KTFA:

Tink:  From DELTA: 

DEBT RELIEF ON IRAQ

November 21, 2004

The representatives of the member countries of the Paris Club met from November 17 to November 21 and agreed on November 21, 2004 with the representatives of the Republic of Iraq on a comprehensive debt treatment of the public external debt owed to them providing a total amount of debt reduction of 80 % in three phases.

The Iraqi delegation described the challenging economic and financial situation faced by its country and presented the main measures for recovery included in the program of the Iraqi Government and supported by the Emergency Post Conflict Assistance approved by the Board of the International Monetary Fund on September 29, 2004. Paris Club members took note of the strong commitment of the Government of Iraq to implement the policies required under this program and reaffirmed their support.

The representatives of the Creditor Countries, aware of the exceptional situation of the Republic of Iraq and of its limited repayment capacity over the coming years, agreed on a debt treatment to ensure its long term debt sustainability. To this end, they recommended that their Governments deliver the following exceptional treatment:

- an immediate cancellation of part of the late interest representing 30% of the debt stock as at January 1, 2005. The remaining debt stock is deferred up to the date of the approval of an IMF standard programme. This cancellation results in the write-off of 11.6 billion US dollars on a total debt owed to the Paris Club of 38.9 billion US dollars;

- as soon as a standard IMF programme is approved, a reduction of 30% of the debt stock will be delivered. The remaining debt stock will be rescheduled over a period of 23 years including a grace period of 6 years. This step will reduce the debt stock by another 11.6 billions US dollars increasing the rate of cancellation to 60%;

- Paris Club Creditors agreed to grant an additional tranche of debt reduction representing 20% of the initial stock upon completion of the last IMF Board review of three-years of implementation of standard IMF programmes.

This debt treatment would reduce the total debt stock from 38.9 billion to 7.8 billion US dollars.

On a voluntary basis, each creditor country may also undertake debt swaps.

The Republic of Iraq has committed to seek comparable treatment from its other external creditors.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of creditor governments from major industrialized countries. It meets on a monthly basis in Paris with debtor countries in order to agree with them on restructuring their debts.

2. The members of the Paris Club which participated in the reorganization of Iraq's debt were representatives of the governments of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, the Netherlands, the Republic of Korea, the Russian Federation, Spain, Sweden, Switzerland, the United Kingdom and the United States of America. Observers at the meeting were representatives of the government of Norway as well as the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (IBRD), the Secretariat of UNCTAD, the European Commission and the Organization for Economic Cooperation and Development (OECD).

The delegation of Iraq was headed by Mr. Adil A. Mahdi, Minister of Finance. The meeting was chaired by Mr. Jean-Pierre Jouyet, Chairman of the Paris Club.

Technical notes

1. Iraq's economic program is supported by an Emergency Post Conflict Assistance.

2. Iraq's public debt was estimated to be US$ 120.2 billions in nominal value as at end 2004. The debt owed to Paris Club creditors as of December 31, 2004 was estimated to be US$ 38.9 billions in nominal value.

3. The repayment profile will be posted on the Paris Club web site.

http://www.clubdeparis.org/en/.....21-11-2004

https://youtu.be/NiV5ZWFqXOY?t=2

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Monday Night KTFA CC 12-23-19 with Frank, Walkingstick, Delta, Angel1, FF77and team

Playback Number: 605-313-5163 PIN: 156996#

https://fccdl.in/3EFPPOo3eX

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TNT:

History of the RV of the Iraqi Dinar

Dr .  The appearance of Muhammad Salih *: A testimony of history on the issue of raising the value of the Iraqi dinar in the year 2006-2008, as revealed by Professor Muhammad Allawi in his last lecture in Washington * *

1.  I would like to mention that the Paris Club Agreement signed on November 4, 2011, which dropped 80% of the total debt of Iraq, which was arranged before 1990. ۰ and was estimated at about 128 billion dollars at the time (which was led by Mr. Adel Abdul-Mahdi) and participated in it until the day it was signed by Dr. Sinan al-Shabibi  And Mr. Aziz Jaafar, myself and a number of women, committed Iraq to historical stages for writing off debts before the expiry of the next 6-year grace period provided that a corrective program is signed with the International Monetary Fund. 

