WOW What more can I say !!! IMF Staff Completes 2020 Article IV Mission with Iraq
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WOW What more can I say !!! IMF Staff Completes 2020 Article IV Mission with Iraq
by claud39 Sun Dec 13, 2020 9:58 am
If you don't see their return to international trade, you have a great piece of evidence to publish by themselves !!
Either the INTERNATIONAL MONETARY FUND, and you noticed on the news that I postulated that in their dialogue had the subject on the Iraqi monetary currency, so we are approaching 2021 !!
Claud (Moose)
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
December 12, 2020
Washington, DC – December 12, 2020:
An International Monetary Fund (IMF) team led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities from November 11 to December 10, to conduct discussions for the 2020 Article IV consultation with Iraq.
At the end of the virtual mission, Mr. Mirzoev issued the following statement:
“The fallout of the COVID-19 pandemic and the sharp decline in oil prices and output have aggravated Iraq's economic vulnerabilities. Real GDP growth is expected at -11 percent in 2020, reflecting a contraction of oil output and an interruption of non-oil economic activity. The sharp decline in oil revenue is expected to widen the fiscal and external current account deficits to 20 and 16 percent of GDP respectively.
“A decisive recalibration of near-term economic policies will be critical to ensure macroeconomic stability and protect the vulnerable. Overcoming the health crisis is the highest priority.
The next phase of the pandemic will require additional fiscal resources, including to acquire and distribute widely a viable vaccine, supported by a strong governance framework. A comprehensive policy package to reduce fiscal and external imbalances will be critical to relieve financing constraints and ensure debt sustainability, while safeguarding international reserves.
In this context, fiscal efforts in the 2021 budget should target key areas of fiscal vulnerability, notably reversing the unsustainable expansion of wage and pension bills, reducing inefficient energy subsidies, and raising non-oil revenues. Protecting the vulnerable will be of paramount importance and requires boosting significantly the targeted cash transfers and expanding their coverage, as well as improving targeting of other parts of the social safety net.
“Achieving durable and inclusive medium-term growth amid formidable challenges and vulnerabilities will require sustained implementation of wide-ranging structural reforms. These reforms should aim at strengthening public finances to enable critical health and social expenditure needs, reforming the electricity sector, fighting corruption, and expanding institutional capacity. Uncertain medium-term oil market prospects and strong population growth further raise the urgency of advancing the reform agenda.
“Continued strengthening of public finances over the medium term would create much-needed fiscal space for development and social protection. A comprehensive civil service reform would strengthen the effectiveness of the public sector while reducing fiscal costs. Recalibration of the pension system is needed to ensure its sustainability. Stemming the electricity sector’s mounting financial losses and reforming the sector will enhance service provision and ensure its financial viability. Overhauling the tax and customs policy and administration will help diversify fiscal revenues.
These efforts should be combined with improvements in public financial management and reforms to minimize fiscal risks stemming from government guarantees and other contingent liabilities.
“Addressing governance weaknesses and reducing corruption will be vital for Iraq’s future economic development. Simplification, digitalization, and greater transparency of key public services and institutions would reduce corruption risks, especially in public procurement.
Alongside, strengthening audits, improving legal and regulatory frameworks in line with international standards and conventions, expanding capacity for risk-based supervision and enforcing compliance with AML/CFT rules will help strengthen public trust and investor sentiment.
“A decisive strategy to reform the large state-owned banks and level the playing field in the financial sector will enable private sector development and secure financial stability. In addition to strengthening control over these banks’ governance and enhanced supervision, it will be important to perform an international audit of the large state-owned banks to inform options for their restructuring.
“The team exchanged views with senior officials of the Central Bank of Iraq (CBI) and the Ministry of Finance, members of the Parliamentary Finance Committee, as well other ministries, government agencies, and representatives from the civil society.
The IMF team would like to thank the authorities for candid and productive discussions during this mission.”
IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: WAFA AMR
PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG
@IMFSpokesperson
https://www.imf.org/en/News/Articles/2020/12/13/pr20372-imf-staff-completes-2020-article-iv-mission-with-iraq?fbclid=IwAR16S5hMxZivG2MkneNdtJvebpMO-3MIWP_DTsaELUTHQbh-_Sea7yiXJKI
Either the INTERNATIONAL MONETARY FUND, and you noticed on the news that I postulated that in their dialogue had the subject on the Iraqi monetary currency, so we are approaching 2021 !!
