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DINARESGURUS.BLOGSPOT.COM_________________ _______

Saturday, February 24, 2018

IQD News Update (RANT# 93)

KTFA UPDATED, 24 FEB

Hazen:  Let's go Iraq....Let's go....push the button....sign the budget on Tuesday....let's go article #2.....Come on Abadi....make everyone proud!  
 
Samson:  Confirmations to restore the oil market to its balance

19:29 - 23/02/2018  
 
Saudi Energy Minister Khalid al-Faleh said on Friday there were clear signs that oil markets were regaining balance and that inventories would continue to fall this year.

Al-Falih said at the start of his two-day official visit to India that the current period is characterized by weak demand due to seasonal factors where refineries are subject to maintenance, but the data "speaks for themselves."

The Saudi minister said that many institutions documented the decline in stocks and added that this will continue to believe in this year, and expressed the hope that the markets will stabilize.   LINK

Samson:  Oil continues to rise supported by disruption of Libyan supplies

21:00 - 23/02/2018 

Oil continued to rise above $ 66 a barrel on Friday, supported by a drop in Libya's output, and optimistic comments from Saudi Arabia that OPEC-led efforts to cut world stocks by curbing production are bearing fruit.

Crude recovered from losses it had recorded early after Libya's oil field, which produces 70,000 bpd, was closed. Opec output is around 1 million barrels per day (bpd) although it is still volatile due to unrest.

By 14:58 GMT, global benchmark crude was up 10 cents to $ 66.49 a barrel.

Prices rose in early 2018 to $ 71.28 a barrel on Jan. 25, the highest level since December 2014. US crude rose eight cents to $ 62.85 a barrel.

In OPEC's latest comment on an OPEC-led supply cut, Saudi Energy Minister Khalid al-Falih said he expected inventories to continue falling this year.

Prices fell earlier in the day under pressure from rising US oil production and exports. Crude exports jumped to more than 2 million barrels a day, a level close to record.   LINK

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Samson:  Indonesia raises $ 1.25 billion through first issue of "green bonds"

 23rd February,2018

Indonesia has become the first Asian country to sell international "green" bonds through a $ 1.25 billion deal to address environmentally friendly investment opportunities that investors are increasingly interested in.

According to the London-based Climate Securities Initiative, bonds of the $ 155.5 billion green label category were sold last year. But only a handful of governments have sold bonds of this kind that use their proceeds to invest in environmentally friendly projects.

Indonesia on Friday sold $ 1.25 billion worth of green bonds for a five-year period, which means the deal is in line with Islamic law. The deal carries a 3.75 percent return, compared to a benchmark 4.05 percent used by bankers for investors.

Indonesia is one of the largest emitters of greenhouse gases, especially because of devastating forest fires.

The new bond documents showed that Indonesia had confirmed no financing of fossil-fuel-based infrastructure or projects involving peat-burning, but warned that some projects may still include a "deforestation element".

The global green bond issue hit a record high for the fifth straight year in 2017 and bankers expect further growth in the market this year.

Indonesia also raised $ 1.75 billion on Friday by selling 10-year bonds at the same time as green bonds. The yield on longer-term instruments was 4.4 percent lower than the benchmark 4.7 percent.   LINK
Samson:  Internal Inspectorate: Return of more than 250 million dinars to the state treasury in 2017

 24th February, 2018

Announced that the Inspectorate of the Ministry of the Interior, on Saturday, for the repatriation of more than 250 million dinars to the state treasury during 2017, said the Inspector General of the Interior Ministry , Mohammed Mahdi Mustafa in an annual conference of the Ministry, under the title of "reform" attended by "Tomorrow Press," "The total amounts returned to the Treasury of the State for the year 2017, amounted to 641,678,252 Iraqi dinars."

He added that "the draft contracts signed by the Ministry of Interior were audited, where the total contracts and tenders audited by the Office of the Inspector-General as a control 206 draft contract."  He added that "the total inspection activities in the province of Baghdad and the rest of the provinces amounted to 4781 activities between the visit and the inspection committee and the audit committee." 

He pointed out that "the number of indicators of administrative and financial corruption amounted to (5032) administrative and (384) Mali in Baghdad and other provinces."

He pointed out that "many of the corrupt and corrupt were caught in the crime, the control operations amounted to (89) in the province of Baghdad and (47) in the rest of the provinces for the year 2017."  

Regarding the investigation of cases of administrative and financial corruption related to public money (bribery, embezzlement, forgery, etc.), he added that "the number of investigative cases completed and approved was (761) in 2017." She pointed out that "the number of investigative cases referred to the Integrity Commission or the courts through their departments reached (386) cases for the year 2017."

He added that "(702) study documents have not been confirmed and their validity has not been confirmed and has been referred to the highest investigation authorities for investigation. "He said. 

He pointed out that "the total complaints received through the hotline and e-mail amounted to (2668) complaints were taken and necessary procedures for all rosy complaints."  "The monitoring and diagnosis of cases of violation of human rights in the departments and units of the Ministry of the Interior (11) cases of violation and legal action was taken against the defaulters."    LINK
Samson:  The Interior Inspectorate announces the value of the amounts returned to the State Treasury for 2017

12:10 - 24/02/2018 

The Inspectorate of the Ministry of the Interior announced on Saturday the amounts returned and recommended to be returned to the treasury of States 2017 through their audit bodies.

A statement issued by the inspectorate received a copy of it that "the total audit bodies carried out to audit the work and accounts of the formations of the Ministry of the Interior (68) reached a verification body in accordance with the program of prior audit," noting that "the bodies resulted in the return of large amounts to the Treasury of the State, And prevent amounts of waste. "

The statement added that "the total amounts returned to the Treasury of the State for the year 2017 amounted to (641,678,252) Iraqi dinars, while the total amounts recommended to return for the year, 2017 (123,534,409,192) Iraqi dinars.

He added that "the total amounts banned from the waste amounted to (2,321,030,416) Iraqi dinars, while the number of indicators of administrative and financial corruption (5032) administrative and (384) Mali in Baghdad and other provinces."   LINK

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Samson:  The governor of Kirkuk, who looted 62 million dollars of petrodollar money

 24th February, 2018

MP revealed Kirkuk province , Ala Talabani, Saturday February 24, 2018, that the governor of Kirkuk article to withdraw the amount of $ 62 million of receivables petrodollar, indicating that the money is from the people of Kirkuk entitlement.

Talabani said in an interview, according to Iraqi media followed by the obelisk, that "62 million dollars of petrodollar receivables of Kirkuk province received by the governor of Najmuddin Karim oil sales of six months of the fields of the province, which was under the control of the provincial government and Carr," indicating that " The receipt was made according to receipts and documents, but the province administration did not receive a dollar and one of them. "

She added: "After careful follow-up of some of the deputies of the Finance Committee in the Parliament of Kurdistan, it was found that the amount deposited in the Bank of Kurdistan in Erbil," noting that "The funny is that the President of the Parliament of Kurdistan addressed on 22 February, the bank above, but the latter and lightning speed "The same day, the parliament responded by saying that they do not have an account under the name of Necmettin. The reply came on Thursday, which was half-time."

Talabani wondered "where the 62 million dollars received by the governor of the article," pointing out that "this money is the benefit of the people of Kirkuk."

