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Thursday, August 20, 2015

Statement from Iraq Ambassador 8/20 Faily Luckman, 20 AUGUST

Iraq is under constant attack from the transnational terrorists of Daesh, who call themselves the Islamic State and seek to pull our country and region apart. The terrorists’ tactics reflect the age-old strategy of divide and conquer: They are aiming to exploit ethnosectarian strife, strip our state of its sovereignty, occupy as much of our country as they can, and slaughter or exile anyone who will not swear allegiance to their vile brand of jihadi Salafism.
Misguided comments — such as those last week by former U.S. Army Chief of Staff Gen. Ray Odierno, suggesting that partition might be the only solution for Iraq — only embolden these brutal terrorists.

That is why it is so important that Congress and President Barack Obama’s administration continue to make clear that the United States is committed to the unity and territorial integrity of our country. To this end, Washington needs to continue its current practice of arming local and regional forces only through the government in Baghdad, and must insist on good faith implementation of last year’s oil revenue sharing agreement between the central government and the Kurdistan region.

Unity remains Iraq’s best hope to effectively defeat Daesh. The only way to drive it out of every inch of our country and liberate every segment of our society is to strengthen the national, regional, and local ties within our nation. This includes our security forces: Out of respect for the sovereignty of our country, and in order to ensure the cohesion of these disparate forces, it is essential that all foreign military support be provided through our national unity government in Baghdad. Any other course of action will inevitably lead to division, demoralization, and defeat.

Yes, the Kurdish Peshmerga are courageous. But their mission is to defend the Kurdistan region, not to liberate Anbar and other predominantly Sunni Arab provinces of our country. That is the responsibility of the Iraqi security forces — and no other force has the capability, mandate, or will to defeat terrorism across Iraq.
A significant proportion of foreign assistance that arrives in Baghdad is immediately delivered to the Kurdistan Regional Government, or KRG, and there has not been a single instance where a shipment to the Peshmerga has been blocked or delayed by Baghdad. Even though most of the fighting since last summer has focused on areas where the Peshmerga are not present, Baghdad has to date approved the delivery of some 370 plane loads of defense equipment donated by coalition partners to Erbil.

The Iraqi government is also working with tribal forces to ensure that they have the weaponry and support to liberate their local communities.
But retaking every inch of Iraq requires rebuilding a military that more inclusively integrates these local forces.
But retaking every inch of Iraq requires rebuilding a military that more inclusively integrates these local forces.
To this end, the government is seeking to create a national guard, which would be manned by local citizens charged with fortifying the defenses of the communities in which they live. This will encourage locals to take greater responsibility for the security of their neighborhoods. The government has already submitted a draft national guard bill to parliament, and a second reading of the bill has been completed as part of the debating process.
Iraqi unity is also threatened on the economic front. Regrettably, one of our government’s signature achievements for national unity is at risk of unraveling.

Last December, we reached a historic oil agreement with the KRG under which oil from the Kurdistan region and the state oil fields in Kirkuk would be sold through Iraq’s State Oil Marketing Organization, or SOMO, in line with the Iraqi Constitution, while the government in Baghdad ensured that the Kurdish region receives its fair share of the federal budget.

However, the KRG has failed to meet its oil delivery obligations. It has transferred less than 50 percent of the agreed quantities of oil to SOMO over the past 6 months, while also independently exporting oil outside of the agreement and in violation of the constitution.
This is about more than money and oil — it is about unity and trust. The KRG needs to return to this agreement so all Iraqis can focus once again on collectively defeating Daesh. Just as importantly, we need to give all Iraqis an Iraq worth fighting for: a multiethnic, multisectarian, and democratic state that serves and secures all of its citizens.

While Iraq is fighting the transnational terrorists on behalf of the world, we cannot win without an international effort. In accordance with U.N. Security Council resolutions 2170 and 2199, the international community — and our neighbors in particular — are obligated under Chapter VII of the U.N. Charter to do much more to dismantle Daesh’s global financing and recruitment networks and to take action against the pernicious ideology of hate that continues to fuel this conflict.

The Iraqi people are forever grateful to Americans for their sacrifices for our freedom and security. To build an Iraq worthy of our shared sacrifices — and to save all of humanity from the scourge of Daesh — there are no quick fixes before us, only a collective effort to strengthen the unity of our nation.
ALI AL-SAADI/AFP/Getty Images

ARTHUR UPDATE : "We Are in a Countdown to the Full Blown Economic Reform!", 20 AUGUST

It should now be blatantly obvious that the one missing piece to the whole RV puzzle is the lack of a Hydrocarbon Law (HCL) in Iraq to release the budget funds to the provinces as well as a myriad other items that the HCL benefits. 

In light of where we are in the process we can now release breaking news gathered from sources within the process.  

Without going into too much minute details, the delay in the full blown release of the next round of reforms was, among other things due to the instability in the political arena in the Kurdistan region.

We have information that much of that has now reached a sufficient point of closure that the next round of reforms, including the HCL is now in imminent status with the signing of some documents and release by the PTB. 

We are now in a countdown to the full blown economic reform introducing the Iraqi dinar to the international community.

TNT CHAT UPDATE, 20 AUGUST

TNT:

Uni345ty:
  Iko how does 1115 convert to American dollars

Iko Ward:
  Uni, it's not about converting to dollars yet, it's about the trend toward greater value. What is important is Forex no longer reverts back to the stock CBI value of 1166. They have decided the movement stands on its own.

Locofelipe:
  IKO- and in my opinion.... that standing alone is huge

Sallypuff:  IKO - do you believe the market dump today will help force the RV sonner?   what are your odds we will see the RV by Monday, the 24th?

Iko Ward:
 Sally, if China goes on the warpath I'd say the 24th is a possibility. If they hold off again, can't say.
....
Uni345ty:  Well then .......... If that is what it takes ..... Let the war began

Iko Ward:
  Uni, as Dinarians we want China making trouble. We want the markets in trouble. We want gold to shoot through the roof and oil too. We want everything that benefits the 1% and screws the majority...short term. Then we want to show the world what compassion, fair dealing and honesty can do for all. Kinda crazy, huh? Revolution is like that.

June1:  IKO - so much is being done and pasted - why - what - when - how long hoping this plan that China has started!! works!! what is your thoughts please??

Iko Ward:
 June, remember Tony's prediction of chaos? We're in it.

