Decisions of the Council of Ministers meeting No. 51 on 13/12/10

Council of Ministers decisions in Session 51 in 10/12/2013
10/12/2013 5:00 PM

Decisions of the Council of Ministers meeting No. 51 on 13/12/10

The Council of Ministers held its fifty-first routine in Baghdad Tuesday 10 December 2013, headed by Prime Minister Nouri Kamel al-Maliki, issued by Council decisions:

1. authorize the Finance Ministry the power to challenge the laws and commands listed below before the Federal Supreme Court, in coordination with the Legal Department of the General Secretariat of the Council of Ministers to abolish the pensions of members of the disbanded Governing Council, deputies and members of the interim National Council, members of the National Assembly and provincial Council members and districts and all, as follows:

1. order No. (9) of 2005 disbursement of pensions, published in Official Gazette No.: 3993 on 13/2/2005 (Amendment) Ordinance No. (31) of 2005, published in Official Gazette No.: 4003 on 17/3/2005, regarding the pensions of members of the Governing Council and their alternates.

2. Act No. 3 of 2005 the National Assembly law, published in Official Gazette No.: 4002 on 16/8/2005.

3. Law No. 14 of 2005 law on pension rights for members of the interim National Council, published in Official Gazette No.: 4010 on 23/11/2005.

4. law of the governorates that are not organized in a region in respect of pension rights for members of local councils (provinces, districts and sub-districts) and members of the municipal councils.

2. confirm the Cabinet's earlier decision on approval of the draft law amending the law of commercial agencies sent to the House by giving the private sector a priority in grant agencies, and ministries urged contracting private companies to grant the private sector a priority in commercial agency rather than a foreign agent and don't mind hiring foreign franchisers in the present to approve the Bill.

3. to accept undergraduates from the Yezidi Community universities in Kurdistan as well as accept some in Kirkuk University, as this year for those who cannot move to other provinces, in never fail and the postponement of their studies this year, Mosul University expenses their interior if accommodated in the universities of the region.

4. pursuant to Cabinet of Ministers decision No. 374 in 2013, except for the Ministry of health approval of contracts on the purchase of medicine elevators on the origin of the strong Western European or Japanese and incorporated into the projects of the Ministry of health of the investment budget for 2013.

5. approval of the Ministry of finance to pay the contribution of the Republic of Iraq on the increase (14) for the resources of the International Monetary Fund in accordance with the following mechanism:

1/25% of (118850000) one hundred and eighteen million eight hundred and fifty thousand dollar special drawing rights.

2/75% of (356550000) three hundred and fifty-six million five hundred and fifty thousand special drawing rights deposits in local currency in the Fund's account at the Central Bank of Iraq.

3/the Central Bank tells IMF to increase its official quota.

6. to approve the extension of the work of employees assigned to work in the Kurdistan region of Christians for another year, until 31/12/2014.

7. transfer of $ 20 billion from the budget surplus to the national implementation of the business crowd mandated in 2013.

8. approval of the draft law on cancellation of the dissolved Revolution Command Council decision No. (959) of 1978, the State Auditor, and submitted it to the Council of representatives, based on the provisions of articles (61/item) and (80/item 2) of the Constitution.

9. approve third amendment Bill to the law on the Ministry of Finance No. 50 of 2008, Checker by the State Council and submitted to the Council of representatives, based on the provisions of articles (61/item) and (80/item 2) of the Constitution.

10. approval of the draft law of the first amendment to the law on remuneration of trainees in vocational training centres of the Ministry of labour and Social Affairs, and submitted it to the Parliament on the basis of the provisions of articles (61/item) and (80/item 2) of the Constitution.

11. sale of residential land area (200 m2) to the imams of mosques in the Sunni endowment and the Shiite and Christian sites in their installed permanent price (100) 100 dinars per square meter.


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Yeahaw! Finally SDR info. Will get this figured as soon as I can... ;)
Looks to be a penny above Kuwait like quack said at glancing will driving.

Oh my, this looks VERY promising!!! Lets hope it means this [You must be registered and logged in to see this image.]

SOON!!!

Nice find LIT, thanks!!

Ok, I can not figure this as when I read it going down the road at 65 mph I thought it was saying 1.25% and 2.75%. Once I read it at lunch I seen the real writing that it was 1) and then 2) and then 3) parts to the #5 Approval of the Ministry to the IMF on behalf of the Republic of Iraq.