The parliament's decision Nizi Myanmar Oglu, earlier, that the governor of Kirkuk, Najmuddin Karim, "receives $ 10 million" a month from the Kurdistan region as a share of oil from the fields of the province, "without depositing", while noting the existence of "64 lawsuits" against Governor.   LINK

TNT Dinar Call w/Tony & Rayren98

DINAR GURUS UPDATE, 24 FEB

2-24-2018   Intel Guru Frank26   [URGENT FROM IRAQI TV:  "Iraq is moving towards a market economy"]  OR ...NO PROGRAM RATE...

2-24-2018  Newshound Guru Kaperoni  ...The recent articles from the last 3 days are very very significant
…where economists are putting out articles about the market rate in Iraq and how the market rate is coming down substantially.  Titles, “The continuing decline of dollar in Iraq”, another one titled, “Hooray Iraqi Dinar”, another one titled, “The Recovery of the Iraqi Dinar”, another titled “What has causes the sudden price decline of the dollar against the dinar is there a relationship to the decline near the election”.  these articles are very significant because now the citizens and economists are starting to notice that the dinar market rate which was well over 1250 is starting to fall in line with…the Central Bank of Iraq’s official rate.  This is very very important toward the next step into the international financial system…We’re getting closer and it’s something you should be excited about…We’ve been here before in 2012 when we were close like this under Shabibi.  Hopefully this time they will accept the conditions or Article VIII and begin to appreciate the currency…

2-24-2018   Newshounds Guru mike   Article:  "international rating reflects a look contrary to expectations and negative for the fiscal deficit and the economy in Iraq"  Quote:  "...The ratings agency Standard & Poor's said it affirmed Iraq's rating at B- / B with a stable outlook."  The rating is unchanged. 

2-24-2018   Intel Guru Delta   URGENT FROM IRAQI TV:  "Iraq is moving towards a market economy"  (wink)

2-23-2018   Intel Guru RayRen98   Abadi was on television saying that the Budget must be passed within the next week.  By next month, investors need Iraq to have a rate that is visible and active. The bank updates should be in and ready by 27 February.  Some banks have had problems with DDOS (denial of service) attacks, due to lack band-width.  That seems to be the source of the problems the banking industry has had.  But we are still in a good place...  The last I heard dinar is $3.50+ and dong is $.150, more or less. 

2-23-2018   Newshound Guru mike    ...the current reality is that the dinar is pegged to the dollar and under Article XIV, there is just about zero demand for a currency you can't spend outside the country, pragmatically, why would anyone want it? To become a currency that's internationally recognized under Article VIII with the IMF they have to hold this rate for a minimum of 90 days, it's too easy to manipulate the rate for a short term and it doesn't prove that Iraq has it's act together and has the ability to maintain stability. There's no reason any other country would accept it for payment for imports, they want the dollar. Like always, time will tell us what's really going on, if Iraq can get the rate within the 2% band for minimum compliance with the IMF"s MCP requirements, all they have to do is hold it and hopefully they can accept the responsibilities Article VIII. 

2-23-2018   Newshound Guru MilitiaMan   Article: "Association of Private Banks concludes the course «Accounting for financial institutions"    I would think [Quote] "the stability of the dollar exchange rate against the dinar will encourage foreign companies to invest inside Iraq.",  especially when it is 1:1 or better and not a program rate we currently have thus far today. 

2-23-2018   Intel Guru RayRen98   ABADI IS ON IRAQI TV ENCOURAGING ALL CONCERNED TO GET THE BUDGET PASSED ON TUESDAY (DOES IT REALLY MATTER?)

2-23-2018   Newshound Guru Kaperoni   Ya never know, maybe the CBI with the help of the IMF and US Treasure finally figured out a plan to succeed at reducing the spread.  It would be nice to think so at least.

2-23-2018   Intel Guru Bruce   I am hearing some really good things about this going pretty soon here.  ...Maybe even before the weekend.  I am not one to call it per se, but I am hearing some great stuff.   ...I don’t even think Iraq matters at this point because I think they are completely done with what needs to have happened there.  ...I am hearing very positive things from US Treasury sources about the next couple of days. I am going to just take that and run with that because they know all the variables. They know what is going on.  That is a good sign for us.  ...I think we are in great shape and I think we could be surprised here at any time.

2-23-2018   Newshound Guru MilitiaMan   Didn't Abadi just get back from Munich, didn't Tillerson have a recent visit? Haven't we heard there is a liquidity issue getting worse as each day goes by?  Banks and Private ones not part of the auctionsDollars are drying up at an accelerated pace?  All these things imo are scaling the precipice at the same time and there is little to no room left for anyone to move out of line.  The tops spot is an international rate for all to see and it sure looks good from my view! imo.   [post 2 of 2]

2-23-2018   Newshound Guru MilitiaMan   Article: "Do you mean al-Maliki ... Abadi: secret agreements surround the issue of increasing the proportion of the Kurdistan region of the budget”  Looks like Abadi is calling a spade a spade. Maliki, might be careful and be more distant and quiet now, as  Abadi has been vocal on the matter of wealth being distributed fairly and proportionately to the province's population ( I read HCL.).   ...Abadi is clearly pointing out that there are secret deals that can't be adhered to.   ...Those in Parliament would be wise to not push the HCL card much further...the 2018 Budget should have been done and agreed on already.   Lets see what happens from here, as in, haven't we heard a rate precedes the budget?   [post 1 of 2....stay tuned]

DinarAlert - Iraq's Market Rate & what is it? w/Kaperoni

IQD CHAT, 24 FEB

BobS: Iraq expects to fly 1,200 aircraft through 2018 23 February 2018 06:26 PM BAGHDAD - Directed by the Iraqi Ministry of Transport, the number of aircraft passing through its airspace to 1200 aircraft during the current year .
 
According to the Civil Aviation Authority, on Friday, the expectations came as the aircraft transit, landing and departure to Iraqi airports, according to the Iraqi News Agency, "conscious ". "It is expected that the number of aircraft transiting the Iraqi airspace will reach 1200 aircraft, according to the requests of Arab and foreign airlines submitted to the Iraqi Civil Aviation Authority during the current year ."

BobS: Venezuela prevents its citizens from buying the new currency "Petro" 23 February 2018 04:02 PM Direct : Venezuela launched an electronic currency backed by the country 's reserves of oil and diamonds, but remains limited to the purchase of foreign nationals without Venezuelans.
 
Venezuelan President Nicolas Maduro announced this week that his country had received intentions to buy a $ 735 million Petro currency after it was recently offered to investors. Caracas, through its virtual currency sale website, has identified specific currencies, namely the US dollar and the euro, as well as the electronic currency "Betcuen" and "Ethrium".
 
Venezuela does not accept the purchase of "Petro" in local currency "Bolivar", and its citizens are legally prohibited from buying foreign currency. Venezuela's introduction of the new electronic currency came in an effort to raise funds from investors after sanctions and a sharp devaluation of the local currency.
 
dafish77: still no 800# 's yet ?   Dang !!!!
 
