The Englishman Posted March 17, 2017 Report Share Posted March 17, 2017 Statement at the End of an IMF Mission on Iraq March 17, 2017 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision. In 2016, real GDP growth was sustained at 11% supported by a large increase in oil output that benefitted from past oil investments In 2017, economic activity is expected to remain muted due to a 1.5% contraction in oil production and only a tepid recovery of the non-oil sector. Further reforms to create fiscal space for inclusive growth, strengthen the business environment, reduce corruption and repair the banking sector are needed to support private sector-led growth and diversification of the economy The Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Amman from March 5–17, 2017 on the 2017 Article IV Consultation and the second review of Iraq’s 36-month Stand-By Arrangement (SBA) approved by the IMF Executive Board on July 7, 2016 (See Press Release No. 16/321). The SBA aims to restore fiscal and external balance and to improve public financial management while protecting social spending. The first review under the SBA was completed on December 5, 2016 ( See Press Release No. 16/540). Mr. Christian Josz, Mission Chief for Iraq, issued the following statement: “Iraq has been hard hit by the conflict with ISIS and the plunge in global oil prices since 2014. The government has responded to the fiscal and balance of payments crisis with a large but necessary fiscal adjustment supported by financial assistance from the international community. In 2016, real GDP growth was sustained at 11 percent supported by a large increase in oil output that benefitted from past oil investments. Nevertheless, the non-oil economy experienced an 8 percent contraction due to the conflict and the fiscal consolidation. In 2017, economic activity is expected to remain muted due to a 1.5 percent contraction in oil production under the agreement reached by the Organization for Petroleum Exporting Countries, and only a tepid recovery of the non-oil sector. “The plunge in oil prices has driven the decline of Iraq’s gross international reserves from $53.7 billion at end 2015 to the still comfortable level of $46.5 billion at the end of December, 2016. Fiscal pressures remain significant with the government deficit remaining at 12 percent of GDP in 2016, due to continuing weak oil prices and rising humanitarian and security spending. Total public debt increased from 32 to 64 percent of GDP during 2014-16. Credit growth decelerated and non-performing loans in state-owned and private banks increased significantly in 2016. “The authorities have maintained the exchange rate peg which remains a key nominal anchor. Medium term growth prospects remain modest driven by projected flat oil production and investments in the face of the revenue constraint and modest pickup in non-oil growth supported by the expected improvement in security and implementation of structural reform. Further reforms to create fiscal space for inclusive growth, strengthen the business environment, reduce corruption and repair the banking sector are needed to support private sector-led growth and diversification of the economy once post- ISIS reconstruction is underway. Risks remain high, arising primarily from uncertainty in the oil price outlook, security and political uncertainties, and administrative weaknesses. “The Iraqi authorities and IMF staff started discussions on the second review of the SBA. These discussions will continue during the upcoming IMF and World Bank Spring Meetings from April 21–23, 2017 in Washington, DC. “During the visit, the team met with the Acting Minister of Finance Prof. Abdulrazzaq A. Jaleel Essa, Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, the Financial Adviser to the Prime Minister Dr. Mudher Saleh, and officials from the ministries of finance, oil, planning, the State Oil Marketing Organization, the Central Statistical Office, the Central Bank of Iraq, and representatives from the Kurdistan Regional Government, and the Board of Supreme Audit. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.” IMF Communications Department MEDIA RELATIONS PRESS OFFICER: WAFA AMR PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG Quote The government has been responding with a large but necessary fiscal adjustment supported by financial assistance from the international community– IMF’s Josz 6 Quote Link to comment Share on other sites More sharing options...
bostonangler Posted March 17, 2017 Report Share Posted March 17, 2017 9 minutes ago, The Englishman said: “The authorities have maintained the exchange rate peg which remains a key nominal anchor. Medium term growth prospects remain modest driven by projected flat oil production and investments in the face of the revenue constraint and modest pickup in non-oil growth supported by the expected improvement in security and implementation of structural reform. Further reforms to create fiscal space for inclusive growth, strengthen the business environment, reduce corruption and repair the banking sector are needed to support private sector-led growth and diversification of the economy once post- ISIS reconstruction is underway. Risks remain high, arising primarily from uncertainty in the oil price outlook, security and political uncertainties, and administrative weaknesses. Looks like we will be here a while... B/A 4 Quote Link to comment Share on other sites More sharing options...
Boozer Posted March 17, 2017 Report Share Posted March 17, 2017 Ill wait to see how things go next week in DC 2 Quote Link to comment Share on other sites More sharing options...
3n1 Posted March 17, 2017 Report Share Posted March 17, 2017 imo with all the rebuilding iraq needs whenever they decide to start, their currency will need to be international with a market economy ,, very few know a date or rate someone will simply get lucky if they guess it , of course if ur calling it every day you cant miss 3 Quote Link to comment Share on other sites More sharing options...
