Iraqi Dinar update for 01/19/24 - Liberating the Iraqi dinar by PIMPY

Iraq’s internal and external debt, is it in a stable classification?, 20 JAN

Iraqs internal and external debt is it in a stable classificationThe financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected that Iraq’s external debt until the year 2028 would not exceed the barrier of 21 billion dollars, stressing that the country’s creditworthiness is at a high degree of sobriety and reliability, according to which Iraq is placed in a stable classification, while he pointed out that the accumulation of… The debt came as a result of the national economy being exposed to two shocks.

Despite the accumulation of internal and external debts, the Parliamentary Finance Committee reassured that there would be no financial deficit in the country’s budget for the current year 2024, while specialists in economic affairs expressed their fear of the continued fluctuation of oil prices, hinting at the possibility of public revenues being affected in the event of a decline in oil prices. Black gold globally.

Saleh stated that, in my estimation, the external debt that must be repaid until the year 2028 does not exceed the barrier of 21 billion dollars, indicating that the repayment mechanism is subject to the actual current or ongoing allocations allocated in the federal general budget on an annual basis to pay the debt dues, according to the official Al-Sabah newspaper.

The government advisor explained that Iraq’s credit record, or creditworthiness, stands at a high degree of sobriety and reliability, according to which international credit rating companies have placed Iraq at rank B of the stable category over the past ten years, due to its high financial worthiness and commitment to paying its debt services. On an ongoing basis.”

Saleh calculated, during a previous press statement, the size of the country’s internal debt, while confirming

that the Iraqi economy was exposed to two shocks. He continued, “The internal public debt in Iraq is estimated at approximately 55 billion dollars, indicating that the accumulation of this debt came as a result of two shocks to which the economy was exposed.” The country between the years 2014 – 2021.

He added that the first shock was financial and security, following the country’s exposure to the threat of ISIS terrorist gangs, in addition to the war in which Iraq won against ISIS terrorism, which then required financing the budget deficit, due to the increase in military expenditures and the decline in oil prices. Saleh

pointed out that the second shock, which was healthy financial, was the result of the Corona pandemic crisis and the decline in oil price revenues at the same time due to the sharp cycle of oil assets and the loss of a barrel of oil in both shocks of approximately 40% of its estimated revenues as revenues for the general budget,” noting that this This prompted the financial authority in Iraq to borrow from the government banking market, mostly by issuing treasury bonds or annual treasury transfers that carry an average interest of about 3%.

The advisor noted that the internal public debt was traded exclusively within the government financial system, without intervention in the banking market except in a very limited manner, meaning that the internal debt, with its tools represented by bonds and treasury transfers, is traded at a rate of 95% exclusively within the government financial agencies.

In the midst of this, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expected that there would be no financial deficit in the budget for the current year 2024, indicating that the government will submit amendments to the table of amounts, and these amendments are in the process of being completed and sent to the Finance Committee and will be studied there, approved by Parliament, and on its way to implementation.

Al-Kadhimi pointed out that last year’s budget, 2023, did not suffer from a deficit, but the current year’s budget, 2024, will not have a financial deficit, especially since oil prices are constantly increasing.

Contrary to the previous opinion, economic affairs specialist, Ali Al-Defafi, believes that the worsening situation in the region may lead to a delay in the arrival of oil supplies to consuming countries, and thus a decline in the financial revenues of some producing countries, expecting average oil prices to be stable between -75%. $80 for the current year.

Al-Diffai stressed the need to exploit the financial abundance achieved as a result of the increase in oil prices over the past two years, in establishing strategic projects and working to support the productive aspects that can contribute to supplementing the country’s financial budgets, especially the agricultural and industrial sectors, praising, at the same time, the government’s economic moves in Supporting the private sector, which will contribute during the coming period to reviving many local industries that could block the way for imported products.

burathanews.com

""WE ARE WATCHING HISTORY IN THE MAKING" BY MILITIAMAN, 20 JAN

 Militia Man

  Article:  "The International Monetary Fund welcomes Iraq's accession to a program that supports economic reforms"

  Quote:  "Thursday...the International Monetary Fund welcomed Iraq’s accession to a non-financing program to support economic reforms"  After decades of involvement...the specificity of many things are likely to be known by the IMF,

exchange rate regimes be sure.  For Iraq to be moving forward with all reforms ...in that there is no financing needed should  be eye opening for everyone. How does non-financing work with the IQD at 1,310 IQD to 1 USD for to pay for projects and commodities? 

