The Finance Committee reveals the mechanism for paying Iraqi debts .. And the Central reveals its policy to control the exchange rate

[ChuckFinley]

Sounds like it is coming SG7.  

[SnowGlobe7]

Hope so Chuck.....hope all is well with you my dear friend

[ChuckFinley]

9 minutes ago, SnowGlobe7 said:

Hope so Chuck.....hope all is well with you my dear friend

It is, thanks for checking back. 

[yota691]

Parliamentary Economic for "economy News": $ 107 billion of Iraq's debt

 

 

Economy News Baghdad :  Economic Commission announced in the House of Representatives, Wednesday that Iraq 's internal and external debt of $ 107 billion, indicating that $ 55 billion of Iraq 's debt since the former regime. She said a member of the Economic Committee in the House of Representatives, Najiba Najib, for " economy News " , that " Iraq 's internal and external debt amounted to $ 107 billion divided into internal and external debt and debt precedent since the former regime " , Mukdh that " Iraq 's debt in the former regime estimated with 55 billion dollars . " She added that the " internal loans amounted to 45 trillion dinars went to cover the fiscal deficit for the financial budgets for Iraq since 2014 , and so far " , adding that " recent foreign loans of 21 trillion dinars funded investment projects for the development of infrastructure ."
Views 185   Date Added 10/5/2017 12:30 -   Last Updated 10/05/2017 - 13:16   No. Content 7482

[yota691]

Parliamentary economy's / balance News /: Iraq's debt stood at $ 107 billion

economy

 Since 05/09/2017 18:30 (Baghdad time)

Special - balances News

He confirmed a member of the Committee on Economy and Investment Parliamentary Najiba Najib, on Tuesday that Iraq's debt stood at $ 107 billion, as pointed out that half of them belonging to the Government of the former regime before 2003.

Said Najib, L / balance News /, said that "Iraq's debt after the new loans, which borrowed Iraq amounted to $ 107 billion, and half of them left the government in 2003 before", indicating that "debts include Taoziat Kuwait international claims against Iraq, as well as judicial claims."

She added that "the other half of the debt is divided into the first two internal loans represented by treasury bonds and bank reserve Alrkza and the Office of another, either the other Alaksm is represented at the World Bank loans and the United States and Japan."

Najib noted, that "will repay these debts in the form of payments (premiums), in annual payments from the state budget (sovereign)."

On a related front, Najib showed that "the lack of economic and financial policies in 2014 before, was the reason behind the borrowing of Iraq, considering that financial budgets were austere."

Enables Iraq, earlier, from the write-off of $ 100 billion from the Paris Club debt of $ 140 billion after Iraq unilaterally signed with these countries debt towards Iraq reduced by 80% of the Convention, while signed some countries of the Paris Club agreement with Iraq to write off 100% of its debt trend Alarac.anthy 29/9 P

 

[tigergorzow]

Abadi under fire as Iraq's foreign, domestic debts galloping

May 10 2017 10:52 PM

Haider Abadi

 

Iraqi parliament's commission on Economy and Investment has lambasted the Haider Abadi governemnt for increasing foreign and domestic debts that reached 107 billion dollars, voicing concerns on a further future increase. 

In a press statement, MP Najiba Najib said, "Iraq's foreign and domestic debt amounted to 107 billion dollars including an estimated $55 billion from the Saddam Hussein regime".

The Iraqi government could not cope with the wages of state employees without turning to additional internal debt, Najeeb warned.

Najib said that "domestic loans amounted to 45 trillion dinars, all of which went to cover budget deficits since 2014 until now".

 

http://www.thebaghdadpost.com/en/story/10386/Abadi-under-fire-as-Iraq-s-foreign-domestic-debts-galloping

[MyLadiesDaddy]

I love the title of this article. What they don't tell you is that Abadi is holding the button to the MOAB of all investment BOOMBS !!!!!!!!!!!!

[unirod]

Those in the know understand the fractional reserve banking system only thrives because it's debt driven! No debt = no growth and prosperity!

