IMF: Iraq is still a comfortable reserve while declining

IMF: Iraq is still a comfortable reserve while declining

Date: 18/03/2017 10:26
International Monetary

Information / Baghdad ..

The International Monetary Fund, for the decline in the total international reserves of Iraq from $ 53.7 billion to $ 46.5 billion, pointing to the reserve is still comfortable.

The fund said in a statement seen by / information /, that "the sharp decline in oil prices caused lower gross international reserves of Iraq of 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 ".

The statement added that "the pressures on public finances which 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."

Fund pointed to "an increase in total public debt 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 ". Finished / 25

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IMF: Low Iraq's reserves of currency and rising debt and exchange rate stability Saturday 18 March 2017 09:12

News / Baghdad
announced the International Monetary Fund during the second revision of the standby credit agreement for Iraq, for the low reserves of Iraq 's hard currency and rising public debt, while maintaining the stability of the dollar, expecting that growth prospects remain modest over the medium term.

The head of the IMF mission to Iraq Christian coconut in a statement Alsumaria News received a copy of it through the Fund consultations with the IAEA , " S NBA" on the management of small business US second revision of the agreement to prepare the credit for Iraq's duration of 36 months that "Iraq has been hit hard due to the conflict with al Daesh and the sharp drop in world oil prices since 2014. "
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He coconut " The Iraqi government responded to the financial crisis and the crisis of the balance of payments, large corrects Mali, but necessary, supported by financial assistance from the international community, and in 2016, the real growth of the gross domestic product by 11%, supported by a substantial increase in oil production , which benefited from continued Previous oil investments Alnh however, the non - oil economy has shrunk by 8% due to the conflict and fiscal adjustment. "

Coconut and pointed out that " the fund 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 recover the modest non - oil sector , " noting that " the sharp decline in oil prices caused lower total reserves international 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 ".

" The pressures faced by the large public finances will remain, 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 to the pressures will continue with an increase in total public debt of 32 % to 64% of GDP in the period from 2014 to 2016, and slowed credit growth and rising bad loans at state - owned and private banks are large banks in 2016, but the Iraqi government has maintained the Iraqi currency exchange rate stable , which is an important par pillar ".

He coconut that "growth prospects over the medium term will remain 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 launched the reconstruction process in post - regulation Daesh. the remaining risks are high; this stems mainly from uncertainty Ocean prospect of oil prices, the security situation and political uncertainty, and a citizen of the administrative weaknesses. "

Iraqi authorities and experts of the International Monetary Fund began discussions on the second review of the Stand -By agreement, 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.

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 / December 2016.

recognizes Iraq 's second installment of the loan and the value of 617.8 million dollars, which comes to address the urgent needs of the balance of payments.

The Executive Board of the Fund has agreed in July 2016 to prepare the credit agreement's $ 5.34 billion US dollars within the Iraqi economic reform program.

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