DKenner
: IKO we are in uncharted waters...we have inflation and deflation at the same time

Drakechap:
   iko, does it have to wait to the 24th? people were shooting for it to go today fo u think we still may have a shot before the 24th

Iko ward:
  Drake, it can go in the next five minutes. As Gandhi once said, everybody relax, nothing is under control.

Goodsnag:
  Iko, yes, agreed. A road less travelled, for sure.

Ivantulafitov:
  anybody read the HCL update.... allegedly the last thing that needs checking off the list? Millionday : [Is there any news on the HCL yet?] THE HCL WAS ANNOUNCED TO BE VERY EASY DUE TO ITS CONSTITUTIONAL AND POLITICAL AGREEMENT PARALLEL...IT IS IN PARLIAMENT AND I BELIEVE READ TWICE -- THIS LEAVES VOTE."

LAS :
Bruce on The Big Call - China devalued again; dow plumets; Kazakhstan depegs from the dollar; other nations will follow; right before RV; sounds like a GCR; all lining up; it's Christmas eve and I am excited; all I going to say.

Rrrr:  We have met the enemy and it is us. When The Power of Love Overcomes The Love of Power There Will Be Peace. We are on the threshold of a Global Event that could level the playing field by raising the standard of living of under privileged nations. Keep the faith. Know that things happen when the time is right. When everything is perfect, that right time shows up. And it too shall be perfect.

ADAM MONTANA & BACKDOC TIDBITS, 20 AUGUST

8-19-15 Adam Montana: [For a long while I heard that over half of the HCL was done, but it is still a HCA. Is it in front of Parliament or are the Tarriff Laws and people getting Fired more important?] In my opinion, the HCL is going to be done as quick as the actual RV - it won't get back in front of Parliament until they are sure they are going to pass it, and pass it quickly. I'm not the only one who believes the HCL is the last key to seeing the RV, which leads me to think that it will be a 1-2 deal. Go HCL, then go RV.

8-20-15 Backdoc: WE ALL HAVE TO BE SO ENCOURAGED BY THE REFORM PROGRESS OCCURRING AT BLINDING SPEED. WELCOME TO DEMOCRACY IRAQ! WITH IRAQI INTERNATIONAL BONDS ABOUT TO BE SOLD A RATE APPEARS TO BE A CERTAINTY IN THE NEXT FEW DAYS OR WEEKS. SO WHEN WILL THE BONDS BE SOLD? THAT DECISION AGAIN SEEMS TO BE IN THE COURT OF THE IMF.

MY LADIES CHAT UPDATE, 20 AUGUST

Late Wednesday Night: 8-19-15
MY LADIES: ..THE BONDS NEED A RATE..THE IMF SAID KEEP THE PEG..THE IMF SAID WE WILL DO SDR IN NOV 2016 AND IRAQ SAID WE WILL BE DONE IN 2017..

SO KEEP THE PEG NOWISH MEANS THE CURRENT INDEX...

SO WHEN ALL COUNTRIES MOVE OFF THE DOLLAR AND THE SDR BASKET BECOMES THE INDEX THEN IRAQ AND EVERYONE ELSE WILL PRICE THEIR CURRENCY ACCORDING TO GDP WHICH IS WHAT CHINA IS TRYING TO DO NOW BY THE WAY...

AND AT THAT POINT IRAQ AND EVERYONE ELSE WILL ADJUST THEIR PRICING ACCORDINGLY...

GET IT??

IT WILL NOT BE AN IRAQ SPECIFIC EVENT...
....
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PrincessDD:  so we will see the rate of around 1.00(at the time of bond sales) + - until the SDR basket where they will then do the 3 + - rate

MY LADIES:  3+ I DONT KNOW...THAT IS THE ULTIMATE GOAL...BUT IN MY OPINION I THINK THEIR GDP WILL BE CLOSER TO JORDANS IN 2017 SO MAYBE 2+ BUT WHO KNOWS..THEY COULD GROW FASTER...

MVL:  A Dollar Index rate to start, then a Casey Kasem rate a year or two later, reaching for the stars!

MY LADIES:  OH YEA...GOOD STUFF

Farhead:  Thanks Mary, very clear. This is consistent with a conversation in one of your calls when we  "concluded" a 2-phase reprice, with the first one near parity and occurring right after the SDR basket is reconfigured. Now that the SDR is delayed a year and everything moves with it!

MY LADIES:  RIGHT YOU ARE FARHAD AND THAT LINES RIGHT UP WITH THE NOTE CONFIGURATION FOR IRAQ IN 2017....PERFECT TIMING

Princess DD: So will they REINSTATE in 2017? They said they would return it back to its original value.   Or is that off the table now?

MY LADIES:  AND THEY WILL BUT I THINK THEY WILL HAVE TO GROW INTO IT. IT WILL ALL DEPEND ON THEIR GDP AND WHERE THEIR TRUE VALUE IS AT

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Thursday Morning 8-20-15 :

Princess DD
: Jewish Leaders Urge Congress to OK Deal With Iran  http://time.com/4004106/jewish-leaders-iran/

IQD NOVA:  You posted something like this a few days ago and it's Amazing how they are singing such a different tune!!!

MY LADIES:
  NOVA THE JEWISH LEADERS SINGING ANOTHER TUNE...WE KNEW THAT WOULD HAPPEN...THE ENTIRE MIDDLE EAST IS MAKING CRAZY NOISE...IT'S ON ALL THE ARABIC CHANNELS..ALL THE PAPERS EVERYWHERE...THE REGION WANTS USA POLITICS OUT...OUT...OUT....

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Princess DD:
 IMF defers yuan's inclusion in SDR basket until October 2016https://www.ibtimes.co.uk/imf-defers-yuans-inclusion-sdr-basket-until-october-2016-1516233

IMF freezes SDR currency basket, deferring any yuan move   http://www.ejinsight.com/20150820-imf-freezes-sdr-currency-basket-deferring-any-yuan-move/

Princess DD:
 September 2016 Is Earliest Yuan Can Join SDR: IMFhttp://www.bloomberg.com/news/videos/2015-08-20/september-2016-is-earliest-yuan-can-join-sdr-imf

PrincessDD:
  Hey Nova, On that article that i posted last about September 2016 earliest Yuan can join SDR:IMF, I was watching the video. He said that the Yuan DEPEGGED from the dollar last week when we heard it repegged to the dollar. So maybe they will sneak the Yuan into the SDR basket since it is NOT pegged to anything right now.

