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

Iraq's economic recovery plans tied up by US budget tussle


Recommended Posts

Parliamentary Integrity: We follow the "File" smuggled money and we held an initial meeting with a US congressional delegation  10/01/2016 14:53 BAGHDAD / tomorrow Press:  Revealed to the Parliamentary Integrity Commission, on Saturday, the follow-up committee to file the money smuggled out of the country, while confirming that the Committee began holding meetings with a delegation from the US Congress. The committee member said Adel Nouri, for "tomorrow's Press," that "the money diverted file taking wide attention, whether by the government or the House of Representatives and represented Balijnta integrity and Finance in Parliament, but that did not bring significant and tangible results," Msttrda "Therefore, the Committee determined that the this file is effectively relay will issue the periodic reports about it as well as communications approaching relevant authorities. " He said Nuri, said that "the prosecution of smuggled money and retrieval will add to the state, which suffers today's budget, a large deficit reflected the fact the service and security for the Iraqi people," noting that "the Commission began preliminary meetings and most recently with a US congressional delegation, which expressed turn full support for the work of the Commission regarding this as well as other meetings with the Central Bank of Iraq's. " He noted that "the Committee supports the introduction of the international organizations that assist in the training and rehabilitation of the Iraqi Finance cadres for investigation and follow-up of funds contraband, as well as international organizations linked to specialized anti-money laundering."

  • Upvote 2
Link to post
Share on other sites

First Published: 2016-10-01

 

US Congress frustrates the recovery of the Iraqi economy plans

 

Republicans reject the grant of security to the Iraqi bonds, the view from the United States because of the frustration of the penetration of corruption and control of Iran and the marginalization of the year.

 

Middle East Online

 
caption.gif
_233576_USAIRQ.jpg

Washington disappoint the expectations of Baghdad

captionb.gif

WASHINGTON - Iraq thwarted plans to raise two billion dollars from the global debt markets this week to fill the budget caused by lower oil prices gap after the US Congress refused to guarantee half the value of the bonds.

Iraq had said it is seeking to issue bonds worth one billion US dollars guaranteed in full in order to reduce debt costs before other bonds issued one billion dollars as part of the 2017 budget, which enjoys the support of the International Monetary Fund.

These funds will complement the agreement with the International Monetary Fund for a loan worth $ 5.34 billion over three years, which the Fund has agreed in July in exchange for economic reforms. Baghdad hopes that the agreement opens the door to get more than $ 12 billion in additional aid from other sources such as the World Bank and the Group of Seven major industrial countries.

He acknowledged the Western Allies of the importance of the need to protect the fragile economy of one of the most important Organization of Petroleum Exporting Countries members (OPEC) from collapse, which could threaten to undermine the military gains made by the Iraqi forces and the international coalition that the United States led to the organization of the Islamic State militant. These forces seek to regain control of the city of Mosul, a stronghold for militants later this month.

US President Barack Obama's administration requested that the guarantee granted under the "Extended Resolution" - a temporary legislation that would allow the US government to continue its work until the approval of the more permanent decisions regarding spending - but not yet to respond to this request in the final version passed by Congress Wednesday.

Lawmakers said they sought to remove the side issues outside the spending bill to ensure into force before the start of the new fiscal year, which begins Saturday.

He said the appearance in favor of a financial advisor to Iraqi Prime Minister Haider al-Abadi, which has had a close role in the issue of bonds and another source familiar with the matter said Republicans in Congress caused the failure to grant security for the bonds, but did not mention further details.

And have a Republican majority in both the House and Senate, but it was unclear if they have a specific objection to pump more money for Iraq, which has already received billions of dollars from Washington in the form of economic and humanitarian military aid since the invasion, the US-led invasion to topple Saddam Hussein in 2003.

And feel a lot of members of Congress, frustrated by the Iraqi government. They fear that the United States sent a lot of money to Baghdad without achieving sufficient results due to corruption and inefficiency.

