The statement issued at the conclusion of the IMF mission on Iraq

The statement issued at the conclusion of the IMF mission on Iraq



Economy News / Baghdad ...



Iraqi authorities and experts of the International Monetary Fund held (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 / December 2016.

Mr. Christian nut has been made head of the IMF mission to Iraq the following statement:

"Harmed Iraq affected severely 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 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. In 2017, it is 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. "

"The sharp decline in oil prices, down Total international reserves of Iraq, from 53.7 billion US dollars has caused the end of 2015 to a level still comfortable, of $ 46.5 billion, at the end of December / December 2016 remains the pressures on public finances, including 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. Total public debt rose from 32% to 64% of GDP in the period 2014-2016. And slowed credit growth and rising bad loans at state-owned banks and private banks significantly in 2016. "

"Authorities have maintained the exchange rate peg, which is an important pillar of par. The remaining growth prospects in the medium term due to the expected modest oil production constant, 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. 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 administrative weakness. "

"Iraqi authorities and experts of the International Monetary Fund began 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, DC. "

"I met with the team during the mission with the Acting Minister of Finance, Prof. Abdul Razak A. Jalil Isa, the Governor of the Central Bank of Iraq by proxy, Mr. Ali Mohsen Ismail Keywords, and consultant Dr. premier appearance in favor, and officials from the Ministry of Finance, the Ministry of Oil and the Ministry of Planning, and the Oil Marketing Company (SOMO), and the device Central Bureau of Statistics, the Iraqi Central Bank, and representatives of the Government the Kurdistan region, and the Office of financial supervision. IMF staff team would like to Aaburan thanked the Iraqi authorities for their cooperation and to make this an open and fruitful talks. "


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If my memory is correct...This is significant....

Interesting. I knew duck stated the imf was set with Iraq just waiting on Mosul to complete. I have also read of him posting a B rating. Maybe this meeting in April will improve that rating.

sassy wrote:

Neno wrote:Interesting. I knew duck stated the imf was set with Iraq just waiting on Mosul to complete. I have also read of him posting a B rating. Maybe this meeting in April will improve that rating.

I remember that article, it went from a b- to a b didn't it?  What rating do we need?

Iraq | Credit Rating

Standard & Poor's credit rating for Iraq stands at B- with stable outlook. Fitch's credit rating for Iraq was last reported at B- with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Iraq thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Iraq as reported by major credit rating agencies. 3/19/2017


Agency         Rating          Outlook                        Date
Fitch             B-               stable                           Mar 13 2017
TE                25               stable                           Apr 16 2016
IE                25               stable                            Apr 16 2016
Fitch             B-               negative                        Mar 03 2016
S&P              B-               stable                           Sep 03 2015
Fitch             B-               stable                            Aug 07 2015

Reuters Arabian Eye-Fitch Ratings, Iraq 's B rating, with stable outlook.

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Fitch credit rating headquarters - the image of Reuters Arabian Eye
 
 March 13, 2017 20:12
Direct : awarded agency Fitch Ratings, Iraq 's B rating, with stable outlook.
Fitch predicted in its report issued on Monday, shrinking the fiscal deficit to 5.1% of GDP during the current year, the deficit narrowed to 8.1% of GDP last year.
The agency noted in its report that this classification, refers to the good financial performance of the state, which has evolved in the first half of 2016, from the level in 2015, exceeding expectations despite the decline in oil prices from the level of government spending.
Fitch predicted, government spending growth of 12.1% during the next three years, which in turn will reduce the reliance on indirect monetary financing by the Central Bank of Iraq. 
The report pointed out that Iraq still needs to identify funding sources to meet the financing Fjoth, adding that oil accounts for 50% of the gross domestic product of Iraq and 90% of fiscal revenues.
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فيتش تمنح العراق تصنيف B بنظرة مستقبلية مستقرة
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مقر وكالة فيتش للتصنيف الائتماني - الصورة من رويترز أريبيان آي
13 مارس 2017 08:12 م
مباشر: منحت وكالة فيتش للتصنيف الائتماني، العراق تصنيف B، مع نظرة مستقبلية مستقرة.
وتوقعت فيتش في تقريرها الصادر، اليوم الأثنين، تقلص العجز المالي إلى 5.1% من الناتج المحلي الإجمالي خلال العام الجاري، وكان العجز تقلص إلى 8.1% من الناتج المحلي الاجمالي العام الماضي.
وأشارت الوكالة في تقريرها إلى أن ذلك التصنيف، يشير إلى الأداء المالي الجيد للدولة، والذي تطور في النصف الأول من عام 2016، عن مستوياته في عام 2015، بما يفوق التوقعات بالرغم من تراجع أسعار النفط عن مستويات الإنفاق الحكومي.
وتوقعت فيتش، نمو الإنفاق الحكومي بنسبة 12.1٪ خلال الثلاث سنوات القادمة، والذي سيقلل بدوره من الإعتماد على التمويل النقدي غير المباشر من قبل البنك المركزي العراقي. 
وأشار التقرير إلى أن العراق لا يزال بحاجة إلى تحديد مصادر التمويل لسد فجوتة التمويلية، مضيفاً أن النفط يشكل 50% من الناتج المحلى الاجمالى للعراق و90% من عوائدها المالية.
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Pretty much just need that 200 to show up soon....

200?

200 Dinar Bill