ReddStarr at KTFA: "Watch for This IMF News Release"

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ReddStarr at KTFA: "Watch for This IMF News Release"

Post  Admin on Sat May 07, 2016 8:32 pm

5/6/2016  

 




KTFA:

ReddStarr: Good afternoon family! Just wanted to bring this forward for anyone who was interested.

I touched on this last month, but this is a more in depth version. IMO...we should all be looking forward to this news release from the IMF.




It could be anytime, from now, until the end of the month.




Once we see this in ink, we can then determine what the next process/steps will be.




IMO...we should be right on course for the completion of the structural benchmarks and be ready for the IMF/Iraq to move forward with the financial arraignments.
....





 


Picture



Dec 22, 2015 L.O.I




30. The program will have quarterly reviews and set quarterly quantitative targets on the non-oil primary balance, the stock of net domestic assets of the CBI, official foreign exchange reserves, social spending, and the absence of new external arrears, starting in December 2015 (Table 1). Each program review will set a few structural benchmarks in areas that are essential for the success of the program (Table 2 contains the list for the first review). The first review should be completed by end-May 2016.




The government intends to demonstrate good performance under this Staff-Monitored Program to move to a possible IMF financing arrangement as soon as possible.




Table 2. Iraq: Prior Action and Structural Benchmarks, 2016




1. Prior action for Management approval Approval by the Council of Ministers and introduction to Parliament of amendments to the draft 2016 budget to bring it into line with the macroeconomic framework agreed under the Staff-Monitored Program.

(Preserve macroeconomic stability) (complete)




Structural benchmarks




1. Completion by the Ministry of Planning of a survey of domestic arrears on investment spending accumulated by all ministries of the federal government at end-September 2015. Details should include the amount of the arrears, the identity of the creditor, the bill, the identification of the goods or the services delivered, and the credit line in the budget authorizing such spending




(Strengthen cash management) (1st review) (if we count the review in March 2016, then this will have had it's second review already, third review & completion @the end of May, IMO)




2.Compilation by the Ministry of Finance and the Central Bank of Iraq (CBI) of a list of all bank accounts controlled by the Ministry of Finance and all spending and sub-spending units of the central government in CBI, state-owned and commercial banks. Details should include balances at end-December 2015, account number, title, location, purpose, authority, signatories.




( Strengthen cash management) (1st review) (if we count the review in March 2016, then this will have had it's second review already, third review & completion @the end of May, IMO)




3.Appointment of one or several international auditors to audit the latest financial statements of Rasheed Bank and Rafidain Bank according to international standards




(Strengthen financial sector stability) (1st review) (if we count the review in March 2016, then this will have had it's second review already, third review & completion @the end of May, IMO) (we've seen on previous articles that both banks are now 98% ready, so we can safely say this this is now complete, IMO)




4. Approval by the Minister of Finance of a draft of the Financial Management law in line with World Bank and IMF comments on the last draft submitted to the Shura Council

( Strengthen public financial management) (2nd review) (if we count the review in March 2016, then this will have had it's third review already & now complete, IMO)




Keep in mind that this was released 12/15 & all "structural benchmarks" had at least on review & one was already completed.




On March 29, 2016 the IMF released a program review of the SMP & gave us more info on the progress.




“Preliminary estimates indicate that the authorities continue to make progress under the SMP. Three out of the five indicative targets at end-December 2015 were met, owing to the under execution of expenditure on wages and pensions, goods and services, and transfers. The target on social spending was missed by a small margin.




The target on non-accumulation of external arrears was missed due to the government’s cash constraint. One out of three structural benchmarks was met and the other two were not yet met but good progress has been made and authorities expect to meet them shortly.




ReddStarr: Based on the review & what I pointed out in parenthesis above, the IMF told us that 3 of the 5 benchmarks are complete. Leaving just two for Iraq to complete by the end on May. According to the IMF "two were not yet met but good progress has been made and authorities expect to meet them shortly"




 So family, IMO, we are in a very good position! From now until the end of the month, we should all be looking forward to the next IMF release. If they did progress and met the last two benchmarks, then IMO, it's safe to say that we will all be moving forward very soon!

