Why IMF Passed Up Iraq Membership, Explained.

[Luigi1]

Here's two articles of Dinarian interests...

Iraq fails to meet IMF requirements.

USD-IQD ER worsens.

Corruption in Iraq worsens.

Iraq blames US for the Dollar crisis.

Treat as rumors.  Not verified.  Your opine.

 

 

 

FROM OTHER SOURSES:                 To Achieve Economic Stability, The IMF Directs 4 Requests To The Iraqi Government.

ARTICLE:  The International Monetary Fund called on the Iraqi government to 1-adjust public finances, 2-increase the public sector wage bill, 3-expand the tax base & 4-increase non-oil revenues to achieve economic stability.

 

This came in a statement issued by the Fund, on Sunday, at the conclusion of Article Four consultations with Iraqi financial & economic officials, which took place in the Jordanian capital, Amman, during the period between 20-29 last February.

 

The fund said: “To overcome oil price fluctuations, Iraq must achieve high economic growth to accommodate the growing workforce, enhance non-oil exports, expand the tax base & adjust the wage bill.”

 

He considered that the government must "strive to enable the private sector to develop & grow, carry out labor market reforms, modernize the financial sector, restructure state-owned banks, reform the retirement and electricity sectors & reduce CORRUPTION."

 

 

Iraq is the 2nd largest producer of crude oil in OPEC after Saudi Arabia, with an average daily production of 4.6 million barrels per day under normal conditions & relies on crude export revenues to provide 90 percent of the state’s financial income.

 

The Fund added: “Growth in the non-oil sector returned strongly during 2023... Growth in real non-oil GDP is estimated at 6 percent, & overall inflation declined from the high level of 7.5 percent in January 2023, to 4 percent by the end of the same year.” ".

 

He continued: "The decline in inflation is due to the decline in food and energy prices at the international level & the impact caused by the revaluation of the price of the Iraqi currency in February 2023."

 

He estimated that the improvement in oil prices in 2022 and the first months of 2023 contributed to the rise in international reserves to 112 billion Dollars, from an average of 88 billion at the end of 2021. He said: “If regional tensions escalate, an interruption in shipping routes or damage to "This may lead to losses in Iraqi oil production."

 

Article Four of the Agreement Establishing the International Monetary Fund stipulates that bilateral discussions with member countries usually take place on an annual basis.  A team of Fund experts visits the member country, collects the necessary economic & financial information & holds discussions with official officials about economic developments & policies in that country.

 

 

 

FROM OTHER SOURCES:                   With A Dollar Bill... Deputy: The US Treasury Is Putting Pressure On Iraq.

ARTICLE:  The representative of the Fatah Alliance, Ola Al-Nashi, accused the US Treasury Department of obstructing the Iraqi government’s reforms in light of waving the economic card through the Dollar file.

 

Al-Nashi told Al-Maalouma, “The economics file is more important than politics & what is happening in it & it is the aspect that is focused on to thwart any government if it achieves successes & is able to get closer to the people.”

 

He added, "The government is required to take strong decisions against them in order to control the Dollar crisis, noting that the American administration changed its sights towards the economic card after its failure in the soft war against Iraq."

 

Al-Nashi pointed out that “the rise in the Dollar exchange rates in local markets is a political file to put pressure on Muhammad Shiaa Al-Sudani.”  The Dollar ER are witnessing a significant increase in the Iraqi markets, as the price of one Dollar has reached more than 152 Dinars, amid fears that this rise will continue.

[Luigi1]

Here's some articles related to the above...Parliament failed to get enough votes to get blocked laws passed...Members of Parliament didn't show up for work, boycotted or did not vote...US refuses to remove forces from Iraq at this time...

 

 

TNT via Tishwash:        Parliament Collects 150 Signatures To Pass The Blocked Laws.

ARTICLE:  Although Parliament collected nearly 150 parliamentary signatures to put the stalled laws on the shelves for years, these efforts seem to clash with political consensus. 

