IMF welcomes growth in Iraq

[yota691]

IMF welcomes growth in Iraq  

 

 
Iraq produced 3.15 million barrels of oil a day and emits 2.5 million barrels

 
12:57 22 March 2013

WASHINGTON - agencies
Welcomed the International Monetary Fund , on Thursday, accelerating the pace of growth in Iraqthanks to oil exports , but expressed concern about the points of "structural weaknesses" accumulated in the country, ten years after the U.S. invasion.
 

He considered the fund said in a statement posted at the end of the mission in Iraq "despite the political and security environment is difficult, Iraq succeeded in maintaining the stability in terms of economic sectors in the last two years."
 

And after he scored about 8% in 2012, economic growth will see a greater acceleration Iraqi this year for up to +9%, driven by "rising oil production capacity," according to the fund.
 

And accelerated exploitation of oil, the country's largest wealth, since the U.S. invasion despite the violence and corruption .
Currently, Iraq produces 3.15 million barrels per day, only 2.5 million barrels, according to the Ministry of Oil.The estimated proven reserves of about 143.1 billion barrels of crude oil which is among the highest in the world.
 

He considered the International Monetary Fund, however, that Iraq still suffers from a "serious structural weaknesses," particularly from unemployment "high," and a bad business climate and the weakness of the non-oil sector.

Edited March 22, 2013 by Markinsa
Left Aligned Text

[yota691]

International Monetary Fund (IMF) is expected to increase economic growth in Iraq by about 9% and calls on it to support the non-oil sectors

Author: HAA 
Editor: NK 22/03/2013 12:14

Term Press / Baghdad

International Monetary Fund predicted to witness economic growth in Iraq during the current year 2013 increased by 9 percent due to the rapid growth of the definitive oil in the country, while the Iraqi government has called to focus private sectors other than oil to secure the balance of economic not be subject to oil production and fluctuations world prices.

To be continued ...

[OZmosis]

Thanks YOTA.  Pleased to read that the IMF welcomes growth in Iraq.  I imagine the people of Iraq would also welcome growth in Iraq.   Like other dinarvets, I am aware of the "structural weaknesses" in the country, as well as the unrest, alleged corruption, violence, plight of the poor, and challenges to build a country that can co-exist with each other in harmony.  I also understand that while progress has been made in recent months that more progress is required to resolve many outstanding matters.  However, progress is progress.  I consider that if Iraq is able to emerge as a independant nation with strong and globally acceptable trade relationships coupled with a currency value that properly acknowledges its economic status that that would enable Iraq to have a much better access to the resources that it needs to better address the unrest and other inequities evident by the people of Iraq.  This may sound idealistic in the face of the present status of many who are suffering in Iraq but nevertheless Iraq is making progress and those of us who own some dinar should have regard for the efforts being made to move forward as a country.  If Iraq becomes wealthier it stands to reason that there will be more opportunity for the poor to have access to employment, better health services, better education and so on....

 

I am thankful that Yota, Al Bundy and others volunteer their time to bring over actual news items for us to read through and take on board.

[sandfly]

JUST RVRV

[Cynthia AH]

Yep just RV, PLEASE!!!!!!!  

[BETTYBOOP]

thanks yota.......more positive news. keep it coming

[bdwilliams]

Amen to the Betty Boop!

[gymrat76541]

There are "structural weaknesses" in every nation.

 

I fail to see why they're currency has not got international yet?

 

Just because they do not grow crops and have an economy based on oil, which is proven, does not make them unstable.

 

Look at all the asian nations whos only asset is rice. Or the Middle Eastern countries whos only asset is oil. What about Korea who has a stable economy but does not import anything! WOW

 

Let RV already.................................

[MyLadiesDaddy]

There are "structural weaknesses" in every nation. I fail to see why they're currency has not got international yet? Just because they do not grow crops and have an economy based on oil, which is proven, does not make them unstable. Look at all the asian nations whos only asset is rice. Or the Middle Eastern countries whos only asset is oil. What about Korea who has a stable economy but does not import anything! WOW Let RV already.................................

Of course you don't.

[dontlop]

Of course you don't.

thanks for highlighting the good points of the imf report .  and a do agree with it ..

[MyLadiesDaddy]

thanks for highlighting the good points of the imf report .  and a do agree with it ..

Not sure what you mean by that.

[dontlop]

well the imf released the report yesterday .. ive seen people posting the same report saying they were  critisizing the growth of  the private sector ..