I do not know why Iraq has to have a account for the IMF in order to support a SDR as normally in my opinion of a SDR was a assessment of a country in accordance to the IMF for a SDR so, this one is not in my vocabulary.... YET! But I am so glad to finally see the SDR language since the lifting of VII which in my honest opinion should of surfaced at that very moment. Now I think I understand more of why and how the IMF screwed up by giving Iraq full rein and that the IMF couldn't give a SDR then.

This is getting exciting again for me as I know a SDR should of shown and to see now after what I was hearsay told of the screw up by the IMF, that the Council of Ministry is now giving the approval for the IMF resources and, I really like #3 where the CBI is requesting the IMF to up the QUOTA. Do not even ask me what is the QUOTA...

So no formula to figure but this is to SDR's deposits and goes right along with the article shown in the When thread (Link Below) and the rates are very very similar.. ;)

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"The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods."

"1.Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities."

"1.Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports... etc. "

#3 request should raise to the penny above... ;)

 

My mind has to ask, is this possibly a "requirement" of Iraq in order to proceed to Article VIII with the IMF?

akdreamer wrote:My mind has to ask, is this possibly a "requirement" of Iraq in order to proceed to Article VIII with the IMF?

Good thought and I got a document to download this evening that was sent to me from the imf site that shows the requirements and talk about the quotas. Hopefully I can get this read and understood then posted... ;)

QUOTAS!!!!

How member countries’ quotas are determined
When a country joins the IMF, it is assigned an initial quota in the same range as the [You must be registered and logged in to see this link.] that are broadly comparable in economic size and characteristics. The IMF uses a quota formula to guide the assessment of a member’s relative position.
The current [You must be registered and logged in to see this link.] is a weighted average of GDP (weight of 50 percent), openness (30 percent), economic variability (15 percent), and international reserves (5 percent). For this purpose, GDP is measured through a blend of GDP—based on market exchange rates (weight of 60 percent)—and on PPP exchange rates (40 percent). The formula also includes a “compression factor” that reduces the dispersion in calculated quota shares across members.
Quotas are denominated in [You must be registered and logged in to see this link.], the IMF’s unit of account. The largest member of the IMF is the United States, with a current quota of SDR 42.1 billion (about $64 billion), and the smallest member is Tuvalu, with a current quota of SDR 1.8 million (about $2.7 million).
Quotas play several key roles in the IMF
A member's quota delineates basic aspects of its financial and organizational relationship with the IMF, including:
Subscriptions (quota share). A member's quota subscription determines the maximum amount of [You must be registered and logged in to see this link.] the member is obliged to provide to the IMF. A member must pay its subscription in full upon joining the Fund: up to 25 percent must be paid in SDRs or widely accepted currencies (such as the U.S. dollar, the euro, the yen, or the pound sterling), while the rest is paid in the member's own currency.
Voting power (voting share). The quota largely determines a member's voting power in IMF decisions. Each IMF member’s votes are comprised of basic votes plus one additional vote for each SDR 100,000 of quota. The 2008 reform fixed the number of basic votes at 5.502 percent of total votes. The current number of basic votes represents close to a tripling of the number prior to the effectiveness of the 2008 reform.
Access to financing. The amount of financing a member can obtain from the IMF (its access limit) is based on its quota. For example, under [You must be registered and logged in to see this link.], a member can borrow up to 200 percent of its quota annually and 600 percent cumulatively. However, access may be higher in exceptional circumstances.

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Best you read and learn about SDR's yourself. Below is the fact sheet index... ;)

Articles of Agreement of the International Monetary Fund

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Adopted at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 22, 1944. Entered into force December 27, 1945. Amended effective July 28, 1969, by the modifications approved by the Board of Governors in Resolution No. 23–5, adopted May 31, 1968; amended effective April 1, 1978, by the modifications approved by the Board of Governors in Resolution No. 31–4, adopted April 30, 1976; amended effective November 11, 1992, by the modifications approved by the Board of Governors in Resolution No. 45–3, adopted June 28, 1990; amended effective August 10, 2009, by the modifications approved by the Board of Governors in Resolution No. 52–4, adopted September 23, 1997; amended effective February 18, 2011, by the modifications approved by the Board of Governors in Resolution No. 63–3, adopted May 5, 2008; and amended effective March 3, 2011, by the modifications approved by the Board of Governors in Resolution No. 63–2, adopted April 28, 2008.
Contents
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Schedules
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Index
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Factsheet
Special Drawing Rights (SDRs)
October 1, 2013
The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. With a general SDR allocation that took effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs increased from SDR 21.4 billion to around SDR 204 billion (equivalent to about $309 billion, converted using the rate of September 10, 2013).