 

Member of the Parliamentary Integrity Committee, Hamid Al-Shablawi, told “Al-Sabah”: “It is one of the most important legislations & laws that serve the country and segments of society & the return of state funds, in addition to those that limit corruption & enhance the role of supervisory authorities, including the state funds recovery law,” indicating that “  The Financial Supervision Law is an addition to these laws, as it allows the Financial Supervision Authority a broader scope of work.” 

 

 

 

From Other Sources:          The IMF Praises The Steps Of the CBI To support The Economy.

ARTICLE:  Experts from the International Monetary Fund mission praised the measures taken by the CBI, which contributed to maintaining the stability of the Iraqi economy & working to raise its capabilities.

 

The mission said in the final statement on the sidelines of the meetings held in the Jordanian capital, Amman, that “growth in the non-oil sector returned strongly in 2023, with inflation receding. Growth in real non-oil GDP is estimated at 6 percent in 2023.

 

After declining in 2022, overall inflation declined from the high level it reached at 7.5 percent at the beginning of 2023, to 4 percent by the end of the same year, reflecting the decline in food & energy prices at the international level.”

 

The mission attributed these developments to “the return of trade financing operations to their normal course & the stability of the foreign exchange market.

 

After some interruptions occurred following the implementation of the new anti-money laundering & counter-terrorist financing controls on cross-border payments in November 2022, improved compliance with the new system, The CBI’s initiatives to reduce transaction processing times have led to a recovery in trade financing in the 2nd half of 2023.  This has ensured that the private sector can obtain foreign currency at official rates for import & travel purposes.”

The mission welcomed "the initial steps taken towards establishing the Treasury Single Account (TSA), which is considered a critical tool for improving cash liquidity management."

 

Iraq fell short of meeting all of the WTO requirements to become a member at this time.

 

 

 

 

Tishwash:               Washington Is Deceiving... Iraq Is Moving Internationally To Expel Its Forces, & America Is Stalling, Again.

ARTICLE:  Efforts to remove American combat forces from Iraq collide with America's plan, through which it seeks to circumvent all meetings, statements & joint committees by imposing the agreement on a timetable extending for another five years, amid popular & political calls demanding the immediate exit of Washington's combat forces. 

 

As for the Iraqi government, it is counting on international pressure through global meetings & forums, the most recent of which is the Turkish Antalya Forum, in which Iraq discussed the necessity of completely removing foreign forces from Iraqi territory during the coming period, after the number of violations & indirect occupation constituted by the presence of these forces. 

[coorslite21]

Perhaps The IMF is smart enough th realize Iraq is a BRICS country now. Iraq no longer needs the IMF...WTO...or US....

CL

[coorslite21]

Reported by Chella Smitm

Iraqs CBI Purchasing Goods In Five Foreign Currencies

The Iraqi Central Bank has confirmed its provision of five foreign currencies as an alternative to the dollar for merchants. The Central Bank of Iraq has provided five alternative currencies to the dollar for merchants to use in purchasing goods from other countries. These currencies include the euro, Chinese yuan, Turkish lira, Emirati dirham, and Indian rupee. These currencies are used to finance foreign trade, allowing merchants to pay the Iraqi dinar to the bank and pay to Chinese companies and factories in the Chinese currency.   CL

 

[Luigi1]

17 minutes ago, coorslite21 said:

Reported by Chella Smitm

Iraqs CBI Purchasing Goods In Five Foreign Currencies

The Iraqi Central Bank has confirmed its provision of five foreign currencies as an alternative to the dollar for merchants. The Central Bank of Iraq has provided five alternative currencies to the dollar for merchants to use in purchasing goods from other countries. These currencies include the euro, Chinese yuan, Turkish lira, Emirati dirham, and Indian rupee. These currencies are used to finance foreign trade, allowing merchants to pay the Iraqi dinar to the bank and pay to Chinese companies and factories in the Chinese currency.   CL

 

 

This is a HUGE article.   We are close.  Thanks CL.