Secretary Hadi: we must address the issues of debt and frozen funds before passing delete zeros

[boomer113189]

9 - 9 - 2013

 

Member of the Finance Committee Deputy Secretary Hadi, the need to act to delete the three zeros from the currency and for its importance in banking.

Hadi (News Agency): the deletion of zeros is currently frozen and cons plea is launched without coordination with the executive authorities will overwhelm the country's policy, stressing the need for coordination and agreement with the competent authorities for approval in time almnaib.

He: a that Iraq needs activation code delete zeros to maintain the value of the dinar against other currencies and banking, mass level that should solve issues of debt and frozen funds before approving the project.
The parliamentary Economic Committee agreed that the implementation date of the project to delete the three zeros from the currency when early next year.

 

http://goo.gl/3Nx839

 

[jeepguy]

frozen funds ? wonder what these would be now ,  d,f,i,  funds are released  { if I remember right about 2 years ago? or last year ? }  funds that were tied up with paris club agreement , I believe these are also finished as far as frozen,  but this  might be the debt part  this guy is talking about ,   some of the frozen funds might be from arab banking , that has been tied up with the accusations of fraud , and ,  corruption .  but on a brighter note ,  they are talking about getting these zero`s off ,  and in this post , looks like they are really close in the release ,  to give the go -ahead with the program ,   thanks for the information  boomer

[RicknSaudi]

THANKS!    Now where's that danged activation code......?

[Butifldrm]

Speaking of debt.  I wonder when Iraq is going to address this debt:

 

 

Government Debt

Total government debt is estimated to be $92.3 billion in 2010 and is comprised of the following components:

- External debt ($87.7 billion, of which $45 billion can be subject to debt reduction by non-Paris Club official creditors, comparable to the Paris Club agreement)

- Domestic debt ($4.6 billion)

Note: Iraq's GDP in 2010 is estimated to be $82.2 billion.

External Debt Restructuring

Following the ouster of the regime in spring 2003, Iraq’s external debt was estimated to be between $130-$140 billion. Reducing this debt to a sustainable level has been a priority since 2003 and debt relief negotiations have taken place in a variety of forums. This has led to the cancelation of a significant amount of Iraq’s external debt.
 
Iraq’s external debt is comprised of four components: 
 
Paris Club bilateral debt ($42.5 billion)
Non-Paris Club bilateral debt ($67.4 billion)
Commercial debt ($20 billion) 
Multilateral debt ($0.5 billion)
 
Debt relief negotiations first led to an 80% reduction of the Paris Club debt. The Paris Club agreement also set the terms for non-Paris Club and commercial debt cancelation levels. A provision of the Paris Club agreement is that Iraq cannot accept a debt cancellation agreement with other creditors on more favorable terms for Iraq than those reached with the Paris Club.

Thus, Iraq is expected to receive no more than an 80% cancelation from all of its creditors. Negotiations with non-Paris Club creditors are ongoing (mainly with Gulf countries), and resolution of the commercial debt is largely complete.
 
This portion of the external debt has been reduced to $45 billion in 2010 (see government debt above).

Government Bonds (part of external debt) 

http://www.cbi.iq/index.php?pid=GovernmentSecurities〈=ar

 

and go ahead and add the IMF debt :  http://www.imf.org/external/np/fin/tad/extforth.aspx?memberkey1=460&date1key=2013-07-31&category=forth&year=2013&trxtype=repchg&overforth=f&schedule=exp&extend=y

 

That'sa Whole lotta money.  

[fib1618]

THANKS! Now where's that danged activation code......?

So you want them to activate the LOP.

Ok.......

[fib1618]

...........

Here's the truth.....

http://www.unc.edu/~lmosley/APSA%202005.pdf

[fib1618]

Go rv.

[zigmeister]

Well I don't like the activation code, it feels too close to ISO/country code.

I see fib is cooking beer can soup still.  He sure likes to stir the pot.

[boomer113189]

sounds like they will be getting an new iso code

[jeepguy]

So you want them to activate the LOP.

Ok.......

Don't let guys like Stryker, kraperoni, and Brighting fool ya...taking the zeros off is not a "brighter note".