Doug_W: @dafish77 what 800#'s are U referring to
 
Xbruster69: we are in the 800's times Gurus called the RV lol
 
Doug_W: @Xbruster69 at least that many
 
Xbruster69: all i know is, ive partyied myself out, celebrating RV every weekend hehe
 
Doug_W: @Xbruster69 I got off that roller coaster ride years ago when it finally happens my bank will want my business as will most of the rest of them so let the competition 4 my $$ begin
 
Baxter: So Iraq is going to have 1200 aircraft fly in their airspace this year?? REALLY? Do you know that in the US... there are over 75000 Passenger Planes Fly... A DAY?? NOT A YEAR...
 
Doug_W: whoopty Doo eh Bax?
 
Baxter: WONDER IF THEY CAN HANDLE IT... lol
 
DinarResearcher:. When and IF this does happen folks there are people out there that are gonna do everything they can to steal your currency, don’t fall for this nonsense. The first thing anyone SHOULD Do is hire a legitimate ATTORNEY and not the first one you come across. Do your Research on the Lawyer, Interview him in your first consultation!

DinarResearcher: That’s my advice for the Day other than STAY GROUNDED....  aufiderzein
 
BobS: The Dollar is rising against most major currencies after the Fed's report 23 February 2018 09:07 PM The US dollar extended gains against most major currencies on Friday as the Federal Reserve released its report. The Fed's report said today that the world's largest economy is growing strongly, and the report maintained earlier expectations of inflation targets of 2 percent in the medium term.
 
While the report pointed out that the pressures of accelerating inflation appear weak from the rise in wage levels. For his part, considered the "William Dudley," a member of the Federal in separate statements that the policy of quantitative easing will be effective in the event of an economic crisis and the rate of interest to the level of "zero".
 
 By 5:53 pm GMT, the benchmark index, which tracks the performance of the greenback against six major currencies, rose 0.1 percent to 89.80 points. The dollar was up 0.2% at $ 1.2307, while it fell 0.2% against the Japanese yen to 106.5 yen and fell 0.2% to hit $ 1.3983.
 
Hennessy: Iraq reconstruction market worth $900bn: study - With the end of the ISIS war, Iraq is on the path of reconstruction and economic resurrection that calls for sustained investment to the tune of over $900 billion within the next decade, said an industry expert.
 
“Iraq plans to focus on the oil and gas downstream value chain as well as minerals value chain, construction and infrastructure industries, healthcare, energy, tourism and financial services sectors to move the GDP growth rate by 10 per cent annually within the next decade,” added Ali Mirmohammad, senior consultant – Iraq with growth partnership company Frost & Sullivan.

Hennessy: The report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.

According to the report, Iraq requires $30 billion of foreign direct investment (FDI) per year to achieve its reformation and stabilisation goals within the next 10 years. With a population of over 38 million, Iraq remains an attractive consumer market with a potential of over $40 billion.

Spectra: CDC Doctor, Who Claimed Flu Shot Caused Outbreak, Missing Feared Dead Posted by Hank Jordan on February 22, 2018 at 1:52pm in Tea PartyView Discussions The CDC Doctor who controversially warned this year’s “disastrous” flu shot may be responsible for the deadly flu epidemic sweeping the country, has been reported missing and is feared dead.

Dr. Timothy J. Cunningham, a team lead with CDC’s Division of Population Health, has been missing for over a week, according to Atlanta police, with family and police desperate for answers regarding his sudden disappearance.

Spectra: In January, Dr. Cunningham shared his opinion that this year’s flu shot was behind the deadly outbreak of the flu, while warning that if his name was attached to the widely-circulated quotes, he would lose his job – or suffer an even worse fate.

Spectra: All of this is an effort to find him and bring him back home,” Dr. Cunningham’s father told 11Alive. Family members confirmed there is no chance the CDC doctor would choose to disappear from his life without telling his family and friends. “He’s a scientist, so he has a very methodical mindset and an outgoing personality,” a family member said.

Spectra: https://teapartyorg.ning.com/forum/topics/cdc-doctor-who-claimed-flu-shot-caused-outbreak-missing-feared

Spectra: THERES MORE TO READ BUT ITS LONG!

Spectra: http://www.neonnettle.com/news/3728-100s-of-vaccinated-children-dying-from-flu-media-blackout

JoeSchmoe: @Spectra May be more harmful for some, but works for others.
Spectra: well im very healthy and even when im 90 i wont do it...
BobS: I have never had a flu shot either Spectra, but some need it. I don't, as you don't.

BobS: Let me add this about the "flu shots that everyone has each year". That shot does not kill any germs/chance of not getting the "new" flu strand. That was told to me by a "doctor". They don't know what strand is going to hit, so the chemicals that you put in your body each year.....is a chance.

BobS: The Dollar is rising against most major currencies after the Fed's report 23 February 2018 09:07 PM The US dollar extended gains against most major currencies on Friday as the Federal Reserve released its report.

The Fed's report said today that the world's largest economy is growing strongly, and the report maintained earlier expectations of inflation targets of 2 percent in the medium term. While the report pointed out that the pressures of accelerating inflation appear weak from the rise in wage levels.

For his part, considered the "William Dudley," a member of the Federal in separate statements that the policy of quantitative easing will be effective in the event of an economic crisis and the rate of interest to the level of "zero".

By 5:53 pm GMT, the benchmark index, which tracks the performance of the greenback against six major currencies, rose 0.1 percent to 89.80 points. The dollar was up 0.2% at $ 1.2307, while it fell 0.2% against the Japanese yen to 106.5 yen and fell 0.2% to hit $ 1.3983.
BobS: People want others to do things for them. I am way too independent to rely on others to do things I can do by myself. Besides they might get it screwed up, and this way I know it is true.

BobS: I have met some good people through this investment, and I would never change that, but no one knows if or when it will ever happen to enhance our lives....NO ONE.

BobS: Not asking them to see the way I see things. People are lacking in their educational skills. People should be very leary of how that has fallen. Our nation is going down each year in the educational area.

chattels: Continued decline of the dollar in Iraq Release date: 2018/2/23 9:43 •

http://www.alliraqnews.com/modules/news/article.php?storyid=71463

chattels: [Ayn-Baghdad] Foreign exchange markets in Baghdad, on Friday morning, continued decline in the dollar exchange rate against the Iraqi dinar. The market price in the Kifah Stock Exchange in Baghdad was 1222.5 dinars per dollar, ie 122 thousand and 250 dinars per hundred dollars.

The prices of selling and buying dollars in the banking companies were: the sale price of one dollar 1227.5 dinars, or 122 thousand and 750 dinars, for one hundred dollars. The purchase price of the dollar is 1217.5 dinars, or 121 thousand and 750 dinars, for one hundred dollars.

chattels: The purchase price of the dollar is 1217.5 dinars, or 121 thousand and 750 dinars, for one hundred dollars.

LeLe: @chattels thank you  I appreciate you posting articles and giving us POSITIVE FEED BACK.

DinarResearcher: S & P "classifies Iraq at B- / B with a stable outlook. 02/24/2018

DinarResearcher: Standard & Poor's, Iraq's credit rating at B- / B, has a stable outlook, reflecting expectations of a modest fiscal deficit over the next few years.