Many also believe that the Iraqi government is very close to Iran and angry Shiite leaders to marginalize the Sunni minority.

Is still possible grant of security to the Iraqi debt securities in the spending bill must be passed to allow the government the freedom to work after the ninth of December, the day on which the application expires temporary spending bill.

And it includes the latest draft of the proposed budget for Iraq for 2017 forecast of expenditure 90.224 trillion Iraqi dinars ($ 77.6 billion) and a deficit of about 12 trillion dinars.

  • Upvote 4
Link to post
Share on other sites

We've injected quite enough $$$$$$$$$$$$$$$$$$$ into Iraq, thank you.

Time these Pin Heads pull their collective turban wearing heads out from their backsides. swing back the gate on this Rodeo, and let this Wild Horse loose ! 

:rodeo:

Let us see what Iraq's 2017 Fiscal year looks like - Tick Tock, Iraq

  • Upvote 1
Link to post
Share on other sites

The article states, "Is still possible grant of security to the Iraqi debt securities in the spending bill must be passed to allow the government the freedom to work after the ninth of December, the day on which the application expires temporary spending bill."

Maybe the ninth of December is a key date.  There is nominally two months before December 9th and we may be seeing a lot of progress in Iraq getting their affairs in order.

  • Upvote 1
Link to post
Share on other sites
US Congress refuses to guarantee half the value of Iraqi bonds
 
 
 
 
 
 

Iraq plans failed to collect two billion dollars from the global debt markets this week, to fill the resulting budget gap lower oil prices after the US Congress refused to guarantee half the value of the bonds.

Iraq has said it is seeking to issue bonds worth one billion US dollars guaranteed in full, in order to reduce debt costs before other bonds issued one billion dollars as part of the 2017 budget, which enjoys the support of the International Monetary Fund.
 

These funds will complement the agreement with theInternational Monetary Fund for a loan worth $ 5.34 billion over three years, the Fund has agreed in July in exchange for economic reforms. 
The Baghdad hopes to open the agreement the door to get more than $ 12 billion in additional aid from other sources such as the World Bank and the Group of seven major industrial countries.

He acknowledged the Western Allies of the importance of the need to protect the fragile economy of one of the most important Organization of Petroleum Exporting Countries members (OPEC) from collapse, which could threaten to undermine the military gains made by the Iraqi forces and the international coalition that the United States led to the organization of the Islamic State militant. These forces seek to regain control of the city of Mosul, a stronghold of militants later this month.
 

US President Barack Obama's administration requested that the guarantee granted under the "Extended Resolution"; a temporary legislation that would allow the US government to continue its work until the approval of the more permanent decisions regarding spending, but is not responding to this request in the final version passed by Congress on Wednesday.

Lawmakers said they sought to remove the side issues outside the spending bill to ensure into force before the start of the new fiscal year, which begins on Saturday.
 

He said the appearance of the benefit; financial adviser to Iraqi Prime Minister Haider al -Abadi, who was a close role in the issue of bonds , and another source familiar with the matter said Republicans in Congress caused the failure to grant security for the bonds ,but did not mention further details.

And have a Republican majority in both the House and Senate, but it was unclear if they have a specific objection to pump more money for Iraq, which has already received billions of dollars from Washington in the form of economic and humanitarian military aid since the invasion, the US-led invasion to topple Saddam Hussein in 2003.
 

And feel a lot of members of Congress , frustrated by the Iraqi government. 
They fear that the United States had sent a lot of money to Baghdad without achieving sufficient results due to corruption and inefficiency.

Many also believe that the Iraqi government is very close to Iran and angry Shiite leaders to marginalize the Sunni minority.
 

It is still possible grant of security for the debt securities of Iraq , in the spending bill must be passed to allow the government the freedom to work after the ninth of December / December , the day on which the application expires temporary spending bill.

And it includes the latest draft of the proposed budget for Iraq for 2017 forecast of expenditure 90.224 trillion Iraqi dinars ($ 77.6 billion) and a deficit of about 12 trillion dinars.