Synopsis Posted March 17, 2017 Report Share Posted March 17, 2017 4 minutes ago, 3n1 said: imo with all the rebuilding iraq needs whenever they decide to start, their currency will need to be international with a market economy ,, very few know a date or rate someone will simply get lucky if they guess it , of course if ur calling it every day you cant miss BINGO, 3n1! My opinion is Iraq will need to get real busy rebuilding immediately after the ISIS crisis (no rhyme intended) is declared ended as a significant tool to avert sectarian conflicts that could erupt into regional conflicts or even Civil War. With all the international attention Iraq is receiving, I think we could be almost there! Without an internationally traded currency and full international trade access/utilization, I suspect their rebuilding effort will be significantly hampered and problematic. Iraq will need full trade channels to accomplish satisfying immediate and pressing economic development needs and avert social related negative impacts. Just my opinion and Go Moola Nova! 9 Quote Link to comment Share on other sites More sharing options...
eburt Posted March 17, 2017 Report Share Posted March 17, 2017 3 minutes ago, Synopsis said: BINGO, 3n1! My opinion is Iraq will need to get real busy rebuilding immediately after the ISIS crisis (no rhyme intended) is declared ended as a significant tool to avert sectarian conflicts that could erupt into regional conflicts or even Civil War. With all the international attention Iraq is receiving, I think we could be almost there! Without an internationally traded currency and full international trade access/utilization, I suspect their rebuilding effort will be significantly hampered and problematic. Iraq will need full trade channels to accomplish satisfying immediate and pressing economic development needs and avert social related negative impacts. Just my opinion and Go Moola Nova! I like your thinking Synopsis.... 8 Quote Link to comment Share on other sites More sharing options...
Synopsis Posted March 17, 2017 Report Share Posted March 17, 2017 2 minutes ago, eburt said: I like your thinking Synopsis.... I like your thinking, Eburt, about what I am thinking - looks like a winner when forward looking minds agree! Go Moola Nova! 4 Quote Link to comment Share on other sites More sharing options...
boosterbglee Posted March 17, 2017 Report Share Posted March 17, 2017 You guys have such good manners........ 5 Quote Link to comment Share on other sites More sharing options...
Synopsis Posted March 17, 2017 Report Share Posted March 17, 2017 Just now, boosterbglee said: You guys have such good manners........ Yes, Yes, by all means, BoosterBGlee! I suspect that is far better than the stinky manures some folks have and like to spread around! A Super Day to You, BoosterBGlee! Go Moola Nova! 3 Quote Link to comment Share on other sites More sharing options...
Rmc10 Posted March 17, 2017 Report Share Posted March 17, 2017 I hope 2017 is the year. ♡♡♡ 3 Quote Link to comment Share on other sites More sharing options...
tigergorzow Posted March 17, 2017 Report Share Posted March 17, 2017 DV, Don't worry be happy........Let's just wait until "Liberation Of Mosul" is done and I do believe everything will fall in place meaning important laws, etc. Stay positive and watch the plan come together and we all will receive our blessings. Iraq cannot continue to drag this out because it is in their best interest to return to the World Stage with an international recognized currency and 1182 is not going to cut it IMHO..... Always Keeping The Faith!! GO RV / RI 7 1 Quote Link to comment Share on other sites More sharing options...
blueskyline Posted March 17, 2017 Report Share Posted March 17, 2017 1 hour ago, bostonangler said: Looks like we will be here a while... B/A The authorities ((((have )))))maintained the exchange rate peg which remains a key nominal anchor.........I'm ever the optimist. That "have maintained " is until now . I look to see what happens next . (March 21st) 7 Quote Link to comment Share on other sites More sharing options...
blueskyline Posted March 17, 2017 Report Share Posted March 17, 2017 1 hour ago, bostonangler said: Looks like we will be here a while... B/A The authorities ((((have )))))maintained the exchange rate peg which remains a key nominal anchor.........I'm ever the optimist. That "have maintained " is until now . I look to see what happens next . (March 21st) 4 Quote Link to comment Share on other sites More sharing options...
MyLadiesDaddy Posted March 17, 2017 Report Share Posted March 17, 2017 22 minutes ago, tigergorzow said: DV, Don't worry be happy........Let's just wait until "Liberation Of Mosul" is done and I do believe everything will fall in place meaning important laws, etc. Stay positive and watch the plan come together and we all will receive our blessings. Iraq cannot continue to drag this out because it is in their best interest to return to the World Stage with an international recognized currency and 1182 is not going to cut it IMHO..... Always Keeping The Faith!! GO RV / RI You picked The next one 8 Quote Link to comment Share on other sites More sharing options...
