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IMF Executive Board Concludes 2019 Article IV Consultation with Iraq


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3 hours ago, Synopsis said:

Directors welcomed the newly adopted General Financial Management Law and encouraged its full implementation.

 

To me, the most important line of the whole report. The FML is the roadmap for the country to grow and gives direction to the CBI to push forward on currency reform. The FML was approved in late May this year. But to us educated DV members, it appears as though the GOI is in no hurry to do ANYTHING. What a pathetic bunch.

                                                                                                 :butt-kicking:

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1 hour ago, ChuckFinley said:

Have to jump off. My FRIGGIN boss is disturbing my exit strategy. 

 

1 hour ago, Laid Back said:

I found interesting that they don’t mention couple of important things. Like they did in the first and second review.

 

- Maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy.

 

- No a word about Exchange rate restrictions subject to Art VIII.

 

“something is going on”

 

Go RV sooner than later 

Go $1:1

 

 

 

 

Ok, got the heck out of that Penal Colony.

 

First from looking at this thread I can see many are going through Kugler-Ross stages:

https://www.psycom.net/depression.central.grief.html

 

 

Just a few points from looking at the post and Laid Back commits and not reading the whole report:

 

BOTTOM LINE UP FRONT - It is Still All Good.   Not perfect and not what I expected, but would make sense if you wanted them to move forward and not kill them in place. 

 

I think the IMF report was a key factor for me. But like Laid Back said, there are a ton of things missing. So to me the report said what it had to, with no surprises other than be very general in nature. Which, if you look at Iraq, would be what any of us would have said if we just look at it as it is. 

 

What it does not take into account are events that have transpired since that review. Meeting behind doors and offline that if implemented before the review would have resulted in a far different outcome. Game changers like the recent meeting between Bagdad and Erbil. The meeting that is to take place next week between the Minister of Oil and Finance. These are all game changers. Things that the IMF can not account for or have complete knowledge of, because it is not a done deal yet. 

 

So, take it for what it was, a review by the IMF that provided a vanilla overview of the state of Iraq. 

 

I am not discourage and you should not be either. Just look at the events taking place and be your own judge.

 

 

 

 

 

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4 hours ago, Laid Back said:

I found interesting that they don’t mention couple of important things. Like they did in the first and second review.

 

- Maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy.

 

- No a word about Exchange rate restrictions subject to Art VIII.

 

“something is going on”

 

Go RV sooner than later 

Go $1:1

 

 

 

 

Exactly...in previous reports they mentioned the wording “sizeable fiscal adjustment” this time they talked about “gradual” yes no mention of emailing pegged to the usd as an anchor! Full implementation of the financial management law I believe involves ending auctionsand resetting accounts wiping of zeros and adjust rate! MHO 

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the Committee is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state," pointing out that "the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation
 In the country".

 

Is this in the gazette as yet? 

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7 hours ago, Synopsis said:

Directors underscored that an overhaul of the banking sector is necessary to maintain financial stability. They encouraged the authorities to restructure the large state-owned banks, enhance their supervision, and implement other reforms to increase financial intermediation

 

I like this part....

But first of all.....~ banking reforms is always an ongoing process....and Iraq has been making big progress on this. And will continue to do so....there will be no end.

 

Since the introduction of currency auctions, banks in Iraq have not been doing real banking or providing real banking services to their customers.

Their focus was always on making money/profit from currency auctions.

 

But now: 

Iraq is transitioning back into open market economy, and so is their banking sector.

 

The call by IMF to 'overhaul' their banking sector ~ simply means - they need to shift their focus to a more sustainable form of banking so that they will be more market-oriented, more aligned and integrated/connected itself into the global economic and financial system. 

And CBI has been (and still is) right there, on top of the situations with all the instructions and procedures (supervision).

 

We are good to go......

 

 

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1 hour ago, screwball said:
the Committee is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state," pointing out that "the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation
 In the country".

 

Is this in the gazette as yet? 

Woah! I haven't read all of it, but this is from the IMF report? I'm guessing that it is, game changer!

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1 hour ago, screwball said:
the Committee is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state," pointing out that "the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation
 In the country".

 

Is this in the gazette as yet? 

SB Thanks,  DV,  Something is afoot and it smells soooooo doggone mysterious.....Give us that infamous RV & RI Of The IQD.....😁😁👍👍

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6 hours ago, Floridian said:

 

Thanks, Synopsis, but it's just so aggravating that the IMF says the rate of 1182 is projected through 2024.  That's another 5 years.

They could have said nothing about "rate projections" instead of putting in a date.  

 

 

I dont worry too much about that Flo. IMF Boards are using the standard IMF 'template' for their  article 4 assessment.

 

They have to fill up the blanks. They can't leave it blank/empty and I never expect them to put in the new rates either...

 

All is good.

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4 hours ago, ChuckFinley said:

First from looking at this thread I can see many are going through Kugler-Ross stages:

 

Taking deep, DEEP breaths now, CF. Thanks for that therapy session.

One emerald coming your way. I will gladly pay you on Tuesday in IQD.

                         Stepping back from the ledge now.

