A BILLION REASONS TO R.V.

[dhawk7]

http://www.sigir.mil/files/quarterlyreports/July2010/App_D_-_July_2010.pdf

New IRFFI projects must start by the end of 2010; project completions and disbursements are to take place no later than December 31, 2013.

As of June 30, 2010, 25 IRFFI donors, including the United States, had committed $1.86 billion for Iraq

reconstruction.

Any funds that are not committed to a specific project by December 31, 2010, will be returned.

Why would Iraq want to return any of this money? They wouldn’t.

To start a project, one would think that the contractor would want to be paid with RV Dinars and not current Dinars.

Thus, RV prior to December 31, 2010 or Iraq may have to pay back over ONE BILLION DOLLARS – and those are U.S. Dollars

[Frank61]

http://www.sigir.mil/files/quarterlyreports/July2010/App_D_-_July_2010.pdf

New IRFFI projects must start by the end of 2010; project completions and disbursements are to take place no later than December 31, 2013.

As of June 30, 2010, 25 IRFFI donors, including the United States, had committed $1.86 billion for Iraq

reconstruction.

Any funds that are not committed to a specific project by December 31, 2010, will be returned.

Why would Iraq want to return any of this money? They wouldn’t.

To start a project, one would think that the contractor would want to be paid with RV Dinars and not current Dinars.

Thus, RV prior to December 31, 2010 or Iraq may have to pay back over ONE BILLION DOLLARS – and those are U.S. Dollars

Thats a great point...

[thunderrb]

See, that's what I'm talking about..There are several positive reasons this will happen, just a matter of time.. This is the time of the year for Miracles...KEEP the faith..

[tjmunson]

Great post DHawk....you're right as rain. Add to that the fact that past RV's have always taken place on the last Thursday of the month. Oh, and by the way, this coming Thursday December 30th also just happens to be the 4th anniversary of Saddam Hussein's death. Go figure. Seems like an RV on that date would be quite a symbolic gift to the Iraqi people. I have no proof that it will happen but it sure would make sense.

[okiea&p]

Like where you heads at !

[boingo02]

http://www.sigir.mil/files/quarterlyreports/July2010/App_D_-_July_2010.pdf

New IRFFI projects must start by the end of 2010; project completions and disbursements are to take place no later than December 31, 2013.

As of June 30, 2010, 25 IRFFI donors, including the United States, had committed $1.86 billion for Iraq

reconstruction.

Any funds that are not committed to a specific project by December 31, 2010, will be returned.

Why would Iraq want to return any of this money? They wouldn’t.

To start a project, one would think that the contractor would want to be paid with RV Dinars and not current Dinars.

Thus, RV prior to December 31, 2010 or Iraq may have to pay back over ONE BILLION DOLLARS – and those are U.S. Dollars

My question. The GOI is pushing to borrow billions from the 2011 buget to pay for all of the projects that are in the works so why RV?

Governor of the «Central» Iraqi government warns of borrowing

Posted 27/12/2010 10:00 AM

BAGHDAD - A considered Iraqi Central Bank Governor Sinan al-Shabibi, that «the government's borrowing from the bank damage his reputation and performance», calling for the «use of the surplus in the previous budgets, to supplement the current budget», while the proceeds of Iraqi oil for December (Dec) current $ 4.6 billion , the highest in 2010.

Shabibi said on the sidelines of a meeting of the Finance Committee in the Iraqi parliament in the presence of representatives from the Ministries of Finance and Planning: «lending to the government by the CBI involves damage and significant risks to the bank's reputation and performance, and contributes to the weakening of its ability», calling for the «use of the surplus in the previous budgets, to supplement budget in 2011 ». He explained that «the central right to interfere in the development of investment projects through, inter alia, the issuance of treasury transfers».

The meeting discussed the subject of the government's intention to borrow from the central bank five billion dollars to supplement the general budget for 2011, and the issue of investment plans for next year and appointments made in the budget law, as well as projects for the development of regions and raise the standard of living of citizens in the provinces.

The Iraq this month approved the general budget deficit for 2011 reached $ 12 billion, to be covered by the amounts retained from the previous year's budget and borrow internally and externally. The statement said the Iraqi government that the calculation of revenue which is estimated at 66.7 billion due to export of crude oil at a rate of $ 73 per barrel at a rate of 2.00025 million barrels a day.

