IMF Staff Concludes Staff Visit with Iraq, 19 DEC

IMF Staff Concludes Staff Visit with Iraq

December 19, 2023

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

 

• Economic activity is recovering, although oil production cuts are weighing on overall growth, and at the same time inflation has declined.
• The large fiscal expansion in the three-year budget law poses significant risks to fiscal and external sustainability over the medium term.
• Fiscal prudence and structural reforms are critical to safeguard macroeconomic stability, ensure sustainability, and achieve durable and more inclusive growth.

Washington, DC: A staff team of the International Monetary Fund (IMF) led by Jean-Guillaume Poulain met with the Iraqi authorities in Amman, Jordan during Dec 12-17 to discuss recent economic developments and outlook as well as policy plans.

At the end of the mission, Mr. Poulain issued the following statement:

“Against the background of a large fiscal expansion, non-oil GDP is expected to grow by 5 percent in 2023. Continued budget execution should help sustain strong non-oil growth in 2024. However, lower oil production, following the closure of the Iraq-Turkey pipeline and OPEC+ production cuts, will reduce overall GDP growth in 2023 and 2024. Inflation has declined from its January peak and is projected to stabilize in the coming months—helped by the Central Bank of Iraq’s (CBI) tighter monetary policy, passthrough from the exchange rate revaluation, lower international food prices, and normalization of trade finance as compliance to the new anti-money laundering/combating the financing of terrorism (AML/CFT) [GM1] framework improved.

“The three-year budget approved in June 2023 marked a shift in Iraq’s budgeting practice, envisaged to improve fiscal planning and continue important development projects over the medium term. Despite a late start of budget implementation, the fiscal balance is expected to shift from a large surplus in 2022 to a deficit in 2023. Staff projects that the deficit would widen further in 2024 reflecting the full year impact of recent measures. The large fiscal expansion, including a substantial increase in public hiring and pensions creates permanent spending that will put pressure on public finances over the medium term.

“Ensuring fiscal sustainability, in context of uncertain outlook for oil prices, requires gradually tightening the fiscal policy stance while safeguarding critical infrastructure and social spending needs. This would require mobilizing additional non-oil revenues, containing the large government wage bill, and reforming the pension system. These measures should be supported by moving toward a more targeted social safety net that better protects the vulnerable.

“The mission welcomed the government’s plans to strengthen public financial management including steps towards the establishment of the Treasury Single Account. In this context, the mission reiterated the importance of adhering to the framework for managing government guarantees.

“The CBI has appropriately tightened its monetary policy, including by increasing its policy rate and reserve requirement. The mission welcomed the progress in strengthening the domestic liquidity management framework and encouraged continued efforts to mop up excess liquidity and develop an interbank market to strengthen monetary policy transmission.

“Structural reforms to spur private sector led economic diversification and job creation remains pivotal for sustainable and inclusive growth. Priorities include creating a level playing field for the private sector through banking and electricity sector reforms, reducing distortions in the labor market, and continuing efforts to enhance governance and reduce corruption.

“The IMF staff team stands ready to support the authorities in their reform efforts and would like to thank them for candid and productive discussions during this mission.”

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[GM1] Please spell out

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: MAYADA GHAZALA

PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2023/12/18/pr23462-iraq-imf-staff-concludes-staff-visit?cid=em-COM-123-47669&fbclid=IwAR3YZpUb2Z37XvP6i71LtWG4cBVx8DazD1KxwtSsxwuKZVIA_ht9kRLRcR4

Iraqi Minister of Finance: Economic recovery is underway amid the return of commercial financing to normal, 19 DEC

 Iraqi Minister of Finance: Economic recovery is underway amid the return of commercial financing to normal

2023-12-18 04:04

Iraqi Minister of Finance - Economic recovery is underway amid the return of commercial financing to normalShafaq News/ Minister of Finance, Taif Sami Muhammad, said on Monday that economic recovery is underway in the country amid the return of commercial financing to normal.

This came during his participation, along with a delegation of advanced staff in the Ministry of Finance, and a number of representatives of ministries and the Central Bank of Iraq, in the meetings of the International Monetary Fund expert visiting mission held in the Kingdom of Jordan for the period from 14-17/12/2023.

The meeting discussed priorities for correcting public finances through structural reforms, represented by encouraging foreign trade payments to commercial banks and reducing reliance on cash, in addition to expanding the use of point-of-sale devices and electronic payments, and accelerating the completion of the restructuring of government banks.