Princess DD:
 Interesting that when it happened, they said it repegged!   I watched the video 3 times to make sure of what he said.

IQD NOVA: 
 We Will See.. They Can Do Whatever They Want But It Looks Like 2016 Is More Likely.

Hearing God:  Are you speaking of the entire correction and the switch to SDR ? Or does that "2016" include the initial movement of the IQD as well?

My question is based on some confusion , at least in my mind, after it was deciphered yesterday that the IQD may move to international at or near 1:1 in September.

MY LADIES: YES HearingGod  THAT IS CORRCT WHAT WAS SAID YESTERDAY

THE 2016 IS ALSO WHAT WE TALKED ABOUT YESYERDAY, THE IMPLEMENTATION OF THE NEW SDR BASKET WAS MOVED TO SEPT FROM IT'S ORIGINAL JAN DATE

PrincessDD:
  Must all currencies be pegged to something?  according to that video they are not pegged to anything at the moment

IQD NOVA:
  I did not watch the video, but the Yuan is pegged to the USD just like the IQD will be.

************

PrincessDD: 
 Mary what are your feelings on that video where the economist states that last week the Yuan DEPEGGED from the USD?  he says:  THE CHINESE DEPEGGED FROM THE DEFACTO USD PEG

IQD NOVA:
  PRINCESS I AM NOT BEING RUDE TO THIS VIDEO BUT I DONT CARE WHAT IT SAYS!!! THE SYSTEM WORKS ONLY ONE WAY. IT IS PEGGED TO THE USD.

Princess DD:
 its cool Nova, im just pointing out that it contradicts what we were told last week.: Just trying to get to the bottom of it is all.

 Princess DD:
 Depegged from the U.S. dollar ... The People’s Bank of China lowered the renminbi’s daily fix to the US dollar by 1.9 per cent to 6.2298 on August 11, 2015.

https://en.wikipedia.org/wiki/Renminbi

Princess DD:
 Im just looking for information as I do every day. No worries.

Sager:
 What I'm understanding from all this is that even though there has been an extension to Septemer 2016 for the yuan to be included in the sdr basket, there will still be a review this year.

The way I'm reading it, it seems they will actually decide on whether to include the yuan in the basket this year, and will implement the new basket in September 2016.

If that is the case then this could trigger massive movement of money globally when the decision is made this year.

MY LADIES: 
 EXACTLY SAGER..THIS IS JUST WE SAID YESTERDAY...AND PRINCESS NOT SURE ABOUT BLOOMBERG VIDEO BUT THE YUAN HAS AN 'ARTIFICIAL' PEG TO THE DOLLAR

PrincessDD:
  Yes it sounds like in November

Sager:  So this means Mary that every single country will have the same opportunity to prepare and position themselves for the big change. Awesome stuff

MY LADIES:
  YES SAGER BUT GRADUALLY...NOT ALL AT ONCE...
More News Worldwide: 

Princess DD: China Edges Closer to IMF Seal of Approval With Yuan Move
http://www.bloomberg.com/news/articles/2015-08-20/china-edges-closer-to-imf-seal-of-approval-with-yuan-policy-move

Princess DD: Quartz Daily Brief—Europe and Africa edition—Qantas Airways rebounds, China’s yuan setback, nice spiders  http://qz.com/483748/qantas-airways-rebounds-chinas-yuan-setback-nice-spiders/

Princess DD: China's yuan slips on concerns of wobbly stock markethttp://www.thehindu.com/business/markets/chinas-yuan-slips-on-concerns-of-wobbly-stock-market/article7560965.ece

Princess DD: Rupee strengthens 14 paise against dollar in early tradehttp://www.thehindu.com/business/markets/rupee-strengthens-14-paise-against-dollar-in-early-trade/article7560876.ece?utm_source=MostPopular&utm_medium=Markets&utm_campaign=WidgetPromo

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Emerging Stocks Head for Six-Year Low as Currency Rout Deepenshttp://www.bloomberg.com/news/articles/2015-08-20/emerging-market-rout-in-stocks-currencies-deepens-tenge-slumps

Princess DD: CURRENCIES: Yuan Drops After IMF Move; Turkish Lira Falls Further Read more: http://www.nasdaq.com/article/currencies-yuan-drops-after-imf-move-turkish-lira-falls-further-20150820-00081#ixzz3jLtXayhf

Princess DD: Emerging Currencies Fallout Seen Posing a Risk to Bondshttp://www.bloomberg.com/news/videos/2015-08-20/emerging-currencies-fallout-seen-posing-a-risk-to-bonds

Princess DD: September or December Is Near-Irrelevant for Fragile Currencieshttp://www.bloomberg.com/news/articles/2015-08-20/september-or-december-is-near-irrelevant-for-fragile-currencies

Princess DD: Asian Currencies to Face Further Downward Pressurehttp://www.bloomberg.com/news/videos/2015-08-20/asian-currencies-to-face-further-downward-pressure

Princess DD: As China Devalues, India Must Protect Itself From a Currency War It Cannot Win http://thewire.in/2015/08/20/as-china-devalues-india-must-protect-itself-from-a-currency-war-it-cannot-win-8849/

Princess DD: Will renminbi depreciation trigger a currency war?http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20150820000006&cid=1701&MainCatID=17

Princess DD: Urgent .. Yasiri: recovery of approximately 36 billion Iraqi dinars through two special Rafidain Bank and the Ministry of Defense

{Baghdad: Euphrates News} Chairman of the board of Integrity Hassan al-Yassiri revealed, on Thursday, it was recovered approximately 36 billion Iraqi dinars through two special Rafidain Bank, the Ministry of Defense ..itba h ..        http://alforatnews.com/modules/news/article.php?storyid=93081

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Princess DD: Rabobank's Every: Global Currency War Already Happeninghttp://www.bloomberg.com/news/videos/2015-08-20/rabobank-s-every-global-currency-war-already-happening

Princess DD: Currency Expert: Euro to Hit Record Lows Against Dollarhttp://www.bloomberg.com/news/videos/2015-08-20/currency-expert-euro-to-hit-record-lows-against-dollar