The role of the SDR
The SDR was created by the IMF in 1969 to support the Bretton Woods fixed exchange rate system. A country participating in this system needed official reserves—government or central bank holdings of gold and widely accepted foreign currencies—that could be used to purchase the domestic currency in foreign exchange markets, as required to maintain its exchange rate. But the international supply of two key reserve assets—[You must be registered and logged in to see this link.] and the U.S. dollar—proved inadequate for supporting the expansion of world trade and financial development that was taking place. Therefore, the international community decided to create a new international reserve asset under the auspices of the IMF.

However, only a few years later, the Bretton Woods system collapsed and the major currencies shifted to a floating exchange rate regime. In addition, the growth in international capital markets facilitated borrowing by creditworthy governments. Both of these developments lessened the need for SDRs.

The SDR is neither a currency, nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. Holders of SDRs can obtain these currencies in exchange for their SDRs in two ways: first, through the arrangement of voluntary exchanges between members; and second, by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions. In addition to its role as a supplementary reserve asset, the SDR serves as the unit of account of the IMF and some other international organizations.


Basket of currencies determines the value of the SDR
The value of the SDR was initially defined as equivalent to 0.888671 grams of fine gold—which, at the time, was also equivalent to one U.S. dollar. After the collapse of the Bretton Woods system in 1973, however, the SDR was redefined as a basket of currencies,today consisting of the euro, Japanese yen, pound sterling, and U.S. dollar. The [You must be registered and logged in to see this link.] of the SDR is posted dailyon the IMF’s website. It is calculated as the sum of specific amounts of the four basket currencies valued in U.S. dollars, on the basis of exchange rates quoted at noon each day in the London market.

The basket composition is reviewed every five years by the Executive Board, or earlier if the Fund finds changed circumstances warrant an earlier review, to ensure that it reflects the relative importance of currencies in the world’s trading and financial systems. In the most recent review (in November 2010), the weights of the currencies in the SDR basket were revised based on the value of the exports of goods and services and the amount of reserves denominated in the respective currencies that were held by other members of the IMF. These changes became effective on January 1, 2011. The next review will take place by 2015. In October 2011, the IMF Executive Board discussed clarifications and possible reform options of the existing criteria for broadening the SDR currency basket. Most directors held the view that the current criteria for SDR basket selection remained appropriate.

The SDR interest rate
The [You must be registered and logged in to see this link.] provides the basis for calculating the interest charged to members on regular (non-concessional) [You must be registered and logged in to see this link.], the interest paid to members on their SDR holdings and charged on their SDR allocation, and the interest paid to members on a portion of their quota subscriptions. The SDR interest rate is [You must be registered and logged in to see this link.] and is based on a weighted average of representative interest rates on short-term debt in the money markets of the SDR basket currencies.

SDR allocations to IMF members
Under its Articles of Agreement (Article XV, Section 1, and Article XVIII), the IMF may allocate SDRs to member countries in proportion to their IMF quotas. Such an allocation provides each member with a costless, unconditional international reserve asset on which interest is neither earned nor paid. However, if a member's SDR holdings rise above its allocation, it earns interest on the excess. Conversely, if it holds fewer SDRs than allocated, it pays interest on the shortfall. The Articles of Agreement also allow for cancellations of SDRs, but this provision has never been used. The IMF cannot allocate SDRs to itself or to other prescribed holders.

General allocations of SDRs have to be based on a long-term global need to supplement existing reserve assets. Decisions on general allocations are made for successive basic periods of up to five years, although general SDR allocations have been made only three times. The first allocation was for a total amount of SDR 9.3 billion, distributed in 1970-72, and the second allocated SDR 12.1 billion, distributed in 1979-81. These two allocations resulted in cumulative SDR allocations of SDR 21.4 billion. To help mitigate the effects of the financial crisis, a third general SDR allocation of SDR 161.2 billion was made on August 28, 2009.

Separately, the Fourth Amendment to the Articles of Agreement became effective August 10, 2009 and provided for a special one-time allocation of SDR 21.5 billion. The purpose of the Fourth Amendment was to enable all members of the IMF to participate in the SDR system on an equitable basis and correct for the fact that countries that joined the IMF after 1981—more than one fifth of the current IMF membership—never received an SDR allocation until 2009. The 2009 general and special SDR allocations together raised total cumulative SDR allocations to about SDR 204 billion.