[yota691]

In response to the Abadi .. Economy representative announces the amount of Iraq's debt

History of edits:: 2017/5/10 20:20 • 277 times readable

{Baghdad} Euphrates News announced member of the Parliamentary Economy and Investment, on Wednesday, how much of Iraq's foreign and domestic debt, indicating it of "107 billion dollars."

The committee member Najiba Najib, in a press statement that "internal and external debt of Iraq amounted to $ 107 billion divided into internal and external debt and debt precedent since the former regime." 
She noted that "Iraq 's debt in the former regime is estimated in 55 billion dollars." 
Najib explained that "internal loans amounted to 45 trillion dinars went to cover the fiscal deficit for the financial budgets for Iraq since 2014 until now." 
He noted that " the recent foreign loans of 21 trillion dinars funded investment projects for the development of infrastructure." 
The Prime Minister Haider al - Abadi, said yesterday during his weekly press conference, said that " the international debt on Iraq a few, and we have an internal debt as the external debt part of compensation, including the Paris Club." 
And between, "in this crisis are not our large loans as the most affordable and the proportion of very interest a few some of the World Bank to support the budget and this does not constitute a significant burden on the country because it is low interest rate, as well as a German loan to help Iraq in building areas , a rate very supported by the British and loan interest on credit for the construction of infrastructure ".anthy

[King Bean]

On ‎4‎/‎16‎/‎2017 at 9:41 AM, davis411 said:

....he then invited me for camel steak dinner with a side of goat tail.

 

                         Davis, I heard she dressed up for you too. 

 

[MyLadiesDaddy]

7 hours ago, King Bean said:

 

                         Davis, I heard she dressed up for you too. 

 

ISIS be like," UMMMMM SEXY ". 

[ChuckFinley]

9 minutes ago, ladyGrace'sDaddy said:

ISIS be like," UMMMMM SEXY ". 

That girl is going places.  

[yota691]

 

Parliamentary Finance: Iraq's debt of $ 107 billion, more than half of the former regime 6 hours ago Last updated 03:54 PM         BAGHDAD / Press tomorrow:  revealed a member of the Finance Committee Najiba Najib, on Saturday, for the debts owed by Iraq size, indicating that the debt amounted to $ 107 billion, including $ 55 billion on the back of the former regime 's debt.  Said Najib, for "Tomorrow 's Press," that "according to official documents adopted by official bodies in parliament , it became clear that the debt on Iraq , the size of $ 107 billion and more than $ 55 billion , is the former regime 's debt , including the compensation of Kuwait and claims court."  She added, "The other debts represented by internal loans , which borrowed the Iraqi government over the past 13 years, including 2017 from the reserves of the Central Bank, representing more than 30 billion have been using them to feed public spending by the collapse of oil prices and the lack of revenue , " asserting that "other loans are loans Foreign Affairs, a Japanese and US loans, the German and British and other countries and most of the investment projects and infrastructure. "  She stressed that " the state is able to repay these debts the fact that some term loans of 30 years or more and the International Monetary Fund has an agreement with Iraq and its loans in support of the budget , " pointing out that "Iraq is not a private bankrupt state and oil prices on the rise and the price of a barrel to 60 or 70 USD we will be able to pay those debts. "

[yota691]

