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IMF disappointed with 2011 budget


Adam Montana
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Baghdad, Nov. 21 (AKnews) – The International Monetary Fund (IMF) has cited Iraq’s monetary policy as the reason for turning down an Iraqi request for a loan package to reduce its 2011 budget deficit, an advisor to the Iraqi government said today.IMF Building New York

Despite the IMF’s rejection, talks between Iraq and the fund continue to obtain a loan package to balance its 2011 budget deficit which is yet to be passed by the Iraqi parliament.

“The IMF… is not satisfied with the current Iraqi financial policy and has urged the government to make extensive changes” said Abd Hussein al-Jaberi, a member of the board of advisors to the Council of Ministers.

The IMF has called for changes at the level of the disbursement of funds, reduction of inflation, a plan to encourage the private sector and address sagging employment figures in governmental departments, said al-Jaberi.

The Iraqi Finance Ministry called on the Ministry of Industry and Minerals earlier to work on transforming its subsidiaries into self-financing companies in order to cover the expenses of its employees.

The Ministry of Planning and Development has said there is a huge workforce in governmental departments.

“Iraq has promised the IMF to address the monetary issues” said al-Jaberi, “but talks are still underway between the two sides to come up with solutions”

The Iraqi Finance Ministry announced last month the finalization of Iraq’s 2011 draft budget, the majority of which has been devoted to investment. The 2011 budget amounts to US$86.4 billion, up from around US$72 billion last year.

Reported by Jaafar al-Wannan

link: http://www.aknews.com/en/aknews/2/196620/

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Old news... IMO that has been settled...

I was sure I`ve read this b4 myself . We have to remember though that not always does everyone get a chance to read everything they would like in one sitting so the reposting does help sometimes , especially for new peeps coming on . Have a nice day :D

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From what I understand, "http://aknews.com/en/aknews/2/196620" -- aren't they still in talks to resolve this? Didn't the Counsel approve the budget with additional funds added?? There are certain requirements that must be met before the IMF will be approving of the budget -- do you think these are the changes that the Counsel made, and all will be announced on Thursday?

I have another question -- If the cards are to be issued on 11/25 but not loaded until 12/10 -- is 11/25 they day for announcing, and the lapse in time between there and the 10th time to implement the RV?? I know this will be in everyone's "IMO", but curious to hear.

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The IMF has been pushing them off for a long time now, and usually they don't have a solid reason. It seriously leads me to believe that the IMF is involved in a big way with the value of the dinar, and of course they know it's in everyone's best interest to force Iraq to move.

Cancel the trust fund kiddies credit card and they have to start making their own money. Take someone's welfare and they are forced to get a job. Don't give in to Iraq's cries of poverty.... and they're going to have to RV this thing sooner or later!!!!!

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:lol: of course it's "old news", this has been going on for 7 years now!

This particular article is only 3 days old - but I'm working on tying it in with a few things that came out today, yesterday, and the day before.

How do you not get frustrated with the responses at times??? Hang in there! We appreciated you, the staff and the so called "gurus"

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Baghdad, Nov. 21 (AKnews) – The International Monetary Fund (IMF) has cited Iraq’s monetary policy as the reason for turning down an Iraqi request for a loan package to reduce its 2011 budget deficit, an advisor to the Iraqi government said today.IMF Building New York

“The IMF… is not satisfied with the current Iraqi financial policy and has urged the government to make extensive changes” said Abd Hussein al-Jaberi, a member of the board of advisors to the Council of Ministers.

The IMF has called for changes at the level of the disbursement of funds, reduction of inflation, a plan to encourage the private sector and address sagging employment figures in governmental departments, said al-Jaberi.

link: http://www.aknews.com/en/aknews/2/196620/

The part I can never get my thick head around when I read this statement (again and again) is IF their inflation is truly at 3.2% (in October) then why does the IMF ask them to reduce inflation?

Also, why, if they have so many "reserves" do they NEED a loan from the IMF in order to balance the 2011 budget?? Am I missing something?

Is it just that they are used to the "hand-out" from the IMF? Is this why they need the loan? What am I missing?

Peace.

And thanks for any insights all y'all can provide. This has been a sticking point for me.

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The part I can never get my thick head around when I read this statement (again and again) is IF their inflation is truly at 3.2% (in October) then why does the IMF ask them to reduce inflation?

Also, why, if they have so many "reserves" do they NEED a loan from the IMF in order to balance the 2011 budget?? Am I missing something?

Is it just that they are used to the "hand-out" from the IMF? Is this why they need the loan? What am I missing?

Peace.

And thanks for any insights all y'all can provide. This has been a sticking point for me.

Good questions

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