Statement by IMF Leader Lagarde on Iraq

[Aqua Dude]

Statement by IMF Managing Director Christine Lagarde on Iraq

Press Release No. 11/465

December 13, 2011

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after a meeting with H.E. Nouri Al-Maliki, Prime Minister of Iraq in Washington today:

“It was a pleasure to meet Prime Minister Al-Maliki today. Over the past several years, Iraq and the International Monetary Fund have engaged in a very successful partnership, anchored by successive IMF-supported economic programs. This partnership has facilitated substantial debt relief and helped achieve macroeconomic stability, including a strong dinar, low inflation, and a resumption of economic growth, in a very challenging political and security environment.

“Prudent fiscal policies are essential to maintaining macroeconomic stability and fostering inclusive growth. In this context, I am very encouraged by the government’s new budget proposal for 2012 that was recently submitted to the Iraqi Council of Representatives. The proposal aims to restrain the growth of current spending, thus freeing up resources for infrastructure investment and social support, while limiting the size of the budget deficit. The proposed budget would allow the current Stand-By Arrangement (SBA) to continue to provide a safety net to the budget in case oil revenues were to fall sharply.

“Promoting policies that lead to more inclusive growth is central to our engagement with Iraq. We are working closely with the Iraqi government to rebuild its essential economic institutions to help improve economic management and public service delivery. The current SBA offers a framework for Iraq’s structural reform agenda, by promoting better public financial management, including the management of Iraq’s hydrocarbon resources, and developing a financial sector that can support private sector activity and job creation. We look forward to further progress in these areas.

“We remain committed to helping Iraq in its efforts to foster sustained and inclusive economic growth, generate viable employment opportunities, and improve living standards for all Iraqis. An IMF staff mission is scheduled to meet the authorities in January to discuss progress under the program and next steps.”

http://www.imf.org/external/np/sec/pr/2011/pr11465.htm

[cheevo]

Statement by IMF Managing Director Christine Lagarde on Iraq

DECEMBER 13, 2011 1 COMMENT

Source: Iraq Dinar Speculation URL: http://feedproxy.google.com/~r/IraqDinarSpeculation/~3/VShWwax1suY/

FYI:

Statement by IMF Managing Director Christine Lagarde on Iraq Press Release No. 11/465 December 13, 2011 Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after a meeting with H.E. Nouri Al-Maliki, Prime Minister of Iraq in Washington today: “It was a pleasure to meet Prime Minister Al-Maliki today. Over the past several years, Iraq and the International Monetary Fund have engaged in a very successful partnership, anchored by successive IMF-supported economic programs. This partnership has facilitated substantial debt relief and helped achieve macroeconomic stability, including a strong dinar, low inflation, and a resumption of economic growth, in a very challenging political and security environment. “Prudent fiscal policies are essential to maintaining macroeconomic stability and fostering inclusive growth. In this context, I am very encouraged by the government’s new budget proposal for 2012 that was recently submitted to the Iraqi Council of Representatives. The proposal aims to restrain the growth of current spending, thus freeing up resources for infrastructure investment and social support, while limiting the size of the budget deficit. The proposed budget would allow the current Stand-By Arrangement (SBA) to continue to provide a safety net to the budget in case oil revenues were to fall sharply. “Promoting policies that lead to more inclusive growth is central to our engagement with Iraq. We are working closely with the Iraqi government to rebuild its essential economic institutions to help improve economic management and public service delivery. The current SBA offers a framework for Iraq’s structural reform agenda, by promoting better public financial management, including the management of Iraq’s hydrocarbon resources, and developing a financial sector that can support private sector activity and job creation. We look forward to further progress in these areas. “We remain committed to helping Iraq in its efforts to foster sustained and inclusive economic growth, generate viable employment opportunities, and improve living standards for all Iraqis. An IMF staff mission is scheduled to meet the authorities in January to discuss progress under the program and next steps.”

[easyrider]

love it lets do this!!!!!!!!!!!!!!!!!!!! This country is gonna make alot of people very wealthy follow the money people. The dinar is just the beginning!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Edited December 13, 2011 by easyrider

[DiveDeepSix]

Yes the sooner the better, we all want a VERY strong dinar!

