Bloomberg: Iraq is in talks with the International Monetary Fund to obtain a $ 6 billion loan
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Bloomberg: Iraq is in talks with the International Monetary Fund to obtain a $ 6 billion loan
Bloomberg: Iraq is in talks with the International Monetary Fund to obtain a $ 6 billion loan
01/24/2021

01/24/2021

Economy News - Baghdad
The American "Bloomberg" website quoted Iraqi Finance Minister Ali Allawi as saying that Iraq is in talks with the International Monetary Fund to obtain a $ 6 billion loan to support its exhausted economy.
Iraq, the second largest oil producer in OPEC, suffers from an expected deficit in its budget of 71 trillion dinars ($ 49 billion).
And "Bloomberg" quoted Allawi, in a report as saying, that once the spending plan in the budget is approved by the Iraqi parliament, Baghdad will be able to apply for a quick loan of two billion dollars through a special mechanism in the IMF dedicated to supporting the economies of countries suffering from Repercussions of the Corona pandemic.
Baghdad could also request $ 4 billion in a diluted loan through another program linked to government reforms, Allawi indicated.
According to "Bloomberg", the assistance that can be provided by the International Monetary Fund can not cover only a small part of the Iraqi deficit, but it can mitigate the loss of more financial reserves in foreign currency.
Last year, the government borrowed more than $ 25 billion from the central bank to pay government employee salaries and commit to other financial dues. Also, the Baghdad government took a decision to devalue its currency to alleviate the pressure on its finances, and concluded a contract with a Chinese company to guarantee "prepayment" for an amount of two billion dollars, using oil as collateral for the loan.
Iraq plans to pursue other plans in order to obtain financing to reduce the gap in the budget. According to Allawi, once the spending plan is approved in the budget, the government will move to issue domestic bonds worth five billion dollars to expand its financial base.
Allawi said that international loans are somehow expensive, and I do not know if there is an appetite to buy Iraqi bonds.
The minister indicated that Baghdad will adhere to its specified quota in OPEC because that helps reduce the risk of a price collapse, praising Saudi Arabia's sudden decision to reduce its production this month, which helped oil prices rise.
It is possible that the budget deficit will shrink by 25 percent this year if oil prices maintain their current ceiling at $ 55 a barrel, according to what Allawi indicated.
The International Monetary Fund expects the Iraqi economy to decline by 12% in the year 2020, which is more than any other member of OPEC.
claud39- VIP NewsHound
- Posts : 17487
Join date : 2018-11-04
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
» Jeff aka Dinar Investor VIDEO -- GRAND FINALE: RI/International Status
» Mr. Brando -- Oil Prices, Reforms, Currency -- Exchange rate of the Iraqi dinar
» FLEMING UPDATE, 7 MARCH -- At 8:48 am Sat. morning 6 March things started moving for GCR/RV reset completion.
» Adam Montana says -- we are either past the RV date or it's a different kind of "soon", like immediately or tomorrow.
» Jeff says -- all the new articles talking about adjusting Iraq's exchange rate going forward.
» Mnt. Goat says -- Getting notes out of circulation is needed in preparation for the IQD reinstatement
» Footforward .. says If Vietnam comes to an agreement that other parties can get on board with then we will see the two baskets go together.
» Cottrell says -- I think it (the rv) could be any moment…I think sometime this month they have to kick it off. We are very close.
» Pimpy says -- No one knows the rate. It is all speculation
» Frank26 says -- They are going to reveal the Real Effective Exchange Rate (REER)
» MarkZ says -- my contacts that are very involved with the new banking system have repeatedly told me that there is not supposed to be a tax on this (RV) ...
» Judy's Gibberish and still talking in past tense about the future
» Copy Cat Judy Update (Like That Makes It True LOL) 3/4/21
» FRANK26 AND PIMPY UPDATE, 7 MARCH
» RayRen98: "Several banks have reported seeing rates on their screens and our Treasury contacts are now confirming such sightings" (But Where? LOL) 3/3/21
» Walkingstick and Frank26: "a few days later after that you've going to see more articles from the CBI with information on the face value of the new small category notes" 3/3/21
» Guru Jeff: "Iraq has one step left...for them to literally complete the '21 budget before they change the rate" 3/3/21
» The TNT Team Post The Rates! 3/4/21
» The Big Call w/ BS Bruce - Intel Highlights 3/4/21
» Fleming: "Redemption centers have been given exchange schedules for Tier 4B to start" (Never Ending Start Dates, HUH! LOL) 3/4/21
» MarkZ: "They have enough stability to pull that trigger…they have enough backing for their currency" (Who Are They? LOL) 3/4/21
» OKIEOILMAN UPDATE 3/4/21
» Mnt Goat News Brief - (Guru Portion Only) 3/4/21
» Footforward: "So much is coming together now" 3/3/21
» Guru Jeff: "they started talking about increasing the exchange rate of the dinar against the dollar about a week ago Monday...wow!" 3/4/21
» Footforward: "Some people feel it will go higher over time" 3/4/21
» Guru Pimpy: "The auctions will cease forever this year" 3/4/21
» IMF Executive Board Reviews Iraq Misreporting, Remedial Steps
» Advisor Al-Kazemi: The disappearance of the global oil surplus will spare the budget borrowing
» Deputy: two subjects. If the blocks had agreed upon them, the budget would have been passed in one session
» Deputy: The devaluation of the Iraqi currency is very dangerous, and the political blocs agreed to raise the dollar
» The Presidency of the Kurdistan Region announces the details of the meeting of Nechirvan Barzani and the Pope of the Vatican
» “Finance” Iraq adopts controls for technology contracts from banks, agencies and affiliated companies
» Housing loans and the problem of localization - untapped banking
» Sources for «Economy News»: The government is working to establish a customs checkpoint around Baghdad
» “Continuous movement” ... Member of Parliament: Parliamentary signatures submitted to restore the dollar’s exchange rate
» After meeting Pope Francis and Sistani "Al-Kazemi" sets March 6 as a national day for tolerance and coexistence in Iraq
» Al-Rafidain is preparing to contract with it .. The Central Bank grants a company a license "outside the controls" (documents)
» A parliamentary source is likely to include the budget law on the agenda of next Thursday's session