CBI: We have carried out terms of the Stand-By-Agreement with the IMF

[Carrello]

Central Bank: We carried out the terms of the Stand-By Arrangement with the International Monetary Fund

Economic News

11/09/2012 09:28 BAGHDAD / Bri Center for the Iraqi Media Network - said the Iraqi Central Bank that carried out the conditions contained in the Convention on the Stand-By Arrangement with the International Monetary Fund under which Iraq obtained a loan of 3.7 billion dollars to support the economic development of its activities.

The deputy governor of the Bank the appearance of Mohammed's (Center Brief for the Iraqi Media Network) that "the Central Bank signed a Stand-By Arrangement with the International Monetary Fund in February 2010, which included providing latest financial loan worth $ 3.7 billion to support economic development activities and private investment budget in Iraq ".

He added the deputy governor of the Bank that "the signing of the agreement and the time came for fear of being affected by Iraq's financial resources on the back of lower oil prices in the global markets," pointing out that "Iraq withdraw $ 1.2 billion of the loan value."

He continued that "the Convention ended last July and technically extended to next February."

The MP for the "International Monetary Fund had conditions in the Convention, namely financial management reform in Iraq and to work on the monument units ATMs in all banks, and there is a fixed price and a unified exchange, and strengthened activities of banking supervision, and check accounts Central Bank of auditor external twice a year. "

And that "the terms of the Fund also is tightening internal controls on bank and other banks," he said, stressing that "the Central Bank carried out the majority of those conditions."

My link

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[SgtFuryUSCZ]

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Sooooooo..... next February?

Or is that just when the note to the lender(IMF) comes due and will be satisfied?

Seems Iraq followed all (nearly: "carried out the majority of those conditions") the rules imposed and now are ready to forge ahead w/ IMF's blessing....?

Could a RV still occur "in the coming days....soon"....?

[Dalite]

Central Bank: We carried out the terms .......%

He added the deputy governor of the Bank that "the signing of the agreement and the time came for fear of being affected by Iraq's financial resources on the back of lower oil prices in the global markets," pointing out that "Iraq withdraw $ 1.2 billion of the loan value."

He continued that "the Convention ended last July and technically extended to next February."

The MP for the "International Monetary Fund had conditions in the Convention, namely financial management reform in Iraq and to work on the monument units ATMs in all banks, and there is a fixed price and a unified exchange, and strengthened activities of banking supervision, and check accounts Central Bank of auditor external twice a year. "

And that "the terms of the Fund also is tightening internal controls on bank and other banks," he said, stressing that "the Central Bank carried out the majority of those conditions."

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The CBI seems to be building it's case for compliance to the IMF, rather than trying to defend questionable charges of money laundering.

It does show the need for exports other than oil necessary to eventually free themselves from demands of the IMF.

Here's hoping the upcoming Economic Summit will attract some turn key, Shovel Ready ( sorry C, couldn't resist) investors.

Iraq desperately needs to develop the private sector to achieve economic stability, and move avay from the punitive effects of relying on oil to carry the country.

Either develop other methods of production, or learn to eat, drink, plant, build with, and drive Oil.

[Carrello]

Dalite, no problem here. I am just thankful to see an intelligent, thought provoking, and well thought out response to the news. Thank you.

[Elixirbaby]

Thanks C. Wonder what trinitys thoughts are

[Carrello]

Thanks C. Wonder what trinitys thoughts are

Trinity's thoughts are always welcomed.

[TrinityeXchange]

this is good news for the CBI. the benefit of the SBA is that the CBI can continue to be given loans from the IMF as well as extensions on repayment. this is critical because of the deficits they have been running in their budgets. as long as they are making progress toward the areas of focus highlighted in the Arrangement, they are granted respite.

on another note, i know there has been variable thought about maliki and his motivation to fulfill Strategic Framework Agreement ( herein SFA) & international community obligations. the SBA is one of those indirect motivators toward him following his obligations. without those loans, iraq will begin to head backwards and the progress they have made rebuilding infrastructure (banking, industrial, agricultural...) will deteriorate. these are the pressures against the Government Of Iraq to walk the straight and narrow.

just thought that i would add my 2c worth of pie. be blessed my friends.

ps. for anyone who wants to read more information on the Stand By Arrangment i encourage you to revisit a very engaged post we had a while back about the importance of the 2011 budget where the SBA was highlighted and its significance. recall that this is also the same budget that the Kurds is begging to be opened for payment to the oil companies. all of the news we are seeing right now about september 15th and oil and contract payments revolves around the money in that budget.

[zigmeister]

Very iinsightful posts this morning. Really appreciate the input by all.

[puckster_guy]

Very iinsightful posts this morning. Really appreciate the input by all.

Yes indeed ty all for your hard work and dilligence in these posts. Things are really advancing fast awesome go rv

[gp49]

Thanks for the post Carello and thanks Trinity for your insight...always much appreciated.

Things are looking positive and will just push the ignore/delete button when the article comes out to refute this

[SocalDinar]

Thank you very much young lady.

Sounds like they are saying they didn't really need the extension. Good news.

IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq

Press Release No. 12/286

August 3, 2012

The Executive Board of the International Monetary Fund (IMF) approved on July 20, 2012—on a lapse-of-time basis1—a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013.

The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the policy measures needed to complete the combined third and fourth reviews under the SBA. The extension will, in particular, provide time for discussions on fiscal policies for the remainder of 2012 and on measures to improve the functioning of the exchange regime.

The two-year Stand-By Arrangement (SBA) in the amount of SDR 2.38 billion (about US$3.58 billion), was approved by the IMF's Executive Board on February 24, 2010 (see press release 10/60). The IMF's Executive Board completed the first program review on October 1, 2010 (see press release 10/373), and the second review on March 18, 2011 (see press release 11/90). At the time of the second review, the program duration was extended by five months to July 2012, along with a rephasing of program disbursements based on a shift in financing needs. Total resources currently available to Iraq under the arrangement amount to the equivalent of SDR 1307.24 million (about $1.96 billion).

http://www.imf.org/external/np/sec/pr/2012/pr12286.htm