As I canceled 30% of Iraq’s debt immediately after signing the Paris Club agreement in 2004, and another 30% struck as soon as Iraq signed the SBA Credit Readiness Agreement with the International Monetary Fund that was signed in the last month of the year 2005 to be completed   

Monetary policy papers write off another 20% when Iraq succeeded in implementing its agreement with the fund at the end of the year, so that the total debt written off amounted to 80%

2.  In the first consultations that took place in Amman (Oman) with the International Monetary Fund, annual inflation was at that time more than 20%, and the economic model adopted by the Fund in implementing its program with Iraq has required reducing inflation to one decimal place to become about 6%, and this reduction needs to have a nominal fixed approval 

The Iraqi dinar increases the external value of the nominal anchor, which is the gradual increase of the Iraqi dinar exchange rate by about 20%  over the years of the program, as well as raising the internal value of the Iraqi dinar, that is, the interest rate by adopting the monetary policy interest rate that the central bank lends and borrows with local banks by at least  20% 

This is to address the forces generating inflationary expectations, which specifically mean the importing forces. In both cases, the Central Bank was forced to follow a deflationary monetary policy to reduce inflation, called it tighten policy, and as a witness to the history of events, and in a closed meeting that included the head of the Iraq mission at the International Monetary Fund and Mr. Minister of Finance and Mr. Aziz Jaafar  In my presence personally, the head of the mission asked, explaining that the conduct of that international program required preconditions, namely the acceptance of the amendment of the value of the internal and external Iraqi dinar for the interest rate exchange assistant. 

 Mutaqq meeting, deaf president of Baal Iraq in the International Monetary Fund and Mr. Finance Minister and Mr. Aziz Jaafar, in person in my presence, the head of the mission asked, explaining that the progress in that international program required pre-conditions, namely acceptance of adjusting the value of the internal and external Iraqi dinar, i.e. interest rates and the exchange rate. 

 Dr. Sinan has categorically refused to adopt such a restrictive monetary policy (a policy inconsistent with advancing development after Dr. Sinan spent a year in UNCTAD and is one of the development organizations that ideologically intersect with the International Monetary Fund).

Dr. Sinan left the meeting and left, saying, with the text: I will not accept  With such oppressive conditions for development, I had to talk to him to return to the closed meeting because the head of the Fund’s delegation indicated that the program should be stopped with them and then the Paris Club agreement should be stopped! 

And to re-load Iraq’s debts  before 1990 while continuing to delay benefits that are the product of the previous regime, making the damage even greater. 

So everyone had to accept the fait accompli in improving the exchange rate of the dinar,

 To reach at the end of the program at the end of 2008 by about 1182 dinars against the dollar, after it was 1560 dinars per dollar at the end of the year 2005. 

3.  The problem in my estimation is not only to raise the value of the dinar at the time, despite the annual inflation decrease from 22% to 6% within the phenomenon of disinflation, that is, to have low or decreasing increases in the general level of prices at the time, but the biggest problem has remained in increasing the number of government workers to five times today compared to  In the year 2003 and the increase in the value of government wages 7 times, which made the average government employee’s salary equal to approximately twice per capita gross domestic product, which added double benefits to the first government job that came from monetary policy and exchange rate stability and the second from higher wages and salaries as well as high  Banking interest on the savings of the savings available to him. 

In addition, the increase in the allowances in government salaries, which constitute 66% of the salary components today, have been exempted (those allocations) from income taxes and by a government decision in the year 2009 until today. 

"Big Arrest Around Christmas?" by Sierra (NZ) - 12.23.19

Entry Submitted by Sierra (NZ) at 2:28 PM EST on December 23, 2019

Anon 3Days3Nights has tweeted about the possibility of Hillary Clinton being arrested around Christmas time...

https://twitter.com/3days3nights?lang=en

Juan O'Saven, whom many Anons believe could be JFK Junior, said that Hillary Clinton could be the first major arrest.

Also there are rumors about the possibility of George Soros being arrested after Attorney General Bill Barr accused Soros of inciting violence.

Finally, there have been several intriguing tweets from different official sources, such as the US Army, referring to 'snow' and 'storm'. Anons believe this refers to the possibility that Snowden could be extradited to USA to testify.

Meanwhile, Pelosi has stalled on presenting her two articles of impeachment to the Senate. It's a bit like a child not wanting to play the card that loses them the game so they sit there, doing nothing. It's truly pathetic, which is exactly what the Alliance wants the American public, and the world, to see.

Nothing happening...??

I wish all DC readers a Merry Christmas and a prosperous New Year (tee hee!).

Where We Go One We Go All.

Love and Light
Sierra (NZ)

https://inteldinarchronicles.blogspot.com/2019/12/big-arrest-around-christmas-by-sierra.html