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"Nice Timing" - Wed. PM KTFA Thoughts, News w/ Frank26

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Walkingstick » August 9th, 2017

General / Disruption of official hours in Iraq on Thursday because of high temperatures


Wednesday, 1438/11/17 H corresponding to 2017/08/09 SPA

The Iraqi government has called on all departments and ministries to suspend official work on Thursday due to high temperatures above their rates.

A statement by the General Secretariat for the premiership that the forecast of the Iraqi Weather Service indicates that temperatures in Iraq will be on Thursday by about 50 Celsius. http://www.spa.gov.sa/viewstory.php?newsid=1655323

URGENT: Iraqi Prime Minister Receives Official Holiday
http://www.alliraqnews.com/modules/news/article.php?storyid=64684

​JJonesmx » August 9th, 2017

4 days...mmmm that is nice timing

FreeManna » August 9th, 2017

I never thought I'd be just as happy or happier about Iraq's holidays than my own!

Kyrie79 » August 9th, 2017

A holiday for 122 degrees.... must be nice …thats why they have air conditioners and electricity

Samson » August 9th, 2017

Central Bank: 20 financial transfer companies turned into banks
http://economy-news.net/content.php?id=8654

Hope2 » August 9th, 2017

Frank said we would be seeing the articles about the banks.

Frank26 » August 9th, 2017

As well as KW and ATM and Ch7 and MORE articles that we told You are coming................. Now come to Your WEDNESDAY CC to See what else ............. Maybe coming to all. Aloha Ohana KTFA ........ \m/

DLR » August 9th, 2017

Don't be afraid to take the risk! It'll be worth it!

The greatest mistake you can make in life is to be continually fearing you will make one. – Elbert Hubbard

JJonesmx » August 9th, 2017

Hot off the press like one min.. old lol Blessings to you

Iraq : 2017 Article IV Consultation and Second Review under the Three-Year Stand-by Arrangement-and Requests for Waivers of Nonobservance and Applicability of Performance Criteria, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Iraq

Electronic Access:

Free Full text (PDF file size is 2405 KB).Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Iraq is an oil-dependent and state-dominated fragile economy that has been hit hard by the conflict with ISIS and the fall in oil prices. The conflict has hurt the economy through displacement and impoverishment of millions of people, and destruction of infrastructure and assets. The oil price decline has resulted in a massive reduction in budget revenue, pushing the fiscal deficit to an unsustainable level. The authorities are responding to the crisis with ambitious but necessary fiscal adjustment while maintaining their commitment to the exchange rate peg, which provides a key nominal anchor in a highly uncertain environment.

2017 ARTICLE IV CONSULTATION, SECOND REVIEW UNDER THE THREE-YEAR STAND-BY ARRANGEMENT, AND REQUESTS FOR WAIVERS OF NONOBSERVANCE AND APPLICABILITY OF PERFORMANCE CRITERIA, AND MODIFICATION OF PERFORMANCE CRITERIA—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR IRAQ

In the context of the 2017 Article IV Consultation and Second Review under the Three-Year Stand-by Arrangement with Iraq, the following documents have been released and are included in this package:

• A Press Release including a statement by the Chair of the Executive Board and summarizing the views of the Executive Board as expressed during its August 1, 2017 consideration.
• The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on August 1, 2017, following discussions that ended on June 4, 2017, with the officials of Iraq on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on July 25, 2017.
• An Informational Annex prepared by the IMF staff.
• A Statement by the Executive Director for Iraq.
The documents listed below have been or will be separately released.
Letter of Intent sent to the IMF by the authorities of Iraq*
Memorandum on Economic and Financial Policies by the authorities of Iraq*
Technical Memorandum of Understanding*
*Also included in Staff Report Selected Issues
The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents.

Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.org Price: $18.00 per printed copy

International Monetary Fund Washington, D.C.
August 2017

Press Release No. 17/311 FOR IMMEDIATE RELEASE August 1, 2017


IMF Executive Board Completes Second Review of Iraq’s Stand-By Arrangement and the 2017 Article IV Consultation

· The authorities are appropriately maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy.

· Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation need to be implemented.

· The authorities are implementing a sizable fiscal adjustment, mostly through retrenchment of inefficient capital expenditure while protecting social spending.

The Executive Board of the International Monetary Fund (IMF) today completed the second review of Iraq’s three-year Stand-By Arrangement (SBA), which is designed to support Iraq’s economic reform program and restore fiscal balance over the medium term. The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million.

The SDR 3.831 billion arrangement (about US$5.34 billion at the time of approval of the arrangement) was approved in July, 2016 (See Press Release No. 16/321) and the first review was completed on December 5, 2016 (See Press Release No. 16/540).

As part of the completion of the second review, the Board also approved Iraq’s request for waivers of non-observance and applicability of performance criteria, and modification of performance criteria. Further fiscal consolidation was achieved in 2016, but at a slower pace than programmed because of weak control of investment expenditure and humanitarian needs. To move the program forward, the authorities are implementing strong corrective measures as prior actions and are committed to further fiscal measures in 2018 to ensure external and debt sustainability. The Executive Board today also concluded the 2017 Article IV Consultation with Iraq. A respective press release will be issued separately. Following the Executive Board’s decision, Mr David Lipton, First Deputy Managing Director, issued the following statement:

International Monetary Fund Washington, D.C. 20431 USA

The economic policies implemented by the Iraqi authorities to deal with the shocks facing Iraq—the armed conflict with ISIS and the ensuing humanitarian crisis and the collapse in oil prices—are appropriate. In the fiscal area, the authorities are implementing a sizable fiscal adjustment, mostly through retrenchment of inefficient capital expenditure while protecting social spending. The authorities are appropriately maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy.

Performance under the Stand-By Arrangement has been weak in some key areas, but understandings have been reached on sufficient corrective actions to keep the program on track. Resolute implementation of the authorities’ program, together with strong international financial support, will be key.

Further fiscal consolidation measures are needed in 2017-18 to keep the program on track. The composition of the fiscal adjustment should be improved over time by increasing non-oil revenue and reducing current expenditure. In addition, reforming the electricity sector and state-owned enterprises will make room for larger and more effective investment expenditure that supports growth and job creation.

Significantly improving public financial management will be important. Arrears need to be assessed and paid following verification, and expenditure commitment and cash management should be strengthened to prevent the accumulation of new arrears.

Measures to bolster financial sector stability include strengthening the legal framework of the Central Bank of Iraq, restructuring state-owned banks, and eliminating an exchange restriction and a multi-currency practice. Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation also need to be implemented.

Implementation of the budget-sharing agreement with the Kurdistan Regional Government would put both the federal government and the Kurdistan Regional Government in a better position to address the shocks to the Iraqi economy.

http://www.imf.org/en/Publications/CR/Issues/2017/08/09/Iraq-2017-Article-IV-Consultation-and-Second-Review-under-the-Three-Year-Stand-by-45174?cid=em-COM-123-35751%C2%A0%C2%A0

Don961 » August 9th, 2017

Since the meeting , All of these requirements are in the news .... being worked on in one way or another to the IMF's satisfaction ....

Along With More Variances : " the Board also approved Iraq’s request for waivers of non-observance and applicability of performance criteria, and modification of performance criteria

JesusLovesBaseball » August 9th, 2017

137 pages! I guess it's worth the read lol

Page 136

Monetary, Exchange Rate and Financial Sector Policies and Reforms

9. The authorities remain committed to maintaining the peg to the U.S. dollar as the
stability of the exchange rate continues to provide a key nominal anchor to the economy in an uncertain environment. They are working actively on removing remaining exchange
restrictions and a multiple currency practice, in close cooperation with Fund staff.

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