Evening News with MarkZ. 10/27/2023

IMF implores Zimbabwe to pace up forex reforms | The Herald , 27 OCT

  IMF implores Zimbabwe to pace up forex reforms | The Herald (10/27/23)

 The International Monetary Fund (IMF) says Zimbabwe should accelerate foreign exchange market reforms by allowing more flexibility in the official exchange rate through market-driven price discovery.

It also called for the removal of exchange rate restrictions for banks, authorised dealers, and businesses, and for further minimisation of export surrender requirements after a staff visit in Harare between October 18 and 25, 2023 to discuss recent economic developments and outlook in the country.

Although the IMF mission acknowledges the authorities’ recent efforts to stabilise the foreign exchange market and reduce inflation by tightening Zimbabwe dollar liquidity conditions, the parallel forex market premium remains high at over 30 percent.

The Zimbabwe dollar closed at 5,6934 against the United States dollar at the last auction yesterday.

 “Key economic policy reforms identified in previous Article IV consultations remain paramount to fully restore macroeconomic stability,” said the IMF mission.

To mitigate liquidity pressures and re-anchor inflation expectations, it said it is imperative to comprehensively address the Reserve Bank of Zimbabwe’s quasi-fiscal operations (QFOs). These measures should be complemented with an enhanced liquidity management framework, including the use of appropriate interest-bearing instruments by the RBZ to mop up excess liquidity, the IMF mission says.

The consolidated fiscal stance, including QFOs, should be aligned with short-term stabilization objectives.

“Structural reforms aimed at improving the business climate and reducing governance vulnerabilities are key for promoting sustained and inclusive growth and would bode well for supporting Zimbabwe’s development objectives embodied in the country’s National Development Strategy 1 (2021-2025),” it added.

Sustainable development will also require resolving the debt overhang. The IMF said it would continue to provide policy advice and extensive technical assistance in revenue mobilization, expenditure control, financial supervision, debt management, economic governance, and macroeconomic statistics. However, the IMF is precluded from providing financial support to Zimbabwe due to unsustainable debt—based on the IMF’s Debt Sustainability Analysis and external arrears.

 An IMF financial arrangement will require a clear path to a comprehensive restructuring of Zimbabwe’s external debt, including clearing arrears, and a reform plan that aligns with durably restoring macroeconomic stability, enhancing inclusive growth, lowering poverty, and strengthening economic governance.

International re-engagement remains critical for debt resolution and access to financial support.

The authorities’ re-engagement efforts through the Structured Dialogue Platform are vital for attaining debt sustainability and gaining access to external financing, it says.

 It notes that Zimbabwe’s economy has continued its post-COVID recovery, but enhancing its longer-term growth potential would require strong reform efforts. Real gross domestic product is projected to grow by around 4,8 percent in 2023, supported by strong activity in the mining sector and—reflecting the beneficial impact of structural reforms—in agriculture and energy sectors.

Growth is expected to slow to 3,5 percent in 2024 due to weaker global demand for minerals and a weather-related slowdown in agriculture.

“The outcome of this staff visit will serve as a key input in the preparations for a Staff Monitored Program (SMP) and the next Article IV consultation,” says IMF.

 The IMF mission held meetings with Minister of Finance, Economic Development and Investment Promotion Professor Mthuli Ncube, his Permanent Secretary Mr. George Guvamatanga, Reserve Bank of Zimbabwe Governor Dr John Mangudya, the Deputy Chief Secretary to the President and Cabinet Mr Willard Manungo, other senior Government officials.

https://www.herald.co.zw/imf-implores-zim-to-pace-up-forex-reforms/

Iraqi armed factions claim responsibility for targeting American Base in Erbil, 27 OCT

 Iraqi armed factions claim responsibility for targeting American Base in Erbil

Shafaq News/ On Thursday, armed factions in Iraq asserted responsibility for a bombing targeting the American "Harir" base in Erbil, the capital of the Kurdistan Region. This attack is part of a series of operations these factions have been conducting in recent days.

