IMF agreement test for Iraq

7/23/2016 0:00 

[rtl] Edmund O'Sullivan / Torgomh- Khalid Qasim 
IMF has developed a tremendous program to rewrite Iraq's ailing economy. The fund issued on July 14 and the current document consisting of 34 pages constitute the most ambitious attempt to remake the economy of one of the Middle East. 
Paint a document program that Iraq agreed upon to ensure a loan from the Fund valued at $ 4.5 billion in order to bridge the gap revenues of the government resulting from thedecline in oil prices . The document also contains assurances demanded by international creditors and who will have to provide additional loans soon. These loans include billion bonds government of the United States included in the billion - euro bond dollars isexpected to be issued before the end of this year, and one billion other dollars from theWorld Bank and more than $ 3 billion in loans projects. 
Says IMF: that Iraq needs to borrow $ 56 billion until the year 2019, this estimate comes at the top of the current debt of the country , which she mentions the fund amounted to$ 67 billion until the end of last year, equivalent to about 45 percent of the projected budget for the current year. The main objective of the agreement is the fiscal deficit of the government, which has risen to 14 percent of gross domestic product last year. It islikely to increase more during this year, with oil prices so far amounted to an average 75 percent from their level of a year earlier as a whole. 
Baghdad and agreed on the need to reduce the deficit to 1 percent of GDP in 2021, and achieved part of that goal over the high price of oil which is expected arrival level of $ 70 a barrel by the end of the decade. 
but the bulk of the settlement will come through spending cuts and government reforms.This includes for the current year to increase taxes and cut salaries of employees and retirees and reduce the capital and the financial allocations for the Kurdistan region spending. The government has promised to complete 85 percent of the president spending the non - oil authorized in the current year budget. Is 
expected to provide value - added tax and work to increase the efficiency of the 176 state - owned company outside the financial sector employs 550 thousand people, and mentions the agreement with the IMF that half of those Vaidon need. 
Prepare this program is tremendous, and increases the size of the challenges faced by Iraq because of the military operations against the «Daash» and dealing with more than four million displaced people in the northern areas since June 2014. He fled about aquarter of a million Syrians into Iraq since the outbreak of the civil war there in 2011. the
world offers a real help to Baghdad to protect the Iraqi people from terrorism andexternal threats, but they are in need of hope on their ability to prosper as well. If achieved the IMF agreement this goal is a positive agreement, but there are economic and social costs must be paid before then. 
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This is an interesting article and I think reveals much.  If we look at Iraq in a logical manner, why would any country pour millions/billions of dollars through loans to the Government of Iraq (and not to other war torn countries in northern Africa?).  Why is the IMF/WB so keen on restructuring the financial system, bringing up all the sectors of the country and not stopping or, at least waiting, until ISIS has been rid from the country.  Why are so many countries in the western world so willing to send troops or advisers to help rid Iraq of ISIS.  I think the reason is that Iraq is the richest country in the world with natural resources which are still in the ground.  The IMF has said that a country can consider its natural resources in determining the total wealth of the country.  Iraq has been extremely blessed - I can only imagine what a flourishing country it will be when it takes its "rightful" place in the world economy.  We sometimes forget that even though the fighting continues, that much is still being built, to list a few, the port of Faw - "[You must be registered and logged in to see this link.]".  They are building schools, rebuilding the infrastructure - all the cities and towns that are destroyed will be rebuilt in a manner that will allow the citizens to have a better lifestyle. They have worked with the UN to place the historic marsh lands under the protection of Historical Sites - they are preserving their historical sites in a way that will become tourist destinations.  Also, they are building a high speed train system, they eventually will become part of China's one belt, one road system (a revised and world expansion of the old Chinese Silk Road trading system - traveling through many countries in the East, Middle East, Northern Africa and eventually into Europe.  I could go on and on, but suffice it to say, that Iraq has embarked on a road of historic proportions and will complete all that is needed.  Those countries and companies investing know that they will be repaid and repaid with interest.  Most of the countries of the world are members of the IMF and are privy to information about the structuring of the "globalization" that is currently taking place.  Iraq figures as a key country by its placement in the Middle East, and eventually will be a major hub. The IMF stated last December, that Iraq would be a market economy within the first half of 2016 - OK, it is a little late, but let's remember Iraq continues to give out the Smart Cards which are to be international and can be used at any ATM globally.  And, a big reveal was that Iraq has a team being sent to the Olympics in Brazil and they gave out, according to the article, 500 MasterCards to the team and others.  These cards are international cards - if there isn't an agreement to use these cards with a dollar exchange, then they would be exchanged in dinar.  I think, either way, we are close and I am following what the IMF/WB, international companies and countries of the world are doing for their actions, not words, speak volumes.

Pretty much the reason I've stayed in over the years. Just needed to get back to the game plan.

Neno wrote:Pretty much the reason I've stayed in over the years. Just needed to get back to the game plan.

dont ya just hate when the game runs astray?...    

Astray is all weve known, nothing has ever been on track

I have to agree with mochasmom we learn as we go. No way would I of thought of corruption in the first government of Iraq or the screw up of the imf giving Iraq full sovereignty. Hopefully the quacks thoughts now want be delayed past September.

Neno wrote:I have to agree with mochasmom we learn as we go. No way would I of thought of corruption in the first government of Iraq or the screw up of the imf giving Iraq full sovereignty. Hopefully the quacks thoughts now want be delayed past September.

Maybe iraq times to go with China stepping awa and moving to basket? Which is due to take effect october no later according to imf

Good read and encouraging after 10 yrs of dinar holdings.  Thanks everyone.
I'm not giving up - still hanging in.
Ann

ahill wrote:Good read and encouraging after 10 yrs of dinar holdings.  Thanks everyone.
I'm not giving up - still hanging in.
Ann

Coming to an end and you know what if it's not then who's going to sell? Not me!

Screwball wrote:

Neno wrote:I have to agree with mochasmom we learn as we go. No way would I of thought of corruption in the first government of Iraq or the screw up of the imf giving Iraq full sovereignty. Hopefully the quacks thoughts now want be delayed past September.

Maybe iraq times to go with China stepping awa and moving to basket? Which is due to take effect october no later according to imf

Iraq is committed to the peg of the dollar.