IMF: Iraq's debt rose 64% government loans stalled

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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IMF: Iraq's debt, a rise of 64% over the past two years

March 18 .2017 - 11:00 | Number of Views: 515


Sommer News: Baghdad
announced that the IMF mission to Iraq, the country 's debt rise by 64% during the years 2014 and 2016, as a result of the conflict with al Daesh, and the sharp drop in world oil prices.
The head of the mission , Christian nut, in a press statement that "Iraq suffer severely affected due to the conflict with al Daesh, and the sharp drop in world oil prices since 2014, the government has responded to the fiscal crisis, and the crisis in the balance of payments, large corrects Mali".
"The non - oil economy shrank by 8% due to the conflict and fiscal adjustment, while debt rose by 64% during the period between 2014 and 2016 , " 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 modest recovery of the non - oil sector. "



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Iraq's debt rises to 64% and credit growth slowed

economy Since 2017-03-18 at 09:06 (Baghdad time)

Baghdad Mawazine News
The International Monetary Fund (IMF) said that Iraq's debt will rise from 32% to 64% of GDP in 2014-2016, pointing to a slowdown in credit growth and the rise of non-performing loans in government banks in 2016.
The Iraqi authorities and IMF experts held discussions in Amman from 5 to 17 March 2017 on Article IV consultations for 2017 and the second review of the 36-month SBA with Iraq, which was approved by the Executive Board To the International Monetary Fund on 7 July 2016.
The credit agreement aims at correcting the balance of public finances, balancing the external position, improving public financial management and protecting social spending. The first review was completed under the Credit Trust Agreement on 5 December 2016.
"Iraq is severely affected by the conflict with the da'eef organization and the sharp drop in global oil prices since 2014," the head of the IMF mission to Iraq, Christian Goose, said in a statement received by Mawazine News.
"The government has responded to the fiscal crisis and the balance of payments crisis with a substantial but necessary financial adjustment, supported by financial assistance from the international community," he said, and in 2016 real GDP growth continued at 11 percent, supported by a large increase in oil production. Benefited from previous oil investments. "
"However, the non-oil economy has shrunk by 8 per cent due to conflict and fiscal adjustment, and in 2017 economic activity is expected to remain dim due to a 1.5 per cent cut in oil production under the OPEC agreement, ), And the modest recovery of the non-oil sector.
He pointed out that "the sharp drop in oil prices caused the reduction of the total international reserves of Iraq from 53.7 billion US dollars at the end of 2015 to a level still comfortable, amounting to 46.5 billion US dollars, at the end of December 2016.
"The pressure on public finances remains high, with the government deficit remaining at 12 percent of GDP in 2016 due to continued weak oil prices and rising humanitarian and security spending," the head of the mission said.
"The rise in total public debt from 32% to 64% of GDP in 2014-2016, in addition to credit growth slowed and non-performing loans in state-owned banks and private banks increased significantly in 2016," he said.
"The authorities have kept the exchange rate peg, which is an important nominal pillar," he said. "Medium-term growth prospects remain modest due to steady oil production, steady investment in the face of income constraints, and modest recovery in non-oil growth, In the security situation, the implementation of structural reforms.
"More reforms are needed to create fiscal space for overall growth, to strengthen the business environment, reduce corruption, reform the banking sector to support private-led growth, and diversify the economy once the post-reconstruction process starts, .
"Risks remain high; this stems mainly from the uncertainty surrounding the outlook for oil prices, the security situation, political uncertainty and administrative weaknesses," he said.
"The Iraqi authorities and IMF experts have started discussions on the second review of the credit arrangement," he said, adding that "the discussions will continue during the next spring meetings of the International Monetary Fund and the World Bank between April 21-23, 2017 in Washington, D.C."


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International points: Iraq's debt rising 64% for credit growth has slowed



2017/03/18 | 09:21
(Encyclopedia of the Day News | Iraq News ) - Economy
Since 03.18.2017 at 09:06 (Baghdad time)

Baghdad balances News

The International Monetary Fund, all of Iraq's debt rising from 32% to 64% of GDP in the period from 2014 to 2016, pointing to a slowdown in credit growth and rising non-performing loans at state banks in 2016.