Princess DD: Armstrong Economics for August 20, 2015http://www.armstrongeconomics.com/archives/date/2015/08

Greece Authorizes $3.6B Payment on ECB-Held Bonds  http://www.bloomberg.com/news/videos/2015-08-20/greece-authorizes-3-6b-payment-on-ecb-held-bonds

Will Iran successfully make an oil comeback post-sanctions?  http://www.albawaba.com/business/will-iran-successfully-make-oil-comeback-post-sanctions-733390

Kuwait awards $28 billion worth of contracts this year  http://www.albawaba.com/business/kuwait-awards-28-billion-worth-contracts-year-733018

Princess DD: The Obstacles Ahead in Europe's Race to Trade With Post sanctions Iranhttp://www.worldpoliticsreview.com/articles/16499/the-obstacles-ahead-in-europe-s-race-to-trade-with-post-sanctions-iran

Princess DD: They have enough votes in Congress now to pass the Iran deal……Congress does not have votes to block deal, says Nancy Pelosi    http://www.theguardian.com/us-news/2015/aug/20/nancy-pelosi-house-democrats-votes-iran-nuclear-deal

Princess DD: Del. U.S. Senators Considered Swing Votes on Iran Dealhttp://www.wboc.com/story/29836563/del-us-sens-considered-swing-votes-on-iran-deal

PrincessDD: Unfreezing Assets Will Sanction-Proof Iran
http://dailycaller.com/2015/08/19/unfreezing-assets-will-sanction-proof-iran/

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PrincessDD: Britain to reopen embassy in Tehran this weekend after four years
http://www.theguardian.com/world/2015/aug/20/britain-to-reopen-embassy-in-tehran-after-four-years-iran

PrincessDD: S. Koreans buying up physical gold http://www.talkmarkets.com/content/global-markets/south-koreans-buying-up-physical-gold?post=70477&utm_source=taboola&utm_medium=referral

DINAR GURUS UPDATE, 20 AUGUST

8-20-2015   Newshound Guru Arthur   It should now be blatantly obvious that the one missing piece to the whole RV puzzle is the lack of a Hydrocarbon Law (HCL) in Iraq to release the budget funds to the provinces as well as a myriad other items that the HCL benefits. In light of where we are in the process we can now release breaking news gathered from sources within the process.  Without going into too much minute details, the delay in the full blown release of the next round of reforms was, among other things due to the instability in the political arena in the Kurdistan region. We have information that much of that has now reached a sufficient point of closure that the next round of reforms, including the HCL is now in imminent status with the signing of some documents and release by the PTB.  We are now in a countdown to the full blown economic reform introducing the Iraqi dinar to the international community.

8-20-2015   Newshound/Intel Guru BGG
    "Nuri al-Maliki, who is currently in Tehran in addition to the issue of facilitating the delivery of Mosul to state regulation facing charges of laundering more funds management process in the history of Iraq."  Maliki was involved in the largest money laundering operation in Iraq.  This piece - in my mind, is the part that will ultimately wind up ending Maliki...the rest he can argue as "partisan", retribution, or whatever...but stealing directly from the CBI isn't something that Iran (or anyone else) will be able to save him from. This IS BAD...not to say that all the other atrocious crimes aren't every bit as bad - but this goes to the very heart of Iraq's current financial crisis. This is the thing the people are demonstrating over. 

 8-20-2015   Intel/Newshound Guru Backdoc   WE ALL HAVE TO BE SO ENCOURAGED BY THE REFORM PROGRESS OCCURRING AT BLINDING SPEED. WELCOME TO DEMOCRACY IRAQ!  WITH IRAQI INTERNATIONAL BONDS ABOUT TO BE SOLD A RATE APPEARS TO BE A CERTAINTY IN THE NEXT FEW DAYS OR WEEKS. SO WHEN WILL THE BONDS BE SOLD? THAT DECISION AGAIN SEEMS TO BE IN THE COURT OF THE IMF.

8-20-2015   Newshound Guru My Ladies
   SO ALL OF THIS AND NOW THE IMF HOLDING ON THE BASKET IMPLEMENTATION TELLS US THAT WE SHOULD SEE AN EXCHANGE RATE NOW-ISH WITH A DOLLAR PEG ON PAR WITH THE INDEX AND THEN LATER WHEN EVERYONE BEGINS THE SWITCH TO THE SDR THEY WILL HAVE TO DO WHAT? [Do not let go of your dinar until it depegs from the usd and pegs to the sdr next year.]  RIGHT...SO THE MORAL OF THE STORY HERE IS DO NOT EXCHANGE YOUR DINAR ALL AT ONCE! THEY ARE TELLING US THEY NEED UNTIL 2017...  IMF IS TELLING US THEY NEED UNTIL, THE END OF 2016 IRAQ NEEDS TO PUT ON TRAINING WHEELS AND BECOME CONVERTIBLE NOW SO THEY WILL DO THAT WITH A DOLLAR PEG, BUT THEN LATER WHEN THEY HAVE ALL THEIR CORRECT CURRENCY AND ARE READY TO TAKE OFF THE TRAINING WHEELS THEY WILL PEG TO THE BASK AT A REALITY RATE REFLECTING THEIR GDP BY THEN AND THEY WILL HAVE A NEW PERMANENT RATE.  WE SHOULD SEE A RATE NOW ISH BUT NOT A SDR VALUE UNTIL THEY SWITCH PEGS...A 2 STEP PROCESS.  [with a peg to USD at par would be $1 IQD to $1 USD right?]    WELL SORT OF...BUT I THINK THE INDEX IS 0.98 NOW.  [post 2 of 2]

8-20-2015  Newshound Guru My Ladies
   Press Release:  "2015 ARTICLE IV CONSULTATION...STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR IRAQ."  Quote:  “...commitment to maintain the exchange rate peg...They also welcomed the steps taken to liberalize the foreign exchange market and urged the removal of remaining exchange restrictions and multiple currency practice as external conditions evolve.” SO WE KNOW THEY ARE GOING TO MAINTAIN THE DOLLAR PEG RIGHT?  SO WHAT DOES THIS MEAN?   WELL WE KNOW THEY NEED TO BE INTERNATIONAL TO GET THE BONDS DONE...AND WE KNOW THEY NEED CUSTODIANS TO TRADE THE ISX...AND WE KNOW THEY ARE COMMITTING TO REVIVE THE PLAN OF REDENOMINATION...WE NOW KNOW THEY WILL KEEP THE DOLLAR PEG...  SO IF THEY ARE GOING TO SETTLE IN THE DINAR THEN THE EXCHANGE HAS TO BE ON PAR WITH THE INDEX RIGHT AND IRAQ IS TELLING US THEMSELVES THEY WILL NEED UNTIL 2017 SOMETIME TO BE DONE WITH CURRENCY REFORM RIGHT?  [post 1 of 2....stay tuned]

8-20-2015   Newshound/Intel Guru BGG   IMHO - there is way, way, WAY too much corruption for Maliki to not face some kind of a direct criminal action - this bit about stealing directly from the CBI is very damaging - they wouldn't be talking about it publicly unless they had the "goods"...the next few days could be very exciting.

