rockfl9 Posted December 9, 2020 Report Share Posted December 9, 2020 Iraq has exhausted its credit in the normal market the IMF/WB are the only source. BUT is the IMF going to stand back and allow the CBI to INCREASE the exchange rate and give it away! For years the IMF has advised the GOI to reduce costs by eliminating jobs or just plain reduce salaries. The real solution is to cut salaries about 25% or change the pay schedule to 6 weeks . An alternative would be to bump the rate to 1400:1. But that would be hard for the economy to take in one jump. To give a loan the IMF will force the GOI to do one or the other OR a mix of the two. But a change is comming. Quote Link to comment Share on other sites More sharing options...
rockfl9 Posted January 13, 2021 Author Report Share Posted January 13, 2021 Parlamentary Finance has been given orders by the COM. The rate and oil price are fixed and can't add to the deffiicit . PLUS they need to approve 5he the budget by the end of the month OR nobody gets paid. Also the salaries must be reduced.. If not I expect to see the rate adjusted to 1600 or more in July. Quote Link to comment Share on other sites More sharing options...
rockfl9 Posted January 14, 2021 Author Report Share Posted January 14, 2021 I see now that the President of the republic has ordered that parlament complete and approve the budget in no more than 30 days. I don't know what powers he has to do that but sure he can put pressure. Quote Link to comment Share on other sites More sharing options...
SocalDinar Posted January 15, 2021 Report Share Posted January 15, 2021 Lets take bets. Ill say February 18, 2021 Quote Link to comment Share on other sites More sharing options...
rockfl9 Posted January 15, 2021 Author Report Share Posted January 15, 2021 Close enough ! On Feb 1 the MOF will tell them " nobody gets paid till the budget is DONE" . Then it might take 2 more weeks to get the message. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
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.