ChuckFinley Posted March 17, 2017 Report Share Posted March 17, 2017 Just checked out who was on here. Some Power Playes NYK and LGD. 8 Quote Link to comment Share on other sites More sharing options...
CaptainBVI Posted March 17, 2017 Report Share Posted March 17, 2017 Great to watch the power of positive thinking crew at work. Thanks for all your efforts. 6 Quote Link to comment Share on other sites More sharing options...
new york kevin Posted March 17, 2017 Report Share Posted March 17, 2017 (edited) I imagine credit growth will increase as the GOI seeks to rebuild the devastated areas formerly held by ISIS. Let alone the start of those housing projects already approved by the GOI, who's contracts were awarded to that S.Korean company. That alone should employ plenty of out of work Iraqis. The cement companies must be ready to crank out product, as well.as.the other non oil businesses. Replant those farm lanrs. Debt at 12% of GDP, our country should be so.lucky. Over all good stuff. Now to see what ya'll put down. You the man Chucky. Edited March 17, 2017 by new york kevin 5 Quote Link to comment Share on other sites More sharing options...
new york kevin Posted March 17, 2017 Report Share Posted March 17, 2017 (edited) Oh yeah, and the exchange rate held, despite all the economic crisises surrounding oil, ISIS, and a sluggish non-oil sector. Once The GOI and the Commander in Chief solidify all Iraqi territory security wise, they will eventually transfer to a peacetime economy after placing all their assets to support the war against ISIS. Remember the economic boom we experienced when we returned to a peacetime economy post WW II. I hope and pray Iraq has a M.E. version of that. For the record i didn't read what Synopsis wrote befor typing my take. That said, let us pray that is a heavenly designed occurance, in that whenever 2 or more are in agreement He is amongst that. Amen. 3 snaps up in a Z formation. Here's to 2017 or SOONER DV'er's. : ) Edited March 17, 2017 by new york kevin 9 Quote Link to comment Share on other sites More sharing options...
Synopsis Posted March 17, 2017 Report Share Posted March 17, 2017 10 minutes ago, new york kevin said: For the record i didn't read what Synopsis wrote befor typing my take. That said, let us pray that is a heavenly designed occurance, in that whenever 2 or more are in agreement He is amongst that. Amen. 3 snaps up in a Z formation. Here's to 2017 or SOONER DV'er's. : ) Amen, Brother! Go Moola Nova! 4 Quote Link to comment Share on other sites More sharing options...
SnowGlobe7 Posted March 17, 2017 Report Share Posted March 17, 2017 1 hour ago, new york kevin said: or SOONER DV'er's. : ) did someone say sooner?? as in 6 1 Quote Link to comment Share on other sites More sharing options...
NoviceInvestor Posted March 18, 2017 Report Share Posted March 18, 2017 3 hours ago, Synopsis said: Amen, Brother! Go Moola Nova! It is 2017 .. So it has to be sooner... 🙏🙏🙏 3 Quote Link to comment Share on other sites More sharing options...
jeepguy Posted March 18, 2017 Report Share Posted March 18, 2017 there is something too the madness , near the end of the battle , and the rebuilding of Iraq , can `t imagine rebuild with out an international traded currency , and not too mention the pay that the workers would seek for doing the dirty business , dinar needs value { I,m,o, } I do not think the government of Iraq would spend all the loan cash for rebuilding , ---- if it we me , I would stash the cash in the reserves , raise the value of the dinar , { the reserves would cover that easy enough , along with the post we had last week , --- oil is 40 percent of income and the rest is import fees , and export profits ----- the economist column again } I do not think raising the value of dinar would hurt the banking at all ... { example again , if they can de-dollarize the country , and the dinar became the money of choice in Iraqi markets all over the country , then the incoming folks of other countries would need too trade their countries currencies for dinar too do the trading and buying every day stuff once they get settled into the job of rebuilding } this would also build the reserves with the spread between the different currencies , and build up reserves even more ! ahhhhh this voodoo , we do 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted March 18, 2017 Report Share Posted March 18, 2017 Official statement from the IMF Web site... The statement issued at the conclusion of the IMF mission on Iraq 17 March 2017 Iraqi authorities and experts of the International Monetary Fund held (IMF) discussions in Amman during the period from 5 to March 17 / March 2017 on Article IV of the 2017 consultations, and the second revision of the agreement to prepare the credit (SBA) with Iraq, amounting to a 36 - month, which was approved by the Executive Board of the international Monetary Fund on July 7, 2016 (see press release No. 16/321 statement ). It aims to prepare the credit agreement to correct the balance of public finances and the balance of the external position, and improving public financial management, while protecting social spending. It was the first complete review under the Stand -By Agreement on 5 December / December 2016 (see Press Release No. 16/540 statement ). Mr. Christian nut has