Iraq succeeds in the consultations of the credit agreement with the International Monetary Fund

Iraq succeeds in the consultations of the credit agreement with the International Monetary Fund

economy  Since 2017-08-02 at 14:01 (Baghdad time)

Baghdad Mawazine News
The International Monetary Fund (IMF) has announced the success of the second audit consultations on the credit readiness agreement, congratulating the role of the Central Bank of Iraq, the Ministry of Finance and the Prime Minister's Office on the success of the consultations.
"In a letter from the International Monetary Fund (IMF), congratulated the Central Bank of Iraq, the Ministry of Finance and the Prime Minister's Office on the success of the second audit consultation on the Credit Preparedness Agreement, which came after the implementation of the programs," said Director of the Central Bank Information Office, Acer Jabbar. And financial and monetary targets and put them in a framework that provides financial stability for Iraq and meet the financial and security challenges. "
He added that "the decision of the Board of Directors of the International Monetary Fund to ratify the report of the Fund team, which included the fulfillment of the Central Bank and the Ministry of Finance and other parties to achieve the objectives and plans contained in the agreement will give an important signal waiting for international institutions and major countries to provide funding and facilities to support the financial situation in Iraq by supporting funding of the budget The State of the State and various projects as well as pave the statement of the International Monetary Fund to the third review, which will begin in September to continue the program and the implications of Iraq's external support.
The program included a set of reforms and objectives have been committed to the benefit of Iraq, the latest supplemental budget approved by the House of Representatives in record time, which showed the keenness of the legislative and executive authorities on the plan and programs of reform.

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URGENT International Monetary Fund: Success of Iraq's Credit Preparedness Consultations


Date of release: 2017/8/2 13:19 • 303 times read


International Monetary Fund: The success of the Iraq Credit Accord
The International Monetary Fund (IMF) announced the success of the second review consultations on the credit readiness agreement, congratulating and congratulating the role of the Central Bank of Iraq, the Ministry of Finance and the Prime Minister's Office in the success of the consultations.
"In a letter sent by the International Monetary Fund, congratulated the Central Bank of Iraq, the Ministry of Finance and the Prime Minister's Office on the success of the second audit consultation on the Credit Standby Agreement, which came after Implement the programs and financial and monetary targets and put them in a framework that provides for the financial stability of Iraq and meet the financial and security challenges. "
He pointed out that "the program includes a set of reforms and goals have been committed to the benefit of Iraq, the latest budget supplemented by the House of Representatives in record time, which showed the keenness of the legislative and executive authorities on the plan and programs of reform.
Jabbar pointed out that "

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International Monetary Fund: The success of the Iraq Credit Accord


02/08/2017

The International Monetary Fund (IMF) announced the success of the second audit consultations on the credit readiness agreement, congratulating the role of the Central Bank of Iraq, the Ministry of Finance and the Prime Minister's Office on the success of the consultations.

"In a letter sent by the International Monetary Fund, congratulated the Central Bank of Iraq, the Ministry of Finance and the Prime Minister's Office on the success of the second audit consultation on the Credit Standby Agreement, which came after Implement the programs and financial and monetary targets and put them in a framework that provides for the financial stability of Iraq and meet the financial and security challenges. "

He pointed out that "the program includes a set of reforms and goals have been committed to the benefit of Iraq, the latest budget supplemented by the House of Representatives in record time, which showed the keenness of the legislative and executive authorities on the plan and programs of reform.

Jabbar pointed out that "the decision of the Board of the International Monetary Fund to ratify the report of the Fund team, which included the fulfillment of the Central Bank and the Ministry of Finance and other parties to achieve the objectives and plans contained in the agreement will give an important signal waiting for international institutions and major countries to provide funding and facilities to support the financial situation in Iraq through support Financing the general budget of the state and various projects and also paves the statement of the International Monetary Fund to the third review, which will begin in September next to continue the program and the consequences of Iraq's external support.

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From the sound of things sept should be a great month lol with a lot of luck lol

International Monetary Fund announces the success of the CPA consultations with Iraq

The International Monetary Fund (IMF) announced the success of the second audit consultations on the credit readiness agreement, congratulating the role of the Central Bank of Iraq, the Ministry of Finance and the Prime Minister's Office on the success of the consultations.
The Director of the Information Office of the Central Bank, Acer Jabbar said in an interview with the twilight news that in a letter from the International Monetary Fund congratulated the Central Bank of Iraq and the Ministry of Finance and the Prime Minister's Office on the success of the second audit consultations and the Convention of credit readiness, which came after the implementation of programs and financial and monetary targets and put In a framework that provides for the financial stability of Iraq and to meet the financial and security challenges.
The program included a set of reforms and objectives have been committed to the benefit of Iraq, and the latest supplementary budget approved by the House of Representatives in record time, which showed the keenness of the legislative and executive authorities on the plan and programs of reform.

