International Monetary Fund praises Iraq's actions to achieve comprehensive economic development
economy Since 2017-08-14 at 18:07 (Baghdad time)
Follow Mawazine News
The International Monetary Fund praised the government's measures aimed at achieving comprehensive economic development through controlling and reducing spending, encouraging investment and going to the private sector as well as serious steps towards maximizing its non-oil revenues to avoid or reduce the budget deficit by moving away from the total dependence of oil as a basic resource for the budget. That the Fund revealed through indicators of the overall financial and economic conditions in Iraq for the period from 2013 to 2022 on the arrival of the volume of public debt to Iraq to 122.9 billion dollars, which constitutes 63.8% of gross domestic product, expected to reach the public debt during 2018 to 132.4 and continue to Fund forecasts even up to 132.9 during 2022.
The Fund, through the Executive Directors' assessment on the sidelines of the conclusion of the IV Article IV Executive Board with Iraq, welcomed the policies set by the Iraqi Government to deal with the shocks of armed conflict with the organization of the terrorist advocate and the humanitarian crisis resulting from the waves of displacement and its aftermath, as well as the second shock of falling crude oil prices .
The outlook for growth in Iraq is positive in the medium term. Growth will be driven by the moderate increase in oil production, the recovery of non-oil growth, supported by the expected improvement in security conditions, and the implementation of structural reform measures.
CEOs applauded the fiscal year of 2016, albeit slower than the program, due to poor monitoring of investment spending and spending pressures imposed by the military campaign against a sympathetic organization and assistance to IDPs and refugees. Managers welcomed the achievement of most of this fiscal discipline by reducing capital spending Inefficient while protecting social spending.
Directors also welcomed the adoption of the 2017 Supplementary Budget and the Government's commitment to further austerity measures in 2017-2018 to keep the program on track and to ensure the safety of the external center and to maintain the level of debt within sustainable limits, and stressed the need to create financial space to strengthen human capital and rebuild capital The low level of non-tax revenue and the extremely high level of public consumption would create a financial space to finance growth-supportive investments.
The IMF pointed to the appropriateness of the government's procedures which were able to maintain the exchange rate system pegged to the US dollar. He stressed that with the central bank simplifying the documentation requirements, exchange rate differences compared to the parallel market narrowed to 6% in June 2017.
The IMF, in its assessment of the overall economic and financial situation in Iraq, stressed that although performance under the credit agreement was weak in some key areas, understandings were reached on corrective action to keep the program on track. Against this background, they urged managers to persevere in implementing the authorities' program, including continued efforts to control public finances, strengthen the financial sector, implement structural reforms to encourage private sector activity and improve the business environment.
To strengthen stability in the financial sector, managers urged the government to take measures to strengthen supervision, move ahead with the restructuring of state-owned banks that control the banking system, and strengthen the central bank's legal framework, And accelerate the implementation of measures against money laundering, financing of terrorism and combating corruption. Directors believed that the currency peg to the US dollar, which is the cornerstone of the economy, remains an appropriate system.
Directors also stressed the importance of implementing structural reforms to improve the investment climate, diversify the economy and achieve sustainable growth. They urged the authorities to undertake a comprehensive reform of public financial management, including the completion of a regular inventory, payment of arrears and improved commitment to expenditure and cash management to prevent the accumulation of new arrears.
Managers also emphasized the importance of addressing weaknesses in management capacity and data availability. In addition, the implementation of the budget-sharing agreement between the federal government and the Kurdistan Regional Government would put the two governments in a better position to deal with shocks.
