Government and the United Nations SBI establishes an «economic reform fund»

[yota691]

Iraq and the United Nations sign an agreement to establish a fund to finance the "economic reform"

 

Sunday January 29 2017 17:17

 

 

 

[Gypsygirl11]

That's what Im talking about !!!!   Bring it on Iraq.  Economic reform - Im ready!

[jeepguy]

   sounds like more money getting sucked out of u.n too Iraq ! 

Just now, Gypsygirl11 said:

That's what Im talking about !!!!   Bring it on Iraq.  Economic reform - Im ready!

hope you are in the right track

[yota691]

the article content...

Alsumaria News / Baghdad

The UN Assistance Mission for Iraq (UNAMI), Sunday, for the signing of Iraq and UNDP to the UN Convention on the organization in order to establish a fund to finance the "economic reform", pointing out that the Fund will employ the expertise to support the implementation of priority reform initiatives.

 

 

 

 

She said UNAMI in a statement seen Alsumaria News it, "The United Nations Development Programme and the Office of the Prime Minister signed an agreement today in Baghdad to establish economic reform fund," indicating that "UNDP government will support through this fund to address the head of economic challenges and promote the reform agenda, with a focus on diversifying the economy and increase national income and improve national asset management. "

 

The statement quoted the deputy director of the Office of the Prime Minister Nawfal al-Hassan as saying that "the Government of Iraq appreciates the support of the United Nations Development Programme for the implementation of the reform agenda, announced by the Prime Minister as part of a series of measures taken by the government to boost the economy."

 

For his part, he said, the United Nations Development Programme in Iraq Mounir Tabet, said that "over the past years, weighed down by the big economic challenges the shoulders of Iraq, and increased burdens on the financial budget, affecting the livelihoods of thousands of people. Therefore, it provides the launch of economic reform fund opportunity to accelerate government reform plan. "

 

The statement pointed out that "the fund will employ the expertise to support the implementation of priority reform initiatives, under the leadership of the Prime Minister's Office."

 

It is noteworthy that Iraq is suffering from the economic crisis as a result of lower oil prices, which is a leading supplier of revenue for the country, while the government confirms its efforts to find suitable alternatives to address this problem.

[tigergorzow]

Yota Thanks,  Good news probably means money coming from donor countries will be placed in a specific fund account to finance economic reform.  

Keeping the faith!!

GO RV!!

[Gypsygirl11]

4 minutes ago, yota691 said:

The UN Assistance Mission for Iraq (UNAMI), Sunday, for the signing of Iraq and UNDP to the UN Convention on the organization in order to establish a fund to finance the "economic reform", pointing out that the Fund will employ the expertise to support the implementation of priority reform initiatives.

 

 

Thx Yota....

Yes Jeep, they love to borrow money....but if its for implementation of economic reform - Im all for it.

[jeepguy]

5 minutes ago, yota691 said:

It is noteworthy that Iraq is suffering from the economic crisis as a result of lower oil prices

they need to get off this record ,  can you imagine the super crying going on if they pulled a budget with the oil at over 100, then bottom out  too what it was 35 a barrel ,  abidi  is getting every thing back too order from what malarkey did too Iraq ...   just hope this will be enough too support the dinar values in an upswing method

[Gypsygirl11]

12 minutes ago, jeepguy said:

they need to get off this record ,  can you imagine the super crying going on if they pulled a budget with the oil at over 100, then bottom out  too what it was 35 a barrel ,  abidi  is getting every thing back too order from what malarkey did too Iraq ...   just hope this will be enough too support the dinar values in an upswing method

What is oil at now? 50 or 60 a barrel?

 

[tigergorzow]

1-29

WTI $53.17

Brent Crude $55.52

[bkeiller]

Of course there are pessimists out there, too. All trying to predict the future. Me, I just sold my oil stocks and made a few bucks. Buy low, sell high. (Keep off the pipe!) 

Oil Prices Rise As OPEC Put Its Foot On The Brakes

By Matt Smith - Jan 26, 2017, 12:47 PM CST

As production cut hopes are stoked once again, crude is pushing higher on this fourth day of the fourth week of January. While prices ultimately just pinging around in a range-bound fashion, hark, here are five things to consider in oil markets today:

1) So this week we've been taking a look at the various key regions that supply the U.S. with crude. We've looked at the Persian Gulf, South America and West Africa. North Africa is also a consistent, and growing, source of supply.

According to our ClipperData, the U.S. received just over 150,000 barrels per day of the region's grades last year. Chad has been the leading supplier, sending its heavy sweet Doba mostly to the U.S. Gulf through the first half of the year, before switching in favorability and sending it to the East Coast, and to PES' Philadelphia refinery.

 

Ads by Algerian grades are second most popular, with volumes of light sweet Saharan blend predominantly heading to the East Coast. Egyptian grades have become a more regular feature in the last year, while we see Libyan barrels make their way to Kapolei in Honalulu, as opposed to the lower 48 states.

(Click to enlarge)

2) Abudi Zein (ClipperData's co-founder and CEO) is the author of the latest blog post on RBN Energy. We at ClipperData are in a great position to see whether OPEC and NOPEC members are complying with production cuts, given the most transparent way to see these cuts via lower exports.

While Abudi explains how Russia and Saudi Arabia may be able to implement certain methods to circumvent production cuts - via increasing pipeline flows and by refining more, respectively - he highlights that OPEC - and especially core OPEC - needs to be seen to be cutting production.

As our ClipperData illustrate below, total Persian Gulf exports have dropped by a million barrels per day (albeit from nosebleed levels last month), as exporters put their best foot forward (on the brakes).

(Click to enlarge)

3) Yesterday we discussed how the members of the Gulf Cooperation Council (GCC) raised $66 billion via debt issuances last year in an effort to plug the void left by lower oil revenues, and how they are likely to issue even more in 2017.

