IMF & Iraq 4-21-2012

[eaglesdoll]

An important aspect of strengthening governance is a revision of the quota formula.

The current objectives of the formula are potentially contradictory. The formula seeks to

capture member’s positions in the world economy, their financial strength and ability to

contribute to the Fund, and the potential need to borrow from the Fund. While we endorse the

objective of having a simple and transparent formula, the formula should ensure that all

members have adequate voice and representation in the Fund. The large weight of GDP in it

undermines the voice and representation of most developing and emerging economies. A

small open economy has clearly more at stake in the global financial system than a large

economy with few external linkages. Our strong preference is not to compromise having a

truly comprehensive review of the formula in order to meet the January 2013 deadline. In this

regard, we expect that the 15th General Review of Quotas will not lead to further erosion in

the quota share of small emerging and developing economies. This will require willingness

by the large shareholders to allow meaningful changes to the quota formula. A meaningful

governance reform would also require changes to the effective veto power of the United

States on decisions requiring 85 percent majority. We were disappointed that the shift in

quota share to dynamic countries was mostly at the expense of other emerging and

developing economies during the 14th Review

this i had to re read..... SO DOES THIS MEAN WE ARE STILL WAITING TILL JAN 2013? AND WILL THAT NOT BE 10YEARS SINCE INVASION?

http://www.imf.org/External/spring/2012/imfc/statement/eng/uae.pdf

[puckster_guy]

Seems jan 13 is a deadline not a date. Looks like it can happen anytime before that....thats how i read it

[jeepguy]

January 2013. The date set for iraq to be accepted into the I.m.f? And have a voice in economic standings. Theyh need too get currency value higher ?

[MrOptimistic]

After they join WTO and increase the exchange rate

[eLemonator]

IMF- does not have membership, however you can not be a member of the WTO if you are not in compliance with IMF, they are the governing body. same with UN, you can not be a member of the UN without being in compliance with IMF!

the invasion of Iraq was March 19, 2003 local time. then president bush gave them till midnight on the 18th, and I was on the tarmac in kuwait at 0001 local time we were given the green light! so January is not 10 years either!

[jeepguy]

very good thanks e- limonader { hehehhe i gotta do that } and thank you mr optimistic --- and also the very cute lil lady looking at me in your photo

Edited May 11, 2012 by jeepguy

[uncirculd]

Who knows? LINK?????? Rumor, opinion??

Edited May 12, 2012 by uncirculd

[eaglesdoll]

http://www.imf.org/External/spring/2012/imfc/statement/eng/uae.pdf --- This is where I found this that is why I said I was behind and had to re read. Go to CBI website.

[MrFnHappy]

FYI, the IMF does have members, and in fact, Iraq is a Charter member of the IMF since 1945.

As to the OP. Every member must maintain a certain quota of SDRs to be in good standing with the IMF. The quota is based on a formula (currently in question).

The formula seeks to capture member’s positions in the world economy, their financial strength and ability to contribute to the Fund, and the potential need to borrow from the Fund.

Based on the quota is said country's amount (for lack of a better term) "say" in IMF policy changes. Needless to say, this leaves small emerging economies with little say.

None of this pertains to the IQD RVing though.

Edited May 12, 2012 by MrFnHappy

[paydirt]

IMF- does not have membership, however you can not be a member of the WTO if you are not in compliance with IMF, they are the governing body. same with UN, you can not be a member of the UN without being in compliance with IMF!

the invasion of Iraq was March 19, 2003 local time. then president bush gave them till midnight on the 18th, and I was on the tarmac in kuwait at 0001 local time we were given the green light! so January is not 10 years either!

Thank You for Serving....