On the other hand, the meeting discussed the actual expenses and revenues until September 2023, the expected ones for the end of this year, and spending ceilings for the year 2024, in addition to the appointments file contained in Budget Law No. (13) of 2023, financial reforms, bank structuring, customs and tax automation, the unified treasury account, and the comprehensive banking system. Implementing the POS electronic payment system for the purpose of maximizing revenues.

Support for funds for which allocations were made in the general budget was also discussed, in addition to structural reforms to support private sector development, increase job opportunities, reforms to the retirement system, the social protection network, higher revenues and exports, higher economic growth, banking and electricity sector reforms, strengthening governance and reducing… From corruption

The meeting also touched on the role of the Central Bank of Iraq in tightening monetary policy appropriately with the aim of alleviating inflationary pressures by continuing to enhance liquidity management.

A statement issued by the Iraqi Ministry of Finance stated that the Central Bank has made good progress in implementing technical assistance recommendations for managing local liquidity and bridging the time gap between auctions of bank instruments to ensure continuity of liquidity absorption.

Minister Taif said during the meeting that economic recovery is underway amid the return of commercial financing to normal and the large financial expansion, maintaining economic stability and the importance of coordination between monetary and financial policy and ensuring the sustainability of the need to gradually renew financial policy while maintaining spending on the necessary infrastructure and social spending needs and controlling… Wage bill and increased non-oil tax revenues.

shafaq.com

"LET'S KEEP OUR CHRISTMAS DREAM ALIVE" BY MNT GOAT 19 DEC

MNT GOAT

The saga about the Iraqi dinar RV has only gets gotten better as the months roll on.  There are rumors and bank stories galor floating aroud the dinar community. These so-called intel gurus told their listener it had to RV by the end of September, then September turned to October and October to November. Now they tell their listeners we have to wait for the budget and then the next day it changes to waiting for the elections to conclude. All of these rumors are just from idiots trying to get you on their calls or sites to make money from their sponsors. So, if you are a Mnt Goat fan you are much, much more informed and ahead in your knowledge of what is taking place. Please don’t doubt yourself and believe all this other nonsense.

So, how long will us investors in the IQD have to wait before Iraq is allowed to liberate its own currency? Why do I say “now is the time”?

• We know they are completely out of Chapter VII sanctions since December 2022, and so why not treat them as such?

• We know they want the Iraq funds (nearly USD 115+ billion) released from the NY banks and put in their custody to do what they want with it. They are tired of being bullied by the U.S. with their own money.

• We know they have plans for yet more Sovereign Funds to invest their reserves.

• We know they are making agreements now for “currency swaps” for trade with Iran, China, Turkey, Kuwait, Emirates, and many EU countries as Iraq will no longer be using any US dollars in Iraq as of January 1st 2024.

• We know that the IMF is now working on the final stages of pulling together agreements to build a new basket of six (6) currencies to re-peg the IQD.

• We know since January they have undertaken a massive “de-dollarization” program and told it should have taken 6 years but they decided to do it in 1 year (2023). Why such a hurry?
• We know the value of the IQD right now does exceed even pre-1991 era but still at 1/6 of a penny?

• We know Iraq now pumps 2/3 more oil than in pre-1991 era.

• Iraq also has announced 132+ tons of GOLD reserves.

• We know they are pushing this year alone, more than any other year since 2005, for the passing of Oil and Gas law. Why?

• We know for a FACT that it is the U.S. through the Treasury Dept. direction that will NOT give sign-off to allow the reinstatement. Why?

• Finally, the CBI has told us many times already that January is the most opportune time to reinstate for accounting purposes, since it begins their new FISCAL year.

Just be patient, the reinstatement is coming and I firmly believe from what we now know there is a very strong likelihood we NOT are going to be at the banks in early 2024 but there is still strong hope for the early part of the new year. There are no guarantees and so no one really knows a date when the event will occur. Let’s just follow the FACTS and see where they lead us…okay? Iraq is full of surprises and so anything is possible.

Let’s keep our Christmas dream alive!

MNT GOAT

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

POSSIBLE IRAQI DINAR REVALUATION 36-48 HOURS?!?!?!? | What Do You Think????

"RV UPDATE" BY MARKZ, 19 DEC

 MarkZ

The rumors are through the roof. From Iraq especially…that they have expectations for the next 48 hours and before the 20th.  I do not know if it will happen on the 20th…but I do feel it will happen within the next few weeks. Banking contacts are all looking at the next 36/48 hours…  We really are close...let's see what happens. But everyone stay grounded. You all know it’s inevitable. It’s a “when” and not an “if”...