8-20-2015   Newshound Guru My Ladies
   Article:  "August 18, 2015 Invitation to Iraqi banks and the Arab and international banks to apply for the implementation of the Custodian service in Iraq Stock Exchange"  ISX CAN NOT BE AVAILABLE TO THE INTERNATIONAL CLIENT WITHOUT A MERRILL, OR MORGAN OR GOLDMAN...BASICALLY IN A NUT SHELL A CUSTODIAN.  THEY ARE TAKING IN CUSTODIANS NOW AND THEY WILL NOT DO THAT FOR SOMETHING THAT IS LIGHT YEARS DOWN THE ROAD. THEY NEED CUSTODIANS NOW TODAY! RIGHT NOW...  [I saw a US News and World Report article about it as well as AP and Reuters.]  YEP AND IN THAT ARTICLE THEY SAID IRAQ WAS GOING TO REVIVE THE PLAN TO REDENOMINATE THEIR CURRENCY.

TNT CHAT UPDATE, 20 AUGUST

TNT:

IvanTulafitov :
  looking at charts on iqd - hasnt gone back to 1166 since the 16th going on 4 days now


IvanTulafitov :  I can't interpret this like Iko just looking at the numbers and I am not sure when the next change is but it is now still at 1113.1

Iko Ward : Today's gonna be interesting. Can't wait for the 6AM PPP

Iko Ward :
 Forex still good. Markets are bloody. China down another 3%.


************

Fitzgerald:  Is China Helping or Hurting????

Martha:
  China is helping by creating a level playing field but most of the financial world see it as a threat


Sodakine53:  If I was China and the IMF was staling on monetary reform that would benefit me, I would do what they are doing by devaluing currencies under their control. Good strategy.

**********

Rayfaulk:
  Expectations, especially those we cannot control allows our emotional bodies to be manipulated if what we want or EXPECT to happen doesn't... so, I try not to expect, rather I hold the intention and the hope and then the pure joy when it does happen... lol


Quicksilver:
  Good morning TNT family, get ready, the world stage is setting up for an unprecedented change. Every country is getting all their ducks in a row, so stop fretting, stop moaning and groaning about why this or why that. It is inevitable about what is about to happen. You need to listen to what Tony has been saying for the last 3 years. Be ready and stay focused. Keep you eye on the prize and not about why you don't have yours NOW.

TMAN23 TIDBITS, 20 AUGUST

The NEW CBI website is extra special...and it is proof that change is about to occur... The Kurdistan Government secured the domain .KRG and has given until October 15th for all registered business to secure their domain...and then it is open to public.

The reality of the IQD speculation is going to come to light... All we can do is wait and see if we speculated correctly and it delivers the ludicrous profits we all hope for.

 When the iisd...international institute for sustainable development...held by the general assembly of the united nations...finishes it's meetings then the money will be released...this is what I was told...And that you can bank on!

MY LADIES UPDATE, 20 AUGUST

Press Release: "2015 ARTICLE IV CONSULTATION...STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR IRAQ." Quote: “...commitment to maintain the exchange rate peg...They also welcomed the steps taken to liberalize the foreign exchange market and urged the removal of remaining exchange restrictions and multiple currency practice as external conditions evolve.” SO WE KNOW THEY ARE GOING TO MAINTAIN THE DOLLAR PEG RIGHT?

SO WHAT DOES THIS MEAN? WELL WE KNOW THEY NEED TO BE INTERNATIONAL TO GET THE BONDS DONE...AND WE KNOW THEY NEED CUSTODIANS TO TRADE THE ISX...AND WE KNOW THEY ARE COMMITTING TO REVIVE THE PLAN OF REDENOMINATION...WE NOW KNOW THEY WILL KEEP THE DOLLAR PEG... SO IF THEY ARE GOING TO SETTLE IN THE DINAR THEN THE EXCHANGE HAS TO BE ON PAR WITH THE INDEX RIGHT AND IRAQ IS TELLING US THEMSELVES THEY WILL NEED UNTIL 2017 SOMETIME TO BE DONE WITH CURRENCY REFORM RIGHT?


SO ALL OF THIS AND NOW THE IMF HOLDING ON THE BASKET IMPLEMENTATION TELLS US THAT WE SHOULD SEE AN EXCHANGE RATE NOW-ISH WITH A DOLLAR PEG ON PAR WITH THE INDEX AND THEN LATER WHEN EVERYONE BEGINS THE SWITCH TO THE SDR THEY WILL HAVE TO DO WHAT?


 [Do not let go of your dinar until it depegs from the usd and pegs to the sdr next year.]

 RIGHT...SO THE MORAL OF THE STORY HERE IS DO NOT EXCHANGE YOUR DINAR ALL AT ONCE! THEY ARE TELLING US THEY NEED UNTIL 2017.
IMF IS TELLING US THEY NEED UNTIL, THE END OF 2016 IRAQ NEEDS TO PUT ON TRAINING WHEELS AND BECOME CONVERTIBLE NOW SO THEY WILL DO THAT WITH A DOLLAR PEG, BUT THEN LATER WHEN THEY HAVE ALL THEIR CORRECT CURRENCY AND ARE READY TO TAKE OFF THE TRAINING WHEELS THEY WILL PEG TO THE BASK AT A REALITY RATE REFLECTING THEIR GDP BY THEN AND THEY WILL HAVE A NEW PERMANENT RATE. WE SHOULD SEE A RATE NOW ISH BUT NOT A SDR VALUE UNTIL THEY SWITCH PEGS...A 2 STEP PROCESS.


