. It's their main mission to have every country hooked, Something to do with globalization. They can't control or operate without being owed. Actually, no bank can or does, However, I'm still going to leave your question to those who are into microeconomics. 

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I  would throw a guess  out here  ,  it is  rebuild  of all territories that  dasshhh  holes   destroyed  !   and the cost of rebuilding and get  the  suppy lines running again  { such as  food supply ,  health care ,  infra-structure rebuild , clean -up  land mines and destructive devises  left behind  !  remember   this area would be  1/4  size of  Iraq  , if I remember correct,  or so  news out lets tell me }       now  I wonder how much  cash Iraq has in the coffers  from  the  billions of dollars  in loans  and  the  money  found in other countries ? ...  you guys are right though ,  why in dinar s   ??   could this be the big  first step in --- de dollarize  Iraq streets  ? 

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5 minutes ago, jeepguy said:

I  would throw a guess  out here  ,  it is  rebuild  of all territories that  dasshhh  holes   destroyed  !   and the cost of rebuilding and get  the  suppy lines running again  { such as  food supply ,  health care ,  infra-structure rebuild , clean -up  land mines and destructive devises  left behind  !  remember   this area would be  1/4  size of  Iraq  , if I remember correct,  or so  news out lets tell me }       now  I wonder how much  cash Iraq has in the coffers  from  the  billions of dollars  in loans  and  the  money  found in other countries ? ...  you guys are right though ,  why in dinar s   ??   could this be the big  first step in --- de dollarize  Iraq streets  ? 

Good point Jeepguy.!!

Maybe the dinar will be equal to the dollar $1:1 in the near future.

With $4 billion dollars they can do a lot of rebuilding projects 

Go $1:1

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9 hours ago, Laid Back said:

Good point Jeepguy.!!

Maybe the dinar will be equal to the dollar $1:1 in the near future.

With $4 billion dollars they can do a lot of rebuilding projects 

Go $1:1

I see how 4 Billion can do something ,But 3.8 Million wont even pay Maliki yearly salary ,,  GO 1:1  I'm with U

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On 11/27/2016 at 5:34 AM, yota691 said:

"The loan is allocated to support the general state budget for the purposes of investment projects, which include support for various projects, including vital infrastructure destroyed and the rehabilitation and reconstruction of the affected areas,

3.84 million dollars isn't going to rebuild anything nor even make a dent in  the reconstruction of anything when one considers the amount of damage in Mosul alone. My first question is when did the WB get dinar? My second Question is, is it possible that somehow the WB was involved in the printing of Lower Denoms and that this loan is a way to get them to Iraq without a lot of hoopla.  And as Integrativedoc says it could be a translation error and only meant dollars. In which case one must consider the fact that giving Iraq a loan of this nature in dollars has more meaning to it than just giving them a loan. 

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This rendition has "dollar signs"...So which is it?

 

Saleh: Iraq next month will receive a $ 4 billion loan from the World Bank
Last updated: 27 November 2016 - 12:32
Baghdad / Iraq News Network revealed Economic Adviser to the Prime Minister the appearance of Mohammed Saleh, Sunday, that Iraq will receive a $ 4 billion loan from the World Bank, the start of the month of December Almqubl.oukal favor in a press statement today: "Iraq will receive a $ 4 billion a loan from the World Bank of loans of seven leading industrial countries and the European Union, the start of December next. "He added economic adviser, said:" The loan is allocated to support the general state budget for the purposes of investment projects, which include support for various projects, including vital infrastructure destroyed and the rehabilitation and reconstruction of areas stricken area

http://aliraqnews.com/صالحفي-الشهر-المقبل-العراق-سيتسلم-4-ملي/

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If you go to the WB website and use their search engine asking about a 4 billion loan to Iraq this is what comes up

 

 

 

I think it's a safe bet that since the last update was Jul 22 2015 they don't like to tell everyone what their doing so that all can follow the money and make some with them. Hummm, yet everything on the WB site talks about how much they love to help people. :lol:

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Hate to be a downer...but found this... see highlighted text in red..

The Iraqi economy is facing severe and pressing challenges. The decline in oil prices in 2015 and 2016 and the ISIS insurgency have contributed to a sharp deterioration of economic activity and have rapidly increased the fiscal and current account deficits. Macroeconomic risks remain elevated due to Iraq’s continued exposure to a volatile oil market, but the medium-term outlook seems more favorable, thanks to an expected increase in oil prices in 2017 and important gains against ISIS.  The government is facing the challenge of maintaining macroeconomic stability, undertaking structural reforms to improve the delivery of public services, reconstructing core physical infrastructure in the areas liberated from ISIS and assisting the 3.4 million people displaced by the conflict.

