Dretown39

April 4

BOUT TIME!!👍🤦‍♂️

April 3

Just now, currenzcraze said:

Iraq lowers its external debt to $1.5B

Iraq Breaking External Debt Iraqi Cabinet

2024-04-02 14:38

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Shafaq News / On Teusday, the Iraqi Cabinet decided to reduce the country's external debt by $1.5 billion, alongside a series of service-related and energy-related decisions.

Iraqi Prime Minister Mohammed Shia Al-Sudani’s media office stated that the PM chaired the fourteenth regular session, during which the general situation in the country was discussed. Several vital economic and service-related files were also reviewed, along with deliberations on the agenda items and decisions and recommendations taken regarding them.

“The Cabinet approved the reduction of the external public debt and the organization of the borrowing process, in accordance with the recommendation of the Ministerial Economic Council 24207 for the year 2024, which includes the approval of the recommendation of the Diwani Order Committee 23942 concerning external debts.”

The recommendation included:

1. The Ministry of Planning to study projects canceled from loans to explore the possibility of including them in funding sources from the general federal budget.

2. The Ministry of Finance to audit any financial obligations that may result from canceling these projects with the lending agencies upon implementing the decision.

3. Canceling outstanding loans amounting to $1.05 billion and completing vital projects from government funding sources.

4. Cancelling loan requests amounting to $5.8 billion for the Basra desalination and suspended train projects, financing the first project from the Regional Development Budget, and financing the second project by offering it for investment.

5. Reducing the current external public debt from $10.5 billion to $8.9 billion.

6. Redirecting World Bank loans for delayed projects and other surpluses towards implementing the vital railway connection project (Faw – Rabia - Feshkhabor).

7. Contracting with a global financial consultant for auditing and managing external debts in the future.

The council has approved the following:

1. Increasing the reserve amount and total cost for the construction project of 29 schools of various capacities, using prefabricated construction method, including four schools in Thi Qar, seven in Maysan, five in Karbala, three in Al-Muthanna, six in Al-Diwaniyah, and four in Najaf.

2. Increasing the total cost for the project of rainwater conveyance lines (46SL) and (47SL) pump stations, on the left side of Mosul, listed since 2012.

3. Increasing the total cost for implementing the second phase of developing the university corniche in Kut City.

4. Increasing the total cost for furnishing component in the rehabilitation project of the National Center for Administrative and Technological Development (B and 2A buildings), listed since 2021.

5. Increasing the total cost for constructing the Presidency Building of the University of Fallujah, listed since 2010.

6. Increasing the total cost for the project of Al-Rashid District Sewers, listed since 2012, including increasing the reserve amount for the component (preparing a study and designs for the sewage project of a treatment plant with rain and main/subsidiary sewer networks and pump stations) in Al-Rashid City, Baghdad Governorate, with preparation, implementation, operation, and maintenance of the first phase.

In the context of supporting the agricultural sector, farmers, and local products, the Cabinet approved the continued receipt of the entire local wheat crop from farmers (within and outside the approved plan) for the current season.

In the energy sector, based on the Federal General Budget Law and facilitating instructions for its implementation, the Cabinet approved the recommendations of the Sovereign Guarantees Committee meeting held on March 24, 2024, regarding the (Bin Omar Gas Investment) project, as follows:

1. Amending Cabinet Resolution No. 23693 of 2023 to clarify that the amount of guarantee specified therein represents a debt guarantee, not a payment guarantee, as it reflects the loan payment guarantee amount with the accrued interests according to the economic model of the Bin Omar Gas project, not a payment guarantee.

2. Issuing a sovereign guarantee (debt guarantee) with interests to the lending banks totaling $3,246,000,000, with interests, for a duration not exceeding 11 years for the Bin Omar Gas project, after the Ministry of Oil/South Gas Company amends the contract by organizing a contract annex to specify the scope of the government guarantee.

3. Exempting the aforementioned guarantee from the provisions of Article (17) of the aforementioned instructions.

4. Exempting the Al-Halfaia Gas Company from Cabinet Resolution No. 219 of 2020, as it is a company without previous accounts and was established for the purpose of establishing the Bin Omar Gas project, provided that the company submits financial statements for the previous two years audited by one of the reputable audit firms to the Ministry of Finance, after the Al-Halfaia Gas Company submits evidence that it is a subsidiary of this company.