The acceptability of the global volume of public debt indicators

5/15/2017 0:00     BAGHDAD / Imad Emirate  most important indicators inferred including the admissibility of the global volume of public debt  and put all of the Economic Cooperation and Development and the World Bank and the International Monetary Fund and the Bank for International Settlements Organization definition of external debt provided that external debt total at a certain date equivalent amounts of current contractual obligations and leading to the payment of residents   in the country to non - resident bonds and paying off the debt with the basic benefits or without payment of interest or repayment of the amount with   or without it .   He said academic economist , d. Ahmed Omar al- Rawi said in an interview »Sabah», it has developed the external debt of developing countries that have difficulty in financing the size of spending what drove her to borrow when she thought it was able to get through this debt to be exploited in various development programs, but the adoption of this approach led by to the crossroads it is not achieved development and Lahi able to meet internal or external debts, but that these debts hindered the economic development of these countries.  And external debt is one of the methods to assess relations between the state and the other between the international organization's financial system in that country, and can be measured by this relationship either on the basis of the information available from the debtors or creditors.   He continued the narrator and in front of the inability to pay off this debt and in response to pressure from the World Bank and the International Monetary Fund for developing countries resorted to more leveraged or reschedule their debts and make many concessions, and continued to rise in the external debt of developing countries Arab size only during the past two decades seven times, as it increased its size from 49 billion in 1980 to $ 325 billion in 2000.  And that did not accompany this rise a similar increase in the gross domestic product, these countries seek to external borrowing for several reasons , including internal Kaladz in public budgets , local and global inflation, and some of them outside the current global Kalrkod and lower prices of raw materials and high interest value and others.  He explained that the public debt feature of many countries of the world to finance the annual budgets, especially in the investment area , including, public debt is divided into an external religion of internal and external debt and debt  is  worth a third - party repaid in foreign currency, which represents the city - state 's commitment to third parties , whether institutions or governments , and thus represents a burden on State obligation to pay the debt, especially if it exceeds the acceptable rate ratio according to a number of indicators.  He said that the most important indicators of public debt index to GDP , one of the indicators that evidenced by the acceptability of the public debt of the State concerned and the size of their ability to repay the obligation, stressing the possibility that inferred from the couplers GDP growth rate of the interest rate on the public debt.  He pointed out that whenever the interest rate equal to or less than the output growth rate is the indicator on the ability of the city - state on the ratio of external debt to export earnings, as this represents an indication of the outcome of the state of foreign currencies to help them to pay, and therefore the higher export earnings were the ability of the state to be bound to pay its debt in foreign currency.  He concluded the narrator speaking with reference   to the establishment of some international organizations such as the alleviation of external debt and the International Monetary Fund determine the acceptability of external debt levels that require debtor countries be taken into account, and the most important ratio of debt to GDP , where the development of the International Monetary Fund ratio ranging from 25 percent to 30 percent of the acceptability of external debt and the ability of the state to control the city 's debt management and administration repaid, and if the ratio would be in a critical state the city where it is difficult to abide by its ability to repay the debt situation.

[Theseus]

No. No. No. Rescheduling debt is bad for Iraq, bad for credit and bad for RV.

[new york kevin]

Note: Just posted Iraq has just posted a 1.8 trillion dinar surplus in the first quarter of this year. Credit rating should bump up now.

 

[yota691]

$ 60 billion of Iraq's debt (details)

21-05-2017 11:21 AM

Number of readers: 1216

 

Baghdad News -

 

 

President of the Economic Reform Institute and former Minister of the Iraqi capital Kamal Al-Basri stressed that «Iraq's debts exceed $ 60 billion.» He explained that the oil revenues are called «money is easy to earn» as the process of getting it is not difficult and expensive production, and marketing of easy revenue process. He said that Iraq had «about one percent of the labor force produces more than 50 percent of gross domestic product, and the cost of oil is $ 10 per barrel while selling previously by more than one hundred dollars. When money is easy, it is easy spending may not require all the precision required. »

 
Basri pointed out that the economic viability of our institutions set up by the various projects are not approaching the level required. He stressed that Iraq «is not alone affected by lower oil prices. In Iraq, 90 percent of oil revenues and other ten are the fees and taxes ». He pointed out that «Iraq's debt was $ 140 billion came Paris Agreement debt by 80 Reducing percent in 2004, the Iraqi government has worked to meet the requirements of the« Paris Club »to pay the remaining 20 percent, and there is a timetable for payment».

 
He pointed out that «the debt realized as a result of the accumulation of fiscal policy, which is not a bad sign of economic performance, as no country in debt-free world», adding that «indebtedness be very desirable when they are in the form of loans used for investment and infrastructure, and government Iraq is keen to be of public interest debt, debt is the State's keenness to cope with weak financial liquidity for the purposes of the development of society and the economy ».

Says academic economist Sattar al-Bayati, the IMF loans with many Arab countries, including regional and foreign or general experience of developing countries came out a lot of problems. He added that the alternative that Iraq is a reliable allocation through a national strategy must accelerate its implementation and put it on government installations and companies that are managed or losing self-funding and constitute a heavy burden on the budget.

He explained that «the allocation of the feasibility of these projects thoughtful economic manner as if liquidated and sold to the private sector or merged with the private sector or to enter domestic and foreign investment in the rehabilitation be again.»