[gregp]

Step-#2. RV

[AS355F1]

Almost as though the IMF gave them the green light.

[thegente]

thx, but already posted:

[randalln]

so they will not be a full member but still on stand-by (observer position )

They won't have to worry about making loans then to the IMF to bail out Europe

[fox]

Good find thanks for posting!

[Aqua Dude]

Yes the sooner the better, we all want a VERY strong dinar!

it doesn't say anythog about WANT

it says "achieve"..."a strong dinar"

as in already done

there is no future reference...its past tense reference without past tense verbs

so they will not be a full member but still on stand-by (observer position )

They won't have to worry about making loans then to the IMF to bail out Europe

how did u come to that conclusion?

[keepmwlknfny]

it doesn't say anythog about WANT

it says "achieve"..."a strong dinar"

as in already done

there is no future reference...its past tense reference without past tense verbs

how did u come to that conclusion?

Yep, the dinar is already strong.....its value is stable, and the currency is backed 110% by its reserves.....thats a sign of a strong currency.....

Strong doesnt necessarily mean high value....

[Striker1]

I agree with you Aqua, almost as if they are stating that where the currency stands right now is strong, as in it has held this value without hyperinflation or anything else bringing it down. However it can not stay that way forever. There may be something to these over the next 2 years articles. Don't know we will wait and see.

[mojack]

An IMF staff mission is scheduled to meet the authorities in January to discuss progress under the program and next steps.”

I hope this isn't important.

Read more:

[Striker1]

I evened you out Keep, Your entitled to your opinion without getting -'s.

[Aqua Dude]

I agree with you Aqua, almost as if they are stating that where the currency stands right now is strong, as in it has held this value without hyperinflation or anything else bringing it down. However it can not stay that way forever. There may be something to these over the next 2 years articles. Don't know we will wait and see.

roflmao....

on another note.....

gusy don't get IMF mixed up with WTO

when it comes to the IMF there are no "observer nations"

only in the WTO are there observer nations...this isn't a WTO article

Edited December 13, 2011 by Aqua Dude

[CrappieShark]

The proposed budget would allow the current Stand-By Arrangement (SBA) to continue to provide a safety net to the budget in case oil revenues were to fall sharply.

Read more:

Definitely a stand by or if you need us we are here statement. Lets Iraq know there is a safety net if Oil revenues fall.

Great post

[mojack]

This partnership has facilitated substantial debt relief and helped achieve macroeconomic stability, including a strong dinar, low inflation, and a resumption of economic growth, in a very challenging political and security environment.

I don't think the world has seen a strong dinar (just ask all of the banks, that's why they weren't trading), have not seen a resumption of economic growth either (only talk about new agreements), and inflation has been stated as a problem (when listening to the channel regarding Middle East news and hearsay from my son in that region).

So I think this is all new information... hopeful!!!

Read more:

Edited December 13, 2011 by mojack

[DinarMillionaire]

An IMF staff mission is scheduled to meet the authorities in January to discuss progress under the program and next steps.”

I hope this isn't important.

Read more:

I'm hoping in January one of the "next steps" is RV! That would be very important to everyone, right?

[Maggie123]

I evened you out Keep, Your entitled to your opinion without getting -'s.

Me too Keep

Negs are for bashers

[cbs71]

This is awesome news and I don't care how some of you try to spin it.....

Things are lining up..............

[Aqua Dude]

This is awesome news and I don't care how some of you try to spin it.....

Things are lining up..............

thats right stay strong! im right there with you!

[Biker]

Second post but a good one from both as far as im concerned.

[randalln]

it doesn't say anythog about WANT

it says "achieve"..."a strong dinar"

as in already done

there is no future reference...its past tense reference without past tense verbs

how did u come to that conclusion?

The proposed budget would allow the current Stand-By Arrangement (SBA) to continue to provide a safety net to the budget in case oil revenues were to fall sharply.

right now Iraq is a observer to the IMF along with about 10 other countries

[leanonme]

Great post!! +1 from me and bump it up GO RV!!

[lotsofdinar]

Talk of a safety net incase the oil prices fall doesn't sound like they are talking about a country that is about to be worth trillions of dollars to me. Troubling.

Edited December 13, 2011 by lotsofdinar