Furthermore, he stressed adviser to the CBI the appearance of Mohammed Saleh said that the bank plans to build the largest center of financial information and credit transactions for the management of banking and financial affairs, and raise the level of monetary policy and maintain the stability of the Iraqi economy and make it economical to build based on the strong potential-oriented market economy in the sectoral public and private sectors.

On the other hand, Iraq declared that its oil revenues in the month amounted to 4.618 billion dollars, which means they are larger this year. According to a statement by the Iraqi Oil Ministry that Iraqi Oil Marketing Organization (SOMO) has sold the crude it produces an average monthly price of $ 80.089 dollars a barrel compared with 77.10 dollars a barrel a month ago.

The statement pointed out that Iraq had issued 1.910 million barrels per day in November (November). This announcement coincided with an invitation, an economist MP Abdul Hadi al-Hassani to increase allocations to the Ministry of oil in the budget next year to develop infrastructure and increase storage capacity and rehabilitation of export outlets, commensurate with the expected increase in oil production in coming years. He warned that Iraqi oil production than eight million barrels per day in the next five years, pointing out that the global market will not absorb such an increase possible.

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[Dr Hubby]

Some one call over there and tell them to just do this thing damnit.......... Get-er-Done. Don't make all of us have to come over there....... What's the phone number? I'll call em myself.

Is it 1-800-BR549 ?

[TimS]

I'm sure they are in US dollars....but it doesn't really matter. As long as they contractors get paid the "value" that was negotiated, they will be happy. Do you think anyone cares if they have to turn in 300,000,000 dinar or 1,000,000 to get $1,000,000US.....not really as long as they get the $1,000,000US that was contracted.

The RV is ultimately about Iraqi buying power.......they can buy more if thier dinar is worth more compared to other currencies. The only way they can avoid an RV is by selling their oil for the foriegn currency from the country they are selling the oil to......then using that currency to pay their contractors.

To put it simply......they sell the US 10 million barrels of oil for $1 billion dollars (round off to $100 per barrel). Now they have $1 billion US to pay US contractors.....they sell France oil for franc, to Germany for marks, ect....use the forieng currency to pay those contractors. And if they have an imbalance of one currecny or another, they could just go to the forex market and trade it in so to speak. THIS IS THE ONLY WAY I CAN SEE IRAQ AVOIDING AN RV......any other thoughts

[Sippinwhiskeyno7]

I agree. They don't have to rv as long as they pay what they have contracted out. It seems they would want to rv but they sure don't have to

[teenager]

Don't they have an Agreement with the Paris Club to revalue their Currency before 31 December 2010 in order to have their debt forgiven? Also what about the debt which was forgiven by countries like China, the US and England. "You don't just forgive someone's debt just because you like them". The quote is from C Mate during his conference call. The big money players may not be willing to wait forever to recieve their funds back. The war must be paid for some how and the natives are growing restless. Coments and thoughts are welcome.

quote name='TimS' date='27 December 2010 - 02:03 PM' timestamp='1293480231' post='317175']

I'm sure they are in US dollars....but it doesn't really matter. As long as they contractors get paid the "value" that was negotiated, they will be happy. Do you think anyone cares if they have to turn in 300,000,000 dinar or 1,000,000 to get $1,000,000US.....not really as long as they get the $1,000,000US that was contracted.

The RV is ultimately about Iraqi buying power.......they can buy more if thier dinar is worth more compared to other currencies. The only way they can avoid an RV is by selling their oil for the foriegn currency from the country they are selling the oil to......then using that currency to pay their contractors.

To put it simply......they sell the US 10 million barrels of oil for $1 billion dollars (round off to $100 per barrel). Now they have $1 billion US to pay US contractors.....they sell France oil for franc, to Germany for marks, ect....use the forieng currency to pay those contractors. And if they have an imbalance of one currecny or another, they could just go to the forex market and trade it in so to speak. THIS IS THE ONLY WAY I CAN SEE IRAQ AVOIDING AN RV......any other thoughts

Edited December 27, 2010 by teenager

[KWEagle]

One thing everyone has forgotten the leader of the US has not forced them to one single thing. He has no guts.

[AmyM]

I totally follow the logic here, and can see where this theory could work for a while (aothough it would be mind boggling complicated to maintain!), BUT, what about Iraq getting their own currency in Internationally Tradeable status? It dosen't seem likely that will happen without an RV....????

[icfaith]

When reading this we need to read everything.