 

this points out the gains in the economic growth .. its the same report with a different title .. . and its highlighted to show   the article backs the title . i thought you may of highlighted it ..

[MyLadiesDaddy]

well the imf released the report yesterday .. ive seen people posting the same report saying they were  critisizing the growth of  the private sector .. this points out the gains in the economic growth .. its the same report with a different title .. . and its highlighted to show   the article backs the title . i thought you may of highlighted it ..

Nope not me, just pointing out that ggmrat, amongst others,

Never see the light at the end of the tunnel. Always so negative. Lol

Personally I think these articles are great, and I think this is almost

Through. Lord I hope so.

[dontlop]

i like to look at what libya did . they depegged  from the dollar and pegged to the sdr at the imf (special drawing rights). iraq does not  have to stay pegged to the dollar ..

 

heres a little history of libya  echange rate policy

 

Until 1986, the LD maintained its value against the USD and the other major foreign currencies because of the relative availability of foreign currency and the large increase in reserves caused by the soaring oil prices and an increase in proceeds from oil exports, as well as the lack of administrative or quantitative restrictions on foreign currency trading, whether to the individuals, the public or the private institutions, at least until 1982.

On March 18, 1986 and to introduce more flexibility in the exchange rate system, the LD was depegged from the USD and was instead pegged to the SDR at a rate equivalent to SDR2.8 per LD1.

On May 01, 1986, a margin was set to LD fluctuations at ± 7.5%. The lower bound of this margin was equivalent to SDR2.6046. However, the margin was later expanded several times.

 

The abovementioned changes were introduced pursuant to the provisions of the Banking Law, which authorized the CBL to revise the exchange rate of the LD according to the economic and monetary developments so as to prevent the negative effects of such developments on the national economy. To that end, the CBL has, since February 14, 1999 until the end of 2001, implemented a program that enabled commercial banks to sell foreign currency for personal and business purposes, without any restrictions and in accordance with the offer prices set by the CBL. The new exchange rate, known as the "declared special exchange rate ", was used beside the official exchange rate after the elimination of what was known then as the "commercial price" which was approved and used for certain purposes since 1994 until the beginning of 1999. The most important objectives of this program were:

1. To rationalize the use of foreign currency.
2. To resolve the problem of citizens who need foreign currency for various personal purposes through a legal mechanism, according to legitimate procedures and without restrictions on the exchange.
3. To raise the value of the Libyan dinar against the foreign currencies in the black market.
4. To support the purchasing power of the LD.
5. To lower the prices of goods provided and funded by the parallel market and to maintain their stability.
6. To eliminate the parallel market for foreign currency.

 

The program aimed at establishing an appropriate ground to adjusting the LD exchange rate up to its real effective exchange rate that fits the Libyan economic indicators; achieving efficient and rational use of available resources and eliminating distortions in the prices.

During the period 2000 – 1999, the LD has gradually been appreciated in terms of the declared special exchange rate, accompanied from time to time with devaluation in terms of the official exchange rate. As a result, the official exchange rate of the LD against the USD fluctuated between USD3.54 for LD1, at the end of 1990, to USD1.55 per LD1, at the end of 2001. The LD exchange rates against other major currencies, also, varied according to the changes that have occurred in the LD as denominated in SDR.

 

On January 1, 2002, the exchange rates of LD were unified by a fifty percent devaluation in the official rate, compared to its value at the end of 2001, to SDR 0.6080 per LD, equivalent to LD1= USD1.3.

 

On June 16, 2003, the LD was further devaluated by 15%, to SDR 0.5175 per one LD in order to account for the tax of Man Made River, which was imposed on all credit letters and remittances of foreign exchange, as well as to eliminate the discrimination in the exchange rate among the tax-exempt and non- exempt. This rate is still in effect until now.

On June 21, 2003, Libya officially informed the International Monetary Fund (IMF) of its decision to accept the obligations of Article VIII of the IMF Agreement. Libya eliminated, hence, the restrictions that were involving approvals under Article VIII, including the tax of the Man Made River of 15% on remittances and purchases of foreign currency by individuals and the private sector, as well as all other restrictions that were imposed on the operations of the current account

if the depeg it from the dollar they can increase the dinar value and de-dolarize iraq by making the dinar more valuable than the dollar

http://www.cbl.gov.ly/eg/index.php?option=com_content&view=article&id=65&Itemid=72

..

Edited March 23, 2013 by dontlop