I know of the ----- zero`s off the notes,  as a bad one 25,ooo is now 25.   < ------- no good at all,  but if the article I saw where the lifting of zero`s is getting zero`s off the streets that is the one I`m looking for  -------  thanks fib

[Shelley]

Speaking of debt.  I wonder when Iraq is going to address this debt:

 

 

Government Debt

Total government debt is estimated to be $92.3 billion in 2010 and is comprised of the following components:

- External debt ($87.7 billion, of which $45 billion can be subject to debt reduction by non-Paris Club official creditors, comparable to the Paris Club agreement)

- Domestic debt ($4.6 billion)

Note: Iraq's GDP in 2010 is estimated to be $82.2 billion.

External Debt Restructuring

Following the ouster of the regime in spring 2003, Iraq’s external debt was estimated to be between $130-$140 billion. Reducing this debt to a sustainable level has been a priority since 2003 and debt relief negotiations have taken place in a variety of forums. This has led to the cancelation of a significant amount of Iraq’s external debt.

 

Iraq’s external debt is comprised of four components: 

 

Paris Club bilateral debt ($42.5 billion)

Non-Paris Club bilateral debt ($67.4 billion)

Commercial debt ($20 billion) 

Multilateral debt ($0.5 billion)

 Debt relief negotiations first led to an 80% reduction of the Paris Club debt. The Paris Club agreement also set the terms for non-Paris Club and commercial debt cancelation levels. A provision of the Paris Club agreement is that Iraq cannot accept a debt cancellation agreement with other creditors on more favorable terms for Iraq than those reached with the Paris Club.

Thus, Iraq is expected to receive no more than an 80% cancelation from all of its creditors. Negotiations with non-Paris Club creditors are ongoing (mainly with Gulf countries), and resolution of the commercial debt is largely complete.

 

This portion of the external debt has been reduced to $45 billion in 2010 (see government debt above).

Government Bonds (part of external debt) 

http://www.cbi.iq/index.php?pid=GovernmentSecurities〈=ar

 

and go ahead and add the IMF debt :  http://www.imf.org/external/np/fin/tad/extforth.aspx?memberkey1=460&date1key=2013-07-31&category=forth&year=2013&trxtype=repchg&overforth=f&schedule=exp&extend=y

 

That'sa Whole lotta money.  

Maliki only knows how to take .... He thinks he never has to pay out !!!!

[boomer113189]

now we wait for the redenomination to take place then we can all get back to are normal lives

[RicknSaudi]

So you want them to activate the LOP.

Ok.......

 

I want them to do SOMETHING.....  ANYTHING at this point to renew my faith in this investment.  GOOD or BAD!

[fib1618]

I want them to do SOMETHING..... ANYTHING at this point to renew my faith in this investment. GOOD or BAD!

Cool

[umbertino]

now we wait for the redenomination to take place then we can all get back to are normal lives

lol.... Our lives won't be the same anymore.

[boomer113189]

lol

[fib1618]

Some people are thinking We might see an rv when Kuwait rolls out their new currency on the 6th of October...

That won't happen... I can give 84 Trillion reasons why.

[waterman13]

These may be the the frozen gold assets (funds) they're talking about.

 

They're trying to find some where to keep them where the electric is on 24 hrs a day, to put them so they don't become unfrozen.

WM13

Edited September 18, 2013 by waterman13

[sandstorm]

...........

Here's the truth.....

http://www.unc.edu/~lmosley/APSA 2005.pdf

Substituting to a foreign currency, I.e., the dollar, the central bank can no longer control the money supply.

Pg 2, of fibs link.

Sure blows away all guru theories, on the cbi removing dinar in massive amounts

[boomer113189]

good read

[shellfish]

Some people are thinking We might see an rv when Kuwait rolls out their new currency on the 6th of October...

That won't happen... I can give 84 Trillion reasons why.

:D

I am not ashamed to say that if there were only 24 trill reasons I'd be somewhat comfortable. That "if" is a killer and still won't produce the 3X-5X profit I sold myself. Knew some history knew about China and still pumped myself. That sounds dirty lol.