It has not ever while with an IQD exchange rate of $.0006 or even $.0007 to the dollar. So why would it be any different now? It clearly wouldn't.

The fun part is we are watching history in the making...Saudi Arabia strongly supports  Iraq's ascension to the World Trade Organization...They've basically said Iraq has completed everything needed to be done.   Everything is just shy of announcing they have WTO ascension.  

A Conversation With Mohammed Shyaa Al Sudani, Prime Minister of Iraq | D...

Al-Sudani: Our position is clear and we will not hesitate to take all necessary measures to protect our sovereignty, 20 JAN

Al-Sudani: Our position is clear and we will not hesitate to take all necessary measures to protect our sovereignty

Prime Minister Muhammad Shiaa Al-Sudani stressed today, Friday, that the government will not hesitate to take all necessary measures to protect the country’s sovereignty.

The Prime Minister stated, in an interview conducted with Bloomberg Agency, followed by NRT Arabia, that “no single party, whether external or internal, can take away the rights of the Iraqi government and its role in extending its security,” adding: “Our position is clear, and we will not hesitate to take all measures.” The necessary measures to protect our sovereignty.

Al-Sudani added, saying: “So far there is no problem regarding the production and export of Iraqi oil,” noting that “events are continuing in this sensitive site, which constitutes more than 30% of the world’s energy supplies.”

He said, “It is certain that the current conditions are worrying for both exporters and importers,” warning that “prolonging this war in Gaza and the West Bank will lead to expanding the circle of conflict, and this is what happened.”

He confirmed his position, saying: “We do not have a problem with the Turkish side. They have shown willingness, but there is a problem with the oil producing companies in the Kurdistan region,” explaining that “the dispute between Baghdad and Erbil revolves around the problem of the cost of producing barrels.”

Al-Sudani pointed out, “Iraq is an active member of OPEC, and we make decisions in OPEC through discussions and understandings,” noting, “The government’s plan is to rely on what gas we have, whether that is associated with oil or natural gas.”

He added, “We plan within 3-5 years to provide for our gas needs and reach a stage where we do not burn gas,” adding: “We have allocated $4 billion for gas imports, and once they reach self-sufficiency, this amount will be allocated to other projects.”

nrttv.com

"RV UPDATE: " JUST BE PATIENT, THE RI IS COMING" BY MNT GOAT, 20 JAN

 MNT GOAT

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 early part of the new year. There is 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.

  ...in my conversation with my CBI contact on my Wednesday call...We...talked about...the monetary reform and where it stood. I was told it would take some time, maybe weeks or months even for the currency swaps to take the needed effect in leveling out the parallel black market rate for the dollar. But my contact seemed very optimistic that the plan now in place could move this rate quicker than expected even. But I was warned not to expect instant success as there is still a period of monitoring it for wide swings, in other words it needs to be stable...We can see that there has been more progress towards currency reform in the last 12 months than in the twenty years combined.

There is much prosperity and abundance coming our way this new year. Let’s all just be patient and stay calm. 

 Article:  "SUDANESE ADVISOR: EXCHANGE RATES WILL REACH 135 THOUSAND PER 100 DOLLARS
SOON"  If this really does happen we will be in great shape to see the one more program rate change we have been waiting for. But remember they will probably wait and monitor the rate to ensure it is first stable, How long we don’t know.  But this is fantastic news today.

https://dinarevaluation.blogspot.com/2024/01/rv-update-by-mnt-goat-13-jan.html

Mnt Goat 

  Article:  "SUDANESE ADVISOR: EXCHANGE RATES WILL REACH 135 THOUSAND PER 100 DOLLARS

SOON"  If this really does happen we will be in great shape to see the one more program rate change we have been waiting for. But remember they will probably wait and monitor the rate to ensure it is first stable, How long we don’t know.  But this is fantastic news today.

I believe we will not get out of January without seeing the project to delete the zeros and my CBI contact ...gave me assurances that this could be the case. Keep our fingers crossed nothing else interferes in the process.

 I am told they fully intend to have this parallel market on target and under control within January...if they can accomplish this target, we know what their next move will be... We don’t need to speculate...We know as a FACT

https://dinarevaluation.blogspot.com/2024/01/rv-update-by-mnt-goat-10-jan_01633032198.html

https://dinarevaluation.blogspot.com/2024/01/rv-update-by-mnt-goat-15-jan.html

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