                                                                                             :lol:

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7 minutes ago, King Bean said:

 

Taking deep, DEEP breaths now, CF. Thanks for that therapy session.

One emerald coming your way. I will gladly pay you on Tuesday in IQD.

                         Stepping back from the ledge now.

                                                                                             :lol:

              Related image

Welcome back friend

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9 minutes ago, King Bean said:

 

Taking deep, DEEP breaths now, CF. Thanks for that therapy session.

One emerald coming your way. I will gladly pay you on Tuesday in IQD.

                         Stepping back from the ledge now.

                                                                                             :lol:

              Related image

Thanks KB, that is why I always wait 24 hours to respond to anything.  

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1 hour ago, tigergorzow said:

SB Thanks,  DV,  Something is afoot and it smells soooooo doggone mysterious.....Give us that infamous RV & RI Of The IQD.....😁😁👍👍

 

" smells soooooo doggone mysterious..." Stink-Foot 

Afternoon Tiger ! I trust all is well with you & yours.

10YL+6&:rocking-chair:

 

 

 

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5 minutes ago, 10 YEARS LATER said:

 

" smells soooooo doggone mysterious..." Stink-Foot 

Afternoon Tiger ! I trust all is well with you & yours.

10YL+6&:rocking-chair:

 

 

 

10YL,  Just buying my time til we meet Post-RV my friend.  Pray all is well with you & yours.  Keep it steady our "Train" is slowwwwwwly nearing the final stop on this here RV adventure....Keeping the faith "Southern Style".....😁😁👍👍

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1 hour ago, zul said:

 

I dont worry too much about that Flo. IMF Boards are using the standard IMF 'template' for their  article 4 assessment.

 

They have to fill up the blanks. They can't leave it blank/empty and I never expect them to put in the new rates either...

 

All is good.

 

Thanks, Zul.  🙂

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2 minutes ago, tigergorzow said:

10YL,  Just buying my time til we meet Post-RV my friend.  Pray all is well with you & yours.  Keep it steady our "Train" is slowwwwwwly nearing the final stop on this here RV adventure....Keeping the faith "Southern Style".....😁😁👍👍

 

Yep . . .hanging in there . . . all is well . . . been cancer free for about a year and half now ( good fortune I think, better diet and a stubborn unwillingness to die just piss everyone of my wife's family that I don't get along with - some of 'em are great but DAMN there's a few deadbeats  :lol: ).

 

Waiting for the Choo Choo to arrive and not a moment too soon, huh. Keeping hope alive " Western Style " which means allot of Beans . . . and speaking of Beans - and y'all down the road . . . at some point.

 

 

 

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Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use.

 

 

someone said they can only way they can  get the donor funds is to have a reinstates currency, Why? 

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10 minutes ago, Arceo said:

Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use.

 

 

someone said they can only way they can  get the donor funds is to have a reinstates currency, Why? 

 

Perhaps as they have done so many times in the past, they've delivered a  :bs: story, stolen the money, yelled CRISIS, begged for more and received more funds so on and such. No oversight as to where the funds go and their backup plan is always another :bs: story. If the IQD is reinstated perhaps there might be tighter controls. Least ways if the funds do " disappear " they'll just have to spend their own cash this time instead of someone else's ( which never gets paid back ). No doubt there are other reasons, and mine is speculative.

 

10YL+6&:rocking-chair: 

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This report ain't an easy read! Haha but it looks like they're moving to a post program now this is an excerpt from the report

 IRAQ 47.       Iraq  meets  the  criteria  for initiating  post-program  monitoring  (PPM).  Its  outstanding obligations  to  the  Fund  are  expected to  remain  above  the  SDR  1.5  billion threshold  until  April  2020. Moreover,  there are  no  circumstances  that  would  indicate  that PPM  is  not  warranted. 

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56.       The  Managing  Director  recommends  the  initiation of  post-program  monitoring. The first  PPM  Board  discussion  is  envisaged before  end-2019.  It is  further  proposed that  the  Article  IV consultation  cycle  revert to  the  12-month  cycle. 

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9 hours ago, Floridian said:

 

Just how many "speculators" would there be?

If people even mention "the Dinar" to others, they are laughed at.

Some of us have been in this thing 16 years and are still waiting.  I'm going on 10 years myself.

Nothing but disappointment after disappointment.

We constantly build ourselves up for a letdown.

We wait for one thing after the other, "This is it!  "This is it!"  And then, nothing!

 

Sorry, I'm venting.  I guess I should shut up now.

 

i think ur fine floridian , no worries i feel everyone holding iqd is seeking the same outcome , sometimes things get a little hyped up and for good reason , the following of iraqs trials and tribs are tough and wearisome no doubt but it is what it is , i can't imagine the frustration among regular iraqs it must be almost one of no hope , they read the same articles it's meant for them to read , i have no idea about the report but hoping it was good enough,  iraq has many issues but all nations do , taking the 1182 rate international imo will hurt iraq and be on the negative side doing trade no one knows the plan and yup i know other countries have low exchange rates that are international but i believe and still feel there is something about iraq and a future and apparently other nations do as well  but as usual,  we simply as difficult as its been just wait it out , I place my hope in the One that never failed and try and let everything else ride ..... cheers dv'ers  

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