Saturday, July 6, 2024
Prime Minister's Advisor: Iraq in the process of paying off long-term development loans to the World Bank
Prime Minister's Advisor: Iraq in the process of paying off long-term development loans to the World Bank
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that zeroing out the debts to the International Monetary Fund reflects Iraq's high and solid creditworthiness, while indicating that Iraq is in the process of paying off long-term development loans to the World Bank.
Saleh told the Iraqi News Agency (INA): "Iraq has entered into about 5 programs with the International Monetary Fund since 2004 until the end of 2018, including 3 credit readiness programs, and all of them were characterized by providing loans whose function was to support the state of stability and economic reform in Iraq in two directions. The first: loan programs, as Iraq received loans from the International Monetary Fund to help it overcome economic crises, as these loans included supporting the general budget and financing economic stability programs, especially during the war on ISIS terrorism."
He added: "As for the other direction: in the field of economic reforms, as the International Monetary Fund usually stipulates that countries that receive loans implement certain economic reforms. In the case of Iraq, these reforms included improving the management of public finances and the banking sector, enhancing transparency, combating corruption, and reforming the energy sector."
He pointed out that "these loans did not exceed $5 billion per loan, and the actual withdrawal from them will not exceed $3 billion or more in each case, and according to a repayment program that takes place every 6 months with grace periods of two years before repayment with a moderate annual interest that usually does not exceed 4.5%, and the terms of these loans do not exceed five years."
He pointed out that "Iraq has repaid the loans that were withdrawn during the past twenty years according to regular payment mechanisms and are close to zeroing out unless they are all zeroed out today, which reflects the high and solid creditworthiness of the Republic of Iraq in repayment before the international financial community in particular and towards multilateral international financial organizations in general."
He continued: "But certainly there are long-term development loans that belong to the World Bank that are still in place, which is another development financial organization, and are worth a few billion and are in the process of repayment, and some of them are still in the process of committing to withdrawing them to spend them on completing development projects contracted with the World Bank, and they are also long-term soft loans."
He stressed that "cooperation relations continue between Iraq and the International Monetary Fund in various fields, including providing technical advice and supporting economic policies," noting that "the relationship between Iraq, the International Monetary Fund and the World Bank is important for achieving economic stability and sustainable development in the country."
He pointed out that "Iraq has been a founding member of the International Monetary Fund and the World Bank since 1945." link
LATEST FROM FRANK26, 7 JULY
Frank26
Question: "Have the new smaller notes been revealed to the citizens of the public?" No.
This information of the monetary reform it's like a wildfire that's slowly growing and spreading.US messages to Iraqi leaders: Dollar cash flow may stop
US messages to Iraqi leaders: Dollar cash flow may stop
Prominent Kurdish politician, Masoud Barzani, sent messages to Iraqi political leaders, stating that the entry of some factions into the Israeli-Iranian conflict may prevent the flow of cash dollars into Iraq.
Politician Mishaan Al-Jubouri said that Barzani informed the leaders of the Coordination Framework that the American siege will be imposed on Iraq if Washington's interests are attacked.
He added that Barani also informed the leaders of the Coordination Framework that America can stop the flow of dollars to Iraq and cause harm to the country, but Iraq is unable to cause any harm to America link
LATEST FROM MARKZ, 7 JULY
MarkZ
[via PDK] I keep getting loaded up on the Rumor side …There is a lot going on and they are saying that we hit the banks sometime around July 12th. We will see what is accurate as we get closer…but my goodness, the enthusiasm from the banking side and the group side is nuts. It’s exciting but I don’t want it to be another let down.
...in Iraq they are working with the Saudi’s directly to complete undersea cable agreement for internet connectivity.
Iraq is becoming a central hub for communications in the middle east. Big news for Iraq. If you are going to be a regional leader- Iraq is going to need some higher valued dinar…imo
There is a lot of chatter as of yesterday over the HCL in Iraq.
Article: “Parliamentary committee for “Economy News” The Oil and Gas law is almost complete-this is what we hope from Barzani’s visit to Baghdad."
They want you to know they are almost done with HCL. From day one I was told to look for HCL being completed and then BAM you are headed to the bank!
Ports Announce The Completion Of The First Phase Of Networking By 100 Percent, 6 JUNE
Ports Announce The Completion Of The First Phase Of Networking By 100 Percent
Money and business Economy News - Baghdad
The consultant for the border crossings networking project, Ahmed Ezz El-Din, confirmed today, Friday, that the authority has made advanced progress in the electronic networking of the crossings, pointing out that the first phase of the networking has been completed.