DinarResearcher: The agency said in its report on Friday that it expects the prospects for Iraq's economic growth to be under pressure due to political tensions at home, and restrictions on government spending, as well as Baghdad's commitment to the agreement, "OPEC" to reduce oil production,

DinarResearcher: The agency predicted 1.9 percent growth in Iraqi GDP this year, in line with production cuts in 2017 and 2018.

DinarResearcher: The agency also predicted that this rate will rise to 2.5% next year, driven by the recovery of oil production.

DinarResearcher: In mid-February, Kuwait held a global conference, called by international donors to support the reconstruction of the Iraqi economy again, after the last years of the war on terror.

DinarResearcher:   LINK
 
DinarResearcher: Here is same article different wording, & different source.

DinarResearcher: An international rating that reflects a view that is contrary to expectations and a negative one about the fiscal deficit and the economy in Iraq. 02/24/2018

DinarResearcher: The ratings agency Standard & Poor's said it affirmed Iraq's rating at B- / B with a stable outlook.

DinarResearcher: The stable outlook reflects expectations that the fiscal deficit will be modest over the next few years, the agency said.

DinarResearcher: She said she expected the prospects for Iraq's economic growth to be under pressure from political tensions at home, production quotas imposed by the OPEC agreement and restrictions on government spending.

DinarResearcher: The agency said it expected Iraq's GDP to grow 1.9 percent in 2018 in line with production cuts in 2017-2018 before rising 2.5 percent in 2019 as oil production recovers.

​​DinarResearcher: http://www.shafaaq.com/ar/Ar_NewsReader/00996de7-c28b-4b5c-8ddd-8c49ad74a3d7
DinarResearcher: @ One , I know the other day you told the chat room that we were gonna be using the Dinar instead of the dollar on our purchases and now you want us to donate it to a charity group outside the USA! I’m sorry but your not smoking dope, your smoking crack and don’t you know that Crack kills

DinarResearcher: Al-Rafidain announces the settlement of the salaries of employees of some Najaf departments electronically

DinarResearcher: Editorial date: 2018/2/24 8:21 • 88 times read

DinarResearcher: http://alforatnews.com/modules/news/article.php?storyid=160138

DinarResearcher: "The salaries of Najaf education staff and the staff of the headquarters of the province of Najaf and Najaf circle of tires belonging to the Ministry of Industry and Minerals have been settled," the media office of the bank said in a statement received by the agency.

DinarResearcher: He pointed out that "the employees of those departments receive their monthly salaries through an electronic payment tool instead of manual criticism."

DinarResearcher: The statement pointed out that "this step has several advantages for the employee, including the possibility of access to advances and loans granted by the bank as the employees of some ministries and other state institutions that receive monthly salaries from the bank, as well as it reduces the risk of theft and robbery when transferring money manually."

 IQD CHAT

Restored Republic via a GCR Update as of Feb. 24 2018

Compiled 12:29 am EDT 24 Feb. 2018 by Judy Byington

A. Feb. 23 2018 11:40 pm EST, Al Hodges: "Payment is Imminent" - Al Hodges Intel Update 2-23-18

Based on what I'm told, payment is imminent in regard to being asset-backed for CMKX shareholders.

B. Feb. 23 2018 9:53 pm EST TNT, Yada: "99% Completion" - Fri. PM TNT Thoughts/News

There was 99% completion on the bank processes and the budget was done

C. Feb. 23 2018 TNT Call

1. The GCR/RV is now on an any moment basis. According to a bank meeting held yesterday, we were supposed to be live last night and at the bank this morning Feb. 23.

2. Next month (next week) Investors were returning to Iraq with the new rate.

3. It won't go until they do the budget, which is scheduled for Feb. 27. The budget is already done. On Feb. 24 or Feb. 28 the Iraqi Gazette would publish the official Iraqi Dinar rate.

4. On Feb. 27 the IMF would publish their international rates for March.

5. For the first 90 days the Bank's daily limit per individual exchange was up to $100T Zim and up to $10 million of other currencies. If you have more than that you would need to make another apt. to go back in and exchange the rest - likely in 30 to 90 days.

6. You could only exchange up to one 100 T Zim note at a time.

7. For the next six months the Zim screen rate would be between $.11 cents & $.22 cents.

8. Zimbabwe put a maximum of ten 100T Zim notes that any one person could exchange.

9. The maximum long term payout for the Zim was firmly set at 25 years. It could be shorter depending on how much you have and your age.

10. The 800 numbers have been delivered to everyone but us. The bank tellers have been trained. The process is in place for us to go.

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D. Feb. 23 2018 2:51 pm EST Intel Alert: Operation Disclosure GCR/RV Intel Alert for February 23, 2018 https://operationdisclosure.blogspot.com/

1. On Feb. 19-20 removal operations of underground Cabal outposts around Idaho and Wyoming were occurring. Sources reported that Cabal-MIC military formations were moving from Idaho to Wyoming.

2. These military formations were intercepted by the Alliance's SSP fleet over Nevada as seen here: https://youtu.be/xEmNLadC144

3. The Cabal-MIC military formation was annihilated.

4. A few ships were allowed to retreat in order to track where they were headed and the retreating Cabal-MIC ships disappeared near Torc Mountain located in Ireland.

5. Alliance Ghost Operative Teams on the ground were able to find the exact location of their outpost by documents found at one of their previous outposts near Yellowstone.

6. The checklist for the RV release only needs one last check for neutralization of all levels of the Cabal, then the RV will begin.

7. If this is not accomplished in due time, the RV will begin before the financial system crashes.

8. Note: All info that is leaked has already occurred and is no longer compromising to the plans and security of the Alliance.

***********

E. Feb. 23 2018 1:48 pm EST, QAnon: Q Anon -- 2018 is Going to be Glorious

KejRaj: This is another update from the entity known now as Q Anon. In this one he shares a list of the guilty ones and their crimes.

Q Anon makes it clear that we now are IN the STORM. The calm is over.

Q: Hold on to your hats, folks. 2018 is going to be glorious. These were being investigated:

Uranium One. [Scandal]
Clinton Foundation [Vehicle of corruption]
Emails.
Benghazi [Scandal]
Haiti [Theft of aid money, sex trafficking of Haitian children.]
Whitewater [Scandal]
DOJ-FBI corruption

Cassandra [Operation Cassandra on Hezbollah finances allegedly interfered with]
Slush funds
NGOs [Non-Governmental Organizations]
Human Trafficking
Thousands of sealed indictments
PP [Pay for Play]
Awans [Fraud and espionage]

Huma [Abedin, wife of]
Wiener [Anthony]
DNC [Democratic National Committee]
DWS [Debbie Wasserman Schultz]
FISA scandal/judges
Hundreds of CEOs “stepping down.”
Hundreds of corrupt politicians/judges stepping down/resigning/won’t run again/locked up, etc.

