Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
Sign in to follow this  
ronscarpa

Iraq demands ” IMF, ” five billion dollars to meet its budget deficit

Recommended Posts

Iraq demands ” IMF, ” five billion dollars to meet its budget deficit

June 23, 2010 · Posted in DDT's -NEWS

Arbil, June 23 ( Akaniwz ) – An official source at the Iraqi Finance Ministry , on Wednesday , the current budget year, recorded a deficit of 23 trillion Iraqi dinars, pointing out that his country asked the International Monetary Fund , a loan of five billion U.S. dollars to fill the deficit.

The agent said the Ministry of Finance Fadhil Prophet told Kurdistan News ( Akaniwz ) “The arrival of budget deficit this year to Iraq, to account for about 23 trillion Iraqi dinars, forced the Iraqi government requested a loan from the International Monetary Fund worth five billion U.S. dollars, to plug its budget And distributed to those economic sectors that need it. ”

“The Kurdistan region will get its share of the loan and the general budget by 17%. . ”

The Prophet said , ” This will have the amount Aguetrdhanah the World Bank, effect in reducing the budget deficit, ” he said, adding that “the International Monetary Fund has imposed on Iraq, any conditions in return the loan . ”

http://www.aknews.com/ar/aknews/2/157881/

  • Upvote 1

Share this post


Link to post
Share on other sites

23 Trillion isn't that the same amount of Dinars they just removed from circulation?

Edited by tonysg

Share this post


Link to post
Share on other sites

Why would they need a loan if there was any plan to RV. I don't see this as good news. Could be smoke and mirrors but who knows. :unsure:

Smoke and mirrors .. or RV is delayed.

Share this post


Link to post
Share on other sites

Ladies and Gentlemen, this is not good, not good at all. We may be in for a long haul yet :angry::angry: of course they could be blowing smoke, but I don't think so, then again will IMF give it to them thats the next question...

Share this post


Link to post
Share on other sites

who knows what is going on with them(Iraq) to many corruptions, this politicians are playing with the people of iraq, god only knows if this is going to happen to many delays and execuses and no sign of a new goverment.

Share this post


Link to post
Share on other sites

I think it's good. If the IMF says no, it will put pressure on Iraq to RV/RI very soon. No problems there.

If the IMF says yes, it means that the IMF knows that Iraq will RV/RI very soon so they will be able to repay the loan.

Iraq does not have a strong history of paying their bill. (i.e. sonny1's contact and GE to not ship any equipment until payment in full.)

Trying to figure this one out though is almost futile since most people's heads are spinning because of all of the stuff coming out of Iraq.

Share this post


Link to post
Share on other sites

Correct me if I'm wrong but I don't see how this is good, one of the big perks of buying into Dinar was that Iraq had no debt. Now they will be a couple of million in the whole. Please someone show me the bright side to this.

Share this post


Link to post
Share on other sites

Let's hope the IMF, U.N. and the CBI have the fortitude to tell Iraq to RV and get the money that way. Otherwise, we're just replenishing the bucket that the bandits are stealing money from to line their own "robes."

Share this post


Link to post
Share on other sites

I look at it this way... Iraq isn't dipping into their reserve account to pay this right? No... they are leveraging the money by requesting a loan to stretch out the payments. Truthfully what they have been doing is just going without the things they mentioned they needed. All instead of using the reserve funds.

Those reserve funds are needed to "back up" the currency. To make it stronger or even more credible for when it does become internationally recognized. This must be a part of the IMF outline to CBI. Protect it at all costs. When this revalues the responsibility of funding the exchange will be spread across the world economies and investment communities as I see it. Most countries will gobble up the Dinar for their own country's reserves and will thus hold the Dinar. Large currency investors will join in the investment when it is not as speculative...remember they will be using other peoples money to invest and must be prudent. That will retain a sizable portion of the Dinar through a secondary market creation. The revaluation will be the light switch that makes the Iraqi Dinar credible and one step closer to international recognition. Partial release of the UNSC sanctions will follow shortly to give it life to be traded internationally. So Iraq should have little to cash in if my assumption is correct. Therefore... borrowing from the IMF is a no brainer and no big deal. Just an opinion.

Share this post


Link to post
Share on other sites

Did everyone miss that word "DEMANDS"?

Kinda' ballsy don't you think?

1) asking/demanding and getting are two different things

2) what are they paying in interest on these loans?

If this is cheap money like I think it is ... I'd get it too ... why not ask/demand ... the worst that you can be told is "no" ... which mythunter pointed out tells them that the well is dry and pressures them to RI/RV. IF the Chinese aren't drilling and IF GE/Siemens aren't delivering and throwing the switch ... pressure pressure pressure

If it is cheap money and the IMF says OK it does make it easier to RI/RV with the additional capital ... why not ask?

If it's not cheap why would you want it anyway ... they were selling T-Bills and Shabibi cut it off ... this is where the payment to GE and Siemens was to come from since al-Maliki was too busy thieving to notice that Iraq had bills to pay. Ask yourself ... WHY DID THEY STOP SELLING T-BILLS?????? I think that you will find everything that you need to know right there.

Besides, Uncle Sugar is going to keep them afloat! Why not ask Uncle Sugar one last time?!

I don't think it's smoke or mirrors ... I think that it is working the Uncle Sugar slot machine ... they are just getting better at it and can see that the end is near.

JMO

Peace

Doc31

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.