SCOOTER! - BANKING REFORM Closing date extension date?????

[tenmillion]

According to the May 2013 IMF Article IV Consultation,  financial restructuring of the two state-owned commercial banks has not been completed. The IMF sites "progress" has been made:::

 

"Directors highlighted the importance of a stable financial sector in developing the private sector and diversifying the economy, and were encouraged by recent progress in strengthening banking supervision and restructuring the Rasheed and Rafidain banks. They encouraged the authorities to ensure a level playing field for public and private banks by opening to private banks access to government business."

 

http://www.imf.org/external/np/sec/pn/2013/pn1358.htm

 

"During 2012, the authorities succeeded in maintaining macroeconomic stability, but progress on the program slowed down. The combined third and fourth reviews were not completed owing to limited progress in restructuring the state-owned banks and the emergence of distortions in the foreign currency markets that led to the widening of the spread between the official and market exchange rates. IMF staff will continue to support Iraq through surveillance and technical assistance."

 

http://www.imf.org/external/np/country/notes/iraq.htm   April 2013

 

 

So as of, May 2013, Iraq has not met the required benchmarks set by the World Bank. 

 

Ten~

[Patty B]

I remember when I posted this post three years ago and thought that there was no possible way Iraq could wait until 2013 to reform their currency.

 

I WAS WRONG, cause here we are still sitting and waiting and June 2013 has come and gone.

 

Seems so funny to look back at these posts from years ago at times.

 

But still waiting, and waiting, and waiting, and .................................

Fishman, so good to see you!

Do you ever hear from Scooter?

[Maggie123]

Made My Heart Go "PITTER PATTER"... THUMP.. THUMP... THUMP" !!! I Thought They Were Back!

 

 

 

 Gosh I Miss Those Guys.

 

 

Thank You So Much For Bringing This Back Up Fishman and Your Current Update Tenmillion...  Much Appreciated:)

[goldorsilver]

Made My Heart Go "PITTER PATTER"... THUMP.. THUMP... THUMP" !!! I Thought They Were Back!

 

 

 

 Gosh I Miss Those Guys.

 

 

Thank You So Much For Bringing This Back Up Fishman and Your Current Update Tenmillion...  Much Appreciated:)

Me too.

Scooter AND Doc31 in the same thread maybe i wont sell my dinar just yet lol.

[MahiMahi]

why was scooter banned?

[sandfly]

 

THANKS

[ronscarpa]

Thanks for the post & update Scooter.  The implications can be significant, but only time will tell...!   

[MyLadiesDaddy]

According to the May 2013 IMF Article IV Consultation,  financial restructuring of the two state-owned commercial banks has not been completed. The IMF sites "progress" has been made:::

 

"Directors highlighted the importance of a stable financial sector in developing the private sector and diversifying the economy, and were encouraged by recent progress in strengthening banking supervision and restructuring the Rasheed and Rafidain banks. They encouraged the authorities to ensure a level playing field for public and private banks by opening to private banks access to government business."

 

http://www.imf.org/external/np/sec/pn/2013/pn1358.htm

 

"During 2012, the authorities succeeded in maintaining macroeconomic stability, but progress on the program slowed down. The combined third and fourth reviews were not completed owing to limited progress in restructuring the state-owned banks and the emergence of distortions in the foreign currency markets that led to the widening of the spread between the official and market exchange rates. IMF staff will continue to support Iraq through surveillance and technical assistance."

 

http://www.imf.org/external/np/country/notes/iraq.htm   April 2013

 

 

So as of, May 2013, Iraq has not met the required benchmarks set by the World Bank. 

 

Ten~

Except that we have seen several articles earlier this yr stating that the reforms were completed.

 

But that's what happens when you lie to the entire world about everything, it's hard to get  your story strait, 

 

Me too.

Scooter AND Doc31 in the same thread maybe i wont sell my dinar just yet lol.

I know felt like I just went back three yrs. Hope they hang around

 

-----------------------------------------------------------------------------------------------------------------------------------------------------------

 

Although significant progress has been made to date by the PMU in the implementation of the four 

components of the project, the unsettled political environment in Iraq has contributed to delays in the speed 

of project implementation. Disbursement has been very slow due to implementation capacity bottlenecks

in Iraq, which impose long procedures in preparing and analyzing contracts, the assignment of needed 

consultants and training institutes, negotiation periods, and receipt of approvals from the stakeholders. 