Ezz El-Din said, "The first phase of the networking of the ports has been completed 100%, and all border ports have been connected with optical cable and the highest-spec infrastructure of network devices and servers has been established," stressing that "all devices are currently connected to the Border Ports Operations Center at the Ports Authority."
He added that "the network connection means that digital transformation and automation of systems will be available, and its implementation will be direct," noting that "the border crossings management program has been implemented and a live image has been transferred from sonar devices directly to the operations center."
He stated that "the port and the operations center were audited via live broadcast, which leads to combating corruption and reducing pressure on workers at the ports and monitoring the movement of trucks and goods from their entry to their exit."
95 views 07/05/2024 - https://economy-news.net/content.php?id=44917
LATEST FROM SANDY INGRAM, 6 JULY
Sandy Ingram
If the Iraqi dinar revalued next week are you ready? ...Understanding this one fact, you will do just fine. The wealthy never never ever spend their bases or the foundation of their wealth. In your case this would be the profits from your Iraqi dinars...Wealthy people invest their initial profits. The first person they hire is a financial advisor. The second...is a tax professional...to make sure Uncle Sam doesn't get large sums of their money. If you do anything else you are in the fast lane to going broke.
Sandy Ingram
Article: "Advisor to the Association of Banks:The third strategy of the Central Bank is a new methodology for financial and banking reform" The Central Bank is prepared to achieve all goals in the second half of 2024 and the years of 2025 and 2026. ...these are from the original white papers that we talked about a couple years back. This article is the first indication that the white papers are the guiding light to the CBI's progress toward financial stability and banking reforms that aligns with International banking standards.
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The four factors that have or can affect the Iraqi dinar currency...The first...is the '24 budget...presents a significant issue for Iraq. The World Bank's assessment that Iraq needs an oil price of $90/barrel to meet budget requirements is a stark contrast to the current oil price of around $80...This ongoing issue boils down to how the World Bank reviews financial data and how Iraq view the same data. The second factor...until 2014 Iraq almost always created jobs for college graduates...In the eyes of Iraq, a government career is part of the benefits of being an oil rich county...One reason the budget is so large is that Iraq is budgeting for over 700,000 new government jobs.
The third factor...there are two exchange rates in Iraq...The official rate is round 1310 to $1.00. The market rate...fluctuates higher around, 1450 to $1.00 and cause issues, even protests. The market rate is the rate at which people live day-to-day... Because Iran and Syria need and want US dollars the US Federal Reserve has encouraged Iraq to rely more on the Iraqi dinar than the US dollar. This effort keeps Iraq out of trouble with the US Federal Reserve and the Department of Treasury...The issue of the two exchange rates is expected to be resolved over time. As of January 1, 2024 all transactions are mandated to be conducted in Iraqi dinars and the gap between the official exchange rate and the market value is anticipated to decrease, offering a sense of stability
...This is the most concerning issue that is brewing. All oil revenue paid to OPEC is in US dollars...Iraq's oil revenue is received by the US Federal Reserve first and then allocated to Iraq...The fact there are backroom talks over the position of OPEC going forward leaves [us] concerned for Iraq's Financial safety especially if the country wants to receive oil revenues in the dinar currency. However this would be one of the best steps to strengthen Iraq's currency...OPECs power is being threatened from within and this could lead to an uncomfortable situation for Iraq.
https://dinarevaluation.blogspot.com/2024/06/rv-update-by-sandy-ingram-1-july.html
A Government Policy To Control The State's Public Finances
Iraq 07/03/2024 Baghdad: Huda Al-Azzawi Iraq has suffered throughout the previous years from the inability of successive governments to control spending, both operational and investment, and to control expenditures in all sections of activities approved by the state’s general budget,
until the current government - according to what specialists see - was able, through its policies, to control the state’s public finances through... Implementing automation and electronic governance programs, as well as moving towards balancing programs and performance and not just balancing items.
The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, said in an interview with “Al-Sabah”:
“Within the scope of implementing its financial policy, the federal government has diagnosed that building the federal general budget on the principle of the so-called budget items alone does not provide an adequate basis for controlling financial transactions.” And reassurance of expenses, both operational and investment, in terms of performance and correct targeting of the activity spent on efficient".
