"Journal News" is unique to publish details of Iraq's talks with the International Monetary Fund

"Journal News" is unique to publish details of Iraq's talks with the International Monetary Fund



BAGHDAD - The Journal News

Informed the Prime Minister's Advisor appearance of Dr. Mohammed Saleh (Journal News), that the recent consultations with the International Monetary Fund ended so successfully, and represented a prelude important for the meeting of the IMF Executive Board on 14 July next, to approve the release of the amount of $ 840 million in the second revision of the standby agreement is complete credit (SBA).

While stressing the Prime Minister for Financial Affairs Advisor, the World Bank promised to continue to support various financing programs for the advancement of infrastructure and reconstruction within the loan program or funds so-called development program, both from the World Bank itself resources or contributions of donor countries, especially the Group of Seven major industrialized nations.

And Saleh in an interview (Journal News), that "has the IMF some details of the calculation Alklfoah to build Modelh in the macroeconomic stability of Iraq during the next term he wants to complete such information, especially on the subject of the electric power sector."

Saleh pointed out that "standby credit program loans (SBA) distributed over 36 months by about $ 5.3 billion, and the amount may be equivalent for the same duration of World Bank loans and financing parallel facilitator of the Group of Seven."

Saleh added that "external funding sources to bridge the deficit gap in the 2017 budget year, $ 3 billion, distributed among 50% of the Fund's contribution in the total loan of $ 5.3 billion, and the second half the contribution of the World Bank and some countries of the G7 Group, which represents parallel funding World Bank loan, all of which are withdrawn in the second half of the year 2017 ".

Saleh pointed out that "the overall recent consultations in Washington with the International Monetary Fund and the World Bank, went positively despite some technical details, and it is hoped that Iraq gets under which grants and soft loans of more than $ 3 billion during the year 2017 to support the budget and reconstruction projects and investment in infrastructure. "

Saleh said that "the important thing at the level of readiness credit program with the International Monetary Fund, the first two issues the ability to continue and develop the energy sector in a complex market conditions experienced severe crises, and the other is the prudent financial management that has enabled the country to overcome the financial plight over the oil revenue deterioration as well as large expenses in the budget, which contributed to crush terrorism and liberation of man and the earth, and finally the success of the price system and the stability of the general price level and the ability to offset that conservation at the level of security of the international reserves of Iraq. "

Finally, the Iraqi delegation talks with the International Monetary Fund and the World Bank, within the spring meetings in Washington, and co-adviser to Prime Minister Dr. appearance of Mohammed Saleh, part of the delegation, headed by the Minister of Finance Agency, Dr. Abdul Razzaq al-Issa and in the presence of a number of finance ministries and electricity and with the participation of the Iraqi ambassador in Washington, officials Fred Mostafa.

He revealed the Minister of Finance Agency, Dr. Abdul Razzaq al-Issa readiness of the World Bank to allocate nine million dollars to support investment and development in the field of associated gas.

Issa said during the spring meetings of the IMF and the World Bank in Washington, said the Iraqi government will intensify the work of the joint committee between the ministries of finance, electricity and oil to activate the gas investment associated with and benefit from the operation of electric power projects, drawing attention to the readiness of the World Bank to provide a grant of nine million dollars to support projects and studies to invest the associated gas in Iraq.

The Finance Ministry said in a statement that the World Bank representatives have indicated that economic reforms are a major need to reach an integrated system for the management of the financial operation of the state at the federal and local level.

She added that the meeting made it clear that a significant percentage achieved by the Iraqi institutions in this area gives the appropriate scope of the World Bank to support the budget and reconstruction projects within the time limits required to achieve its objectives.

The Bank welcomed the steps the Iraqi government in the field of resource management and the development of visions of reform in coordination with international organizations and financial institutions.

The World Bank, that Iraq is the most important countries in the region and will continue its support to overcome the crisis.

Said World Bank Vice President for the Middle East and North Africa Hafez Ghanem, during the meeting with the Iraqi delegation, said the World Bank is committed to Iraq to provide the financial requirements imposed by the reconstruction in the liberated areas of operations.

The World Bank team said that the reconstruction of those areas and accelerate the pace of implementation will establish continuous support in the light of what you need and what Tchks the Iraqi government desperately needs.

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