been made head of the IMF mission to Iraq the following statement: "Harmed Iraq affected severely due to the conflict with al Daesh, and the sharp drop in world oil prices, since 2014. The government has responded to the fiscal crisis, and the crisis in the balance of payments, large corrects Mali, but necessary, supported by financial assistance from the international community. In 2016 , the real growth of the gross domestic product by 11%, supported by a substantial increase in oil production, which benefited from previous oil investments continued. However, non-oil economy has shrunk by 8% due to the conflict and fiscal adjustment. in 2017, it is expected to remain activity economic dimmed due to reduced oil production by 1.5% under the agreement reached by the Organization of petroleum exporting countries (OPEC), and the modest recovery of the non-oil sector. " "The sharp decline in oil prices, down Total international reserves of Iraq, from 53.7 billion US dollars has caused the end of 2015 to a level still comfortable, of $ 46.5 billion, at the end of December / December 2016 remains the pressures on public finances, including large , with the government deficit remains at a level of 12% of GDP in 2016, due to continued weakness in oil prices, high humanitarian and security spending. the total public debt rose from 32% to 64% of GDP in the period 2014-2016. slowed credit growth and rising bad loans at state-owned banks and private banks significantly in 2016. " "Maintained authorities on the exchange rate peg, which is an important par substrate. The remaining growth prospects in the medium term modest because of the expected oil production constant, and the stability of its investment in the face of constraints on revenues, and the recovery modest in the non-oil growth, supported by the improvement expected in the security situation, and the implementation of reforms structural. there is a need for more reforms to create fiscal space inclusive growth, and enhance the business environment, reduce corruption, and reform of the banking sector to support growth led by the private sector, and diversification in the economy, once the reconstruction process starts in the post-regulation Daesh. the remaining risk high; this stems mainly from uncertainty surrounding the prospects for oil prices, the security situation and political uncertainty, and a citizen of management weaknesses. " "Iraqi authorities and experts of the International Monetary Fund began discussions on the second revision of the standby credit agreement. These discussions will continue during the coming spring meetings of the International Monetary Fund and the World Bank in the period between April 21 to 23, 2017 in Washington, DC." "I met with the team during the mission with the Minister of Finance Acting Prof. Dr. Abdul Razak A. Jalil Issa, the Governor of the Central Bank of Iraq by proxy, Mr. Ali Mohsen Ismail Keywords, and consultant Dr. premier appearance in favor, and officials from the Ministry of Finance, the Ministry of Oil and the Ministry of Planning, and the Oil Marketing Company (SOMO), the Central Bureau of Statistics, the Iraqi Central Bank, and representatives of the Kurdistan Regional Government, and the Office of financial supervision. wishes to fund a group of experts that Aaburan thanked the Iraqi authorities for their cooperation and to make this an open and fruitful talks. " Communication management, the International Monetary Fund Department of Media Relations OFFICIAL PRESS AFFAIRS: 3 Quote Link to comment Share on other sites More sharing options...
tigergorzow Posted March 18, 2017 Report Share Posted March 18, 2017 5 minutes ago, yota691 said: the Governor of the Central Bank of Iraq by proxy, Mr. Ali Mohsen Ismail Keywords, Yota Thanks, DV, It looks like CBI Governor is only serving as Proxy 7 minutes ago, yota691 said: I met with the team during the mission with the Minister of Finance Acting Prof. Dr. Abdul Razak A. Jalil Issa, the Governor of the Central Bank of Iraq by proxy, Mr. Ali Mohsen Ismail Keywords, and consultant Dr. premier appearance in favor, and officials from the Ministry of Finance, the Ministry of Oil and the Ministry of Planning, and the Oil Marketing Company (SOMO), the Central Bureau of Statistics, the Iraqi Central Bank, and representatives of the Kurdistan Regional Government, and the Office of financial supervision. wishes to fund a group of experts that Aaburan thanked the Iraqi authorities for their cooperation and to make this an open and fruitful talks DV, All of Iraqi Power Hitters attended this meeting to include KRG representatives. 3 Quote Link to comment Share on other sites More sharing options...
skeetdog Posted March 18, 2017 Report Share Posted March 18, 2017 Thanks Yota...This seems to be an opened and fair evaluation of Iraq's present situation...This statement only clarifies the needed procedures to correct Iraq's problems and direct Iraq toward a prosperous economy...I read nothing condescending about anything we didn't already know...Seems this article addresses what has held Iraq back and suggest what Iraq needs to do to correct their future activities...This ending para 1 Quote Link to comment Share on other sites More sharing options...
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