(Dollar = 1162.7000 Iraqi dinars).
 

(Reuters)
  • Upvote 1
Link to post
Share on other sites

US disputes thwart Iraq's plans to borrow two billion dollars

 

 

Saturday 01-10-2016 | 6:35:51

 
 
 
 

XYZ

XYZ

Twilight News / thwarted Iraq plans to raise two billion dollars from the global debt markets this week to fill the budget caused by lower oil prices gap after the US Congress refused to guarantee half the value of the bonds.

Iraq had said it is seeking to issue bonds worth one billion US dollars guaranteed in full in order to reduce debt costs before other bonds issued one billion dollars as part of the 2017 budget, which enjoys the support of the International Monetary Fund.

These funds will complement the agreement with the International Monetary Fund for a loan worth $ 5.34 billion over three years, which the Fund has agreed in July in exchange for economic reforms. Baghdad hopes that the agreement opens the door to get more than $ 12 billion in additional aid from other sources such as the World Bank and the Group of Seven major industrial countries.

Western allies acknowledged the importance of the need to protect the fragile economy of one of the most important Organization of Petroleum Exporting Countries members (OPEC) from collapse, which could threaten to undermine the military gains made by the Iraqi forces and the international coalition led by the United States to organize Daesh radical. These forces seek to regain control of the city of Mosul, a stronghold for militants later this month.

US President Barack Obama's administration requested that the guarantee granted under the "Extended Resolution" -oho temporary legislation allowing the US government to continue its work until the approval of the more permanent decisions regarding Balanvaq- but is not responding to this request in the final version approved by Congress on Wednesday.

Lawmakers said they sought to remove the side issues outside the spending bill to ensure into force before the start of the new fiscal year, which begins on Saturday.

He said the appearance in favor of a financial advisor to Iraqi Prime Minister Haider al-Abadi, which has had a close role in the issue of bonds and another source familiar with the matter said Republicans in Congress caused the failure to grant security for the bonds, but did not mention further details.

And have a Republican majority in both the House and Senate, but it was unclear if they have a specific objection to pump more money for Iraq, which has already received billions of dollars from Washington in the form of economic and humanitarian military aid since the invasion, the US-led invasion to topple Saddam Hussein in 2003.

And feel a lot of members of Congress frustrated by the Iraqi government. They fear that the United States sent a lot of money to Baghdad without achieving sufficient results due to corruption and inefficiency.

Many also believe that the Iraqi government is very close to Iran and angry Shiite leaders to marginalize the Sunni minority.

Is still possible grant of security to the Iraqi debt securities in the spending bill must be passed to allow the government the freedom to work after the ninth of December, the day on which the application expires temporary spending bill.

And it includes the latest draft of the proposed budget for Iraq for 2017 forecast of expenditure 90.224 trillion Iraqi dinars ($ 77.6 billion) and a deficit of about 12 trillion dinars.

 

  • Upvote 1
Link to post
Share on other sites

This says it all. They steal it as fast as they get it.

And feel a lot of members of Congress, frustrated by the Iraqi government. They fear that the United States sent a lot of money to Baghdad without achieving sufficient results due to corruption and inefficiency.

  • Upvote 2
Link to post
Share on other sites

mmmmmmmmmm   this is just a theory  ,   o.k.  u.s. will not  do the half  bonds  ,  BUT  I bet  we  would  do back flips  if the dinar  came  out to a value of  over 1 u.s. dollar  ....  every bank in the  u.s. would scramble  too grasp up  any loose dinar , after the big rush  too cash in that is  ;)  ...   so the trail would be  from  our hands too banks , banks  too   u.s. treasury ... then  will be held  until  the  value increase 1 or more times  too regain  some of the  cash  already spent , or  just too have  in  foreign cash reserves  ...  

