3 LTRS ARE BACK AT IT AGAIN... EXPECTING SOME "IMMEDIATE ACTION" IN 24 HOURS! TIME WILL TELL...I'M EXPECTING THE "REST" OF MY MIRACLE...TUESDAY NITE NOW!
[via Babysmom]
...BANKS EXPECTING TO SEE RATES LIVE AFTER FOREX OPENS AT 5:00 P.M. EASTERN...
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PAST POSTS OF RAYREN98
"ACROSS THE POND" FOLKS ARE CLAIMING WTO ASCENSION & AN INTERNATIONAL CURRENCY. SOME 3-LTRS ARE STARTING TO CONFIRM AND ACKNOWLEDGE. TIME WILL TELL
SO, SOME AGREEMENTS WERE MET LAST NIGHT....LET'S SEE WHERE THAT TAKES US FOR LATER TODAY?
[via Babysmom] "EAST COAST BANK CONTACTS ARE "VERY EXCITED" AND ANTICIPATE INITIATING EXCHANGES EITHER LATE TONIGHT OR EARLY IN THE MORNING. TIME WILL TELL...
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EVEN THOUGH I DON'T SEE IT YET...THEY ARE TELLING US "IT'S DONE"...THIS HERE "RIDE" IS FINALLY COMING TO AN END...HOPEFULLY TODAY.
[via Vinterv] 3 LTR'S [3 LETTER AGENCIES] ARE ON A 24-HOUR WATCH...
♪♫•*¨*•.¸¸❤¸¸.•*¨•*♫♪ I'm so excited, and I just can't hide it. I know, I know, I know I see a RATE CHANGE! A SHO-NUFF "RATE CHANGE" ! ♪♫•*¨*•.¸¸❤¸¸.•*¨•*♫♪ Sooner THAN later ♫♪♫♪♫ I GOT A FEELIN ...TONIGHT'S GONNA BE A GOOD NIGHT ♫♪♫♪♫ times 3...
GOOD SOURCES INFORM THAT THEY ARE ATTEMPTING TO PUSH IT OUT "BEFORE" THE END OF THE MONTH...
Biden extends Iraq’s national emergency for more year
Baghdad today – follow-up
U.S. President Joe Biden announced today, Monday, May 20, 2024, that Iraq’s national emergency has been extended for an additional year.
“Obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security, and the development of Iraq’s political, administrative and economic institutions continue to pose an unusual threat to Iraq’s national security and foreign policy as well,” Biden said in a letter to the U.S. Congress and published by the White House.
“Therefore, the national emergency for the stability of Iraq will continue to be in effect after May 22, 2024 for an additional year,” he explained.
Resolution 13303 on Iraq was passed in 2003 under former US President George W. Bush.
The decision means that the U.S. president has the right to issue orders for international trade, and everything related to any threat to U.S. national security, based on which former President George W. Bush, who on May 22, following the 2003 invasion of Iraq, issued an order 13303 to declare a state of national emergency in the United States.
There's a lot of interesting news but one in particular just got my attention. The conversation about floating the Iraqi dinar.If ever you wanted something to happen and for it to move in a positive way, floating the Iraqi dinar would be it since they have not re-denominated and they have not removed the zeros, if they go to a floating exchange rate and...
the world goes crazy and starts buying up a lot of Iraqi dinar and it causes the exchange rate to jump up in value really quickly
...as soon as you spot a rate you're comfortable with, man you better sell and...get rid of the dinar...This is really exciting if they decide to go that route. I just don't think they're going to do it.
Article: "A reading in the fiscal and monetary policies of the IMF report - May 2024"
This is not good, mostly because they rely so much on oil revenues and they need to develop the private sector more...Yes Iraq is taking huge leaps and bounds but...there's a lot of things that still have to be done.
Iraq is whitewashing its debt book... and fears of financial waste
Iraq closed the file of its debts owed to the International Monetary Fund and accumulated since 2003, with a total amount exceeding 8 billion dollars, through several loans that were aimed at supporting macroeconomic stability and implementing financial reforms.
According to the financial advisor to the Iraqi government, Mazhar Muhammad Salih, after 2003, the International Monetary Fund provided several loans to Iraq that were aimed at supporting economic stability and implementing financial reform processes between the years 2003 and 2021. Saleh explained, in an interview reported by the Iraqi Media Agency (INA), that Iraq obtained several financing programs from the International Monetary Fund, including emergency loans and relatively long-term financial aid.
