June 23, 2009 – Oil Minister al-Shahristani questioning at Iraq Parliament – New Post
June 29-30, 2009 – bids from International Oil Companies to be revealed
July 25, 2009 – KRG Parliament Elections
Mid July, 2009 – U.N. Security Council meeting on Iraq – New Post
August 21st to September 19th 2009 – Ramadan
October 2009 – International Compact with Iraq– Date to be Announced – Baghdad
December 7-9, 2009 Iraq Petroleum Conference London U.K.
December 31, 2009 – Development Fund for Iraq (DFI) expires
December 31, 2009 – Article Seven U.N. Charter expires
January 16, 2010 – Iraq Referendum Vote (SOFA Security Agreement)
January 16, 2010 – National Parliamentary Elections
THE IMF SBA LOAN
We are getting close but at the same time we are still far away from the IMF SBA loan for Iraq. Just yesterday in the Azzaman News just reported the Iraqi Parliament has passed the legislation to authorize the Central Bank of Iraq (CBI) to sell 2.4 Billion U.S. Dollars. This is good news and in step of what the American Contractor has been saying on the blog site for the last three weeks. T-Bills before the SBA Loan.
Azzaman News Link:
To accomplish the IMF SBA Loan the Treasury Bonds must be sold and then later the IMF SBA Loan will be accepted by the Iraq Government. I know there are groups out there that think RV before the SBA Loan or SBA Loan then RV and that’s okay just that I don’t agree that you need an RV before the SBA Loan. Just not going to happen. They are other pre stipulations that the Iraqi government will have to adjust before an RV will have a chance of succeeding and if you been reading the American Contractor Blog site then you already have an idea what some of those benchmarks are going to be.
AC has updated the Iraq important dates as there is two new dates listed. The Oil Minister will be front and center at the Iraq Parliament for his grilling in front of the Oil and Gas Committee just as I said in the last lengthy however, informative news letter on 20 June. If you have not read it feel free to log on and read it.
The other new Iraq important date is that the U.N. Security Council will have another meeting in Mid July 2009, to talk about Iraq and the lifting of Chapter Seven. Mostly to see what Iraq and Kuwait have agreed to with respect to each other countries and for the Kuwaiti files to be on track of getting resolved. Iraq will most likely get there monthly payment to Kuwait reduced to a lower payment from 5% to possibly 1%.
The next move on the T Bills is for the small and fragile Iraqi banking industry to step up and purchase the T Bills and assist the Iraqi government in gaining an infusion of badly needed funds to continue government services and programs. The next big thing besides the Oil Contracts coming up although as I have said don’t be shocked if it is postponed, is the International Compact Iraq in Baghdad in October 2009. When I receive the actual date I will post it in the Important Iraq Dates.
There is still no evidence of a shift of the Iraq Dinar currency anytime soon especially when the Central Bank of Iraq has to execute the sale of the Iraqi government 2.8 Billion Treasury Bills. You have to consider also the meeting next month with the United Nations SC. Oil Contracts, serving arrest warrants for corrupt figures, acting Trade Ministry, first 30 days of oil exporting from northern Iraq.
The U.S. Dollar is still alive and well inside Iraq. Just maybe the CBI is creating the scarcity of the dollar in order to devalue the dinar…just thinking out loud.
In my next post I will talk about the already happening pricing and 3 digits it is interesting something no one mentions any where.
More to Follow…