Assets frozen around the globe
Thousands (millions?) of children freed from traffickers
Human trafficking rungs busted all over globally
The list is endless. Sessions doing nothing? You have to be blind, stupid, or a clown [Clowns-in-America = CIA]

On its way:
OIG Report [Office of Inspector General, report on “financial irregularities”]
Human Trafficking Report
Indictments unsealed
More revealing texts (and I suspect more deep state TOR chat logs with it)
Brennan investigated [Former CIA Director John Brennan]
Rice investigated [Susan Rice, President Obama’s national security advisor]

Obama investigated
Hillary indictment
Seth Rich investigation
Assange Wikileaks release of emails

The list [goes] on. Get excited. We ain’t seen nothing yet. At this moment we are actually in the STORM. A day earlier, Q had offered this note of explanation:

Calm before the storm = Evidence collection

The Storm = Rounding up bad actors

Great Awakening = Evidence presented to judges and public

F. Feb. 23 2018 11:31 pm EST Intel Report, Tom Heneghan: Tom Heneghan Intel Report -- Stew Webb Almost Killed! Obama, Bush Illegitimate Says Court! Project Nsearch By Glenn Canady Intel Report - Tom Heneghan, Stew Webb (2-23-18)from Truth Warriors on Vimeo.

1. Google banned my 4th Youtube channel for the truth I put out but I'm just increasing my efforts! With Google shutting me down, make sure you join my Newsletter.

2. Stew Webb was tackled by police in his own driveway and arrested on Mon. Feb. 19. They roughed him up, hurt his back and neck which have been broken before in intentional assassination attempts via car crashes . They then kept in jail for two days for disorderly conduct. They refused to let him have any of his high blood pressure medication while he was locked up so he could have had a heart attack! Stew thinks killing him was their goal. Stew was merely taking out his garbage and the cops were waiting for him! He was never arraigned on charges in front of a judge. They searched his house also without a warrant which is highly illegal.

3. Stew is going to be pursuing legal action against the police and the city for violating his rights.

4. Tom Heneghan goes over the latest intel regarding the Wanta funds, fake news and other topics. Tom is concerned US Treasury Steven Mnuchin is trying to pull off a huge robbery in trillions of dollars of Wanta funds right under the nose of President Trump!

5. Tom got a call from Leo Wanta today with huge news on court findings that the Presidencies of G.W. Bush and Barack Obama were Illegitimate!

KTFA UPDATE: URGENT FROM IRAQI TV, 24 FEB

DELTA: URGENT FROM IRAQI TV:
"Iraq is moving towards a market economy"   (wink)   DELTA

Frank26:  OR ................ NO PROGRAM RATE .................. 

McDan:  Thanks Delta that was what Shabibi Desired when he was the CBI Governor.  ( Fact and IMO )

MiT:  Dear Delta, Please, do you have the article that the CBI says that the auctions will end in the first quarter of 2018?

DELTA:  THERE IT'S FROM 12/25/17....

 Advisor to "(Range) sale window currency theft state will close next year and forwarded to the forgers to eliminate

 12/25/2017
Economists say that the sale of the dollar in the Central Bank of Iraq is one of the reasons for the failure of the economic development of the country and the theft of state funds, as the fictitious profits earned by the bank has exceeded hundreds of billions of dollars, at a time depends more than 90% of the work of the auction On the false invoices and companies and individuals with fake names, according to investment adviser Thaer al-Fili, who reveals in an interview for "(range), that the government decided to close the auction next year and the transfer of all documents and forged files to the judiciary.

The opening of the auction of the currency in the Central Bank of Iraq on a daily basis (except public holidays), where the offers of banks and financial transfer companies and banking in the form of a closed envelope, the presentations are the quantities requested or offered by banks, and where determine the central prices, banks and financial transfer companies and companies Registered Banking sign a pledge in which you agree that all information and financial statements you provide are correct and otherwise bear all legal consequences.

The adviser and expert on investment Thaer al-Fili, said that the subject of the window selling the currency in the Central Bank of Iraq since a period traded in the seventh unit of economic reform in the Prime Minister, as this auction disrupted the contribution of banks in development and disrupted the work of the Iraqi private sector, therefore, the Iraqi state destined To close the selling window of the dollar in the first quarter of 2018, and Iraqi banks to leave living on this window and is directed to the development of the Iraqi private sector and private investment, in order to start a real investment revives work and development in the country through the revitalization of the private sector.

Faily explains why the decision to close this window for several reasons, saying: We all know in 2004, the US Coalition created the window of sale of foreign currency and continued until now and was the reason for the time financing the purchases of the Iraqi state of the dollar on the fact that oil sales were and still stored in the Fund Especially on the basis of the fact that most of the private sector banks have increased and become 95% of their work is to get the dollar from the window between the currency, any of the currency auction in the Central Bank, which is the reason for the fictitious and profitable profits earned by the bank at the time of The currency is not in any country in the world, and Iraq is now the only country that has a currency auction in this way that contribute to the loss and full depletion of the Iraqi economy.

Al-Faily confirms that all economists believe that this auction is one of the reasons behind the backward development of the private sector in Iraq. The reason is the fictional figures that the Nubuk draws from the auction. However, all the banks in the world are developing. When one is established, it must contribute to development and boost the economy. By private sector, only Iraqi banks have no contributions in the private sector at all, and if some of them have contributions they are no more than shy and do not exceed their "2 or 5%" contribution, while 95% of the banking activity depends On the currency auction, because the profits earned by these banks and that For the size of 7% per day, per week up to 35% of their profits, up to an annual rate of 1820% profit this imaginary reality can not believe him one, a percentage will not be realized in the event of his money if invested in the private sector.

If we take the example of a bank that invests its money in the private sector, the highest rate of profit it will earn will be 10%, which is also high. The 10 million dinars contributed by the bank will return with one annual profit of one million dollars, which is the normal level for all the banks in the world. And a high level where most banks live on the rate of 2 or 4 or even 5% and have achieved natural profits, not to mention that this percentage of profitability "2 or 4% contribute to the revitalization and development of the wheel of the economy in the private sector.
He said: "The 10%, the high rate in the case of an Iraqi bank invests 10 million dollars in the auction of the currency, which they do now, one day the bank will receive 600 or 700 thousand dollars, but a week will get 3 or 3 and a half million dollars From the auction of the currency, and annually will get from 160 to 180 million dollars profit of ten million dinars, so naturally the bank goes away from the development of the private sector and away from investment in it, which has frozen and frozen our investment in the private sector, despite the presence of 46 banks have recently arrived To 50 banks, a private sector whose contribution was still very little and did not exceed 3% Private sector. In Fili:

But in any case, the sale of currency depletion of Iraqi energies and funds and the theft of the state budget will not continue at all, because there is a decision will be issued gradually by referring all files of fraud to these banks to the judiciary, and there will be a real chase through cooperation between the concerned authorities to disclose documents and papers Counterfeit to banks, because we want to finish soon the process of auctioning the currency that rely on the wrong documents.

The central bank sold $ 413.4 billion in the currency sale window between 2004 and 2016. The central bank sells the dollar at 1190 dinars. The central bank decided to set up the currency auction to finance the foreign trade of the private sector and transfer money To individuals outside the country and to cover the market's need for foreign currency. 

The central bank has defended its measures to open a window for the sale and purchase of foreign currency, which was considered a way to ensure and stabilize the dinar exchange rate. 
 DELTA

 Frank26:  KONA ................... I TOLD YOU SO !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
IF NO ONE COMMENTS ON THIS ESPECIALLY AFTER LAST NIGHT'S FRIDAY TC .............THEN I'M LEAVING WITH ALL MY COOOOOOOOOOKIES ...........


Jeff61:  Time to end the corruption and release the market economy.