 [With a peg to USD at par would be $1 IQD to $1 USD right?] WELL SORT OF...BUT I THINK THE INDEX IS 0.98 NOW.
*******

TNT:MY LADIES: Hold onto most of your dinar until 2017 when Iraq depegs from the USD index and repegs to the SDR, 20 AUGUST

            • chaliceman said
              05:06 PM Aug 19, 2015
            iN A NUTSHELL, SHE IS SAYING WE WILL (VERY SOON) START AT OR CLOSE TO THE CURRENT USD INDEX RATE, I.E. .96 AND CHANGE, THEN AFTER THE SDR BASKET IS IMPLEMENTED IN NOVEMBER NEXT YEAR, IN 2017 THE DINAR WILL  PEG TO IT AT ITS TRUE VALUE, WHATEVER THAT TURNS OUT TO BE.  SO PLAN YOUR EXCHANGES ACCORDINGLY.

            [3:37:48 PM] MY LADIES: SO WE KNOW THEY ARE GOING TO MAINTAIN THE DOLLAR PEG RIGHT? 

            [3:39:05 PM] MY LADIES: OK SO WHAT DOES THIS MEAN???

            WELL WE KNOW THEY NEED TO BE INTERNATIONAL TO GET THE BONDS DONE RIGHT??

            AND WE KNOW THEY NEED CUSTODIANS TO TRADE THE ISX RIGHT??

            AND WE KNOW THEY ARE COMMITTING TO REVIVE THE PLAN OF REDENOMINATION RIGHT?

            SO WE NOW KNOW THEY WILL KEEP THE DOLLAR PEG RIGHT??

            SO IF THEY ARE GOING TO SETTLE IN THE DINAR THEN THE EXCHANGE HAS TO BE ON PAR WITH THE INDEX RIGHT?

            AND IRAQ IS TELLING US THEMSELVES THEY WILL NEED UNTIL 2017 SOMETIME TO BE DONE WITH CURRENCY REFORM RIGHT?

            SO ALL OF THIS AND NOW THE IMF HOLDING OFF THE BASKET IMPLEMENTATION TELLS US THAT WE SHOULD SEE AN EXCHANGE RATE NOW-ISH WITH A DOLLAR PEG ON PAR WITH THE

            INDEX AND THEN LATER WHEN EVERYONE BEGINS THE SWITCH TO THE SDR THEY WILL HAVE TO DO WHAT??


            [3:46:57 PM] MY LADIES: IF THEY ARE TAKING THE DINAR ACROSS BORDERS RIGHT …AND MAKING IT CONVERTIBLE RIGHT ….AND IT WILL BE EXCHANGED TO THE INDEX RIGHT… AND

            SETTLED IN THE DINAR…. HOW THEN CAN THEY PRICE IT BELOW THE INDEX?

            SO THE MORAL OF THE STORY HERE IS DO NOT EXCHANGE YOUR DINAR ALL AT ONCE! THEY ARE TELLING US THEY

            NEED UNTIL 2017.

            IMF IS TELLING US THEY NEED UNTIL THE END OF 2016. IRAQ NEEDS TO PUT ON TRAINING WHEELS AND BECOME CONVERTIBLE NOW SO THEY WILL DO THAT WITH A DOLLAR PEG, BUT

            THEN LATER WHEN THEY HAVE ALL THEIR CORRECT CURRENCY AND ARE READY TO TAKE OFF THE TRAINING WHEELS THEY WILL PEG TO THE BASK AT A REALITY RATE REFLECTING
            THEIR GDP BY THEN AND THEY WILL HAVE A NEW PERMANENT RATE.  WHICH ALSO GOES TO THE IMF STATEMENT OF FUTURE EVOLVING CONDITIONS.


            [3:53:02 PM] MY LADIES: AND IF WE REMEMBER THE CBI EXPLAINING TO US THE 3 CURRENCIES THEY SAID THEY WILL ALL RUN TOGETHER FOR 10 YEARS.

            [3:53:33 PM] MY LADIES: AND WHAT ARE THOSE 3 CURRENCIES???

            THE CURRENCY THEY HAVE NOW, AND THEN THE 50K AND 100K IS NUMBER 2 AND THEN THE PERMANENT ONE WILL BE #3

            [3:56:09 PM] joeyjoey100: Just looked at surrounding Arabic countries and Iraq would bet on a level playing field. Especially at pre-war values

            [3:56:11 PM] - SAGER -: So technically we should see a reality rate reflecting Iraqs true wealth for the iqd by September 2016

            [3:56:41 PM] MY LADIES: YES JOEY BUT THOSE OTHER COUNTRIES DO NOT HAVE A DOLLAR PEG

            [3:57:07 PM | Princess DD: That (Sept. 2016) is when they said China is most likely going into the SDR basket too.

            [3:58:10 PM | MY LADIES: WELL THAT'S RIGHT AND THEY WILL VOTE ON THE BASKET COMPOSITION THIS YEAR AS PLANNED BUT THEY WILL IMPLEMENT NOV OF 2016http://www.imf.org/external/np/sec/pr/2015/pr15384.htm


            PrincessDD: So technically we should see a reality rate reflecting Iraqs true wealth for the iqd by September 2016?


            MY LADIES:   NO, SOMETIME IN 2017

            [3:58:59 PM | Princess DD: So we still have the bonds coming up for selling at that 1095 rate unless something has changed.

            [4:00:03 PM] MY LADIES: NO NO NO...I THINK THAT 1095 WAS IN THE COUNTRY OR SOME SORT OF CRAZY..BUT WE HAVE BONDS COMING IN SEPT AND THE MEETING WILL BE JUST PRIOR TO DETERMINE VALUE.

            [4:00:15 PM] MY LADIES: REFLECT ON MY EARLIER POST.