The IMF revealed through its indicators of the overall economic situation in Iraq for the period from 2013 to 2022 the arrival of the size of Iraq's public debt to 122.9 billion dollars, which constitutes 63.8% of the gross domestic product, expected to reach the public debt in 2018 to 132.4 and continue to The Fund's forecast is expected to reach 132.9 during 2022. Ending 29 / Mh
[You must be registered and logged in to see this link.]
economy Since 2017-08-14 at 18:07 (Baghdad time)
Follow Mawazine News
The International Monetary Fund praised the government's measures aimed at achieving comprehensive economic development through controlling and reducing spending, encouraging investment and going to the private sector as well as serious steps towards maximizing its non-oil revenues to avoid or reduce the budget deficit by moving away from the total dependence of oil as a basic resource for the budget. That the Fund revealed through indicators of the overall financial and economic conditions in Iraq for the period from 2013 to 2022 on the arrival of the volume of public debt to Iraq to 122.9 billion dollars, which constitutes 63.8% of gross domestic product, expected to reach the public debt during 2018 to 132.4 and continue to Fund forecasts even up to 132.9 during 2022.
The Fund, through the Executive Directors' assessment on the sidelines of the conclusion of the IV Article IV Executive Board with Iraq, welcomed the policies set by the Iraqi Government to deal with the shocks of armed conflict with the organization of the terrorist advocate and the humanitarian crisis resulting from the waves of displacement and its aftermath, as well as the second shock of falling crude oil prices .
The outlook for growth in Iraq is positive in the medium term. Growth will be driven by the moderate increase in oil production, the recovery of non-oil growth, supported by the expected improvement in security conditions, and the implementation of structural reform measures.
CEOs applauded the fiscal year of 2016, albeit slower than the program, due to poor monitoring of investment spending and spending pressures imposed by the military campaign against a sympathetic organization and assistance to IDPs and refugees. Managers welcomed the achievement of most of this fiscal discipline by reducing capital spending Inefficient while protecting social spending.
Directors also welcomed the adoption of the 2017 Supplementary Budget and the Government's commitment to further austerity measures in 2017-2018 to keep the program on track and to ensure the safety of the external center and to maintain the level of debt within sustainable limits, and stressed the need to create financial space to strengthen human capital and rebuild capital The low level of non-tax revenue and the extremely high level of public consumption would create a financial space to finance growth-supportive investments.
The IMF pointed to the appropriateness of the government's procedures which were able to maintain the exchange rate system pegged to the US dollar. He stressed that with the central bank simplifying the documentation requirements, exchange rate differences compared to the parallel market narrowed to 6% in June 2017.
The IMF, in its assessment of the overall economic and financial situation in Iraq, stressed that although performance under the credit agreement was weak in some key areas, understandings were reached on corrective action to keep the program on track. Against this background, they urged managers to persevere in implementing the authorities' program, including continued efforts to control public finances, strengthen the financial sector, implement structural reforms to encourage private sector activity and improve the business environment.
To strengthen stability in the financial sector, managers urged the government to take measures to strengthen supervision, move ahead with the restructuring of state-owned banks that control the banking system, and strengthen the central bank's legal framework, And accelerate the implementation of measures against money laundering, financing of terrorism and combating corruption. Directors believed that the currency peg to the US dollar, which is the cornerstone of the economy, remains an appropriate system.
Directors also stressed the importance of implementing structural reforms to improve the investment climate, diversify the economy and achieve sustainable growth. They urged the authorities to undertake a comprehensive reform of public financial management, including the completion of a regular inventory, payment of arrears and improved commitment to expenditure and cash management to prevent the accumulation of new arrears.
Managers also emphasized the importance of addressing weaknesses in management capacity and data availability. In addition, the implementation of the budget-sharing agreement between the federal government and the Kurdistan Regional Government would put the two governments in a better position to deal with shocks.
The IMF revealed through its indicators of the overall economic situation in Iraq for the period from 2013 to 2022 the arrival of the size of Iraq's public debt to 122.9 billion dollars, which constitutes 63.8% of the gross domestic product, expected to reach the public debt in 2018 to 132.4 and continue to The Fund's forecast is expected to reach 132.9 during 2022. Ending 29 / Mh
[You must be registered and logged in to see this link.]
