IMF Staff Completes 2020 Article IV Mission with Iraq

[keylime]

Might as well make the exchange rate "2020" to put a cherry on top of the year. HA!

[Rochester]

1 hour ago, ChuckFinley said:

This will help with the "POW".

Go Fear

Go POW!

Go 2021

Go "This will help the banking system to suck in more chunky money"

Go $1+

 

[southbeach]

$1+ is right.  Now, come rv.

[yota691]

Parliamentary Finance: The World Bank suggested setting the exchange rate at 130,000 dollars per 100 dollars

18:21 - 27/12/2020

 

  

Information / Special ...

The Parliamentary Finance Committee revealed, on Sunday, that the World Bank had submitted a proposal to the Ministry of Finance to set the dollar exchange rate at 130,000 dinars against 100 dollars.

A member of the Finance Committee, Ahmed Hama, said to / the information / that "a meeting was held in Iraq that brought together representatives from the World Bank, the International Monetary Fund, the Central Bank of Iraq and the Ministry of Finance to find solutions to the financial crisis."

He added that "the World Bank presented a proposal to set the exchange rate of the dollar at 130 thousand dinars per 100 dollars," noting that "the central bank submitted a proposal to set the exchange rate at 166 thousand dinars per 100 dollars."

Al-Mayahi explained that "as a result of pressure, the Central Bank lowered the price to 145 thousand, and the World Bank refused to raise the price to 166 thousand."

[yota691]

 

Advisor Al-Kazemi announces a final decision regarding the dollar exchange rate

 

•  

 2020-12-27 13:28

 

 

 

Shafaq News / On Sunday, Mazhar Muhammad Salih, the economic advisor to the Prime Minister, denied that the government intends to raise the exchange rate of the dollar again against the Iraqi dinar, while confirming that the IMF's advice is not binding on Iraq.

 

Saleh told Shafaq News Agency, "The news about a new increase in the exchange rate of the dollar against the Iraqi dinar is incorrect, and the price is currently fixed and cannot be changed."

 

And on the role of the International Monetary Fund in the Iraqi economic crisis, Saleh explained that "Iraq is a founding member of the International Monetary Fund since 1945, and when every country is exposed to a financial crisis, the Fund intervenes in consultation with it, with the aim of achieving financial stability for the country."

 

He added that "when the International Monetary Fund saw that Iraq was exposed to a financial and economic crisis, it entered into consultation and not for other matters," stressing that "the advice of the International Fund is not binding, given that Iraq has not entered into the financial borrowing program."

 

Some media and social media circulated news of the government's intention to raise the price of the dollar against the dinar again, after the Central Bank set the dollar exchange rate at 1450 dinars.

[kwg]

Fake news to instill fear designed to pull in more chunky money. Notice the reverse psychology..... they don't take blame themselves it's the IMF's idea 😂

[Theseus]

On 12/25/2020 at 7:54 PM, GreedyDinar07 said:

The IMF is supporting the reform efforts. This is so interesting, This is the first significant move in the exchange rate since the fall of Sadaam. Something is going to happen one way or the other!!   

And they supported the reform set in place for SBA 2016 too.

 

Quote

IMF Executive Board Approves US$5.34 billion Stand-By Arrangement for Iraq

July 7, 2016

 

The Executive Board of the International Monetary Fund (IMF) today approved a three-year Stand-By Arrangement (SBA) for Iraq for SDR 3.831 billion (about US$5.34 billion, or 230 percent of quota) to support the government’s economic reform program.

The Board also supported the reforms in 2006

Quote

The Board of the IMF approved a request for a Stand-By Arrangement (SBA) for Iraq on December 23, 2005, in support of an economic program for 2006. 

 

The language that the IMF is supportive of the Iraqi reforms is nothing new. They have consistently stated they "support the reforms" throughout Iraq's several SBAs and a myriad of other reforms. There is nothing new with the IMF stating they support the reforms of Iraq. It is blase (generic) language quite frankly.

[ChuckFinley]

14 hours ago, keylime said:

Might as well make the exchange rate "2020" to put a cherry on top of the year. HA!

I am holding out for "2021" .  

[yota691]

Al-Araji: The World Bank asked Iraq to raise the dollar exchange to 1660 dinars

• SUN, 27-12-2020, PM 1:27
•  
• TAYSEER AL-ASADI
•  
• 985

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http://non14.net/public/images/large/9-1609064841.jpg

Former Deputy Prime Minister Bahaa Al-Araji revealed that the World Bank had asked Iraq to raise the dollar exchange rate to 1660 Iraqi dinars in exchange for its help in solving the financial crisis.

 Al-Araji said in a tweet on his Twitter page, today, "In order to help and support Iraq in solving its financial crisis ... The World Bank asked Iraq that the dollar exchange rate be (1660) dinars."

 

He asked whether the government and parliament "have a unified position, whether by rejection or acceptance?" Or will some political blocs take advantage of this to bid, as they did before ?! ”

It is noteworthy that Iraq requested assistance and loans from the International Monetary Fund, which provided Iraq with a number of conditions for the purpose of implementing its request, including raising the price of the dollar against the Iraqi dinar, raising fuel prices, in addition to other conditions related to the operational budget that includes the salaries of employees.

http://www.non14.net/public/images/original/download.png

[6ly410]

Iraq to support its economy through reforms

The Iraqi administration wrote in major fiscal reforms into its 2021 budget in an attempt to mitigate the effects of the pandemic and of low oil prices on the population.

28/12/2020 35

https://anba.com.br/en/iraq-to-support-its-economy-through-reforms/

São Paulo – Iraq’s Council of Ministers wrote in major fiscal reforms into its budget for next year. It got lauded by the International Monetary Fund (IMF) in a press release last week on the Iraqi economy. Pictured above is the national capital Baghdad.