PappaJ:  TELL THEM TO SHUT UP  AND FINISH IT ALREADY!!!!!!!

Wallpop:  Time to do it Iraq,  push the button.

SMN:  Regarding... Suspending the Auctions...?  Can't happen soon enough!!! 

Itsmedt:  This is what we’ve been waiting for! Auctions have to be replaced with something else. The RI is what’s needed now or their IQD and economy will die quickly.

FaithPrevails:  Delta, Thank you I remember this article , thanks for bringing it back complimented with WS Intel. IMO Art 8, Auctions, and Budget all coming to a head at the same time. You go Iraq make it happen!!!    FP

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

Get1Later:  With an EXISTING Program Rate on their Currency and No Purchasing Power for their Citizens? Outlook STABLE??

Samson:  Standard & Poor's: Confirm Iraq's rating at "B- / B" with a stable outlook

 24th February, 2018

Standard & Poor's Ratings said it affirmed Iraq's rating at B- / B with a stable outlook.
The agency said a stable outlook reflected expectations that the fiscal deficit will be modest over the next few years, Reuters reported.

She said she expected the prospects for Iraq's economic growth to be under pressure from political tensions at home, production quotas imposed by the OPEC agreement and restrictions on government spending.

The agency said it expected Iraq's GDP to grow 1.9 percent in 2018 in line with production cuts in 2017-2018 before rising 2.5 percent in 2019 as oil production recovers.   LINK
DELTA:  SHAME ON YOU IRAQ YOU CAN'T EVEN BEAT SOMALIA...lol

Samson:  Find out the price of Arab countries' currencies against the US dollar on Saturday

 24th February, 2018

The stability of the Arab currency against the US dollar on Saturday 24-2-2018, the beginning of trading, where the prices of the Arab currencies against the US dollar and the prices as follows:

1 Egyptian Pound = 0.0565 USD
1 USD = 17.6885 Egyptian pounds

1 SAR = 0.2667 USD
1 USD = 3.7500 SAR

AED 1 = 0.2722 USD
1 USD = 3.6731 AED

1 Sudanese Pound = 0.0556 USD
1 USD = 18.0000 Sudanese pounds

1 Algerian Dinars = 0.0087 USD
1 USD = 114.3230 Algerian dinars

BD 1 = USD 2.6528
1 USD = BD 0.3770

1 Iraqi Dinar = 0.0008 USD
US $ 1 = 1,183.5000 Iraqi Dinars

JD 1 = US $ 1.4094
1 USD = 0.7095 JD

KD 1 = USD 3.3344
1 USD = 0.2999 KWD

1 LP = US $ 0.0007
US $ 1 = LBP 1,513.5000

1 Israeli Shekels = $ 0.2868
1 USD = 3.4868 Israeli Shekel

1 Libyan Dinar = 0.7519 USD
1 USD = 1.3300 Libyan Dinars

AED 1 = 0.1085 USD
1 USD = 9.2137 Moroccan Dirham

1 SP = US $ 0.0019
1 USD = 514.9900 SP

1 Somali Shilling = 0.0017 USD
USD 1 = 582.2500 Somali shillings

1 RO = 2.5975 USD
1 USD = RO 0.3850

QR 1 = US $ 0.2746
$ 1 = QAR 3,642

1 Tunisian dinar = 0.4159 US dollars
1 USD = 2.4043 Tunisian Dinar

YR 1 = $ 0.0040
1 USD = 250.2500 Yemeni riyals

LINK

KTFA: "Grand Finale", 24 FEB

Doug » February 23rd, 2018

In MY HUMBLE OPINION it looks like they are strengthening the dinar in country at a accelerated pace in order to support the rate when it goes international. This way you don't go from toilet paper currency to somewhere between 1 and 4 dollars also with the dollar weaken things will look better for the PTB.

Darknight1 » February 23rd, 2018

If WS is right then we're not long for the grand finale

Frank26 » February 23rd, 2018

WALKINGSTICK AND I SPOKE FOR OVER AN HOUR LAST NIGHT.

MONDAY CC WILL BE ................... AMAZING.

IT WILL LAUNCH YOU LIKE MAGMA ERUPTING WITH A FORCE OF GREAT ENCOURAGEMENT.

EPIC MOMENTS OF OUR MR STUDY OF THE IQD'S RI THAT LEADS TO AN RV.


NanaCarol » February 23rd, 2018

My eyes keep focusing on the word LAUNCH!

Aggiedad77 » February 23rd, 2018

THIS ARTICLE, WHILE AN OPINION......HAS A NUMBER OF POINTS WITHIN IT THAT WILL BEAR CLOSE STUDY.......WISH I HAD THE TIME TO EXPOUND ON IT, WILL DO SO LATER, BUT JUST IN A QUICK SCAN OF IT I SEE GREAT OPTIMISM LEAPING OFF THE PAGE AT ME......"WE WON" IS WRITTEN HERE IN A NUMBER OF WAYS..........IT'S ALL GOOD....IMO.....EXCEPTIONALLY GOOD IMO.....THANKS SAMSON FOR FINDING THIS AND ALL THE OTHER ARTICLES YOU BRING EACH DAY. ALOHA RANDY

Article: “It’s Not the Donations, Stupid”: Key Points from Kuwait Conference"

WELL WELL WELL.....I PROMISED TO EXPOUND ON THIS ARTICLE QUITE EARLY THIS MORNING AND THEN SORT OF DIED TO THE WORLD AFTER I GOT HOME AROUND 10 AM MY TIME....SORRY ABOUT THAT.....

BUT IT HAS BEEN GREAT TO CATCH UP ON THE FORUM AND SEE A NUMBER OF OTHERS POSTING THEIR COMMENTS ON IT AS WELL....INCLUDING FRANK.....

SO WHAT IS LEFT TO SAY.....WELL LET'S SEE.

AS i LOOKED UPON THE WRITINGS OF FRANK AND OTHERS I WAS SO VERY IMPRESSED BY ALL THE THOUGHTS THAT WERE POURED INTO SAMSON'S GREAT FIND HERE.....

​YES IT'S AN OPINION PIECE....MAYBE TO BE LOOKED AT AS "ONLY AN OPINION".....BUT IN THE SAME LIGHT, IT IS AN OPINION THAT IMO HITS THE NAIL ON THE HEAD IN A NUMBER OF WAYS.....

AND EVEN POINTS TO SOME FACTS THAT I FEEL ARE CRUCIAL TO OUR STUDY AT THIS TIME.....I APOLOGIZE FOR THIS GETTING A BIT WORDY....BUT HERE GOES.

FIRST OFF WE SHOULDN'T BE DISILLUSIONED THAT IRAQ ONLY GOT $30 BILLION IN COMMITMENTS....REALLY....THAT IS A SIZABLE AMOUNT.....SURE THEY WANTED $88 BILLION OR SO....BUT I'M SURE THEY EXPANDED ON THEIR "WANTS AND NEEDS" LIST TO GET TO THAT NUMBER.....SURELY THEY COULD "GET BY" WITH LESS.