            [4:00:45 PM] MY LADIES: THERE IS STILL ONE STEP LEFT AND IT IS THE FINAL STEP, NOW THE UNDERWRITERS ARE TALKING TO THEIR INVESTORS TO GET A FEEL FOR THE APPETITE

            FOR THESE BONDS AND THIS WILL HELP THEM HAVE A STARTING POINT FOR THE SALE. SO WE WILL SEE INVESTORS WEIGHING IN SOMETIME IN SEPTEMBER AND USUALLY NOT
            ALWAYS BUT USUALLY THESE ARE THE SAME INVESTORS THAT WILL PURCHASE THEM OR THEY WILL PUT THEM TO THE MARKET RIGHT ON THE HEELS OF THE INVESTORS OPINIONS,
            SINCE THE OPINIONS WILL BASED ON THE CURRENT MARKET THERE WILL BE NO WAITING TIME AFTER THE INVESTORS MEET 


             [4:02:41 PM] MY LADIES: WE SHOULD SEE A RATE NOW-ISH BUT NOT A SDR VALUE UNTIL THEY SWITCH PEGS

            WHEN THEY ARE DONE WITH THEIR REFORMS AND THE CURRENCY AND THINGS ARE CORRECT THEY WILL SWITCH PEGS TO

            THE SDR


            [4:07:29 PM] Humminbird: Mary please help--with a peg to USD at par would be $1 IQD to $1 USD right?


            [4:10:28 PM] MY LADIES: WELL SORT OF HUMMING BUT I THINK THE INDEX IS 0.98 NOW..

             [4:10:43 PM] MY LADIES: SAGER WHAT IS THE INDEX TODAY???

            [4:11:13 PM] - SAGER -: 96.38

            [4:11:30 PM] MY LADIES: THANKS



            -- Edited by chaliceman on Wednesday 19th of August 2015 05:09:06 PM



            -- Edited by chaliceman on Wednesday 19th of August 2015 05:24:38 PM
            • dutchie said
              05:26 PM Aug 19, 2015
            Hey, I can spell misdirection
            • Arostal said
              05:27 PM Aug 19, 2015
            I think they are wrong and it wouldn't be smart to come out at $1.00 then raise rates in a year or two. $3.22 plus inflation all the way. Go IRAQ!!
            • hartnio said
              05:39 PM Aug 19, 2015
            Now who does this make sense to???? (to quote a very wise man..)
            • kaseyko1 said
              05:41 PM Aug 19, 2015
            I don't think this is very good advice.  I think once the RV occurs, if one has the stomach to handle the high risk of waiting to exchange their dinar for several weeks or so to see what the rate does on Forex, that's one thing, but to wait almost 2 years to exchange is not smart.  Too many things can happen.  There's still the issue of ISIL and other things may come up in the middle east that could affect the global economy which in turn could affect rates. 
            A cousin of mine was a vp of Exxon and lived in Libya for many years.  So he is extremely familiar with the workings of the oil industry amongst the middle east countries.  He knew a handful of people that were involved with currency revaluations in various countries.  He has always told me that yes, you can make a lot of money; however, if you're not careful, you can lose a lot of money.  He personally knew several people that were convinced if they kept waiting for the rate to go up, it would be to their benefit.  Unfortunately for those individuals, events happened unexpectedly in the middle east and it affected currency rates and they ended up losing money on the revaluation.  He has always maintained with me to use extreme caution with this revaluation, that when it does revalue, I should not take too long to exchange out the currency.  Even though he knows of individuals who have participated in a currency exchange, he has some trepidation with this RV due to ISIL and other economic factors in play at this time.  I have assured him, though, that this RV is happening and there's a lot of documentation pointing to the RV.
            The bottom line is this:  Use EXTREME caution if you choose to not exchange for an extended period of time. 

            • gator said
              06:00 PM Aug 19, 2015
            Ho Hum. And so the saga continues........
            • BigB said
              06:35 PM Aug 19, 2015
            This concept of coming out low and rising was talked about maybe 4 years ago. It could happen but the main argument against was that everyone other than us dinarians would buy dinar at the $.98 rate when they get wind of a planned increase. If they thought that there are too many dinarians now, just wait!
            • Ukfan1972 said
              06:49 PM Aug 19, 2015
            Funny thing is..they were saying 2016 this morning. It's only info based upon interpretation.
            • God Bless Tony said
              06:53 PM Aug 19, 2015
            Sorry, My Ladies have no idea of how the SDR works and it is not involved with the Iraqi Dinar in any shape or fashion.

            They just make this stuff up. Nothing here...move along.

            The only IMF/SDR news that is at all interesting, but not unexpected is that as you have read the IMF has officially said they may revisit the Yuan being added to the basket in late 2016. Maybe, if they feel like it and it shows the power of the Dollar people and how long it is going to take for the whole BRICS thing to mean anything about anything that affects us. A long time.

            Dinar Land BRICS jabber for the last year was a total waste of time.
        • nautilus said
          07:51 PM Aug 19, 2015
        I am not trying to hear waiting another minute much less 2016/ this economy bout to go belly up they need some folk to fill in all these fiat gaps n keep the economy moving...I am n no way an expert...but I ain't trying to hear dem ladies
        • nannah said
          07:56 PM Aug 19, 2015
        I thought that Abadi and Sistani have constantly told their people that Iraq would have the highest value currency in the region and it would have to come back at least above 'pre-war rates to achieve that ($3.22 I think it was) so, I think these 'ladies' are either completely clueless, or are deliberately misleading.
        • middledebo said
          08:19 PM Aug 19, 2015
        One of the concerns I would have about holding on to the currency is that Tony has told us there would be a timeline around how long we would have to exchange before the notes we hold would not be valid notes. Interesting that wasn't brought up in their conversation as well. I guess we'll just have to wait and see as always.
        • cjack said
          08:25 PM Aug 19, 2015
        Lol
        • kaseyko1 said
          08:32 PM Aug 19, 2015
        middledebo wrote:
        One of the concerns I would have about holding on to the currency is that Tony has told us there would be a timeline around how long we would have to exchange before the notes we hold would not be valid notes. Interesting that wasn't brought up in their conversation as well. I guess we'll just have to wait and see as always.

        You've brought up a great point!  I've heard Tony talk about this as well and I believe he stated the timeline will probably be from 1-2 years.  I don't know that a specific timeline has officially been established yet.
    • 6thdegreeblack said
      08:45 PM Aug 19, 2015
    if it comes out at 98 cents then we are all going to buy lots more dinar...
    works for me either way. patience is a virtue.
    • B2Ray2Day said
      08:51 PM Aug 19, 2015
    I'm all in!!!!!!! No more roller coaster ride for me!
    B2
    • Spec1 said
      09:24 PM Aug 19, 2015
    very poorly researched.
    who does this make sense to.......
    I disagree with this one....
    When I used to go fishing with my father in law, I would cast at a target and when I missed by more than 6 inches he would say , " you might as well have put that plug in your pocket"
    Totally missed the target and so did this writing.
    • SpiritBear said
      09:27 PM Aug 19, 2015
    middledebo wrote:
    One of the concerns I would have about holding on to the currency is that Tony has told us there would be a timeline around how long we would have to exchange before the notes we hold would not be valid notes. Interesting that wasn't brought up in their conversation as well. I guess we'll just have to wait and see as always.