A group called the "Islamic Resistance in Iraq" stated, "The Mujahideen of the Islamic Resistance in Iraq targeted the American occupation base adjacent to Erbil Airport, with two drones, which directly hit their targets."

The "Islamic Resistance in Iraq" expressed support for the Palestinian "Hamas" movement's Operation "Al-Aqsa Flood."

Following the bombing of Al-Baptist Hospital in the Gaza Strip, where more than 500 people were killed and hundreds wounded, the "Resistance" initiated bombing operations on US military bases in Iraq and Syria.

https://shafaq.com/en/Iraq-News/Iraqi-armed-factions-claim-responsibility-for-targeting-American-Base-in-Erbil

"RV UPDATE" BY MILITIAMAN, 27 OCT

 Militia Man 

 If you've been paying attention closely, it isn't just the oil and gas law anymore.  It's the oil, gas and natural resources law.  They're going to add more to it so the citizens are going to benefit from this...that's all the politicians too. Everybody in the country is going to benefit from it...

I'm convinced that when the time's right...they're going to use the dinar globally.  That means, you, I, Europe, everybody that has it is going to be able to use it.

On the WTO site...you'll come to the ITC (International Trade Center) help system.  Click on that...and type in Iraq...

You can see they're set up on the WTO's website.  Why that is important is because...these guys are already hooked up.  They're already set up.  They have code numbers already today at the WTO.  Even thought they're not international completely yet, they haven't published ascension, you can see though they're ready to go.  It's really phenomenal.

  Article:  "International and international pressure to approve the oil and gas law"  as soon as there is an international exchange rate in Iraq, this will be done pronto!! The world is waiting and likely not for much longer.

Iraqi Dinar🔥Ready To Going International Pressure By IQD Today 2023🔥iraq...

1st phase of Iraq-Jordan electrical connection completed, bringing power to Western al-Anbar, 27 OCT

 1st phase of Iraq-Jordan electrical connection completed, bringing power to Western al-Anbar

Shafaq News / The Ministry of Electricity's media office announced on Thursday the completion of the first phase of the electrical connection with Jordan. It noted that the electricity supply to the western al-Anbar region, specifically the Rutba area, will begin from this phase next month. The second and third phases, which will include electrical connections with Egypt, are set to be completed later.

The media office of the Minister of Electricity stated that "The Ministry of Electricity has completed the first phase of the electrical connection between Iraq and Jordan, providing the Rutba area in western al-Anbar with 50 megawatts of electrical capacity. Next month, Rutba will start receiving electricity."

"The second phase of the electrical connection project will provide western areas with an additional 350 megawatts of electricity." 

"The third phase of the project includes the completion of the electrical connection between Iraq, Jordan, and Egypt."

The office specified that "Power purchase contracts through the electrical connection have been determined according to global prices."

https://shafaq.com/en/Economy/1st-phase-of-Iraq-Jordan-electrical-connection-completed-bringing-power-to-Western-al-Anbar

Al-Sadr calls on the government and parliament to close the American embassy in Iraq, 27 OCT

 Al-Sadr calls on the government and parliament to close the American embassy in Iraq

On Friday, Muqtada al-Sadr, the leader of the Sadrist movement, called on the federal government and Parliament to close the United States Embassy in Iraq to “support” the Palestinians.

“I call on (the Iraqi government) and (the Iraqi parliament) with all its groups and orientations, for the first time and the sake of public and not private interests, to vote on closing the American embassy in Iraq because of the unlimited American support for the terrorist Zionists,” Al-Sadr stated in a post on the “X” website, formerly Twitter. Opposing Gaza.

If the resolution is put to a vote, he emphasized the necessity to “protect its (US Embassy) diplomatic personnel, and not be exposed to them by the shameless militias that want to undermine the security and safety of Iraq.”

Al-Sadr stated that if the government and Parliament do not respond, another position will be announced later.

The Shiite leader urged supporters to avoid individual action and weapon use, emphasizing obedience.

The US Embassy in Baghdad announced the departure of non-essential employees at the embassy and US Consulate in Erbil due to increasing security threats.

The Pentagon has confirmed that its forces in Iraq were targeted by 12 attacks within a week and that it will respond promptly.