 

The opposite scenario may be at hand for the five supermajors, as a brighter outlook means they appear to have weathered the storm. As the chart below illustrates, the Big Five have doubled their combined net debt to $220 billion in recent years to maintain their dividends amid the oil price rout.Related: New EU Energy Strategy To Create Up To 900,000 Jobs

But after slashing costs by cutting jobs and canceling projects, and amid a rebound in oil prices, they are starting to generate cash once more. As Q4 earnings are set to be released, three of the five - Exxon, Chevron and BP - are set to post their first year-on-year increases in profits. Happy days, it would seem, are here again.

(Click to enlarge)

4) Even though it is like sticking a finger in the air to gauge the wind direction, I love looking at long-term projections from the likes of EIA, Exxon et al, to gain an understanding of future energy trends. Hence, it was fun to see the appearance of the BP Energy Outlook this week.

As the charts below illustrate, energy consumption is expected to continue growing over the next two decades. Renewables, combined with nuclear and hydro are expected to account for half of the growth in energy supplies over this period. Nonetheless, oil, gas and coal will still account for 75 percent of energy supplies in 2035.

Renewables are set to be the fastest growing source at 7.1 percent per annum. Coal is expected to peak in the mid 2020s before falling, while natural gas grows by 1.6 percent to 2035. Oil's pace of growth gradually slows, rising 0.7 percent per annum.

Total energy consumption is set to grow at a pace of 1.3 percent per annum over the next two decades, slower than the 2.2 percent pace seen in the last 20 years. Virtually all of the growth is set to come from emerging economies, with China and India accounting for half of the rise.

(Click to enlarge)

5) Finally, we discussed last week how ADNOC, the Abu Dhabi National Oil Company, had just renewed an agreement with the Japanese government to store 6.3mn bbls at its Okinawa site, to give it easy access to Asian markets - with the concession that Japan gets a priority claim to its oil in case of emergency.

In a similar fashion, ADNOC has just signed a deal with India, which will allow it to store ~6 million barrels of oil at its Mangalore strategic reserve. This is about half the capacity of the cavern, and there is likely a similar concession in place for India to access the crude.

The other half of the Mangalore facility is already filled with 6mn bbls of Iranian crude. India's strategic reserve has a capacity of 37mn bbls at three locations; some 7.55mn bbls of Iraqi crude are already in the Vizag storage site in southern Andhra Pradesh, while there is a further 18.3mn bbls of capacity to be filled at Padur.

By Matt Smith

 

http://oilprice.com/Energy/Oil-Prices/Oil-Prices-Rise-As-OPEC-Put-Its-Foot-On-The-Brakes.html

[Officiallytook]

You guys got this...

 

[MyLadiesDaddy]

A little trucker jargon  for ya folks, dis is goin down right before our eyes.  

[ChuckFinley]

I love truck jargon.  

[Texstorm]

4 minutes ago, ladyGrace'sDaddy said:

A little trucker jargon  for ya folks, dis is goin down right before our eyes.  

Hello LGD ! Good morning ! I think President Trump is the suddenly ! We have never witnessed this in our lifetime, the more the world yells , the more I know we are right !

[rw.sutton]

4 minutes ago, ladyGrace'sDaddy said:

A little trucker jargon  for ya folks, dis is goin down right before our eyes.  

I love trucker jargon! Hows it-looking over your shoulder?

[vato96]

[drj]

Great news keeps rolling in!  It can't be much longer before this thing pops!

[vato96]

Many things were set into motion before Trump came to office. It is amazing that so many people think he is the catalyst to all this when he just came to office 9 days ago. Just my opinion 

[vato96]

If it rv'd the day after he came to office I'd say yes he was responsible for the progress. I am not saying he won't have a hand in the progress to come. He may be responsible the speeding up of the process. Which I hope is the case. Because I want some new toys

[ChuckFinley]

3 minutes ago, vato96 said:

Many things were set into motion before Trump came to office. It is amazing that so many people think he is the catalyst to all this when he just came to office 9 days ago. Just my opinion 

That true, but things have moved faster in the last 9 days than they have in the last 10 years. Defiantly a sence of urgency about doing business. Just a different view point from someone that has been here a loooooooooooong time.  

[vato96]

I have also been here for a long time and the effort put in in the last year has been great. None of that was because the world knew Trump was going to be president.

[Officiallytook]

3 minutes ago, ChuckFinley said:

That true, but things have moved faster in the last 9 days than they have in the last 10 years. Defiantly a sence of urgency about doing business. Just a different view point from someone that has been here a loooooooooooong time.  

Exactly...

 

 

 

 

 

 

 

 

 

 

 

 

[vato96]

Most of the progress has happened  since  Maliki was taken out of office. Which was in 2014

[Officiallytook]

I agree...but just thinking outloud here...

 

Thinking rationally here... yes things this past year have been moving fast..., but if you look at the last 3 months... I would say that a drastic change in getting things done have been placed in folks mindset...all across Iraq, from banking to the Kurds oil and gas law banking iban swift recovery of funds musol Dayumn near put on full attack mode... I'm just naming a few things that could have been done last year too...but seems they drew somethings out until word of election/inauguration... I don't truly agree with Trump on any level, but getting things done. again just saying...

Edited January 29, 2017 by Officiallytook
Typo

[Lorre]

1 hour ago, tigergorzow said:

Yota Thanks,  Good news probably means money coming from donor countries will be placed in a specific fund account to finance economic reform.  

Keeping the faith!!

GO RV!!

 

37 minutes ago, Texstorm said:

We have never witnessed this in our lifetime, the more the world yells , the more I know we are right !

Agreed!!!