Furthermore, capacity-building activities such as technical training are behind schedule and the lack of 

interest by international consulting firms and individuals to work in Iraq remains a challenge. However, we 

are anticipating the signing of a number of contracts during the coming period but most of these contracts 

have six month duration which will not be fulfilled by the original closing date of October 31, 2010. 

Hence, the World Bank cannot provide its no objection to these contracts as they go beyond the closing

date. Moreover, the unstable security conditions have also impacted the project, including the attacks on 

the CBI on June 13, 2010 which led to damage of the PMU office (furniture, documents and equipments), 

hence the need for a project extension to June 30, 2013 to ensure full implementation of the project’s key 

components.

 

I don't know what this would have to do with an rv but I do know that it was recently changed, as in this month. 

 

Also it should be noted that EVERYTHING mentioned in the above is being worked on by Iraq according to 

 

recent articles.  

[supergirl]

has anyone heard anything from scooter?  that was one intelligent dude.  i can't find one thing from him recently - i listened to a call from him, enoch, patriot and the one lady - i can't remember her name, sorry (she's just as brilliant or more than scooter).  the call was from 2012 i tried to visit their old site and its shut down too .... things that may you say, hmmmmm......

[George Hayduke]

It's always good to hear from Scooter.  Thanks Fishman and Scooter.

[Unitedrich]

I talked to Scooter a couple of years ago, and have not talked with him since. As far as an individual with a keen and extremely adept mind goes into putting facts and figures, pie charts, lists of whats needed, etc, he was absolutely the the best. I miss his insight. JMO. Rich

[AJC]

Think Adam has Scooter beat.

[Unitedrich]

Think Adam has Scooter beat.

Not disagreeing, but we are all in the same boat. What is good for one, is good for all. In summary, we will all reap the rewards when and if the time is right.

[supergirl]

Thanks for the update @unitedrich

 

I talked to Scooter a couple of years ago, and have not talked with him since. As far as an individual with a keen and extremely adept mind goes into putting facts and figures, pie charts, lists of whats needed, etc, he was absolutely the the best. I miss his insight. JMO. Rich

 

i'm definitely in agreement.

[tenmillion]

As far as news articles being accurate, it's hit or miss. The IMF information would be considered much more credible than an Iraqi news article. 

 

A sound banking system attracts foreign investment to develop Iraq's infrastructure which would increase their GDP.

[tenmillion]

"The Bank Group will support the Government’s efforts towards economic diversification.This will be done through policy advice and analysis in support of building an enabling environment for private sector development, reforming the financial sector, and encouraging public-private partnerships, Public-Private Dialogue and trade facilitation.

 

While the diversification challenge cuts across numerous policy domains, enhancing the environment for private sector development is certainly at the core of the agenda.

 

It is through the private sector, and not further increases in the size of the public sector, that new jobs will be created and broad-based economic development can be achieved. The Bank Group’s interventions will support efforts for bringing more women into the workforce."

 

"Reforming the financial sector is at the heart of the economic diversification strategy for Iraq. The Bank supported the development and adoption of an action plan that includes improving access to finance for Micro, Small, and Medium Enterprises (SMEs) and modernizing financial sector regulation and governance.

 

The Bank will continue to support the Government’s effort at reforming the state-owned banks – Al-Rashid and Al-Rafidain – and removing the barriers for private banks in doing business with the Government and state-owned banks. The Bank’s program will focus on helping the Government to create a better enabling environment to allow access to finance, including improving the credit systems, contract enforcement, and bankruptcy regulations. The Bank will also support the alignment of the system to international standards, as well as help in strengthening governance structures. 

 

The ongoing Banking Sector Reform project is supporting this work and helping build up the Central Bank of Iraq’s capacities in banking and financial sector supervision. IFC will provide a combination of advisory and investment support for regional and international investors in Iraq and promote reforms related to Access to Finance and investment climate, including improvements in financial infrastructure and support to private banks to expand credit to microfinance institutions and SMEs.

 

The WBG’s efforts to improve access to finance for SMEs and regulatory reforms will be gender informed. For example, gender differences in ability to open a bank account, sign a contract, register a business, and manage property will be considered.

 

IFC will provide training to SMEs, especially women entrepreneurs, through its Business Edge Program."

 

 

World Bank ~ FY13-16 Country Partnership Strategy

[Bumper64]

why was scooter banned?

 

Scooter wasn't banned from DV

[VIZIOIRAQI]

UM Hello everyone someone dug this back up from the archives of  2010 this is not a resent post . Just Sayin

[MyLadiesDaddy]

Thanks Vizio. Now what was the reason for that?