Debt!!!! Here is your answer!!!
Quote:
Originally Posted by EJAMM
I agree, mon amis!
The debt forgiveness seems to have been grossly miscalculated by the powers-that-be. The Paris Club was expected to trigger massive debt relief leaving the GoI with the lone task of getting certain laws passed...they have failed thus far. I believe many dinar holders will be sadly disappointed when the HCL passes with no immediate revalue/reversion of the dinar. SA, Russia and Kuwait have all taken a "wait and see" approach with Iraq. Do you blame them?
My thoughts
Quote:
Posted by eosirl2
Well Iraq cut off its nose to s-p-i-t-e its face, didn't it?
I remember well the IMF was acting as a mediator for the Iraqis in settling its debt. After the Paris agreement, the Iraqis decided to make the future debt forgiveness a 'private' matter and that resulted in the IMF being distant in the camel-dealing that followed. The just recently we saw in the papers that the IMF were back in dealing with the Saudis etc and suddenly debt forgiveness was back in the news, with ref to the IMF.
If you remember the Iraqi MoF was stating countries were forgiving and the countries themselves were stating that they hadn't forgiven, which my opinion was blatantly obvious the Iraqis were screwing up royally.
With that understanding it was apparent that the ICI meeting was very anti-climatic as the Iraqis messed it up (again <whispers under my breath>)
It hard to tell when the RV would be best presented and implemented but one thing for sure, it would have to be for Iraq's sole betterment and nobody else's. But in view of the above debt fiasco, I am not surprised that there's a RV fiasco going on behind the scenes.
I guess it is really a question of, 'is there an rv?', as oppose to 'when is the rv?'
Quote:
Posted by ejamm
I certainly hope many read your post...it is excellent.
You are dead on! The IMF had made arrangements to facilitate all debt relief via IMF means but Iraq chose a "deal making" path for the debt outside of the Paris Club...their mistake. When Jabr starting putting his fingers in the chili the matter just got worse, until the IMF had enough.
I agree the question still remains..."Is there a rv?"...my vote is still yes and the amount will remain as agreed upon by the CBI and IMF back in Jun 05. Only after a free market float will the dinar reach historic levels, maybe 2-5 years after the initial rv.
Truly great to read your posts again eosirl! You have a keen insight.
My thoughts
Shahrastani denies that any new increase in the prices of fuel
(Voice of Iraq) - 12-07-2007
Media Center for Communication _ Akram Alaidani The oil minister Hussein Shahrastani the absence of any new increase in the prices of fuel after the agreement with the International Monetary Fund,
He explained during a press interview that the fund raising report to the United Nations indicates that Iraq has completed what was required of him on the debt owed to the Paris Club and Shahrastani said that there are promoters of a new increases prices of fuel for political reasons.
Sotaliraq.com - صوت العراق