And it held the Iraqi authorities and experts of the International Monetary Fund (IMF) 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 international Monetary Fund in the July 7, 2016.

It aims to prepare the credit agreement to correct the balance of public finances and the balance of the external position, and improving public financial management, while protecting social spending.

It was the first complete review under the Stand -By Agreement on 5 December 2016.

The head of the IMF mission to Iraq Christian coconut in a statement / balance News / received a copy of it, that "Iraq suffer severely affected due to the conflict with al Daesh, and the sharp drop in world oil prices since 2014".

He said nut, " 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.

In 2016, the real growth of the gross domestic product by 11%, supported by a substantial increase in oil production , which lasted benefited from previous oil investments. "

He continued, "With this, it has squeezed the non - oil economy by 8% due to the conflict and fiscal adjustment.

In 2017, it is expected to remain the 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 modest recovery of the non - oil sector. "

He pointed out that "caused a sharp drop in the price of oil down the total international reserves of Iraq from US $ 53.7 billion at the end of 2015 to a level still comfortable, of $ 46.5 billion, at the end of December 2016".

And the head of the mission, that "the pressures faced by the public finances remain substantial, 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."

He pointed nut, that "an increase in total public debt from 32% to 64% of GDP in the period 2014-2016, in addition to slow credit growth and rising bad loans at state-owned and private banks are large banks in 2016".

However, to say: "Keep the authorities on the exchange rate peg, which is an important par pillar," persisting "growth prospects remain over the medium term modest because of the expected oil production constant, and the stability of its investment in the face of constraints on revenues, and the recovery modest in the non-oil growth, supported by improvements expected in the security situation and the implementation of structural reforms. "

And it went on, "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 the reconstruction process starts in the post-regulation Daesh" .

He explained that "the risks remain high; This stems mainly from uncertainty surrounding the prospects for oil prices, the security situation and political uncertainty, and a citizen of management weaknesses."

He continued, "The Iraqi authorities and experts of the International Monetary Fund began discussions on the second review of the agreement to prepare the credit," explaining that "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, DC" .anthy 29 / A 43

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International Monetary declares Iraq's debt rising 64% for the higher loans "troubled" with the government of its banks



Twilight News    
6 hours ago

Twilight News / Head of the IMF mission to Iraq Christian nut, said that the debt of the country rose by 64% during 2014 to 2016, as well as non-performing loans at state-owned banks.

And it held the Iraqi authorities and experts of the International Monetary Fund (IMF) discussions in Amman during the period from 5 to March 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.

It aims to prepare the credit agreement to correct the balance of public finances and the balance of the external position, and improving public financial management, while protecting social spending. It was the first complete review under the Stand-By Agreement on 5 December 2016.

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. 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 the international community. 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 that "economic activity remains subdued due to reduced oil production by 1.5% under the agreement reached by the Organization of petroleum exporting countries (OPEC), and the modest recovery of the non-oil sector."

He added that he "may 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. slowed credit growth and rising bad loans at state-owned and private banks are large banks in 2016 ".

He coconut that "the authorities have maintained the exchange rate peg, which is an important par substrate. The remaining growth prospects in the medium term modest because of the expected oil production constant, and the stability of its investment in the face of constraints on revenues, and the recovery modest in the non-oil growth, supported by the improvement expected in the security situation and the implementation of structural reforms. 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 . The risks remain high; this stems mainly from uncertainty surrounding the prospects for oil prices, the security situation and political uncertainty, and a citizen of management weaknesses. "

He went on saying that "the Iraqi authorities and experts of the International Monetary Fund discussions on the second review of the agreement to prepare the credit has begun. And will continue these discussions in the coming spring meetings of the International Monetary Fund and the World Bank in the period between April 21 to 23, 2017 in Washington, DC."

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