He stated, “In this regard, the scope of financial responsibility required moving in two parallel directions to raise the efficiency of public finance and financial discipline. The
first is:
automating public finance work in revenues and expenditures,
introducing digital systems, and
relying on electronic governance through the contents that the government program came up with, and the
second:
focusing on directing... Public spending, especially investment spending in implementing public projects,
aims to balance programs and performance in a gradual and systematic manner, to
ensure efficient implementation and
evaluate the performance of expenditures without disruption, delay, or waste of public money.” He pointed out,
“This is what the current financial policy has taken by adopting disbursement programs that provide oversight and evaluation of multi-faceted activities that concern broad sectors and activities and are currently called (special programs), without implicitly abandoning the budget items that will be an integral part of the budget.” Special programs or programs as a first stage.” Saleh stressed,
“Based on the above, the country’s financial system is currently being modernized in a successive manner with two pillars (financial automation and modernization of government accounting) and in accordance with the principles of digital control and the adoption of program principles in implementing and managing public budgets in a gradual and systematic manner within the framework of the economic reform policy.” And the country's finances.
For his part, the academic researcher in financial affairs and development, Aqeel Jabr Ali Al-Muhammadawi, said in an interview with “Al-Sabah”:
“It is not possible to implement the management and control of public financial flows with high efficiency without evaluating and analyzing the financial situation, and the sustainability of public finances on solid financial foundations and methodology and a financial mentality.”
“A new specialist with more accurate and sober financial models that transcends areas of functional and institutional dysfunction in public financial decisions and procedures, which will provide legal entities and public government institutions with additional objective information that can positively impact the quality of administrative decision-making and decision-making taken by government bodies, councils and departments.”
He added, "This indicates the necessary need to prepare a comprehensive financial methodology from experts in the accounting and financial specialization, more than economists, in order to develop
statistics,
financial indicators,
national accounts,
financial practices,
banking supervision,
financial and real estate credit,
financial insurance, and others
according to concepts, and to provide specialized and advanced financial analysis."
And more accurate and sober, taking into account differences in the areas of building, formulating and setting standards and metrics according to standard models, as well as financial practices and applications and statistical resources from various governmental and non-governmental institutions.” https://alsabaah.iq/98944-.html
"QFS CONVERSATION" BY GOLDILOCKS, 6 JULY
GOLDILOCKS
"Today, July 2, the U.S. Mint notified customers via email that it will increase prices on all its silver collector products, with the exception of the 2024 commemorative coins. The rise in the spot price of silver and other associated costs was cited as the reason for the price hikes, which will take effect on July 9."
Several things could be going on...
* Supply and demand
* Geopolitical events
* Currency values
* Silver production
Each of these issues are currently going on at this time, but I am aware that the demand for local currencies are on the rise. These new demands for local currencies will begin influencing the metal markets.
Hopefully the demand for the new currencies going on around the world is creating the bulk of this change, but all of them would be correct at this time.
Futures contract prices are often based on the spot price of a commodity as a starting point. Because of the four issues named above, price determinations are often based inside a future contract to meet the needs of increasing prices to meet those demands. The end result is an increase in the value of a commodity you hold.
© Goldilocks
https://www.coinnews.net/2024/07/02/u-s-mint-announces-silver-product-price-hikes-morgan-and-peace-dollars-included/
Weekend News with MarkZ. 07/06/2024
"NOTES OF THE LEA'S NEWS NUGGETS TODAY" FROM RVHIGHLIGHT TELEGRAM ROOM, 6 JULY
I listened to Lea’s News Nuggets today .
Some of my notes may be duplicate of others notes.
1. Iraq gives disclosure tonight or tomorrow on paper. info on Iraq rate & budget was released last Sat digitally.
2. Iraq is moving and cannot stop movement now.
3. Tues a week ago bond $ started, Mon this week bonds were funded.
4. they want RV money to be pd in new money not fiat.
5. 7/4 soft disclosure of USTN and Nasara. (May be called something else)
6. if disclosure happens we could have notifications by Mon & appts soon after
7. soon as Nasara announced, Joe is gone.
8. after this holiday weekend we s/b able to see the light of our new world
9. banks closed 3 days Thurs, Sat & Sun
10. RV banks have been on 1 hr call for 2 weeks now.
11. 7/1 our R&R was loaded on our QFS to pay out w/ we RV.
12. If not doing RV, the public w/b instructed during the EBS how to get R&R. Basically w/ QFS set up they will have access to money.