The Cabinet also approved exempting KEPPT Company from qualification standards and exempting it from the implementation instructions for government contracts (No. 2 of 2014), and exclusively inviting the company to invest in the Ajeel Field, on the condition that the company commits to including in its consortium one of the companies qualified with oil licenses and provide a commitment to that effect.

The Cabinet approved the recommendations of the Sovereign Guarantees Committee regarding the Al-Khairat Steam Power Station, as follows:

1. Granting a debt guarantee for the first phase only (1400 MW) to Harlow Company for the Al-Khairat Thermal Power Station project, with a validity period of 15 years, including four years from the station's construction period, with an amount of $3 billion, according to the following conditions:

- The Ministry of Electricity will sign a contract annex with Harlow Company, including transferring ownership of the Al-Khairat Thermal Power Station to the Ministry of Electricity after the expiration of the 25-year power purchase agreement (BOOT).

- Granting payment guarantee for purchasing power after the expiration of the 15-year debt guarantee, according to the amount of energy to be purchased for the remaining period of the purchase agreement.

- Amending the guarantee to cover the first and second phases (2800 MW) if the completion percentage of the first phase reaches 70%, including transferring ownership of the first and second phases to the Ministry of Electricity after the expiration of the power purchase agreement for the phases.

2. Harlow Company to pay $10 million for issuing the guarantee for the Al-Khairat Thermal Power Station project, with the financial closure date of the project being December 31, 2024.

3. The guarantee shall not be effective unless the conditions mentioned above by the Ministry of Electricity are fulfilled and presented to the Cabinet for approval to issue the guarantee.

4. Taking into account the requirements stated in Cabinet Resolutions (476 and 477) of 2021 and the recommendation of the Ministerial Energy Council No. 162 of 2021.

Based on the directives of the Prime Minister to implement the government's approach to supporting the private sector, the Cabinet approved the following:

1. Amending the prices of products (naphtha, natural gasoline, and condensates) to include unifying the percentage of price reduction to be 50% of the international bulletin price for products processed for dyeing plants, and 60% of the international bulletin price for products processed for refining, with support system" rel="">support for investment projects licensed under the Investment Law (No. 13 of 2006) as equivalent to the support system" rel="">support granted for licensed projects under the Industrial Investment Law (No. 20 of 1998).

2. Approving the amendment of the price of liquefied petroleum gas (LPG) to include a price of 415,000 dinars per ton for products processed for battery recycling and similar industrial cases, and a price of 330,000 dinars per ton for products processed for modern brick factories, with a review of the mentioned prices after one year.

I'm not gon bother reading all of this. If they lowered their external debt to $1.5b and the funds from the Federal Reserves were released..then I would suspect they can pay this off since they have over $100b from the Reserves. Fact check me if needed.

April 2

12 minutes ago, BETTYBOOP said:

According to Jeff..

will try to bring his brief video over

😆😆😆😆 Jeff really out done himself this time!

April 2

If the Federal Reserve account is closed with funds transferred to another account this sounds like a big positive. If Iraq can pay their bills/creditors on their own. More pieces leading up to our big day.

March 31

8 minutes ago, hspotman said:

Funny....I have never seen Sandy Ingram to be so negative before? I always thought him to be pro rv/increase before. I guess you need to watch out for people who change their opinions on a dime....or those who just go say what they will to affect the masses in a bad way or good way. Why would Sandy just say this all of a sudden? He gives no reason for his change of tune. Or have I always read Sandy wrong before?

I noticed that too..oh well. The tone turned negative. Always good to be able to think for yourself.

