IMF: Iraq's debt rose 64% government loans stalled
The Journal News
The chairman of the IMF mission to Iraq Christian coconut, Saturday, Iraq's debt rising by 64% during 2014 to 2016, in what was described loans at state banks with non-performing.
Said nut in a press statement that Iraq "hurt severely affected due to the conflict with al Daesh, and the sharp drop in world oil prices since 2014, but he also, the government has responded to the fiscal crisis, and the crisis in the balance of payments, large corrects Mali, but necessary, supported by financial assistance from the international community.
Added: in 2016, the real growth of the gross domestic product by 11%, supported by a substantial increase in oil production , which benefited from previous oil investments continued. However, non - oil economy has shrunk by 8% due to the conflict and fiscal adjustment , "expected to" keep economic activity muted due to reduced oil production by 1.5% under the agreement reached by the Organization of Petroleum Exporting Countries (OPEC), and the recovery is modest for the sector is oil . "
He explained that he "could cause a sharp drop in the price of oil down the total international reserves of Iraq , from 53.7 billion US dollars at the end of 2015 to a level still comfortable, of $ 46.5 billion, at the end of December / December 2016 remains the pressures faced by the financial public large, with the government deficit remains at a level of 12% of GDP in 2016, due to continued weakness in oil prices, high humanitarian and security spending, "adding that" the total debt increased year from 32% to 64% of GDP in the period 2014-2016. And slowed credit growth and rising bad loans at state - owned and private banks are large banks in 2016 ".
He coconut "The authorities kept the exchange rate peg, which is an important pillar of par. , Stressing that the growth prospects in the medium term will remain modest because of the expected stability of oil production, and the stability of its investment in the face of restrictions on revenue, and the modest recovery in the non-oil growth, supported by the expected improvement in the security situation and the implementation of structural reforms.
He pointed out that there is a need for more reforms to create fiscal space inclusive growth, and enhance the business environment, reduce corruption, and reform of the banking sector to support growth led by the private sector, and diversification in the economy, once it launched the reconstruction process in post-regulation Daesh.
He warned of the high risks remain; This stems mainly from uncertainty surrounding the prospects for oil prices, the security situation and political uncertainty, and a citizen of management weaknesses . "
In the meantime, he said that " the Iraqi authorities and experts of the International Monetary Fund has begun discussions on the second revision of the standby credit agreement. These discussions will continue during the coming spring meetings of the International Monetary Fund and the World Bank in the period between April 21 to 23, 2017 in Washington . "
It is noteworthy that the Iraqi government and the experts of the International Monetary Fund (IMF) held discussions in Amman during the period from 5 to 17 March 2017 on Article IV of the 2017 consultations, and the second revision of the agreement to prepare the credit (SBA) with Iraq, amounting to a 36 - month, which was approved by the Executive Board of the international Monetary Fund on July 7, 2016 . is over
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The Journal News
The chairman of the IMF mission to Iraq Christian coconut, Saturday, Iraq's debt rising by 64% during 2014 to 2016, in what was described loans at state banks with non-performing.
Said nut in a press statement that Iraq "hurt severely affected due to the conflict with al Daesh, and the sharp drop in world oil prices since 2014, but he also, the government has responded to the fiscal crisis, and the crisis in the balance of payments, large corrects Mali, but necessary, supported by financial assistance from the international community.
Added: in 2016, the real growth of the gross domestic product by 11%, supported by a substantial increase in oil production , which benefited from previous oil investments continued. However, non - oil economy has shrunk by 8% due to the conflict and fiscal adjustment , "expected to" keep economic activity muted due to reduced oil production by 1.5% under the agreement reached by the Organization of Petroleum Exporting Countries (OPEC), and the recovery is modest for the sector is oil . "
He explained that he "could cause a sharp drop in the price of oil down the total international reserves of Iraq , from 53.7 billion US dollars at the end of 2015 to a level still comfortable, of $ 46.5 billion, at the end of December / December 2016 remains the pressures faced by the financial public large, with the government deficit remains at a level of 12% of GDP in 2016, due to continued weakness in oil prices, high humanitarian and security spending, "adding that" the total debt increased year from 32% to 64% of GDP in the period 2014-2016. And slowed credit growth and rising bad loans at state - owned and private banks are large banks in 2016 ".
He coconut "The authorities kept the exchange rate peg, which is an important pillar of par. , Stressing that the growth prospects in the medium term will remain modest because of the expected stability of oil production, and the stability of its investment in the face of restrictions on revenue, and the modest recovery in the non-oil growth, supported by the expected improvement in the security situation and the implementation of structural reforms.
He pointed out that there is a need for more reforms to create fiscal space inclusive growth, and enhance the business environment, reduce corruption, and reform of the banking sector to support growth led by the private sector, and diversification in the economy, once it launched the reconstruction process in post-regulation Daesh.
He warned of the high risks remain; This stems mainly from uncertainty surrounding the prospects for oil prices, the security situation and political uncertainty, and a citizen of management weaknesses . "
In the meantime, he said that " the Iraqi authorities and experts of the International Monetary Fund has begun discussions on the second revision of the standby credit agreement. These discussions will continue during the coming spring meetings of the International Monetary Fund and the World Bank in the period between April 21 to 23, 2017 in Washington . "
It is noteworthy that the Iraqi government and the experts of the International Monetary Fund (IMF) held discussions in Amman during the period from 5 to 17 March 2017 on Article IV of the 2017 consultations, and the second revision of the agreement to prepare the credit (SBA) with Iraq, amounting to a 36 - month, which was approved by the Executive Board of the international Monetary Fund on July 7, 2016 . is over
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