Remember to take it to God in prayer!

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

Islandg1211:  I've been posting the same thing. The LOI spells it all out, including the end of May review. Good post!!




 

 
ReddStarr:  Good recap of the last 3 months......

Pause with the sequence of the most important political  events that recently acquired the level of Iraqi!

In this posture review of the most important political events that have occurred in recent months on the Iraqi level where it came Balchukla the following:



Picture

February 5, 2016 reference declares not to engage in politics in Friday sermons in protest at what is going on. Move the position stated by the Matmayora in Karbala, Mr. Ahmed net during Friday prayers held in the courtyard Husseini Karbala, where he said: "It was we have been in every Friday to read in the second sermon written transcript represents the visions and the attention of the Supreme religious authority in Iraqi affairs .. but it was decided that this is not a week for the time being, but according to the emerging and things required by the events. "

February 13, 2016 Muqtada al-Sadr announced the formation of an independent commission in order to choose the cabins cabinet of technocrats. In return, the Abadi forming another committee as well.

February 23, 2016 stormy session between Haider al-Abadi and between Muqtada al-Sadr in Kadhimiya ended without results.

February 26, 2016 al-Sadr calls for large demonstrations in Liberty Square.

March 2, 2016 meeting of the Sage and al-Sadr in Najaf and the announcement of the attempt to form a political bloc representing the political majority transient communities.

March 6, 2016 meeting of the National Alliance in the famous Rotana Hotel in Karbala.

March 18, 2016 the Sadrist movement sit on the edge of the Green Zone was held despite the refusal to license the Baghdad operations effectiveness.

March 27, 2016 Muqtada al-Sadr decides to sit in his tent inside the Green Zone.

March 31, 2016 Muqtada al-Sadr and end the sit-in calling for the public to return to their homes and leave his tent in the green. Abadi him after the cabinet reshuffle file in a closed envelope to Saleem al-Jubouri.

April 8, 2016, and US Secretary of State John Kerry arrives in Baghdad on a surprise visit.

April 11, 2016 was signed the famous document of honor between the various parties in the
presence of the three presidencies. That document blew up the situation in parliament and prompted some MPs to sit in parliament.

April 14, 2016 al-Abadi in a televised speech to the Iraqi people about the reforms, said:
"The dispute between the House of Representatives is not related to the reform of the ministerial amendment but political chaos could lead Iraq to an anonymous and can not be accepted," al-Abadi also added, "We have started a comprehensive reform, and was supposed Ministerial change to be a simple episode of this reform, but that it ends up differences and divisions, that is contrary to the reforms that let them. "

April 15, 2016 President Fuad Masum, the word goes to the Iraqi people in which everyone is calling for a return to constitutional and political contexts, understanding and taking into account the assets of the political game.
 
April 20, 2016 the cleric Moqtada al-Sadr issued a statement which confirmed the freezing of the Liberal bloc and end completely its role in the sit-parliamentary.

April 29, 2016 visit by US Vice President Joe Biden to Baghdad on an unannounced visit, his first in five years.

April 30, 2016 fans of the Sadrist movement stormed the Green Zone and the intervention of the House of Representatives and infringe on some of Representatives. Some lawmakers came out hard-earned money. On the evening of the same day it ordered the Sadrist supporters to sit in the courtyard of the celebrations Balkhaddra.

May 1, 2016 Sadrist ordered his supporters to postpone the protest until after the visit of Imam al-Kadhim. On the same day also released a torrent of deplorable for his supporters of the Sadrist movement, with a statement issued by the US Embassy in Baghdad, the United Nations and European Union in addition to many of the Iraqi political forces data
.
May 2, 2016 Muqtada al-Sadr is a quick, unannounced visit to Iran that lasted for several hours during which he met Ali Shamkhani secretary of the Supreme Council for National Security of Iran.

May 4, 2016 the Supreme Council declared the political position of the latest crisis over its leader Ammar al-Hakim has been waging a twin attack on what he had done supporters of the Sadrist movement, as well as what he has done sitters MPs in the House of Representatives and ask again to return to the idea of ​​the political majority that has been advocating its coordination with Moqtada al-Sadr in early March.

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