March 30

19 minutes ago, JonnyV said:

Luigi, where did you get this from? Once it Rvs, it Rvs for everyone, not just the so called privileged. Please esplane Lucy. Lol

Man this is awful that this stuff gets posted instead of straight facts! These theories, "so & so administration don't want us investors to get rich", "it could lop", "it won't happen until this person gets in office", in-country rv, the cabal etc...This is just a currency investment. The banks are not going to deny us because that's plain stupid to block money/business. There is no in-countrt RV. The U.S. cant tell another country when to add value to their currency. Iraq didnt ask for permission when they devalued it. The U.S. is not going to stop Iraq from RV'ING..why? Well why would the powers that be block themselves from making money. I don't understand why post this nonsense on this site at all! No disrespect intended to anyone's opinions/viewpoints.

March 27

10 minutes ago, BETTYBOOP said:

I am beginning to believe the possibility of a programme rate right through this budget and next year. At the rate they move it is highly possible

Don't go left to the negative side like some of the other members on here. Stay positive & hold the line. We're almost there. You got this!

March 27

1 hour ago, Laid Back said:

I’m of the opinion that the salary scale among employees has to be in place before

an increase in value of the IQD.

Go SC

Go RV

Go PP

And one thing is for sure..the PRESSURE is on to get this done!👍

March 26

18 minutes ago, screwball said:

always happen to be proven wrong about HCL, because if they pass it and RV then I dont really care i just want RV

I spoke with Breitling on a webinar & he answered that question. He stated that the HCL is not needed to be passed in order for them to RV their currency. They can add value with or without it.

March 23

34 minutes ago, Artitech said:

Remember it is ramadam! I heard from a guy that keeps up with this deal in depth yesterday. According to him CBI and the GOI are on a news blackout till after ramadam! Supposedly they (GOI & CBI) are poised to make a big announcement after ramadam. Supposedly there official articles out there stating about the blackout of news coming out of there! He did have some other news that gave me a shot of hopium! I must admit I take all with a grain of salt! They did say that this announcement could come around the 16th of april ! I sure hope, he is right ! Thats one day after the crooks from the IRS come calling, they need more money to give to all the illegal aliens that crooked joe is letting in! That April 16th date does make a little since too! ramadam over on the 9th of April then I think the other holiday is 4 or 5 days long. That puts the !6th as very credible day for CBI to make a major announcement! If you believe anything they have been throwing out, which I don't! I'm not getting off this crazy train so bring on April 16th! I too hope Lugi the Thugg , and Ron are all safe and sound and are just taking a brake! JMHO ! 🤠

I've heard recently about positive announcement coming & possibly during Ramadan or mid April. I'm staying grounded but it did sound positive as well.

March 21

1 hour ago, Laid Back said:

Look like a percentage of the Iraq citizens are not willing to deposit the

chunky money in the banking system.

We know the CBI has been trying for many years different ways to bring in the chunky money. 93 trillion IQD

"the window for selling the currency will gradually end during the year 2024, and the same will be the case for the electronic platform”

All the above makes me believe, we are close to see the deletion of the 000 as

the only way to collect the 93 trillion IQD.

Go delete of the 000

Go LD’s notes

Go end of currency window

Go stronger Dinar

Same here. The feeling is so strong that I feel when it happens I'm going to be like "man that one time I didn't charge up my credit cards"😆😆

March 21

1 hour ago, HowieC said:

But but but......That's IMPOSSIBLE....Nothing happens during Ramadan

You left out "we can hang it up", "keep your champagne off the ice because nothing is going to happen for another month"😆😆 Some of the folks on here🤦‍♂️

March 21

6 minutes ago, dinareffic said:

I've always been a believer of April 30th. Falls in this timeline. 🙏

Which is only a lil over a month away 🙏

March 20

"It looks like the next two weeks will be very loud on the monetary reform education."

All this education..these folks should have Master Degrees by now🤦‍♂️

March 19

Woah! Even though I take news articles with a grain of salt..this sounds like Sudani cleaning house!

March 16

17 minutes ago, NWGUY said:

Militia Man Al Sudani has told the citizens the dinar is going to be stronger. $0.76 is not stronger however once they delete the zeros then they can apply their Real Effective Exchange Rate. Totally different ball game. Totally different circumstances. Pay attention. Let's see how this turns out.

Rarely do I ever agree with Militia Man, but I think this is true this time, at least in my mind. They want to get rid of the dollar, and if the dinar is not equal to or at least a little more, the dollar is not going anywhere. I think they will come out of the gates at a little higher rate. How much or when, who knows, but I will be waiting for that day!