  • Upvote 2
Link to post
Share on other sites
1 minute ago, jeepguy said:

mmmmmmmmmm   this is just a theory  ,   o.k.  u.s. will not  do the half  bonds  ,  BUT  I bet  we  would  do back flips  if the dinar  came  out to a value of  over 1 u.s. dollar  ....  every bank in the  u.s. would scramble  too grasp up  any loose dinar , after the big rush  too cash in that is  ;)  ...   so the trail would be  from  our hands too banks , banks  too   u.s. treasury ... then  will be held  until  the  value increase 1 or more times  too regain  some of the  cash  already spent , or  just too have  in  foreign cash reserves  ...  

:wub: Ya know jeepguy, I didn't wanna respond to this article because of the political nature of it. But you point out something that I first thought when I read it. Maybe Congress knows what should have happened by now and hasn't, so in there frustration they are saying , " get your Shiite together or else". :wub: 

  • Upvote 6
Link to post
Share on other sites

could be  right  L G  D   ,,,,   you might be on too something ,    could be some thing too make them move on it them self..  quit borrowing  , get your money in line with the world .. not that Iraq will do something along lines of being bullied though  , but might make them step up the game

  • Upvote 4
Link to post
Share on other sites

what ever the reason just move on Iraq...

 

 

I see you moving that rate of exchange to a narrower up/down ladder...

(oanda.com)...(anyone else notice they added transfers to Iraq's page, and also historical data won't let you go past 95' wonder if they're trying to stop everyone from seeing the possibilities to make money is coming...)

maybe abiding by the 2% differential IMF WB deemed necessary...

 

all in all  I'm still excited about this year.

Edited by Officiallytook
Link to post
Share on other sites

Darn straight we won't insure/ensure half the alleged value of their bonds.  It is biblically incorrect to guarantee the debt of another. We as a country have paid enough in blood and money to help this country move along. If they can't do it on their own, they never will. 

 

Edited by new york kevin
because
  • Upvote 3
Link to post
Share on other sites
9 hours ago, jeepguy said:

mmmmmmmmmm   this is just a theory  ,   o.k.  u.s. will not  do the half  bonds  ,  BUT  I bet  we  would  do back flips  if the dinar  came  out to a value of  over 1 u.s. dollar  ....  every bank in the  u.s. would scramble  too grasp up  any loose dinar , after the big rush  too cash in that is  ;)  ...   so the trail would be  from  our hands too banks , banks  too   u.s. treasury ... then  will be held  until  the  value increase 1 or more times  too regain  some of the  cash  already spent , or  just too have  in  foreign cash reserves  ...  

 

Link to post
Share on other sites
Iraq's economic recovery plans tied up by US budget tussle
October 1, 2016 | 5:19 PM
by Reuters

Those funds would complement a three-year $5.34 billion standby loan, which the IMF approved in July in exchange for economic reforms. — Bloomberg file picture
506384.jpg
 

 

 

Dubai/Washington: Iraq's plans to raise $2 billion on international debt markets to help fill a budget gap caused by low oil prices were thwarted this week by the US Congress' refusal to guarantee half the bonds' value.

As part of a 2017 budget endorsed by the International Monetary Fund (IMF), Baghdad said it would seek to issue a $1 billion bond fully guaranteed by the United States in order to lower borrowing costs before issuing another $1 billion.

Those funds would complement a three-year $5.34 billion standby loan, which the IMF approved in July in exchange for economic reforms. Baghdad hopes the IMF deal will unlock more than $12 billion in additional aid from sources such as the World Bank and the Group of Seven leading industrialised nations.

Western allies have acknowledged the need to guard major Opec producer Iraq's fragile economy from a collapse that would risk undermining military gains against Islamic State by a US-led coalition and local forces that are looking to retake the militant stronghold of Mosul later this month.

While the Obama administration requested the guarantee be included in a "continuing resolution" — stopgap legislation that keeps the US government running while more permanent spending decisions are agreed — it did not end up in the final version passed by Congress on Wednesday.