“While difficult, these reforms, combined with the recently announced devaluation of the exchange rate, are critically important steps to help reduce Iraq’s large external and fiscal imbalances and ensure the country’s economic stability,” IMF Iraq mission chief Tokhir Mirzoev said.

Iraq’s ongoing financial issues have been made worse by the Covid-19 pandemic and by plummeting oil prices. According to the IMF, “the authorities’ efforts to put in place fiscal and monetary policy reforms combined with significant strengthening of the social safety net are critical to ensure Iraq’s economic stability.”

Mirzoev said “authorities’ plans to significantly increase targeted cash transfers to the poor as well as to enhance the health-related spending will be essential to mitigate the impact of the COVID crisis on the most vulnerable,” the IMF argued.

“While providing relief from immediate financial tensions, the authorities’ short-term plan will need to be followed up with further reforms, including deeper structural reforms, to strengthen economic resilience, create further fiscal space for critical reconstruction and social spending, and lay the ground for higher, job-rich and more inclusive medium-term growth,” mission chief Mirzoev argued.

Iraq is faced with “severe fiscal financing constraints and challenges with meeting external and domestic payment obligations, including wages and pensions.” The IMF is “ready to support the authorities’ reform efforts at this challenging juncture,” Mirzoev was quoted as saying.

Iraq’s economy is heavily reliant on oil, which accounts for 80% of revenues. In addition to low oil prices, the country’s economy is plagued by conflicts and the fight against extremist groups. Strides have been made recently towards building a government, elections, and local law.

[yota691]

INTERNATIONAL MONETARY COMMENTS ON THE BALANCE OF IRAQ AND THE INCREASE IN THE EXCHANGE OF THE DOLLAR

 

Friday 25 December, 2020 111

 

On Friday, the International Monetary Fund commented on the Iraqi government's approval of the 2021 budget and the change in the exchange rate of the dollar against the Iraqi dinar.

According to a statement carried by the Iraqi News Agency and followed by Al-Naba, the head of the International Monetary Fund’s mission in Iraq, Toker Mirzoyev, welcomed the cabinet’s approval of the draft general budget bill for the fiscal year 2021, while announcing the fund’s readiness to support reform efforts.

Mirzoyev said that “the Corona pandemic and the sharp decline in oil prices and production have exacerbated economic weaknesses in Iraq, noting that“ due to the severe lack of public finance financing and challenges facing the payment of external and domestic payment obligations, including wages and pensions, a re Critical calibration of economic policies in order to maintain economic stability.

He continued, "We welcome the approval of the Iraqi Council of Ministers to the draft general budget bill for the fiscal year 2021, which, according to our understanding, envisages implementing important financial reforms," noting that "despite the difficulty of these reforms, along with the reduction of the currency exchange rate that was recently announced, they constitute major steps. The importance of helping to reduce large imbalances in the external balance of payments and public finances and to ensure economic stability. " 

And that "the Iraqi government has developed plans to significantly increase cash transfers directed to the poor and to enhance health-related spending, which are necessary plans to mitigate the impact of the Covid-19 crisis on the most vulnerable groups."

He pointed out that the plan drawn up for the short term should be followed by more subsequent reforms, which include deeper structural reforms, in order to strengthen the resilience of the economy, expand the fiscal space to include critical reconstruction and social spending, and lay the foundation for higher growth rich in job opportunities and more inclusion. For everyone in the medium term. "

He declared, "The International Monetary Fund is ready to support the reform efforts of the Iraqi government at this challenging juncture."

[Wheelman]

2 minutes ago, yota691 said:

INTERNATIONAL MONETARY COMMENTS ON THE BALANCE OF IRAQ AND THE INCREASE IN THE EXCHANGE OF THE DOLLAR

 

Friday 25 December, 2020 111

 

On Friday, the International Monetary Fund commented on the Iraqi government's approval of the 2021 budget and the change in the exchange rate of the dollar against the Iraqi dinar.

According to a statement carried by the Iraqi News Agency and followed by Al-Naba, the head of the International Monetary Fund’s mission in Iraq, Toker Mirzoyev, welcomed the cabinet’s approval of the draft general budget bill for the fiscal year 2021, while announcing the fund’s readiness to support system" rel="">support reform efforts.

Mirzoyev said that “the Corona pandemic and the sharp decline in oil prices and production have exacerbated economic weaknesses in Iraq, noting that“ due to the severe lack of public finance financing and challenges facing the payment of external and domestic payment obligations, including wages and pensions, a re Critical calibration of economic policies in order to maintain economic stability.

He continued, "We welcome the approval of the Iraqi Council of Ministers to the draft general budget bill for the fiscal year 2021, which, according to our understanding, envisages implementing important financial reforms," noting that "despite the difficulty of these reforms, along with the reduction of the currency exchange rate that was recently announced, they constitute major steps. The importance of helping to reduce large imbalances in the external balance of payments and public finances and to ensure economic stability. " 

And that "the Iraqi government has developed plans to significantly increase cash transfers directed to the poor and to enhance health-related spending, which are necessary plans to mitigate the impact of the Covid-19 crisis on the most vulnerable groups."

He pointed out that the plan drawn up for the short term should be followed by more subsequent reforms, which include deeper structural reforms, in order to strengthen the resilience of the economy, expand the fiscal space to include critical reconstruction and social spending, and lay the foundation for higher growth rich in job opportunities and more inclusion. For everyone in the medium term. "

He declared, "The International Monetary Fund is ready to support system" rel="">support the reform efforts of the Iraqi government at this challenging juncture."

Gradual, Spontaneous, No Fanfare!