THEN TO POINT OUT THAT IRAQ CAN THEMSELVES FUND MUCH OF WHAT IS NEEDED THROUGH THEIR SALES OF OIL.....ESPECIALLY IN THE SHORT TERM....HEY THEIR BUDGET HAS OIL AT $45 OR SO....AND IT'S TRADING UPWARDS OF $70 AND IS PREDICTED TO GO HIGHER FOR 2018, DO THE MATH....MONEY HAND OVER FIST IMO.

ALL BETS ARE HEDGED ON IRAQ STOPPING CORRUPTION....OR AT LEAST SLOWING IT DOWN....IMO NOT SURE THEY CAN ERADICATE IT COMPLETELY.....TO ME CORRUPTION IS LIKE A COCKROACH.....YOU CAN EXTERMINATE ALL YOU WANT AND ONE SEEMS TO ALWAYS SHOW BACK UP.

SURE THE GOI WANTS THE WORLD TO SEE THEM AS SHOCKED THEY ONLY GOT $30 BILLION....BUT THEY KNOW....AT LEAST THE HONEST ONES KNOW.....IF THEY CAN KEEP THE HANDS OF THE CORRUPT OUT OF THE COFFERS THEY CAN MAKE THINGS WORK FOR IRAQ AS THEY SHOULD.

REMEMBER "SHOW ME THE BEEF"......WELL IMO A NUMBER OF INVESTORS AND BIG MONEY PEOPLE ARE WAITING ON JUST THAT....IRAQ SHOW ME THAT YOU CAN USE MONEY WISELY AND IF YOU DO SO THERE WILL BE MORE WHERE THE $30 B CAME FROM.....BUT "PROVE" TO US YOU CAN MANAGE THIS AMOUNT FIRST.....PROVE TO US ABADI YOU HAVE YOUR HAND ON CORRUPTION.....AND NOT IN THE TILL.....

AND MY OPINION ABOUT ABADI STILL STANDS AS STRONG TODAY AS IT DID IN 2014....HE'S THE MAN WHO CAN MAKE THIS HAPPEN......

HE ROCKED THE WORLD WITH THE WAR ON TERRORISM....YES WITH HELP....AND WITH THE RECONSTRUCTION EFFORTS AND EFFORTS ON CORRUPTION HE WILL HAVE HELP AGAIN....TRUST ME.....FAR MORE THAN JUST INQUIRING MINDS ARE INVOLVED HERE.....BIG...BIG....

I MEAN REALLY BIG MONEY PEOPLE ARE WATCHING AND PARTICIPATING.....THEY NO WANT TO GO HOME UNHAPPY.

THEN LOOK AT THE COMMENT THAT WAS MADE REGARDING THE FOREIGN RESERVES...DID YOU CATCH THAT...."CURRENTLY AT $50 BILLION" THEY SAID......IT HAS DIPPED FAR BELOW THAT IN RECENT TIMES.....BUT IT HAS BEEN BOLSTERED....HOW....WHO CARES.....IT'S ON A COME BACK...THAT IS WHAT MATTERS.....

ABADI AT WORK AGAIN IMO......HE'S PUTTING MUSCLE BACK INTO HIS COUNTRY.....MUSCLE HE CAN TRUST......MUSCLE THAT HE KNOWS WILL HAVE CREDIBILITY WITH THE REST OF THE WORLD.....CHANGE HAPPENS.....GOOD CHANGE MAY TAKE A BIT TO REVEAL ITSELF....BUT CHANGE IS HAPPENING......ALL OVER THE GLOBE.......

​ABADI AND IRAQ ARE A REAL PART OF THAT CHANGE THAT IS BUILDING......WATCH THE HORIZON......IT IS AGLOW WITH BRIGHTNESS.

WITH REGARD TO DEBT THEY ARE FOLLOWING PRESCRIBED GUIDELINES......THEY LISTEN TO THE IMF, THE WB....THE WBG....WHO BY THE WAY IS DIFFERENT THAN THE WB....THOUGH THEY ARE A PART OF THE WB.....

THE WBG IS WELL KNOWN FOR HUMANITARIAN EFFORTS....JUST WHAT IRAQ NEEDS AT THE MOMENT.....IRAQ AS THE PRETTIEST GIRL AT THE PROM HAS MANY...MANY BIG BROTHERS WHO ESCORTED HER TO THE PROM AND WATCH OVER HER EVERY MOVE.....

THEY SUGGEST WHO SHE MIGHT DANCE WITH, THEY WATCH WITH KEEP EYESIGHT ANY AND ALL WHO OFFER TO BRING HER A REFRESHING DRINK, VIGILANT TO ENSURE NO HANKY PANKY IS BEING ATTEMPTED BY THE RUFFIANS WHO STAND IN THE SHADOWS.....THE PRETTIEST GIRL MUST BE PROTECTED.....WE KNOW THAT.

REGARDING THE KW CONFERENCE I LIKE HIS CHOICE OF WORDS....."STRATEGIC MEETING"......WELL OF COURSE IT WAS STRATEGIC......HISTORIC AS WELL IMO......WATCH WITH PATIENCE HOW THIS EVOLVES.......KNOW THAT ABADI AND HIS TEAM HAVE BEEN HARD AT WORK.....BOTH AT HOME AND WITH....MANY...MANY OTHERS IN MEETINGS AND ON PHONE CALLS AND THROUGH MESSAGING.....

SO MUCH IS BEING DONE.....SO MUCH GOT DONE AT THE KW CONFERENCE....NOT JUST WHAT WE VISIBLY WERE SHOWN BY THE MEDIA BUT OUT OF EARSHOT....OUT OF EYESIGHT.....

THE DEALS MADE WILL COME OUT OVER TIME....AND IMO THEY WILL BE SURPRISINGLY GOOD FOR THE IRAQI PEOPLE...AND FOR THE WORLD....FOR GOD'S KINGDOM....ALL IMO ALOHA RANDY

Samson » February 23rd, 2018

“It’s Not the Donations, Stupid”: Key Points from Kuwait Conference


22nd February, 2018

By Ahmed Tabaqchali (pictured), CIO of Asia Frontier Capital (AFC) Iraq Fund.

Any opinions expressed are those of the author

‘It’s Not the Donations, Stupid’: Key Points from the Kuwait Conference

With a few exceptions, the coverage of the “Kuwait International Conference for the Reconstruction of Iraq”has been confusing at best, ranging from those who thought it was a failure for raising far less than needed to those who thought that that it was a reasonable success for raising a third of what was needed.

These thoughts were not helped by an Iraqi delegation that was focused on presenting a shopping list of projects that would need $88bn in financing. In the end, it was reported that Iraq received pledges of $30bn in loans and guarantees, just over a third of the required total.

Lost in all of this is the significant document “Reconstruction & Development Framework”that the World Bank Group (WBG) prepared with the Iraqi Ministry of Planning (MoP), as well as the IMF’s work on Iraq and its presentation at the conference.

The first is a comprehensive analysis of the reconstruction requirements across all sectors of the country and provides plans for short-, medium- and long-term reconstruction needs within the framework of a long-term recovery for the country. In combination with the second, they provide the structure for funding the reconstruction effort.

The key takeaway is that the Government of Iraq (GoI) is realistic in its expectations that external sources of financings will be small, and therefore it expects to utilize its own resources over the next five years for the required reconstruction.

However, given the high existing demands on its budget, it will augment its public investment budget with new financing approaches that are attractive enough to bring in syndicated bank loans, institutional investors and international stakeholders.