 A caller asked Markz where he will be “Wednesday when the notifications come out.”  MarkZ replied: “Put it this way… because I think there is a great chance of that, I made certain to book a flight with Internet just so I can go Live no matter where, may be choppy but will be there. …..

“We are close since Iraq is supposed to start spending the last 80% of their budget on Wed. 20 Dec. and the chatter is very loud right now about fines, interest and penalties and adjudicated settlements getting ready to be paid out possibly on Tues. 19 Dec. I’m getting updates from government sources across the World, plus my bank sources, who all agree that everything has been released and the amount of currency rates have been agreed to and has been shared with various countries. I hear more and more contacts from different nations say that they now have the “GO”. We don’t know the timing. They appear to have been releasing the countries one by one. The IQD is on Forex as a tradable currency.”

President Barzani calls for Kurdistan to be a model of coexistence, 19 DEC

 President Barzani calls for Kurdistan to be a model of coexistence

Shafaq News/ The President of Iraq's Kurdistan, Nechirvan Barzani, on Sunday called for the region to become a beacon of coexistence and a model of tolerance to be emulated by the people of the Middle East and the world. 

Barzani made those remarks in a speech he delivered during a ceremony held at the Kurdistan Regional Government headquarters to celebrate the Kurdistan Flag Day. 

The President congratulated all Kurds, Kurdistan, and the Peshmerga forces on the occasion, which he described as "blessed". 

"The Kurdistan flag is a colorful painting drawn with the blood of martyrs, the will of the fighters, and the coexistence of all those who consider Kurdistan their home," Barzani said. 

He went on to discuss the colors of the flag, saying, "let the colors of our flag awaken the noble desires and values in our souls. The white color symbolizes justice, peace, and coexistence, the green color symbolizes life and its continuation and the struggle, the red color symbolizes steadfastness, struggle, the sanctity of the blood of martyrs, and the path to the freedom of Kurdistan, and the yellow sun that is in the center of our flag is the ray from which we derive the realization of our hopes and aspirations to achieve the right of self-determination.” 

He noted that "this flag, even though it symbolizes the one homeland, it also binds the hearts of the children of this country, one by one, wherever they are, to the Kurds and all other components." 

"Let raising the flag today renew the covenant in ourselves to overcome divisions, to respect our differences, and to build together a nation that will be the hope of all who live in Kurdistan." 

"I hope that Kurdistan will become a home of coexistence and a model of tolerance between the peoples of the region and the world," he continued. 

"Our flag is a symbol of our common aspirations, a symbol of facing challenges and overcoming obstacles, and it is a symbol of our commitment to a brighter future for all of us." 

In October 1918, near the end of World War I, Mahmud Barzanji broke away from the Ottoman Empire and established the Kurdish state. As it was initially subordinate to Britain, the polity flew the British Union Jack until it revolted in May 1919. 

In May 1919, the Kurdish State revolted against the British Empire, and adopted a crescent flag. The British Empire conquered the Kurdish state in June 1919. 

A national Kurdish flag, with a coat of arms instead of a sunburst, was adopted in 1946 by the short-lived Kurdish Republic of Mahabad. In 1992, the Iraqi Kurdistan region adopted the 21-ray sunburst design of Dr. Mehrdad Izady and Dr. Bijhan Eliasi. To this day, the sunburst design remains the National Flag of Kurdistan. 

While the National Flag of Kurdistan is recognized throughout all Kurdish regions, several other national flags are flown by various Kurdish political groups across Kurdistan. 

The format of the modern Kurdish flag, which was designed by Dr. Mehrdad Izady, and comprises of a tricolor background, and a centrally placed sun disk. The colors of the flag, from top to bottom, are red, white and green. The yellow sun disk at the center has 21 rays, equal in size and shape. Both the sun emblem and the number 21 hold religious and cultural importance in the native Kurdish Yazdani religious traditions.

https://shafaq.com/en/Kurdistan/President-Barzani-calls-for-Kurdistan-to-be-a-model-of-coexistence

"RV UPDATE" BY WOLVERINE, 19 DEC

 18 Dec. Wolverine: 

“I just talked to Marecia. Everything is looking good. We are close to releasing it. We are on the verge of it happening. Take care, guys. I love you. On Sat. 16 Dec. I received a call from a very high source. All I can say is that Christmas is coming and we are going to have a very good Christmas. I had received another call last Sun. 10 Dec. that Zurich went liquid. A lot of things are happening, especially with the Admiral. It started Fri. night 8 Dec. and it’s rolling out. Everything is now in the payment phase through authorized banks. All escrow accounts of the people who will receive have been opened.”