The double shock has severely dented growth, diverted resources away from productive investment, and increased poverty, vulnerability and unemployment. Private consumption and investment remain subdued due to an unstable security and political situation and a poor business environment. The non-oil economy contracted by almost 14 percent in 2015 following a 5 percent fall in 2014. After slowing at 0.1 percent in 2014, Iraq’s economy grew by 2.9 percent in 2015 on the back of about 19 percent increase in oil production, as the vast majority of Iraq's oil fields are beyond ISIS’s reach. Growth in 2016 is expected to further increase to 4.8 percent, sustained by an increase in oil production, but non-oil GDP is expected to contract by 8.2 percent, due to low demand driven by continued fiscal consolidation. Inflation rate is expected to remain low at 2 percent in 2016, with the government subsidizing electricity, food and fuel, but is likely underestimated in ISIS-occupied areas.

The shocks have also deteriorated the country's fiscal and external balances in 2015 and 2016. Low oil prices have sharply reduced oil revenues, which decreased by about US$35 billion in 2015 compared to 2014. Despite the government efforts to prioritize expenditure, low oil revenue coupled with high humanitarian and security spending have rapidly widened the budget deficit which reached 13.5 percent of GDP in 2015 and the current account deficits which has turned into a deficit of 6.1 percent of GDP in 2015 form a surplus of 2.7 percent of GDP in 2014. Due to persistent low oil export prices in 2016 (which are expected to average $ 35.5 a barrel, $10 lower than in 2015), the fiscal deficit is estimated at 12 percent of GDP in 2016. Weakness of oil exports and large import needs also to maintain develop oil infrastructure would further widen the current account deficit to 11 percent of GDP in 2016. Given Iraq’s severe challenges and substantial financing needs, the IMF approved a three year Stand-By Arrangement in July 2016 for US$5.34 billion. In parallel, the World Bank has started a series of three DPFs to span over three years, the first (USD1.2 billion) delivered in December 2015, the other two (1 billion USD each) planned for December 2016 and December 2017. On July 20, 2016, a donor conference co-hosted by the US Government pledged a total of US$2.1 billion for 2016-2018, with the aim of securing financial support for Iraq’s humanitarian crisis. The resumption of the production sharing agreement between the federal government and the Kurdistan Regional Government (KRG) in August 2016 will help KRG address its growing fiscal crisis.

Iraq continues to face severe security challenges. As a result of the ongoing conflict, the death toll continues unabated, with casualties reaching 20,169 in 2014―the most since 2006 and 2007 when the violence killed an average of 27,744 Iraqis―17,502 in 2015 and 10,497 since the beginning of 2016. The widespread insecurity since 2014 has also led to major humanitarian crisis with 10 million people in need and over 3.4 million persons internally displaced.

The population remains extremely vulnerable to the ongoing security problems and reduction in oil prices. The standard of living has deteriorated and a noticeable share of the population has fallen into poverty or is extremely vulnerable to falling into poverty. Poverty, as estimated by the Iraqi government reached 22.5 percent in 2014 nationwide; and in the ISIS-affected governorates, the direct impact of economic, social and security disruptions are estimated to have doubled poverty rates to 41.2 percent.
Iraq has one of the lowest employment-to-population ratios in the region, even among men, and the 2014 crisis has led to an estimated reduction in employment by 800,000 people. The Public Distribution System provides the only safety net for the vast majority of the poor, and is currently stretched to its limits. Many IDPs received a one-time cash grant of ID 1 million per month in 2015, but the 2.8 million new poor are left largely uncovered by any public safety net. However, Iraq in April 2016 launched a new poverty targeting program aimed at reforming the social security network toward improving its targeting efficiency.

Last Updated: Oct 01, 2016

Source...http://www.worldbank.org/en/country/iraq/overview

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It would seem to me that if the loans came in the form of dollars, yuan or an EU currency - with the dinar so devalued, Iraq would be able to purchase and hire more as opposed to a higher valued dinar.

Basically. it would make sense for them to leave the dinar at it's current value for in-country infrastructure projects - get more bang for the buck.

I do hope I am wrong, because if this is their train of thought then it might be a long time until an RV occurs.

 

Thoughts??

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22 minutes ago, savoy8060 said:

 

It would seem to me that if the loans came in the form of dollars, yuan or an EU currency - with the dinar so devalued, Iraq would be able to purchase and hire more as opposed to a higher valued dinar.

Basically. it would make sense for them to leave the dinar at it's current value for in-country infrastructure projects - get more bang for the buck.

I do hope I am wrong, because if this is their train of thought then it might be a long time until an RV occurs.

 

Thoughts??