These financing approaches were developed with the WBG and thus are based on a thorough analysis of the country’s capabilities and challenges, as well as being in-line with the IMF guidelines set in the Standby Agreement (SBA) of June 2016. The IMF’s presentation argues that this is feasible and consistent with macroeconomic stability, which means that the reconstruction should contribute to sustainable economic growth.

The IMF argues that the GoI can contribute $77bn over the next five years from the required reconstruction bill of $88bn. This contribution would be made of $50bn from oil revenues and $27bn of debt from raising bonds in capital markets and borrowing from International Finance Institutions (IFI’s) and in investments. Crucially GoI’s contributions are bound by requirements that Iraq’s foreign currency reserves remain at the current $50bn level and that total debt as a percentage of GDP is about 50%.

Therefore, Iraq would need to be able to access debt capital markets or bank lending markets for $27bn and donations of $11bn, or a total raise of $38bn. Investments, depending on their type, would fit into either category. The $30bn pledged goes a long way towards filling the financing gap of $38bn and not towards the $88bn total. The amounts pledged are roughly spilt between investments and export credits/loans.

Sovereign loans and guarantees come with lower interest rates and easier terms than commercial loans or bonds and therefore result in a lower repayment burden on Iraq. While Investments by their very nature are made with expectations of attractive rates of return and thus, given Iraq’s needs, will most likely be in productive ventures that either fill a need or contribute to economic growth.

Sovereign export guarantees, while beneficial to the sovereign’s own domestic companies, yet by lowering their risk exposure would encourage these very companies to expand in Iraq. Ultimately, investments and guarantees are far more important and sustainable than donations as they are beneficial to both parties: they benefit the home companies as they seek higher growth in Iraq than in slowing mature home markets, yet for Iraq their presence is needed, and they contribute to overall economic growth.

The assumptions made by the IMF are provided in the table below taken from its presentation.

The future price assumptions of Iraqi oil prices are conservative and are derived from the futures markets. Based on prior IMF projections, they would assume that Iraq would not increase its current oil production or exports over the next five years. Moreover, they would assume that Iraq would still be bound by its OPEC production cut throughout 2018. Yet, Iraq has been exceeding these, leaving room for revenue upside in 2018.

Debt, current and new, at around 50% of GDP ensures that debt is below the threshold of 60% used in many debt targets. While debt service, on current and new debt, ensures that debt repayments are sustainable, and with the requirement of maintaining $50bn in reserves that no undue pressure will be exerted on the US $ peg of the Iraqi Dinar (ID). The IMF noted that to ensure that Iraq maintains $50bn in reserves that it, towards the end of the five-year period, would need to refinance some of the maturing debt and thus total financing need is $36bn.

It’s worth noting that $41bn out of Iraq’s $68bn in external debt at the end of 2017 is in the form of unresolved arrears to non-Paris Club creditors that were accumulated under the pre-2003 regime. This could be cut down by 90% if current negations with these creditors lead to the same debt relief terms accepted by the Paris Club creditors. Were this to happen, total debt as a percentage of GDP would be much lower than 50% giving Iraq greater flexibility to assume more debt while expanding its investment capital spending.

However, the crucial requirement is that Iraq must adhere to the prudent fiscal policy set by the IMF SBA agreement of June 2016 which is not only long overdue but essential to reduce the role of the state in the economy in order to diversify away from oil and for the development of private sector as the main driver of the economy.

The reconstruction needs and funding framework as articulated by the MoP, WBG and IMF fits with the thesis presented by the author in a recent study on Iraq’s Economy Post ISIS which concluded that:

“Guided by the IMF following the signing of the Stand-By Arrangement (SBA) in June 2016, the Iraqi government can embark on the long process of decentralizing the state by reducing its role in the economy, encouraging the development of the private sector in agricultural and industrial production, and stimulating private sector employment.

The straight jacket of the low oil price environment, the absence of financial buffers and sovereign wealth funds, plus the need for reconstruction will ensure that the government continues on this path, builds upon it, and ultimately ensures its eventual success.”

In conclusion, the Kuwait conference was not about raising donations for Iraq but a strategic meeting on how to rebuild Iraq properly. Or as reported by one of the informed reports:

“… conference in Kuwait was different, in that it moved from being a pledging event to a strategic meeting on how to rebuild Iraq. Private sector representatives joined ministers from key countries with a stake in strengthening Iraq. And the requirement was mainly for investment and credit lines to encourage the private sector to develop commerce rather than continuing the cycle of handouts, both promised and actual.”

Please click here to download Ahmed Tabaqchali’s full report in pdf format.

REFERENCES:

[1] http://news.kuwaittimes.net/website/kuwait-international-conference-for-reconstruction-of-iraq-kicks-off-today/

[2] This thread on Twitter highlights the main thrust of the conference lost among the confusion.

There's a fundamental misreading of the #Kuwait conference going on right now. #Iraq did not expect or ask to raise $88bn from donors today. 1/

— Elizabeth Dickinson (@dickinsonbeth) February 14, 2018

[3] Part 3 “Investment Opportunities & Reforms”

https://view.publitas.com/1692ac51-faf7-464f-a9c2-1784ed1da647/iraq-reconstruction-and-investment-part-3-investment-opportunities-and-reforms/page/1

[4] https://uk.reuters.com/article/mideast-crisis-iraq-reconstruction/factbox-pledges-made-for-iraqs-reconstruction-in-kuwait-idUKL8N1Q55RY

[5] Part 1 “Reconstruction & Development Framework” of “Iraq Reconstruction & Investment”

http://www.cabinet.iq/uploads/Iraq Reconstruction/Iraq Recons & Inves.pdf

[6] Session 3 after clicking on pdf of presentation. Presentation starts at minute 8.20 on the youtube link.

https://view.publitas.com/1692ac51-faf7-464f-a9c2-1784ed1da647/iraq-reconstruction-and-investment-part-3-investment-opportunities-and-reforms/page/1

[7] Iraqi oil tends to sell at a blended discount of $5 to Brent crude.

[8] http://auis.edu.krd/iris/latest-iris/iraqs-economy-after-isis-investors-perspective

[9] https://www.thenational.ae/opinion/comment/reconstruction-isn-t-just-about-rebuilding-iraq-it-is-an-exercise-in-nation-building-too-1.705753

Mr Tabaqchali (@AMTabaqchali) is the CIO of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years’ experience in US and MENA markets. He is a non-resident Fellow at the Institute of Regional and International Studies (IRIS) at the American University of Iraq-Sulaimani (AUIS). He is a board member of the Credit Bank of Iraq. LINK

Frank26 » February 23rd, 2018

GREAT OPINION ARTICLE BUT ................. HERE IS THE BEAUTY OF THIS POST IMO .................... IT'S THAT ON LAST MONDAY CC ..................LOL .............. I SAID THE SAME WORDS .............. " IT'S NOT A DONOR KW CONFERENCE TOO PID IT'S AN INVESTMENT CONF !!! ". FASCINATING .............. 

Noneb4him » February 23rd, 2018

Holy Giant Lightbulbs, Batman!! This is an excellent article ! Thank you Samson! For me, personally, this gives amazing understanding! Wow! Wow!