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Iraq's letter of Intent to the IMF

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Iraq's letter of Intent to the IMF Empty Iraq's letter of Intent to the IMF

Post by great199 Fri Jan 29, 2016 4:47 pm

I mentioned last night that I found a source for some great articles that came out lately. Here it is, Iraqs letter of intent to the IMF. This should end a lot of questions for a lot of people. I know it gave me some solace. I have been looking at march 1st for a while now. I was obviously watching JAN 1 and Feb 1 but with this I am now firm nothing will happen until at least march 1.

http://www.imf.org/external/np/loi/2015/irq/122215.pdf

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Iraq's letter of Intent to the IMF Empty Re: Iraq's letter of Intent to the IMF

Post by Kevind53 Fri Jan 29, 2016 4:57 pm

Good find, but nothing here that spells RV, It does state that they will be using a value of 1180/USD for the dinar.

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 Iraq's letter of Intent to the IMF 2805820865  Iraq's letter of Intent to the IMF 2805820865  Iraq's letter of Intent to the IMF 2805820865  Iraq's letter of Intent to the IMF 2805820865
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Iraq's letter of Intent to the IMF Empty Re: Iraq's letter of Intent to the IMF

Post by TNTBS Fri Jan 29, 2016 5:01 pm

Keep hoping & following that IMF post for the next 10 yrs... Nothing will change.

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Iraq's letter of Intent to the IMF Empty Re: Iraq's letter of Intent to the IMF

Post by sensibleplease Fri Jan 29, 2016 7:44 pm

Typical misunderstanding of economic statements. Unfortunately gurus do this all the time - find "news" which people don't understand and encourage hopium-induced fuzzy thinking.

If you actually read it - you will see some key paragraphs which show this does NOT point to an RV -   FINANCING ARRANGEMENT means borrowing money!

From the IMF website:
[size=10]INTERNATIONAL MONETARY FUND [/size]1

Letter of Intent



Baghdad, December 22, 2015



Ms. Christine Lagarde



Managing Director



International Monetary Fund



700 19th Street, N.W.



Washington, DC 20431, USA



Dear Ms. Lagarde,



1. The attacks by the so-called Islamic State in Iraq and Syria (ISIS) have put Iraq in great



danger. Iraqi security forces have made notable progress in the fight against ISIS, with the help of



our international partners. In fact, a significant portion of the territory captured by ISIS after its



invasion has already been retaken. However, the war is not likely to end soon and will continue to



affect the lives of Iraqis as well as the national economy.



2. The attacks has resulted in the loss of thousands of lives and caused a dramatic



humanitarian crisis. More than 4 million people have been displaced in the northern regions since



June 2014, in addition to 250 thousand Syrian refugees whom Iraq has been sheltering since the civil



war in neighboring Syria. Nearly half of the internally displaced persons are children, forced to live in



difficult conditions and to face serious health risks. The refugee crisis is also putting great pressure



on Iraq’s infrastructure system and public services. Furthermore, the war has destroyed public and



private assets and infrastructure, is seriously hampering economic activity in the non-oil sector, and



has undermined domestic and external trade.



3. As the ISIS threat expanded, world oil prices fell by 50 percent in the space of a few months,



causing a huge external shock to our balance of payments and our budget revenue, which depends



predominantly on oil export receipts. The shock has caused a strong deterioration of the current



account balance, drained our international foreign exchange reserves, and boosted the Iraqi



government budget deficit.



4. Against this background, the government commits to implement the economic and financial



policies described in the attached Memorandum on Economic and Financial Policies (MEFP) as part



of a Staff-Monitored Program, in order to demonstrate good performance and move to a possible IMF financing arrangement as soon as possible.



.....


C. Foreign Exchange Policy



18. The government will maintain the peg with the U.S. dollar. The peg provides a key



nominal anchor in a highly uncertain environment with policy capacity weakened by the conflict



with ISIS. "



...

Sincerely yours,



/s/ /s/



Hoshyar Mahmoud Zebari

Minister of Finance of Iraq



Ali Mohsen Ismail Al Allaq

Acting Governor of the Central Bank of Iraq



Does this sound like a country whose currency will become the Reserve Currency of the world -- for any reason?



Further from IMF website in the

"Memorandum of Economic and Financial Policies (Iraq):



21. In order to maintain macroeconomic stability, the government commits to implement a

large fiscal consolidation to bring spending into line with available resources in 2015 and 2016."



This country is on DEBT and trying to comply with IMF standards so they can get more investment into their country by foreign entities and to borrow more from IMF!

This is not the about-to-be-leading economic powerhouse of the Middle East.



Use a dictionary for the rest of it! I have excerpted portions that may be understood easily.
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