Claud (Moose)
IMF Staff Completes 2020 Article IV Mission with Iraq
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
December 12, 2020
- The COVID-19 pandemic and the sharp decline in oil prices and output have aggravated Iraq’s economic vulnerabilities. Real GDP growth this year is expected to contract by 11 percent amid a sharp widening of fiscal and external imbalances.
- A comprehensive package of near-term economic policies anchored in a credible fiscal strategy is needed to overcome the health crisis, ensure economic stability, and protect the vulnerable.
- Achieving durable and inclusive growth amid formidable challenges will require wide-ranging structural reforms aimed at strengthening public finances, improving governance, reforming the electricity sector, promoting private sector development, and ensuring financial sector stability.
Washington, DC – December 12, 2020:
An International Monetary Fund (IMF) team led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities from November 11 to December 10, to conduct discussions for the 2020 Article IV consultation with Iraq.
At the end of the virtual mission, Mr. Mirzoev issued the following statement:
“The fallout of the COVID-19 pandemic and the sharp decline in oil prices and output have aggravated Iraq's economic vulnerabilities. Real GDP growth is expected at -11 percent in 2020, reflecting a contraction of oil output and an interruption of non-oil economic activity. The sharp decline in oil revenue is expected to widen the fiscal and external current account deficits to 20 and 16 percent of GDP respectively.
“A decisive recalibration of near-term economic policies will be critical to ensure macroeconomic stability and protect the vulnerable. Overcoming the health crisis is the highest priority.
The next phase of the pandemic will require additional fiscal resources, including to acquire and distribute widely a viable vaccine, supported by a strong governance framework. A comprehensive policy package to reduce fiscal and external imbalances will be critical to relieve financing constraints and ensure debt sustainability, while safeguarding international reserves.
In this context, fiscal efforts in the 2021 budget should target key areas of fiscal vulnerability, notably reversing the unsustainable expansion of wage and pension bills, reducing inefficient energy subsidies, and raising non-oil revenues. Protecting the vulnerable will be of paramount importance and requires boosting significantly the targeted cash transfers and expanding their coverage, as well as improving targeting of other parts of the social safety net.
“Achieving durable and inclusive medium-term growth amid formidable challenges and vulnerabilities will require sustained implementation of wide-ranging structural reforms. These reforms should aim at strengthening public finances to enable critical health and social expenditure needs, reforming the electricity sector, fighting corruption, and expanding institutional capacity. Uncertain medium-term oil market prospects and strong population growth further raise the urgency of advancing the reform agenda.
“Continued strengthening of public finances over the medium term would create much-needed fiscal space for development and social protection. A comprehensive civil service reform would strengthen the effectiveness of the public sector while reducing fiscal costs. Recalibration of the pension system is needed to ensure its sustainability. Stemming the electricity sector’s mounting financial losses and reforming the sector will enhance service provision and ensure its financial viability. Overhauling the tax and customs policy and administration will help diversify fiscal revenues.
These efforts should be combined with improvements in public financial management and reforms to minimize fiscal risks stemming from government guarantees and other contingent liabilities.
“Addressing governance weaknesses and reducing corruption will be vital for Iraq’s future economic development. Simplification, digitalization, and greater transparency of key public services and institutions would reduce corruption risks, especially in public procurement.
Alongside, strengthening audits, improving legal and regulatory frameworks in line with international standards and conventions, expanding capacity for risk-based supervision and enforcing compliance with AML/CFT rules will help strengthen public trust and investor sentiment.
“A decisive strategy to reform the large state-owned banks and level the playing field in the financial sector will enable private sector development and secure financial stability. In addition to strengthening control over these banks’ governance and enhanced supervision, it will be important to perform an international audit of the large state-owned banks to inform options for their restructuring.
“The team exchanged views with senior officials of the Central Bank of Iraq (CBI) and the Ministry of Finance, members of the Parliamentary Finance Committee, as well other ministries, government agencies, and representatives from the civil society.
The IMF team would like to thank the authorities for candid and productive discussions during this mission.”
IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: WAFA AMR
PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG
@IMFSpokesperson
https://www.imf.org/en/News/Articles/2020/12/13/pr20372-imf-staff-completes-2020-article-iv-mission-with-iraq?fbclid=IwAR16S5hMxZivG2MkneNdtJvebpMO-3MIWP_DTsaELUTHQbh-_Sea7yiXJKI
claud39- VIP NewsHound
- Posts : 18121
Join date : 2018-11-04 
Article IV Consultation
by claud39 Sun Dec 13, 2020 1:46 pm
| Article IV Consultation | |
| A regular, usually annual, comprehensive discussion between the IMF staff and representatives of individual member countries concerning the member's economic and financial policies. The basis for these discussions is in Article IV of the IMF Articles of Agreement (as amended, effective 1978) which direct the Fund to exercise firm surveillance over each member's exchange rate policies. |
https://www.imf.org/external/np/exr/glossary/showTerm.asp#127
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Join date : 2018-11-04 -
Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the figures to "reduce the financial deficit!"
by claud39 Sun Dec 13, 2020 7:00 pm
I will take a little tour of the news on this post with the monetary background, good evening everyone !!
Claud (Moose)
[size=30]Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the figures to "reduce the financial deficit!"[/size]
2020-12-06
Yes Iraq - Baghdad
Today, Sunday, the Parliamentary Finance Committee informed the Presidency of the Council of Representatives that it will hold continuous meetings as soon as the General Budget Law arrives in Parliament for discussion and approval as soon as possible. It is likely that the 2021 budget will be approved at the end of this December.
"The government has postponed sending the budget to the House of Representatives so far due to the high oil prices in the global market, which requires reformulating the numbers in the budget sections to reduce the financial deficit ceiling and increase revenues," the committee's reporter, Ahmed Al-Saffar, stated in televised statements.
He explained that "the cabinet will meet next Tuesday and may approve the budget then or hold a special session to discuss and approve the budget next Wednesday, which means that the budget will reach the Presidency of Parliament early next week."
He added, "The draft budget is still up to now with the General Secretariat of the Council of Ministers to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund to update the exchange rate of the Iraqi dinar before the end of the fiscal year," indicating that, "according to government estimates that we have informed about the price of a barrel of oil." In the general budget it will be between 42 - 43 dollars.
The spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced last week that the Council of Ministers decided to postpone its session devoted to discussing the draft Federal Budget Law 2021, until yesterday, Saturday, as it has not yet been held.
Expectations of the next deficit?
And on that, today, Sunday, the Foundation for Studies, the Iraqi government’s monthly expenditures exceeded the 6 trillion dinars barrier for last October, surpassing the general average for the year of 5.7 trillion Iraqi dinars.
The Future Iraq Foundation for Economic Studies and Consultations said in a statement that operating expenses for salaries rose to reach 3.45 trillion dinars, surpassing the general salary average of 3.34, an increase of 3.45%.
The statement pointed out that the expenses of social care increased by 19% compared with the annual general rate to reach 1.5 trillion dinars, indicating that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars.
The statement added that “at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general average, a significant increase of 175% in non-oil revenues, as non-oil revenues amounted to 1.186 trillion dinars. Higher than the general average of 431 billion dinars, and thus the total revenues for the month of October (last) would be 4.652 trillion dinars.
He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."
The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to the payments of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement.
https://yesiraq.com/%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%8A%D8%A4%D8%B1%D9%82-%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-2021-%D8%AA%D8%AD%D8%AF%D9%8A%D8%AB-%D9%85%D8%B1%D8%AA%D9%82/
Claud (Moose)
[size=30]Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the figures to "reduce the financial deficit!"[/size]
2020-12-06
Yes Iraq - Baghdad
Today, Sunday, the Parliamentary Finance Committee informed the Presidency of the Council of Representatives that it will hold continuous meetings as soon as the General Budget Law arrives in Parliament for discussion and approval as soon as possible. It is likely that the 2021 budget will be approved at the end of this December.
"The government has postponed sending the budget to the House of Representatives so far due to the high oil prices in the global market, which requires reformulating the numbers in the budget sections to reduce the financial deficit ceiling and increase revenues," the committee's reporter, Ahmed Al-Saffar, stated in televised statements.
He explained that "the cabinet will meet next Tuesday and may approve the budget then or hold a special session to discuss and approve the budget next Wednesday, which means that the budget will reach the Presidency of Parliament early next week."
