Bond Lady's Corner 9-14-16
News & Comments with tlm724 & Shredd
Tlm724: High: Abadi failed
Last updated: September 14, 2016 - 12:28
Baghdad / Iraq News Network questioned the head of Civic Democratic Alliance on high, Wednesday, seriously, Prime Minister Haider al-Abadi in the implementation of reforms, as he pointed to the existence of "pressure" exerted on Abadi by the "allies" in the coalition Aloutna.oukal high in a press statement today:
"the seriousness of al-Abadi in the further implementation of the reform program is questionable, given the way considered as head of the Council of Ministers to resolve and settle out of the predicament of the third mandate," pointing out that "Abadi leadership of the ruling party and is subject to pressure from his allies in the National Alliance."
He added high that " Abadi has no serious strength and support him on the security side, and therefore the ability to get rid of the sectarian quota system inoperative items,
"noting that" powerful forces managed to force him to return to the contexts of quotas by choosing positions in state institutions and then succeeded in stopping gradually move reforms program and ran it in parliament in April 2016 crisis and the paralysis of the legislative and executive branches. "
Shredd The quota system has got to go and if that means Abadi goes, then so be it imo.
Geofitness Shredd, does the B- rating concern you about our investment? And does the rating have to improve to have the significant increase we're looking for?
Shredd Not at all. Increasing the rating will take significant time and impacts the interest paid on sovereign loans. That said, because of the tremendous support Iraq continues to get, such as the soft loans, this is not having much of an impact.
Tlm724: Thank you Shredd. I think it's a good rating and that rating is appropriate for Iraq given the current circumstances. There was an article posted by ikea on the subject of the Finch ratings. I'll link you to the whole article on Reuters but would like to show a few key quotes since we're on the subject :
" Iraq and the IMF agreed a stand-by arrangement (SBA) in July 2016, which entails USD5.34bn of funding over three years. The funding is front-loaded, providing USD1.9bn between July and end-2016. Performance criteria under the SBA seem broadly realistic, but implementing earmarked structural reforms is likely to prove more difficult.
Risks attached to the programme are high, but the Iraqi government has a strong incentive to adhere to the SBA. In 2016 the IMF programmes for a deficit of IQD26trn (USD22bn) for Iraq. "
Tlm724: Money is the incentive and Iraq will do whatever is needed to keep those funds moving and comply with the SBA.
"RATING SENSITIVITIES The main factors that could, individually or collectively, lead to a downgrade are:
-Evidence of stress in financing fiscal shortfalls.
-Further deterioration in the country's security, particularly if insecurity spreads to new geographical areas or hinders oil production or exports.
The main factors that could, individually or collectively, lead to positive rating action are:
-A sustained period of oil prices higher than our current forecasts, particularly if combined with higher oil production and exports and leading to an improvement in Iraq's public and external finances.
-A fundamental improvement in the country's security that allows for stronger non-oil economic development. KEY ASSUMPTIONS Fitch forecasts Brent crude to average USD42/b in 2016, USD45/b in 2017 and USD55/b in 2018.
We assume that Iraqi oil sells at a consistent discount to Brent. Fitch forecasts Iraqi oil exports (excluding exports from the Kurdish region) to average 3.3m b/d in 2016-17.
Fitch does not incorporate into its fiscal numbers an oil-sharing agreement between the central government and the Kurdish Regional Government, given the patchy track record for implementing this agreement."
Tlm724: Finch is showing us that they are indeed flexible with this rating and it's essentially up to Iraq to make the needed improvements as mentioned above. Security is improving with the march on to Mosul.
IF they actually reach a firm and implemented agreement with the Kurds with full participation from both sides this will increase their rating also. This article indicates that the outlook is negative but I disagree ! All in all Iraq is on the right track.
No one ever said it would be easy given the amount of work to be done ie: Banks and GOI reform, fighting corruption and terrorism. Iraq has a full plate but with each new phase we get closer !!
Fitch Affirms Iraq at 'B-'; Outlook Negative
TETELESTAI | 1-800 Numbers
This is where the 800#'s will be listed which will be included in the TETELESTAI post once published.
(Note: The TETELESTAI post is the official "Go" for redemption/exchange. Despite Yosef's departure, it will still be sent out for publication when the time comes.)
Guest Posting Now Available
Dinar Chronicles is now allowing viewers to guest post. If you wish to speak your mind and write a post/article about the current situation relating to Iraq, the RV, the GCR and so on. You may now send in an entry.
All you need to do is send your entry to KillerZetzz.email@example.com with these following rules.
The subject of your email entry should be: "(Title of your post)" - Guest Post by (name) OR Anonymous Guest Post
- Proper grammar
- No foul language (not strictly followed)
- No bashing of others
- Solely write intel, rumors, news, thoughts regarding Dinarland, Iraq, the RV, the GCR and anything that is relating
- Your signature/name/username at the end
If your guest post fails to send to the above email address due to a "captcha" error -- that means the daily limit has not reset yet. It resets every 24 hours. If this is the case then please send it to UniversalOm432Hz@gmail.com so that it will be posted manually.
Send your entry and speak out today!
Wednesday, September 14, 2016
We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."
All rights reserved go to their respective holders. We do not own the intellectual property shown on this website, the respective holders own that privilege unless stated otherwise.
We do not endorse any opinions expressed on the Dinar Chronicles website. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on Dinar Chronicles.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not intend to and are not providing financial, legal, tax, political or any other advice to any reader of the website. This website is...Read More