Economic expert Abdul Karim Jaber Hnjar said «no means accessible for Iraq if the principle of differentiation chose to choose its loans, the first of the investment and then followed by the World Bank loans and some international organizations and bilateral loans between Iraq and a number of financial abundance countries, as is the International Monetary Fund loans difficult loans for countries that have received or are trying to get them. »

He noted that this procedure makes the International Monetary Fund will become the trusteeship owner of the economic programs in those countries it is natural to put these conditions for Iraq some trouble that lead to the lifting of government support for some of the poorer segments that are already in need of support, in addition to the conditions Others relate to a period of repayment and interest, and such loans issued by the international Monetary Fund is far from the status of soft loans or difficult to be.

[yota691]

Iraq confirms its ability to repay financial debt

Journal May 21, 2017

 

 

 

BAGHDAD - The Journal News

Some believe that Iraq has a heavier internal and external debt while the parliamentary Economic Committee believes that the country is able to repay the debt and it is in a sound financial position, while the government asserts that Iraq is a country rich in resources and what he could repay his trust.

Parliamentary Finance Committee member Jabbar al-Abadi said that Iraq is able to repay his trust debt because it fulfilled its obligations and benefits as evidenced by the high rating Iraq credit rating by international agencies, "noting that" this matter indicates that the country is able to pay back what Bzmtha is in the financial position sound".

Among Abadi, in an interview for «Journal News», that "the debt owed by Iraq, most of them earlier and the amount borrowed this government a few", drawing attention to the "loans taken not only for the purpose of operational projects but were investment to be able to pay off the debt."

The member of the parliamentary finance committee that "the mechanism of the Government was clear that these amounts for investment projects be for the government to fulfill its obligations," adding that "the debt was low and comfortable benefits of good by and from institutions and international banks to support the budget."

He said Abadi, that "some are trying to link the public debt of Iraq, the current government and the current circumstances, but the public debt of the country is estimated at $ 111 billion and external debt stood up in 2014 nearly 56-billion, but after that date, Iraq has borrowed up to 12 billion only been borrowed externally ".

He pointed out that "the $ 56 billion each year before 2003 and amounted to about 41 billion, debt outside the Paris Club was not subject to the settlement that has been in the club and that most of the countries that have been leveraged from it did not call them until the moment."

He noted that "the remaining debt up to 40 billion, or slightly less than an internal debt was up to 50% before 2014," noting that "the amount realized from 2014 until 2016 came in order to pay the salaries of self-financing loss-making companies."

Among Abadi, that "in the budget of 2015 and 2016 were the banks to pay salaries to companies losing under treasury bonds from the government, either the government in 2017 the government began to give the money directly and without borrowing."

For her part, the government indicated that most of the debts owed by Iraq are internal, while drawing attention to the country's rich and can rely on new sources of revenue without the need to borrow.

The Prime Minister for Economic Affairs Advisor Dr. Abdul Hussein Al-Anbuge's «Journal News», that "Iraq hopes in the future that oil prices rise again to allow him to pay off his trust," he said. "Most of these internal debt and not external and then the payment is much easier ".

He Anbuge that "every religion carries within the payment mechanism, which depends on the size of these debts," noting that "most of them soft loans and the grace period."

Economic Advisor to the Prime Minister, said, "he said the government is seeking to diversify the economy and revenue sources to reduce dependence on debt by activating the state factories and the participation of its own sector, or the sale of agricultural and industrial land to local investors, as well as a marked increase in taxes and fee income all of which constitute sources of support the state budget without the need to borrow, "noting that" has been reduced borrowing during the current year, with the exception of bonds issued by the government. "

While noted economic expert Abdul Karim Jaber Hnjar to, "the existence of means of soft against Iraq if it chose the principle of differentiation in the selection of loans, the first of the investment and then followed by the World Bank loans and some international organizations and bilateral loans between Iraq and a number of financial abundance countries, while the international Monetary Fund loans from foreign loans for countries that have received or are trying to get them. "

He Hnjar, "This procedure makes the International Monetary Fund as a trusteeship owner of the economic programs in those countries is natural that these conditions are put in front of Iraq some trouble that lead to the lifting of government support for some of the poorer segments that are already in need of support, as well as to other conditions relating to the duration of the repayment and interest, and such loans issued by the international Monetary Fund is far from the status of soft loans or difficult to be. "

[10 YEARS LATER]

On May 11, 2017 at 7:41 AM, King Bean said:

 

                         Davis, I heard she dressed up for you too. 