World Bank

The cutoff date for donor’s contributions for the WB ITF was December 31, 2008, and donors have agreed to terminate the fund on December 31, 2013. By this deadline, all WB ITF funding must be disbursed, and all projects will be completed

As of May 31, 2010, the WB ITF has financed 24 projects, four of which have been fully implemented and closed. The remaining 20 projects are currently under implementation.

So after 31 December, 2013, if these are not completed, then they owe. Not a biggie.

United Nations

The UNDG ITF has approved 176 joint projects totaling $1.29 billion, leaving $112 million to be committed to new projects.18 The cutoff date for donor contributions for the UNDG ITF was June 30, 2009; any funds that are not committed to a specific project by December 31, 2010, will be returned.

Any remaining UN funds will be deposited in the UN’s general Multilateral Donor Trust Fund and will go to support activities overseen by the UN Assistance Mission for Iraq (UNAMI).

So in essence, this is no biggie.

Edited December 27, 2010 by icfaith

[peejay67]

http://www.sigir.mil/files/quarterlyreports/July2010/App_D_-_July_2010.pdf

New IRFFI projects must start by the end of 2010; project completions and disbursements are to take place no later than December 31, 2013.

As of June 30, 2010, 25 IRFFI donors, including the United States, had committed $1.86 billion for Iraq

reconstruction.

Any funds that are not committed to a specific project by December 31, 2010, will be returned.

Why would Iraq want to return any of this money? They wouldn’t.

To start a project, one would think that the contractor would want to be paid with RV Dinars and not current Dinars.

Thus, RV prior to December 31, 2010 or Iraq may have to pay back over ONE BILLION DOLLARS – and those are U.S. Dollars

Unfortunately this is all included in the Iraq Development Fund which the UN extended the payback time by six months when the sanctions were lifted. Sorry

[TimS]

All good articles, but none are reason that an RV MUST take place......donations that must be committed to specific projects have nothing to do with the value of the dinar????

[ctoddy]

To put it simply......they sell the US 10 million barrels of oil for $1 billion dollars (round off to $100 per barrel). Now they have $1 billion US to pay US contractors.....they sell France oil for franc, to Germany for marks, ect....use the forieng currency to pay those contractors. And if they have an imbalance of one currecny or another, they could just go to the forex market and trade it in so to speak. THIS IS THE ONLY WAY I CAN SEE IRAQ AVOIDING AN RV......any other thoughts

All oil pricing is in US Dollars. I understand what you are driving at, but don't see that it works on paper.

You are 100% correct, there is nothing out there that says they HAVE to RV. There are logical reasons, but nothing that says it needs to happen. That's the bottom line.

[prettybaby]

It sounds like an RV is a choice not a necessity.

[dhawk7]

imo it is very much a necessity. they have to raise their currency or they will never make it.

[pops]

What most people don't seem to get is that the ones calling the shots own not only the central bank of Iraq but the Federal reserve of the US as well as most of the Central Banks all around the world. They don't act to better the different countries but themselves. We will profit when it is to their advantage to RV. Many on this forum that understand international finance and economics much better than I do or ever will have given many indicators that suggest a RV will be to their advantage very soon.I think all we can do is hope they are right and profit when they profit.

[tuxunder]

Do you know how many of these types of agreements have come up as a reason they have to absolutely rv only to see the date come and go? Too many to remember.

[TimS]

What most people don't seem to get is that the ones calling the shots own not only the central bank of Iraq but the Federal reserve of the US as well as most of the Central Banks all around the world. They don't act to better the different countries but themselves. We will profit when it is to their advantage to RV. Many on this forum that understand international finance and economics much better than I do or ever will have given many indicators that suggest a RV will be to their advantage very soon.I think all we can do is hope they are right and profit when they profit.

Hey...I hope they and you are right

[dnardreams]

They have to pay all contracts in US dollars. What company would want to be paid in a currency that currently has very little value and can't be traded. All of these companies must be paid in an internationally traded currency due to the fact that they are more than likely licensed in another country besides Iraq so the currency would have to be recognized by the companies home country. IMO these contracts won't have much to do with pushing the RV because Iraq qill just borrow the money from the US gov't to pay the contract and reimburse them with oil chits as has been common practice. Just a thought and something to try to keep emotions down since the pumpers have been screwing with everyone's heads lately.

GO RV......

[tjmunson]

I agree with pops. I also believe that the GOI will be the ones to make the initial announcement in order to gain credibility with the Iraqi people. Even though , in many ways they are nothing more than a mouthpiece for the institutions pulling the strings.