Yesterday at 2:18 pm by Rocky
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
Yesterday at 2:17 pm by Rocky
» Parliamentary efforts to transform Iraq into a global market for transferring Internet capacities
Yesterday at 2:07 pm by Rocky
» A parliamentary committee that enriches the political forces: Stop plundering Iraq’s wealth and work
Yesterday at 1:56 pm by Rocky
» Politician: Salem Al-Issawi is the most likely to assume the presidency of Parliament
Yesterday at 1:55 pm by Rocky
» The price of the dollar is close to 145 thousand dinars؛ how much is $100 worth of transactions؟
Yesterday at 11:57 am by wciappetta
» Al-Sudani: The world today is witnessing crises whose impact has been reflected in the global econo
Yesterday at 9:50 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Yesterday at 9:40 am by Rocky
» Among them are the Iraqis... a list of the most sought-after immigrants to America
Yesterday at 9:38 am by Rocky
» An expert talks about the "biggest barrier" and the positives of merging Iraqi and Arab banks
Yesterday at 9:29 am by Rocky
» The House of Representatives adjourns its session
Yesterday at 9:24 am by Rocky
» Parliamentary demands to expedite the legislation of the Eid al-Ghadir holiday law (documents)
Yesterday at 9:23 am by Rocky
» Parliament adds the paragraph “Electing the Speaker of the House of Representatives” to its agenda
Yesterday at 9:21 am by Rocky
» Alsumaria publishes the text of the law against prostitution and homosexuality
Yesterday at 9:20 am by Rocky
» A parliamentarian reveals the reason for the failure of the Speaker of Parliament to pass during tod
Yesterday at 9:19 am by Rocky
» Al-Sudani: The government has launched many strategies and initiatives that will improve the reality
Yesterday at 8:42 am by Rocky
» International Business: Iraq has made progress in supporting businesses through investment and priva
Yesterday at 8:33 am by Rocky
» Association of Banks: Iraq is witnessing great development in the transition to electronic governmen
Yesterday at 8:25 am by Rocky
» The House of Representatives votes to add an item to its agenda (election of the Speaker of the Hous
Yesterday at 8:22 am by Rocky
» Parliamentary integrity: Combating corruption requires parliamentary legislation
Yesterday at 8:15 am by Rocky
» Al-Karaawi: America is trying to restrict Iraq
Yesterday at 8:13 am by Rocky
» The State of Law coalition moves to form the local government in Diyala
Yesterday at 8:12 am by Rocky
» The Sudanese and his battle against corruption.. Where is the fault with the government or with the
Yesterday at 8:11 am by Rocky
» Prime Minister's Advisor: We will see the dollar fall on the black market soon
Yesterday at 8:09 am by Rocky
» The Sunni blocs are resolute. The presidency of the Council is ours, away from Al-Halbousi
Yesterday at 8:08 am by Rocky
» Al-Sudani discusses with a workers’ organization his government’s steps in this field
Yesterday at 7:58 am by Rocky
» Parliament holds its session in the presence of 170 deputies
Yesterday at 7:57 am by Rocky
» In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “i
Yesterday at 7:55 am by Rocky
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
Yesterday at 7:53 am by Rocky
» The Iraqi Parliament votes to add an item to elect a president to its agenda
Yesterday at 7:52 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Yesterday at 7:51 am by Rocky
» Al-Sudani: It is necessary to attract women to work as a productive energy that cannot be disrupted
Yesterday at 7:47 am by Rocky
» Zebari regarding targeting the Kormor field: a systematic attack on the economy of Kurdistan
Yesterday at 7:46 am by Rocky
» Saudi Arabia tops, and this is Iraq's rank... a list of major suppliers of crude oil to South Korea
Yesterday at 7:45 am by Rocky
» With a value of 125 million dollars.. Iraq is at the forefront of countries importing Iranian textil
Yesterday at 7:44 am by Rocky
» More than a billion dollars in sales from the Iraqi Central Bank within a week
Yesterday at 7:43 am by Rocky
» Al-Sudani stresses the need for the expertise of the International Labor Organization to legislate a
Yesterday at 7:29 am by Rocky
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
Yesterday at 7:27 am by Rocky
» The path to development is the criterion between true patriotism and political clowning.