13. watch for a heart attack as a marker. If Pope goes down it’s a marker the banking system goes down because he represented Vatican Bank
14. highly recommend to stay away from large crowds due to FF.
https://operationdisclosureof...
Al-Sudani: Our country has natural and human resources and assets, some of which have not been invested to this day.
Prime Minister Mohammed Shia al-Sudani confirmed, today, Thursday, that Iraq has the highest growth rate in the region, while pointing out the necessity for the government sector to perform its duties.
The Prime Minister’s Media Office said in a statement received by the Iraqi News Agency (INA), “Prime Minister Mohammed Shia Al-Sudani sponsored, today, Thursday, the annual celebration of the National Job Day, which was held at the government palace in the capital, Baghdad, where 50 distinguished employees in various fields were honored, who were chosen by specialized committees; For their excellence in job performance.”
Al-Sudani praised “the distinguished employees who worked hard and deserved distinction,” stressing that “this selection of male and female employees proves the strength of the Iraqi and the principles, confidence, and positive energy he carries.”
He added, “The martyr who sacrificed himself for Iraq and the Iraqis remains the first distinguished person,” praising “the initiative to honor distinguished employees.”
He appreciated “the efforts of the concerned committee and everyone who contributed to this initiative, which confirms the ability of employees in the public sector and negates the negative image of them, as it highlights the loyal, efficient, productive and honest employee,” noting “the presence of other numbers of distinguished employees who perform their duties with dedication and high efficiency.”
The Prime Minister referred to “the stories of distinguished employees that are worthy of consideration and enhance confidence in government employees, especially since some of them were able to transform the difficult circumstances and challenges they are experiencing into success, distinction and dedication in the public service they provide to citizens,” indicating that “one of the people of determination achieved excellence over his colleagues in programming, as well as the insightful student in Shatra who excelled and overcame her health conditions, which is a case of creativity that we have the right to be proud of.”
He touched on “the pivotal and essential role of the public sector in building the country, and its implementation of the government’s program and priorities, in addition to its importance in improving the country’s reality in all areas, as Iraq is witnessing the highest growth rate in the region, and the government sector must perform its duties in this regard,” stressing that “the government has made significant progress in less than two years in working and addressing challenges in all areas, as our country possesses natural and human resources, capabilities, and resources, some of which have not been invested to this day.” link
"RV UPDATE" BY TEXAS SNAKE, 6 JULY
TEXAS SNAKE
Well folks it's not like we haven't heard this before but, I just got off a call from Hong Kong, London, NYC, Reno, and me.
They are indicating that certain bond holder groups are having funds disbursed to paymasters over this weekend and that we as currency holders should remain vigilante for notifications this coming week.
An FYI only as banker has not suggested same.
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TEXAS SNAKE
Texas Snake, [07/03/2024, 8:33:10 p. m.]
No guarantees but the latest from the banker is the skuttlebutt from above him is certain bond groups will be notified over this weekend and should that occur the currency notices will go out next Tuesday or Wednesday with appointment scheduling afterwards with exchanging beginning the week of the 15th of July.
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TEXAS SNAKE
Well one item that was confirmed during the call is that there were hundreds of ATM machines positioned all over the city and loaded with new lower denomination notes. They anticipate this weekend or during the Holy Week celebration.
Well folks there appears to be some degree of validity to this as I just heard from the UK banker putting me on alert.
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Sat. 29 June 2024 Texas Snake
“I have nothing to confirm the hour we will be notified about appointments to exchange or the dollar value of same, I do know the banker has had his staff on a one hour call to report to their assigned locations once the release has become authorized for the past three days, and that the rate in country was published in the Gazette today Sat. 29 June 2024. So folks we are extremely close. GOD Bless.”
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TEXAS SNAKE
As most know our Saturday is Iraq's Sunday. The new Budget was included in the latest Gazette but the rate was not given. I now have it from 3 different sources that Iraq is planning a nationwide celebration for this Sunday.
There are many foreign dignitaries in country for the party and the rate will be announced and the new ATM's with the new currency will be opened. So this is my hoped for announcement for tomorrow. GOD Bless.....
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Just an FYI but I closed the room after the comments about Gurus and MarkZ, this room is for my connections with major international bankers and NYSE upper management as well as a WF banker involved with actual exchange centers his bank has prepared to do actual monetary exchanges of currencies.
I plan on advising once the exchange platform is about to begin so we will have an advance alert.
https://dinarevaluation.blogspot.com/2024/06/rv-update-by-texas-snake-via-telegram.html
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