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Wolverine:

Telegram post
12/16/23

Forwarded from Carpathia:

Here are some more notes I tried to get FROM WOLVERINE PM CALL to add to Big Skye’s great report!!! (Thank you Skye !!) trigger groups in Zurich are being paid. Trump is in reno tomorrow, something will happen tomorrow, all saying right after tomorrow, but others say on Tuesday. We have been waiting for tomorrow.

Mauricio is getting the authority to release funds, he is waiting for the light to open the floodgates. He is the #2 Guy in the RV Trump is first. Lucky to meet him. I have heard that a lot of sources say tomorrow may be the day it will happen, say it is lining up for tomorrow. I pray it comes to fruition for tomorrow.

No need to have a Humanitarian project for Tier 4B, and no obligations, but the big whales, need projects, as they will get billions of dollars, and they need projects with their money. For people like us, no project is required, but they would like us to do good things with our money. For those who planned projects for a long time, these people are in special groups to do projects, so they would be pleased that those groups have projects. Many people have been pushing humanitarian projects for years, and they have made money off of it for years, but no, no need for a project to get paid.

Skye will do a presentation in 5 minutes, but we have had no confirmation at all, but we hope she will be able to pull it off this week. It is not her fault, the alliance needs to get it confirmed and do a follow-up for it to happen. I do not understand what is going on Skye. I have heard it will be a shotgun release, which will be fantastic. I spoke to a huge whale, and this guy called me and told me “We are going to have a good Christmas” whom I cannot name. The Pentecostal group is all lined up, they sang a song I sent to you guys, where they are saying Merry Christmas and all Cheerful. I think we will have a great Christmas.

Some say the EBS, I don’t know, I prefer it to come later, as people will be afraid to go outside, I prefer it to come after the exchange, especially if people have no funds to buy food. Some people say 3 days, others say 10 days. People need money to buy essentials. In my personal view, I hope it doesn’t happen like that.

Telegram post
12/13/23

Forwarded from Wolverine:

*Good morning to all owners and beneficiaries*.

*The last step in the Redención centers* to complete the identification and training of their staff will end tonight, Wednesday, December 13.

*Notification for Tier4B ( the internet group) would be sometime on Wednesday, December 13th to start appointments on Thursday, December 14th.

There is and was a push for this to be done before Friday, December 15th.

You will receive the release documents for the accounts that are being enabled in the NUVES.

KIND REGARDS.

Blessings 

Wolverine

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-wolverine-14-dec.html

10-12-2023

I just had a meeting with two friends who work within the payment program.

Summary:

1- Nothing is left in the hands of the managers.

2- Everything is now in the payment phase through authorized banks.

3- Since yesterday, very important changes and adaptations have been made to make everything more precise, faster and safer.

4- All the escrow accounts of all the people who will receive have already been opened.

These are accounts that no administrator has access to.

Only the account holder will be able to access it.

5- An Escrow account is as if each person owned a private bank, since it works as a financial platform. (People usually don’t know what this is like yet and will need to learn.

However, it is simple and easy and you can do it using your cell phone or computer at home.

6- Now the phase of sending the CALLS to all the people called planned or contributed will begin.

This will be done via email and SMS.

This is an appointment for the person to appear at a specific bank branch to speak with the manager.

There he will sign contracts, receive a credit card and can download a certain amount to his usual account for immediate use in a conventional way.

Finally, you will receive all the instructions on what you can or cannot do with your securities.

7- All this will happen from now on.

8- But everything will be done in the utmost secrecy, if the person starts to talk, to tell, especially through social networks, whoever it is, their values ​​will be blocked with no possibility of reversing the process.

For now, that’s basically it. In reality, everything is published, the World Bank codes are received and entered into the system.

So we can say IT’S REALLY OVER!!!

Now it’s just a matter of a little more patience and that’s it.

By: Pedro S. Cru.

Now you can open your champagne, change your life drastically, and prepare to help your neighbor.

JUST REMEMBER THAT ALL THIS IS NOT BUSINESS, *IT IS A 100% HUMANITARIAN PROJECT!*

Let’s go!

https://dinarevaluation.blogspot.com/2023/12/telegram-post-by-wolverine-12-dec.html