 

 

KB - You throw some wild parties . . . and where do find all these Foxy Hunnies ?  ( I guess they look better at after a few bottles of White Lightning, huh ).

[DWS112]

Parliamentary Finance: Iraq is able to pay its debts

May 22, 2017

 

BAGHDAD - The balance of News
Parliamentary Finance Committee said Monday that Iraq is able to pay off the debts of his trust, as pointed to the high rating of Iraq Antmaiaa by international agencies.

The committee member said Jabbar al-Abadi, in a statement, received / scales News /, a copy of it, that "Iraq is unable to repay his trust being fulfilled its debt and proof of this high rating Iraq credit rating by international agencies," noting that "the debt Iraq owes earlier, most of the amount borrowed this little government as well as the loans taken not only for the purpose of operational projects, but investment was to be able to pay off the debt. "

He pointed Abadi, that "the mechanism of the Government was clear that these amounts for investment projects be for the government to fulfill its obligations," pointing out that "the debt was low and comfortable benefits of good by and from institutions and international banks to support the budget."

He said that "some are trying to link the public debt of Iraq, the current government and the current circumstances, but the public debt of the country is estimated at $ 111 billion and external debt stood up in 2014 nearly 56-billion, but after that date, Iraq has borrowed up to 12 billion only been borrowed externally "noting that" the $ 56 billion each year before 2003 and amounted to about 41 billion, debt outside the Paris Club was not subject to the settlement that has been in the club and that most of the countries that have been leveraged from it did not call them until the moment. "

He noted Abadi, according to the statement, that "the remaining debt up to 40 billion, or slightly less than an internal debt was up to 50% before 2014," noting that "the amount realized from 2014 until 2016 came to pay self-financing money-losing salaries of companies" .

 

[Officiallytook]

For new credit rating

[Synopsis]

The article states, "The committee member said Jabbar al-Abadi, in a statement, received / scales News /, a copy of it, that "Iraq is unable to repay his trust being fulfilled its debt and proof of this high rating Iraq credit rating by international agencies," noting that "the debt Iraq owes earlier, most of the amount borrowed this little government as well as the loans taken not only for the purpose of operational projects, but investment was to be able to pay off the debt. ""

 

The "Iraq is unable" is likely a misprint and should be "Iraq is able".

 

OK, so the "high rating Iraq credit rating by international agencies" is where? In the "B" range? Why would that be investment worthy? Earlier, the "B" range credit rating indicated Iraq was on the onset of something big. I could be wrong here, but once all of Mosul is announced as free of ISIS control then one or more major credit agencies could come out with a solid investment worthy credit rating. Also, the solid investment worthy credit rating may allow for Iraq to restructure/refinance the existing loans for more favorable terms (lower interest rate(s), duration of loan, repayment schedule, etc.). When the solid investment worthy credit rating is issued by one or more major credit agencies, then the flood gates of private international investment may flood Iraq - potentially coinciding with the IQD revaluation!

 

"This little government" is starting to sound more like "the little engine that could". Well, we all (or most all) know the economic potential Iraq has due to Iraq's natural resources (not only just crude oil) is substantial so the revenue potential to pay off the loans (or at least make the payments on the loans) is reasonably solid.

 

With the 2017 budget based on $42 or $43/barrel of crude oil, the global crude oil prices have been significantly above that on average so the budget gap should be looking better than projected.

 

Just my opinion and 

 

In the mean time......................

 

Go Moola Nova!

[gregp]

Thanks, Yota!!

Synopsis, thanks for your wisdom!

[ChuckFinley]

Great job Synopsis. Trying to translate this stuff is brutal.  

[gregp]

15 minutes ago, ChuckFinley said:

Great job Synopsis. Trying to translate this stuff is brutal.  

 

Gives me a headache just trying.