He added, "The draft budget is still up to now with the General Secretariat of the Council of Ministers to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund to update the exchange rate of the Iraqi dinar before the end of the fiscal year," indicating that, "according to government estimates that we have informed about the price of a barrel of oil." In the general budget it will be between 42 - 43 dollars.
The spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced last week that the Council of Ministers decided to postpone its session devoted to discussing the draft Federal Budget Law 2021, until yesterday, Saturday, as it has not yet been held.
Expectations of the next deficit?
And on that, today, Sunday, the Foundation for Studies, the Iraqi government’s monthly expenditures exceeded the 6 trillion dinars barrier for last October, surpassing the general average for the year of 5.7 trillion Iraqi dinars.
The Future Iraq Foundation for Economic Studies and Consultations said in a statement that operating expenses for salaries rose to reach 3.45 trillion dinars, surpassing the general salary average of 3.34, an increase of 3.45%.
The statement pointed out that the expenses of social care increased by 19% compared with the annual general rate to reach 1.5 trillion dinars, indicating that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars.
The statement added that “at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general average, a significant increase of 175% in non-oil revenues, as non-oil revenues amounted to 1.186 trillion dinars. Higher than the general average of 431 billion dinars, and thus the total revenues for the month of October (last) would be 4.652 trillion dinars.
He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."
The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to the payments of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement.
https://yesiraq.com/%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%8A%D8%A4%D8%B1%D9%82-%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-2021-%D8%AA%D8%AD%D8%AF%D9%8A%D8%AB-%D9%85%D8%B1%D8%AA%D9%82/
claud39- VIP NewsHound
- Posts : 18121
Join date : 2018-11-04 -
Al-Kazemi's advisor identifies 4 factors to get out of the financial crisis
by claud39 Sun Dec 13, 2020 7:19 pm
Al-Kazemi's advisor identifies 4 factors to get out of the financial crisis
06/12/2020
Baghdad Today - Follow-up The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Sunday, that financial planning will not determine the future of the coming months.
The official news agency quoted Saleh as saying that "financial planning is what determines the future of the coming months, starting from the first of January," indicating that "everyone is waiting for financial planning to know how to determine expenditures and revenues and address the deficit, if any."
He added, "Exiting the financial crisis depends on management, compression of expenditures, maximizing resources and setting priorities in the correct manner, so that there are things subject to pressure and installments."
Regarding the possibility of Iraq borrowing again to fill the deficit, Salih stated that "borrowing depends on the budget law and is determined by law in the House of Representatives," pointing out that "there are limits to the borrowing process," noting that "the risk lies in relying on one resource, oil, and setting its prices in the outside".
https://baghdadtoday.news/news/139249/%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D8%A7%D8%B8%D9%85%D9%8A-%D9%8A%D8%AD%D8%AF%D8%AF-4-%D8%B9%D9%88
https://www.dinardaily.net/t97028-al-kazemi-s-advisor-identifies-4-factors-to-get-out-of-the-financial-crisis
06/12/2020
Baghdad Today - Follow-up The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Sunday, that financial planning will not determine the future of the coming months.
The official news agency quoted Saleh as saying that "financial planning is what determines the future of the coming months, starting from the first of January," indicating that "everyone is waiting for financial planning to know how to determine expenditures and revenues and address the deficit, if any."
He added, "Exiting the financial crisis depends on management, compression of expenditures, maximizing resources and setting priorities in the correct manner, so that there are things subject to pressure and installments."
Regarding the possibility of Iraq borrowing again to fill the deficit, Salih stated that "borrowing depends on the budget law and is determined by law in the House of Representatives," pointing out that "there are limits to the borrowing process," noting that "the risk lies in relying on one resource, oil, and setting its prices in the outside".
https://baghdadtoday.news/news/139249/%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D8%A7%D8%B8%D9%85%D9%8A-%D9%8A%D8%AD%D8%AF%D8%AF-4-%D8%B9%D9%88
https://www.dinardaily.net/t97028-al-kazemi-s-advisor-identifies-4-factors-to-get-out-of-the-financial-crisis
claud39- VIP NewsHound
- Posts : 18121
Join date : 2018-11-04 -
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
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