Lawmakers said they had tried to keep side issues out of the spending bill in order to ensure it would go into effect before the new fiscal year began on October 1.

Iraqi Prime Minister Haider Al Abadi's financial advisor, Mudher Salih, who has worked closely on the bond issue, and a source familiar with the matter told Reuters the guarantee had been held up by Republicans in Congress, without providing details.

Republicans have majorities in both the House and Senate, but it was unclear if they had a particular objection to putting up more funding for Iraq, which has already received billions of dollars in military, economic and humanitarian aid from Washington since the US-led invasion that toppled Saddam Hussein in 2003.

Many members of Congress are frustrated with Iraq's government. They worry that the United States has sent far too much money to Baghdad, with too few results, due to corruption and incompetence.

Many also view the Iraqi government as being too close to Iran, and are angry with its Shi'ite leaders for alienating minority Sunni Muslims.

The Iraq loan guarantee could still be included in spending legislation that must pass in order to keep the government open past December 9, when the temporary spending bill expires.

Salih told Reuters on Thursday that Iraq was likely to delay the bond issuance until at least early 2017, in part because of the lack of a US guarantee.

Baghdad's latest budget proposal for 2017 forecasts expenditures of 90.224 trillion Iraqi dinars ($77.6 billion) with a shortfall of around 12 trillion dinars.

http://timesofoman.com/article/93304/Business/Iraq

Edited by SocalDinar
  • Upvote 2
Link to post
Share on other sites

Time for them to stand up for themselves. The SIGIR report estimated they would be up and running on their own by the end of 2013. And dinar with value. Borrow, borrow, borrow. Take, take, take. Beg, beg, beg. I'm with congress. Get your house in order and man-up. If there is any urgency in Iraq's recovery, it has to come from within. Hard to send $$$ when their GOI works one day and takes two weeks off........over and over and over.

 

Our congress needs to focus on OUR COUNTRY.

 

Edited by King Bean
  • Upvote 2
Link to post
Share on other sites

It's always something with Iraq - at every turn there's POOP hit the FAN ! ! 

Perhaps they're just too stupid to get out of their own way ???? I know this is a difficult transition, but they've had their hand held the entire way thru this process and still - here we are more of the same. 

I just know anymore with these people. Is there some smoke in here, and behind the scenes they've got this; or can they not see beyond the end of their noses ?????

  • Upvote 1
Link to post
Share on other sites
2 minutes ago, 10 YEARS LATER said:

It's always something with Iraq - at every turn there's POOP hit the FAN ! ! 

Perhaps they're just too stupid to get out of their own way ???? I know this is a difficult transition, but they've had their hand held the entire way thru this process and still - here we are more of the same. 

I just know anymore with these people. Is there some smoke in here, and behind the scenes they've got this; or can they not see beyond the end of their noses ?????

:wub: My friend, they can only do what there allowed to do, 2nd Thessalonians 2:7-8

7For the secret power of lawlessness is already at work; but the one who now holds it back will continue to do so till he is taken out of the way. 8And then the lawless one will be revealed,.......:wub:

  • Upvote 2
Link to post
Share on other sites
On 10/1/2016 at 11:15 AM, gregp said:

spending bill to ensure into force before the start of the new fiscal year, which begins Saturday

There's your answer to, "when is the begining of Iraq's fiscal year"?!!

:bravo::bravo::bravo::rodeo::rodeo::rodeo:

October 1st is the start of the U.S. fiscal year.  Iraq's is January 1st.