Sorry but when I first got into this yrs ago it was commonly known that a gallon of milk in Iraq cost thousands of dinars. That is to say that if you're going to buy a bag of cement that will cost you here in the states about $6.50. At the same price in Iraq that bag of cement will cost you 7683 dinar. Sounds like a lot but it is actually the exact same price. In other words inside the country  of Iraq prices will need to be changed to accommodate the new value of the dinar. For example if Iraq was to give the dinar a value of 1 dinar to 1 dollar now that bag of cement would cost 6.5 dinars, this has been something of an issue for the CBI as they have repeatedly stated that the public needed to be educated about the effects of ,"Economic Reforms". 

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On ‎11‎/‎27‎/‎2016 at 5:34 AM, yota691 said:

Iraq receives four billion dinars as a loan from the World Bank next month

economy

 Since 11.27.2016 at 10:07 (Baghdad time)

%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9

Special scales News

Economic Adviser to the Prime Minister revealed the appearance of Mohammed Saleh, Sunday, that Iraq will receive four billion dinars as a loan from the World Bank, the start of the month of December next.

Saleh said, L / balance News /, that "Iraq will receive four billion dinars as a loan from the World Bank loans of the seven major industrialized nations and the European Union, the start of December next."

He said economic adviser, said: "The loan is allocated to support the general state budget for the purposes of investment projects, which include support for various projects, including vital infrastructure destroyed and the rehabilitation and reconstruction of the affected areas," .anthy 29 / A 43 areas 

Just an observation.  The budget is SUPPOSED to be approved on Thurs. Dec 1.  Iraq receives loan from World Bank at the START of Dec.  Adam says this loan is "not even worth the paperwork, WITHOUT A CHANGE IN THE RATE."  Might there be a correlation between the approval of the budget AND this loan and will it lead to an RV??  Once they approve the budget, could the HCL not be too far behind???  These and many other questions to be answered on the next episode of "Days of our Dinar".  Tune in tomorrow, same Bat-time, same Bat-channel.

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13 minutes ago, trident said:

i find it hard to believe the misprint theory dollar/dinar....more likely deliberate....time will tell...hope i'm right!

I agree trident....In fact maybe it's me, but everyplace in this article, I previously posted, where they used the dollar sign..the spacing looks fishy to me. Maybe it's my goggles...

 

Saleh: Iraq next month will receive a $ 4 billion loan from the World Bank
Last updated: 27 November 2016 - 12:32
Baghdad / Iraq News Network revealed Economic Adviser to the Prime Minister the appearance of Mohammed Saleh, Sunday, that Iraq will receive
a $ 4 billion loan from the World Bank, the start of the month of December Almqubl.oukal favor in a press statement today: "Iraq will receive a $ 4 billion a loan from the World Bank of loans of seven leading industrial countries and the European Union, the start of December next. "He added economic adviser, said:" The loan is allocated to support the general state budget for the purposes of investment projects, which include support for various projects, including vital infrastructure destroyed and the rehabilitation and reconstruction of areas stricken area

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In my opinion, one possible explanation is there is a significant amount of churn between the IMF and Iraq regarding implementing the IMF reforms and Iraq's foot dragging to get the IMF reforms implemented.  One of which is to implement the revalue of the IQD so WTO requirements are met and international investment can flow into Iraq.

So, the IMF may be saying, "OK hosers, we are going to give you a loan of Iraqi Dinars based on our IQD to USD conversion.  However, you will pay the loan back in USD on our (IMF) schedule." As a result, lots of scrambling on Iraq's part to get the show on the road NOW!!!

There may have been an intentional print of dinar in one source and dollar in other sources to signal to Iraq that the IMF means business and failure is not an option.

I am not a poo poo guru or IQD pumper and this is in no way here or anywhere financial or investment advice.

Edited by Synopsis
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1 hour ago, Synopsis said:

In my opinion, one possible explanation is there is a significant amount of churn between the IMF and Iraq regarding implementing the IMF reforms and Iraq's foot dragging to get the IMF reforms implemented.  One of which is to implement the revalue of the IQD so WTO requirements are met and international investment can flow into Iraq.

So, the IMF may be saying, "OK hosers, we are going to give you a loan of Iraqi Dinars based on our IQD to USD conversion.  However, you will pay the loan back in USD on our (IMF) schedule." As a result, lots of scrambling on Iraq's part to get the show on the road NOW!!!

There may have been an intentional print of dinar in one source and dollar in other sources to signal to Iraq that the IMF means business and failure is not an option.

I am not a poo poo guru or IQD pumper and this is in no way here or anywhere financial or investment advice.

 

So there !!!! :P :lol:  You are very good to us Synopsis. Thank you much. :twothumbs:

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