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International Monetary Fund confirms Iraq's commitment to the reforms required by the Second Review of the Credit Standby Agreement


Wednesday 2 August


, said the International Monetary Fund , Wednesday 's commitment to Iraq needed reforms within the second special audit readiness credit the Convention on , adding that it will pave the third revision , which will begin in the month of September next action.

The Central Bank of Iraq in a statement received, Alsumaria News, a copy of it, "The International Monetary Fund congratulated the Central Bank and the Ministry of Finance and the Prime Minister on the success of the second audit consultations and the Convention on credit readiness after the implementation of programs and financial and monetary targets and placed in a framework that provides financial stability for Iraq and face Financial and security challenges ".
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He added that "the program includes a set of reforms and goals have been committed to the interest of Iraq, and the latest supplementary budget approved by the House of Representatives in record time, which showed the keenness of the legislative and executive authorities on the plan and programs of reform.

"The decision of the Board of Directors of the International Monetary Fund to ratify the report of the Fund team, which included the fulfillment of the Central Bank and the Ministry of Finance and other parties to achieve the objectives and plans contained in the agreement will give an important signal awaiting international institutions and major countries to provide funding and facilitations to support the financial situation in Iraq through support Financing the general budget of the state and various projects as well as pave the statement of the International Monetary Fund to the third review, which will begin in September to continue the program and the consequences of Iraq's external support.


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Lots of positive news here and I especially liked...

Jabbar pointed out that "the decision of the Board of the International Monetary Fund to ratify the report of the Fund team, which included the fulfillment of the Central Bank and the Ministry of Finance and other parties to achieve the objectives and plans contained in the agreement will give an important signal waiting for international institutions and major countries to provide funding and facilities to support the financial situation in Iraq through support Financing the general budget of the state and various projects and also paves the statement of the International Monetary Fund to the third review, which will begin in September next to continue the program and the consequences of Iraq's external support.


Thanks rocky....   

International Monetary Policy: Iraq's economic policies to deal with shocks are appropriate


The first deputy director general of the Monetary Fund, said that the economic policies implemented by the Iraqi authorities to deal with the shocks facing Iraq - armed conflict with Dahesh and the consequent humanitarian crisis and the collapse of oil prices - appropriate.

In a statement read by "Economy News", David Lipton said that the Iraqi authorities are implementing significant financial adjustments, mostly by reducing inefficient capital expenditures while protecting social spending.

He pointed out that the Iraqi government properly to link the Iraqi dinar to the US dollar, which provides a major anchor for the economy.

The Executive Board of the International Monetary Fund (IMF) concluded on Monday the second revision of Iraq's three-year reserve arrangement, which aims to support Iraq's economic reform program and restore the financial balance in the medium term.

The completion of the second audit allows the authorities to draw SDR 584.2 million (approximately US $ 824.8 million), bringing the total disbursement to SDR 1494.2 million to US $ 2109.7 million.

The arrangement of 3.831 billion (SDR) was approved at about 5.34 billion US dollars at the time of approval of the arrangement (in July 2016) and the first review was completed on 5 December 2016.

Lipton said performance under standby arrangements was weak in some key areas, but understandings were reached on adequate corrective actions to keep the program on track. The steady implementation of the authorities program, together with strong international financial support, was essential.

"More fiscal adjustment measures are needed in 2017-2018 to keep the program on track."

"The composition of the fiscal adjustment should be improved over time by increasing non-oil revenues and reducing current expenditures. In addition, reforming the electricity sector and state-owned enterprises will provide room for greater and more efficient investment expenditures that support growth and job creation," he said.

It was important to improve public financial management significantly, arrears should be assessed and paid after verification, enhanced expenditure commitment and cash management to prevent the accumulation of new arrears.

Measures to strengthen the stability of the financial sector include strengthening the legal framework of the CBI, restructuring state-owned banks, eliminating restrictions on exchange and exercising multiple currencies. Measures to prevent money-laundering, combating the financing of terrorism and strengthening anti-corruption legislation were also needed.

The implementation of a budget-sharing agreement with the KRG would put the federal government and KRG in a better position to address the shocks to the Iraqi economy, Lipton said.

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