Yeah pretty much a lot of folks are on the same page about this..all this push/news coming out seems this will be over this spring!🙏

March 16

11 minutes ago, yendor said:

Slow down,folks. All of this hype has been done many times many years ago. I won't get that tingle until I get that "bing" on my text message from Adam.

I won't get that tingle until I get that "bing" from my bank app saying that you have a new deposit!

March 15

1 hour ago, BETTYBOOP said:

@Longtimelurker... question is will we see it sooner or later. This year? or do you think this year is a gonner?

I know you're wasn't asking for my input. I'm prepared if it didn't happen this year. I do feel that this year is it. Banking reform, WTO ascension which will need a change in value for the better, no dollar use transactions as if Jan 1st 24, Sudani saying hold onto your dinars, their going digital, ASYCUDA implementation, etc...I just don't see it going another year without civil unrest.

March 14

29 minutes ago, Dinarrock said:

Sounds like we can only hope they RV at .76 or higher that would retire a lot of us since I am sure people kept buying over the years!! LOL

They will. 76 cents minimum to cover some of the obligations in the budget.

March 13

20 hours ago, RJG said:

Al-Sudani intends to visit Washington to lift the ban on banks prohibited from dealing in dollars
Economy | 08:23 - 03/12/2024

Mawazine News - Baghdad
The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars.
Al-Haims said in a televised interview followed by Mawazine News, “Dialogues with the American side in order to lift restrictions on Iraqi expenses began a month ago on a regular and intensive basis.”

He added, "The dialogues with the American side regarding lifting restrictions on Iraqi banks will reach their peak when Prime Minister Muhammad Shiaa Al-Sudani visits Washington to revive confidence in the Iraqi banking sector."

https://www.mawazin.net/Details.aspx?jimare=243761

Hopefully this is post RV! 🙏 Seeing that the higher-ups in the U.S. is holding Dinar that would be a great reason to lift the restrictions!

March 12

1 hour ago, BETTYBOOP said:

Who else is aying this? I have missed it

There are some credible folks on here at DV. Also, on a video from a gentleman who feels that this could be a good month. He's not declaring it will. He's just want folks to pay attention.

March 12

This time around I wouldn't criticize Mark on a time frame for this month. Some credible folks besides him actually feel the same way. They feel there's a strong potential to see this in March or April.

March 12

27 minutes ago, RJG said:

👀👀

1/1.32= $.75 cents. Not a bad start. I feel it will be higher though!

March 12

1 hour ago, ronscarpa said:

REMEMBER, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... So, take everything with a grain of salt ... RON

MarkZ Article: “Iraq’s ruling coalition may call for early elections” The Iranian lined up divisions seem to be afraid of Sudani. But he has about a 78 percent approval rating from the people and has gotten a lot done. But this statement is what they fear the most right now: ”The Iraqi government is currently weighing the question to change the currency so that the official cost of the US dollar will be 1.32 Iraqi dinars instead of 1320.” Implementing such a decision is likely to significantly increase Al Sudani’s popularity. [post 1 of 2]

MarkZ What does this mean? It means they don’t need the zeros anymore. This means that each Iraqi dinar would be worth .76 cents. This was right from Iraq’s own paper. And they are “currently weighing this question” I still very much believe we will see a higher rate than that …but let’s say each dinar is worth .76 cents. They may be coming in at .76 and letting it float. We don’t know for sure...I still believe it will be higher... But to see it openly discussed in their news is huge. [post 2 of 2]

This all sounds amazing. I hadn't seen the article, but ...Let's hope they pull the trigger.

Yeah a few people are posting about this..🙏

March 11

1 hour ago, BETTYBOOP said:

BUT....!!!!! KUWAIT DIDNT actually revalue... they just reinstated their currency. They still had all the infrastructure and laws. Their country was not pound in to dust the way iraq was.

I am not saying it can't happen but I think $3.22 right out the gate is not possible because it would be too big a shock to the markets

I know! ..thats what I stated above they reinstated! I also didn't put a number on it. I'm just passing info!

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Iraq lowers its external debt to $1.5B

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