    Tony stated in todays call that he knew for the last couple of years that the currency we hold would be valid for 2 years after we start exchanging!
    • Maddison said
      11:38 PM Aug 19, 2015
    Valid but at what rate. If Iraq were to come out that low the hedge funds guys would own Iraq. She miss big time.
    • maninc56 said
      06:09 AM Aug 20, 2015
    Sometimes the 3rd mouse get eaten by a cat
    • martha said
      06:37 AM Aug 20, 2015
    A piece of info is the second basket is the.de pegging when the USD is left out and will happen sooner than later. Stop looking at dates that are not correct at the least and are a calculated risk.Just because there is something announced you all assume that#1 it stops the rv or "dates" change all your plans. Also the yuan is in the second basket as wel.stay with what you know and not what they project.
    • apexdinar said
      06:39 AM Aug 20, 2015
    like anything, find the truth in the haze and cling to it...I think there are some good points to ponder in the post

JCR3758 TWEET, 20 AUGUST

JCR3758 :Hello everyone. Just letting you know that I am still working behind the scenes for you. We are close 
& I will post when applicable.

IMF Executive Board Concludes 2015 Article IV Consultation with Iraq, 20 AUGUST

Source: International Monetary Fund – Press Release/Statement:
Headline: IMF Executive Board Concludes 2015 Article IV Consultation with Iraq
Press Release No. 15/382

August 18, 2015
On July 29, the Executive Board of the International Monetary Fund (IMF) concluded the 2015 Article IV consultation1 with Iraq.
Iraq is facing a double shock arising from the ISIS insurgency and the plunge in global oil prices. In 2014, real GDP contracted by 2.1 percent mainly due to the impact of the conflict, while oil production and exports increased slightly compared to 2013. This year, overall economic activity is expected to see a modest recovery of 0.5 percent thanks to oil sector expansion, while non-oil activity is expected to contract further.

The decline in oil prices has driven the decline of Iraq’s international reserves (including the Development Fund for Iraq) from $84 billion at end-2013 to $67 billion at end-2014. Fiscal pressures are intensifying, with the government deficit expected to expand from 5.3 percent of GDP last year to 18.4 percent of GDP in 2015 due to continuing weak oil prices and rising humanitarian and security spending.
The authorities have appropriately maintained the exchange rate peg. Liberalization steps taken by the Central Bank of Iraq led to a decline in the parallel market spread to less than 2 percent by end-2014. The imposition of new restrictions triggered significant market volatility and a sharply wider spread in the first months of this year, but their recent removal has helped narrow the spread back to 4 percent by July.
Medium term growth prospects remain positive, though less favorable than before the crisis. Growth will be driven by the projected ramp-up in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform. Risks remain very high, however, arising primarily from an escalation of the conflict, political tensions, and poor policy implementation.
The Fund is supporting Iraq through a disbursement under the Rapid Financing Instrument in the amount of SDR 891.3 million ($1.242 billion), equivalent to 75 percent of quota2.

Executive Board Assessment3

Directors noted the severity of the double shock facing Iraq as a result of the continuing ISIS insurgency and the global oil price decline. The risks remain very high, emanating from an extension of the conflict, political tensions, weak policy implementation, and further shocks from oil markets. In this context, Directors noted that the steps taken by the authorities are in the right direction, but urged further determined efforts to address the large financing gap and maintain the momentum for reforms.

Directors welcomed the 2015 budget as a good step toward addressing pressures from lower oil revenues amid higher humanitarian and security spending, and commended the introduction of new revenue measures. While recognizing that the current adjustment plans may be socially and politically challenging, Directors saw a need for additional measures to help close the large financing gap and build fiscal buffers. Some Directors expressed disappointment over the delay in implementing the electricity tariff reform. In this regard, Directors welcomed the authorities’ commitment to implement the reform as soon as possible or adopt compensatory fiscal measures. They also recommended expenditure rationalization while safeguarding priority social and capital spending and making social safety nets more efficient. Directors urged the authorities to tap domestic markets and seek further external financial support, while avoiding the buildup of domestic and external arrears. Over the medium term, strengthening public financial and debt management will be crucial.

Directors noted that indirect central bank financing of the government is necessary at this juncture given the lack of other sources of financing, but stressed that this should not become a recurring source of financing. They, therefore, welcomed the authorities’ intention to firmly limit such support and clarify the terms of the related financial operations between the central bank, the state-owned banks, and the government. Directors supported the authorities’ commitment to maintain the exchange rate peg, which has served as a sound nominal anchor for Iraq. They also welcomed the steps taken to liberalize the foreign exchange market and urged the removal of remaining exchange restrictions and multiple currency practice as external conditions evolve.
Directors underscored the risks from rising tensions in the banking system arising from the impact of the crisis on the assets and activity of private banks, and the increasing role of state-owned banks in financing the government. In this regard, they welcomed the steps taken to strengthen banking supervision and the authorities’ commitment to press ahead with the restructuring of Rasheed and Rafidain banks. Directors emphasized the importance of bringing Iraq’s frameworks for combating corruption, money laundering, and terrorism financing in line with international standards and implementing them effectively.

Directors welcomed the authorities’ recognition of the need to maintain the momentum on restructuring the economy despite the current difficulties, and emphasized the importance of staying committed to reforms. They highlighted the need to diversify the economy and improve the resilience and inclusiveness of economic growth. They supported the focus on strengthening fiscal institutions, completing the transition to a market economy through further private banking sector development and state-owned enterprise restructuring, and improving the business environment, governance, and the labor market. In this context, they noted the need for Fund technical assistance in strengthening Iraq’s institutions. Recognizing the difficult circumstances, Directors agreed that a realistic implementation timeline is important, while pressing ahead with high-priority reforms. Looking ahead, a forward-looking policy framework could help the adjustment process and allow the authorities to build a track record of strong policy implementation. LINK
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