  • Upvote 1
Link to post
Share on other sites

The budget deficit and lending policies

 

 

   
 

 
 


8/10/2016 0:00 

Ali Hassan al - Fawwaz 
talk about the economic deficit, it means talking about the efforts being made to bridge the gap which, set policies and wizards that will provide funds to overcome them, and through the methods of the most important borrowing countries and the banks, or by obtaining guarantees bonds have lids, or through activation effort investment and the private sector. 
this topic is related to the nature of economic alliances to Iraq, where he rejected the US Congress (grant of security to the Iraqi bonds are expected from the United States) and under different reasons, probably because Mayanet former Iraq from mismanagement and spending, and an unprecedented rise in serious levels of corruption . 
linking the budget deficit to oil prices and volatility recently will continue to be a matter of constant debate, because most of the rentier economies problems is its dependence for Mrkzaat wealth President, and the nature of the political administration of the national economy, and mechanisms of action in the investment and other fields, as well as the weakness of its ability to create financial abundance of non - economic sources oil. 
Iraq 's failure to get two billion dollars in debt bonds to address the economic gap is not frustrating, but does not mean that the deficit will make it threatened the economic structure by not securing foster financial coverage for treatment, or even face the repercussions on the level of salaries and public services benefits, and figured out that economic policies graceful and wise to adopt, and determining spending limits, and control of corruption files, will make viable coexistence environment with debt first, and facilitate appropriate opportunities for Satrhalleha secondly, as well as to reconsider the specific prices by the government for a barrel of oil will also provide financial margin can ensure that address some of the debt and bridging the gaps in the budget. 

budget 2017 economic and guarantees the 
problems faced by the 2017 budget for the previous budgets may not differ, the deficit in this budget will remain in place, albeit uneven borders, but characteristic of the budget next year is the change that has happened because of high oil prices, and the approval of the re - pricing of a barrel of oil to $ 43, which it means the provision of additional funds for the budget, and to mitigate the serious deficit, which is a major reason for the objection creditors in the international Monetary Fund and many countries to lend to Iraq to fill the gap in its budget deficit and secure public services to its citizens. 
the international Monetary Fund approval of a loan for Iraq worth $ 5.34 billion over three years reveals the Fund 's intervention by Iraq committed, in order to have the door open to get more than $ 12 billion in aid and loans from the World Bank and major industrial countries, and the most prominent of these obligations effective measures to control economic policies, and control over spending and consider the revitalization of many events that will achieve acceptable growth of the economy ratios. 
the listing matches draft of the proposed budget for Iraq in 2017 , reflecting a new reality in the general directions of this budget, because of the adjustments that were made, notably adjusted oil prices, which put the budget blueprint in front shortage can be controlled, and up to 12 trillion dinars, compared with expectations Panevaqat amounting to 90.224 trillion dinars (77.6 billion dollars). it 
has become clear that the prospect of any budget can not be away from the orientations of economic policy, and the government 's ability to control its tracks, and to control expenditures randomized, open the files of corruption at all levels, compared to banking policies tuning, something that should be subject to a set strict control procedures, and thus contributing to the preservation of the national reserve on the part of , and control over policy to act in hard currency from another side, especially Maitalq issues remittances abroad and sale of foreign currency through the central bank, or through other banking outlets.
  • Upvote 1
Link to post
Share on other sites
On October 2, 2016 at 8:22 AM, King Bean said:

Time for them to stand up for themselves. The SIGIR report estimated they would be up and running on their own by the end of 2013. And dinar with value. Borrow, borrow, borrow. Take, take, take. Beg, beg, beg. I'm with congress. Get your house in order and man-up. If there is any urgency in Iraq's recovery, it has to come from within. Hard to send $$$ when their GOI works one day and takes two weeks off........over and over and over.

 

Our congress needs to focus on OUR COUNTRY.

 

Spot on with your assessment KB ! ! ! ! ! . . . now I read this morning on DV an article referencing taking more time off for yet another holiday. They did say they would be " working " - they're not fooling any of us with that rhetorical bilge. 

You would think in light of THIS article, they would kick things into high gear ! Appearences count for quite a lot for Iraq at this pivotal moment in time . . . It " appears " Iraq is still smack dab in the middle of performing their high speed " CIRCLE JERK " maneuver, with them firmly in the middle. :soon:  :rocking-chair:

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • 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.