Saleh stated that since 2003, the value of loans and financial aid granted by the International Monetary Fund to Iraq amounted to $8 billion, and was repaid in full, with a focus when granting loans on implementing programs linked to supporting macroeconomic stability and implementing the necessary financial reforms. The International Monetary Fund had previously explained that Iraq needs to gradually correct its public financial conditions, to achieve debt stability in the medium term and rebuild financial reserves.
In its statement, the Fund welcomed the strong economic recovery, low inflation in Iraq, and the improvement in local conditions that led to the implementation of the first three-year budget, stressing the necessity of sound economic policies and structural reforms in Iraq to secure public finances and debts, given the regional conflicts that may affect oil prices.
At the end of last year, 2023, the International Monetary Fund stated that Iraq's economy relies heavily on oil revenues, and needs radical structural reforms to diversify sources of income and achieve sustainable growth.
Financial waste
In this context, the financial expert, Rashid Al-Saadi, said that financial waste in Iraqi state institutions exceeds 40 billion dollars annually, and that Iraq is capable of addressing this serious problem by drawing up a sound monetary economic policy and reducing levels of financial waste. Al-Saadi added to Al-Arabi Al-Jadeed that Iraq was one of the founding countries of the International Monetary Fund in 1944, and has a strong position in the international financial system, due to its high confidence that enables it to achieve its economic policies and provides sustainable development opportunities.
He pointed out that the International Monetary Fund's decision not to provide Iraq with development loans comes because of the Fund's policy, which requires granting debts for the purpose of achieving sustainable development projects and not in order to pay salaries and the deficit in the state budget. Al-Saadi stated that the IMF stressed greatly the importance of Iraq’s move to rationalize its cash consumption, work to achieve new resources, and invest its natural and human resources to achieve the optimal financial output away from the financial waste occurring in state institutions.
He stressed that there are more than 100,000 employees who receive salaries without any work or production, in addition to the presence of approximately 150,000 employees who receive more than one salary, in addition to the great waste in the expenses of the government and its higher institutions. He stated that the financial waste in salaries and expenses holds the state budget at more than 40 billion dollars annually, which is a dangerous percentage that leads to significant slackness and a dangerous increase in the volume of expenditures, stressing the importance of reducing surplus expenditures and working to diversify the sources of national income for the Iraqi state.
Loan burden
The economic researcher, Ahmed Sabah, said that Iraq tried to improve its relationship with the International Monetary Fund after 2003 through the Paris Club Agreement and the resulting decisions in order to extinguish the debts incurred by Iraq before its invasion in 2003, which were estimated at around 100 billion dollars, and which passed Several stages ended in 2008.
Sabah added to Al-Arabi Al-Jadeed that Iraq bore the burden of new loans at the beginning of 2014, which witnessed a rise in government expenditures on the battles to regain control of the areas that fell under the control of ISIS, and the financial problems that befell the state and a large deficit in the balance of payments. Which prompted him to request a loan from the International Monetary Fund worth $5.34 billion to meet his financial obligations.
Sabah stressed that Iraq did not sever its relationship with the International Monetary Fund, but rather the economic policy currently followed has caused the Fund to lose its confidence in it, due to the large waste of money in Iraq and the high volume of unjustified spending far from production and the multiplicity of means of national income. He stated that Iraq's economy is unstable and suffers from many fluctuations due to its total dependence on oil revenues, in addition to the state's poor economic management and its weak production performance.
Sabah stated that any decline in global oil prices will cost Iraq a lot, increase the deficit rate and raise the levels of economic risk that will result in Iraq’s bankruptcy and its reaching dangerous stages. He stressed the importance of improving Iraq's financial situation and strengthening its economic relations with international financial organizations and bodies to raise the level of confidence and confront economic crises. link
We know that the budget has passed with $162 billion. It was $153 B last year...There is plenty in the news showing us it is passed…but I have yet to find where they are covering a budget shortfall with a rate...I was told to expect something within days of it being passed.
Comment:
Its interesting they are saying billions and not trillions for their budget totals. They must have a rate hike? Right? MarkZ: You are getting it. We are just trying to piece together “what is that rate?”
Most of what I am getting is that rates should be resettled on Wednesday.
But I don’t know what that means for us timing wise. This actually makes sense to me because of where the sources are from and their connections ...in Iraq they are not releasing the specifics of the 2024 budget that they approved and announced yesterday. I want to know if there is a rate in there.