Yesterday at 7:25 am by Rocky
» The file of the Presidency of Parliament is on the state administration table... this evening
Yesterday at 7:22 am by Rocky
» Director General of the International Labor Organization: Many challenges in the world of work and t
Yesterday at 7:20 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Yesterday at 7:11 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Yesterday at 7:08 am by Rocky
» Al-Asadi: Iraq places the social protection file among its priorities
Yesterday at 7:07 am by Rocky
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
Yesterday at 7:05 am by Rocky
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
Yesterday at 7:03 am by Rocky
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
Yesterday at 5:29 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Yesterday at 5:28 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Yesterday at 5:24 am by Rocky
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
Yesterday at 5:22 am by Rocky
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
Yesterday at 5:21 am by Rocky
» OPEC Secretary General: The end of oil is not on the horizon
Yesterday at 5:19 am by Rocky
» Closing a number of unlicensed offices and companies south of Baghdad
Yesterday at 5:16 am by Rocky
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
Yesterday at 5:15 am by Rocky
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
Yesterday at 5:14 am by Rocky
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
Yesterday at 5:13 am by Rocky
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
Yesterday at 5:10 am by Rocky
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
Yesterday at 5:08 am by Rocky
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
Yesterday at 5:07 am by Rocky
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
Yesterday at 5:06 am by Rocky
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
Yesterday at 5:05 am by Rocky
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
Yesterday at 5:04 am by Rocky
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
Yesterday at 5:03 am by Rocky
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
Yesterday at 5:02 am by Rocky
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
Yesterday at 5:01 am by Rocky
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
Yesterday at 5:00 am by Rocky
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
Yesterday at 4:58 am by Rocky
» Mr. Al-Sadr supports the position of American university students
Yesterday at 4:56 am by Rocky
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
Yesterday at 4:55 am by Rocky
» Soon.. 3 new hospitals will open in Baghdad
Yesterday at 4:52 am by Rocky
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
Yesterday at 4:51 am by Rocky
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
Yesterday at 4:49 am by Rocky
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
Yesterday at 4:48 am by Rocky
» Al-Sudani: The development road project will provide many job opportunities
Yesterday at 4:47 am by Rocky
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
Fri 26 Apr 2024, 2:21 pm by Rocky
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
Fri 26 Apr 2024, 2:04 pm by Rocky
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
Fri 26 Apr 2024, 10:26 am by Rocky
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
Fri 26 Apr 2024, 10:24 am by Rocky
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
Fri 26 Apr 2024, 10:22 am by Rocky
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
Fri 26 Apr 2024, 10:21 am by Rocky
» The head of the Integrity Commission announces the holding of an international Interpol conference i
Fri 26 Apr 2024, 10:18 am by Rocky
» Planning: Iraqi companies are not efficient in conducting the population census
Fri 26 Apr 2024, 10:14 am by Rocky
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
Fri 26 Apr 2024, 8:06 am by Rocky
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
Fri 26 Apr 2024, 7:55 am by Rocky
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
Fri 26 Apr 2024, 7:45 am by Rocky
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
Fri 26 Apr 2024, 7:44 am by Rocky
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
Fri 26 Apr 2024, 7:43 am by Rocky
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
Fri 26 Apr 2024, 6:57 am by Rocky
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
Fri 26 Apr 2024, 6:56 am by Rocky
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
Fri 26 Apr 2024, 6:54 am by Rocky
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
Fri 26 Apr 2024, 6:53 am by Rocky
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
Fri 26 Apr 2024, 6:51 am by Rocky
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
Fri 26 Apr 2024, 6:49 am by Rocky
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
Fri 26 Apr 2024, 5:09 am by Rocky
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
Fri 26 Apr 2024, 5:08 am by Rocky
» Iraq's oil exports rise despite OPEC+ cuts
Fri 26 Apr 2024, 5:06 am by Rocky
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
Fri 26 Apr 2024, 5:04 am by Rocky
» Al-Araji emphasizes working to strengthen national identity
Fri 26 Apr 2024, 5:02 am by Rocky
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
Fri 26 Apr 2024, 5:01 am by Rocky