New talks between Iraq and the IMF early September about five billion dollars loan

by **Rocky** Wed 24 Aug 2016, 3:58 am

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New talks between Iraq and the IMF early September about five billion dollars loan

by Rocky Wed 24 Aug 2016, 3:58 am

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New talks between Iraq and the IMF early September about five billion dollars loan

Author: HH, ZJ
Editor: BK, HH 08.23.2016 17:52 Number ofViews: 1239

Long-Presse / Baghdad
Financial advisor to the Prime Minister Haider al-Abadi revealed on Tuesday for a new round of talks between Iraq and the International Monetary Fund early next September, and while stressing that it will focus on the special standby credit arrangements with a loan five billion and $ 300 million, to support the budget, and what has been implemented economic reforms and fiscal governance, favored the possibility of taking the second and third installments of the loan amounting to fund about two billion dollars year-end 2016.
He said the appearance of Mohammed Saleh said in an interview to the (long-Presse), "The delegation headed by the Finance Minister, Hoshyar Zebari, featuring a group of senior government officials and experts from the ministries of finance, oil and Planning and the Central Bank of Iraq and the Office of Financial Supervision will meet with the IMF mission in the first days of the month of September next in Amman, Jordan. "
Saleh added that "the first phase of consultations with the IMF will discuss the implementation of the standby credit arrangements under which Iraq will receive five billion and $ 300 million agreement, as a soft loan to support the budget, during the period from 2016 to 2019," noting that "the loan will allow Iraq's international financial umbrella dolly and support form of soft loans to bridge the funding gap of at least $ 15 billion spent mostly for reconstruction and economic development. "
Saleh continued, that "consultations with the IMF would also review the findings of the joint agreement and the requirements of the success of economic reforms, and paced made by Iraq in the field of public finance and the general financial activity in the country's governance, especially the countless number of employees and retirees ghost who receive government income violation of the law, and the statement of the results reached by BSA in this regard, "pointing out that" the Iraqi delegation will be shown to representatives of the international Monetary Fund over the government's concern with financial regulations, especially new law, financial management and regulations relating to anti-money funds crime and terrorism laundering law. "
Salih stressed that "the Iraqi delegation consultations with the IMF mission will also focus on topics related to the principles of the federal budget for 2017 and other topics relating to the presentation of public finance data in accordance with international standards in the government's offer of financial statements to enhance disclosure and transparency in the financial management of Iraq's capabilities," adding that "Iraq has received the second and third installments of the Fund's loan amounting to nearly two billion dollars, or slightly less than that, out of the loan at the end of the year 2016".
Iraq and delivered by mid-July 2016, about $ 634 million, represents the first installment of the IMF loan, immediately after the IMF Executive Board approval, in (the seventh of this month), on the standby credit agreement with Iraq, noting that the term of the loan is five years low annual interest rate of one and a half percent (1.5%), and that the number of payments is 13 batch stretches over 36 months.
The United States of America, confirmed in (the twentieth of April 2016), that the economic reforms the Iraqi government began to show the effects of an increase of non-oil imports, indicating that the Iraqi government's success in reducing the budget deficit means obtaining a loan from the International Monetary Fund worth billions of dollars.
The appearance of Mohammed Saleh, said in an interview to the (long-Presse), in the (26th January 2016), that Iraq has agreed with the International Monetary Fund for long-term soft loans for the implementation of development projects, noting that the fund is among other conditions, government expenses, and modified some procedures related to economic policies, while counting economist that "the most important" of those loans is to know the amounts that will be obtained during the year 2016.
The International Monetary Fund agreed in the (13 January 2016), to finance the deficit of the Iraqi budget through clouds of hard currency reserves, which led to the reduction of those reserves from $ 59 billion October 2015 end, to 43 billion during the current year 2016.

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