Buying and selling SDRs
IMF members often need to buy SDRs to discharge obligations to the IMF, or they may wish to sell SDRs in order to adjust the composition of their reserves. The IMF may act as an intermediary between members and prescribed holders to ensure that SDRs can be exchanged for freely usable currencies. For more than two decades, the SDR market has functioned through voluntary trading arrangements. Under these arrangements a number of members and one prescribed holder have volunteered to buy or sell SDRs within limits defined by their respective arrangements. Following the 2009 SDR allocations, the number and size of the voluntary arrangements has been expanded to ensure continued liquidity of the voluntary SDR market. The number of voluntary SDR trading arrangements now stands at 32, including 19 new arrangements since the 2009 SDR allocations.

In the event that there is insufficient capacity under the voluntary trading arrangements, the Fund can activate the designation mechanism. Under this mechanism, members with sufficiently strong external positions are designated by the Fund to buy SDRs with freely usable currencies up to certain amounts from members with weak external positions. This arrangement serves as a backstop to guarantee the liquidity and the reserve asset character of the SDR.

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akdreamer wrote:My mind has to ask, is this possibly a "requirement" of Iraq in order to proceed to Article VIII with the IMF?

ARTICLES VIII AND XIV

There has been in recent years a substantial improvement in the balance of payments and the reserve positions of a number of Fund members which has led to important and widespread moves to the external convertibility of many currencies. Most international transactions are now carried on with convertible currencies, and many countries have progressed far with the removal of restrictions on payments. In consequence of these developments, it seems likely that a number of members of the Fund either have reached or are nearing a position in which they can consider the feasibility of formally accepting the obligations of Article VIII, Sections 2, 3, and 4. Previous decisions taken by the Fund, such as those on multiple currency practices, bilateral arrangements, discriminatory restrictions maintained for balance of payments purposes, and payments restrictions for security reasons, indicate the Fund’s attitude on these matters. The present decision has been adopted as an additional guide to members in pursuance of the purposes of the Fund as set forth in Article I of the Articles of Agreement.

1. Article VIII provides in Sections 2 and 3 that members shall not impose or engage in certain measures, namely restrictions on the making of payments and transfers for current international transactions, discriminatory currency arrangements, or multiple currency practices, without the approval of the Fund. The guiding principle in ascertaining whether a measure is a restriction on payments and transfers for current transactions under Article VIII, Section 2, is whether it involves a direct governmental limitation on the availability or use of exchange as such. Members in doubt as to whether any of their measures do or do not fall under Article VIII may wish to consult the Fund thereon.

2. In accordance with Article XIV, Section 3,1 members may at any time notify the Fund that they accept the obligations of Article VIII, Sections 2, 3, and 4, and no longer avail themselves of the transitional provisions of Article XIV. Before members give notice that they are accepting the obligations of Article VIII, Sections 2, 3, and 4, it would be desirable that, as far as possible, they eliminate measures which would require the approval of the Fund, and that they satisfy themselves that they are not likely to need recourse to such measures in the foreseeable future. If members, for balance of payments reasons, propose to maintain or introduce measures which require approval under Article VIII, the Fund will grant approval only where it is satisfied that the measures are necessary and that their use will be temporary while the member is seeking to eliminate the need for them. As regards measures requiring approval under Article VIII and maintained or introduced for nonbalance of payments reasons, the Fund believes that the use of exchange systems for nonbalance of payments reasons should be avoided to the greatest possible extent, and is prepared to consider with members the ways and means of achieving the elimination of such measures as soon as possible. Members having measures needing approval under Article VIII should find it useful to consult with the Fund before accepting the obligations of Article VIII, Sections 2, 3, and 4.

3. If members at any time maintain measures which are subject to Sections 2 and 3 of Article VIII, they shall consult with the Fund with respect to the further maintenance of such measures. Consultations with the Fund under Article VIII are not otherwise required or mandatory. However, the Fund is able to provide technical facilities and advice, and to this end, or as a means of exchanging views on monetary and financial developments, there is great merit in periodic discussions between the Fund and its members even though no questions arise involving action under Article VIII. Such discussions would be planned between the Fund and the member, including agreement on place and timing, and would ordinarily take place at intervals of about one year.

4. Fund members which are contracting parties to the GATT and which impose import restrictions for balance of payments reasons will facilitate the work of the Fund by continuing to send information concerning such restrictions to the Fund. This will enable the Fund and the member to join in an examination of the balance of payments situation in order to assist the Fund in its collaboration with the GATT. The Fund, by agreement with members which are not contracting parties to the GATT and which impose import restrictions for balance of payments reasons, will seek to obtain information relating to such restrictions.

Decision No. 1034-(60/27),
June 1, 1960

1 Ed. Note: Corresponds to Article XIV, Section 1 of the Articles of Agreement after the Second Amendment.

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