[ltr]IMF completes Article IV consultations on Iraq[/ltr]
[ltr][You must be registered and logged in to see this image.][/ltr]
[ltr]International Monetary Fund
07 May 2019 12:22 PM
A team from the International Monetary Fund, headed by Gavin Gray , visited the Jordanian capital of Amman from 25 April to 2 May, with the aim of holding discussions with the Iraqi authorities in the context of Article IV consultations , For 2019.
At the end of the visit, according to a statement by the IMF, Gray said the end of the war on a buoyant organization and the resurgence of oil prices offer an opportunity to rebuild Iraq and overcome long-standing socio-economic problems.
"But the challenges to achieving these goals are enormous, the pace of economic recovery is still slow, reconstruction is very limited after the war is over, and the large current spending increases risk, putting public funds and central bank reserves on track Its continuity can not be sustained.
Anti-corruption was very important to enhance the effectiveness of public institutions, to support investment efforts and to create employment by the private sector .
"In the short term, the short-term weakness is reversed in 2018, with a surplus in the budget and a build-up in the central bank's reserves," he said.
Non-oil growth is expected to rise to 5.4 percent in 2019 on the back of increased investment spending; however, fiscal deficits are expected to rise in the medium term, requiring funding that could squeeze the private sector or erode the central bank's reserves.
Under these conditions, capital spending may be difficult to sustain, and growth will likely slow considerably .
" Therefore, policy changes and structural reforms - including improved governance - are essential to sustain medium-term economic sustainability and to lay the foundations for inclusive growth," he said .
"The fiscal policy should be based on the gradual expansion of public investment, while at the same time building safety margins," said the head of the mission.
"To find the required space, IFAD staff recommends budget savings of about 9 percent of GDP over the medium term by tightening control over current spending, especially on public sector wages, and taking phased measures to boost revenue Non-oil.
He explained that setting ceilings for current budget spending, starting with the 2020 budget onwards, would enhance the fiscal framework's ability to support a higher volume of investment and adapt to the shocks in oil prices. Major reforms should include :
The containment of public sector wages; short-term spending pressures could be suppressed through compensatory measures, such as a ceiling on allowances, emoluments and other non-wage payments, combined with the enforcement of natural decline in public sector staffing.
Structural measures in the medium term, based on a functional workforce review and deeper reforms in the civil service system, will be necessary once new human resources and information management systems are put in place .
Gray said reforms in the electricity sector were key to addressing poor service quality and cutting high electricity costs in the budget because of low tariff rates, chronic non-payment of electricity bills and poor maintenance .
On the support of public finance management, strengthening the legal framework, improving compliance and other control systems were key factors aimed at minimizing the misuse of public resources and restoring discipline in the budget .
In the financial sector, a strong plan to restructure large-scale public sector banks and the strengthening of bank controls was necessary to ensure financial stability and would help promote financial development and financial coverage.
The strengthening of AML / CFT controls and the strengthening of supervision would help Iraq prevent the misuse of the Iraqi financial sector for the purpose of harvesting criminal proceeds from money laundering and terrorist financing .
He called on the IMF to address the weakness of governance and vulnerabilities that spread through corruption, which he considered a very important factor in achieving the goals described in the policies.
The Fund called for ensuring the independence and integrity of anti-corruption bodies, and the AML / CFT system should be activated to support anti-corruption efforts .
The IMF team will prepare a report, subject to approval by the Administration, and is tentatively scheduled for consideration by the Executive Board of the Fund in July 2019 .
[You must be registered and logged in to see this link.]
[/ltr]
[ltr][You must be registered and logged in to see this image.][/ltr]
[ltr]International Monetary Fund
07 May 2019 12:22 PM
A team from the International Monetary Fund, headed by Gavin Gray , visited the Jordanian capital of Amman from 25 April to 2 May, with the aim of holding discussions with the Iraqi authorities in the context of Article IV consultations , For 2019.
At the end of the visit, according to a statement by the IMF, Gray said the end of the war on a buoyant organization and the resurgence of oil prices offer an opportunity to rebuild Iraq and overcome long-standing socio-economic problems.
"But the challenges to achieving these goals are enormous, the pace of economic recovery is still slow, reconstruction is very limited after the war is over, and the large current spending increases risk, putting public funds and central bank reserves on track Its continuity can not be sustained.
Anti-corruption was very important to enhance the effectiveness of public institutions, to support investment efforts and to create employment by the private sector .
"In the short term, the short-term weakness is reversed in 2018, with a surplus in the budget and a build-up in the central bank's reserves," he said.
Non-oil growth is expected to rise to 5.4 percent in 2019 on the back of increased investment spending; however, fiscal deficits are expected to rise in the medium term, requiring funding that could squeeze the private sector or erode the central bank's reserves.
Under these conditions, capital spending may be difficult to sustain, and growth will likely slow considerably .
" Therefore, policy changes and structural reforms - including improved governance - are essential to sustain medium-term economic sustainability and to lay the foundations for inclusive growth," he said .
"The fiscal policy should be based on the gradual expansion of public investment, while at the same time building safety margins," said the head of the mission.
"To find the required space, IFAD staff recommends budget savings of about 9 percent of GDP over the medium term by tightening control over current spending, especially on public sector wages, and taking phased measures to boost revenue Non-oil.
He explained that setting ceilings for current budget spending, starting with the 2020 budget onwards, would enhance the fiscal framework's ability to support a higher volume of investment and adapt to the shocks in oil prices. Major reforms should include :
The containment of public sector wages; short-term spending pressures could be suppressed through compensatory measures, such as a ceiling on allowances, emoluments and other non-wage payments, combined with the enforcement of natural decline in public sector staffing.
Structural measures in the medium term, based on a functional workforce review and deeper reforms in the civil service system, will be necessary once new human resources and information management systems are put in place .
Gray said reforms in the electricity sector were key to addressing poor service quality and cutting high electricity costs in the budget because of low tariff rates, chronic non-payment of electricity bills and poor maintenance .
On the support of public finance management, strengthening the legal framework, improving compliance and other control systems were key factors aimed at minimizing the misuse of public resources and restoring discipline in the budget .
In the financial sector, a strong plan to restructure large-scale public sector banks and the strengthening of bank controls was necessary to ensure financial stability and would help promote financial development and financial coverage.
The strengthening of AML / CFT controls and the strengthening of supervision would help Iraq prevent the misuse of the Iraqi financial sector for the purpose of harvesting criminal proceeds from money laundering and terrorist financing .
He called on the IMF to address the weakness of governance and vulnerabilities that spread through corruption, which he considered a very important factor in achieving the goals described in the policies.
The Fund called for ensuring the independence and integrity of anti-corruption bodies, and the AML / CFT system should be activated to support anti-corruption efforts .
The IMF team will prepare a report, subject to approval by the Administration, and is tentatively scheduled for consideration by the Executive Board of the Fund in July 2019 .
[You must be registered and logged in to see this link.]
[/ltr]
Today at 6:51 am by Rocky
» Will the state adopt the provision of sovereign guarantees to finance private industrial projects?
Today at 6:47 am by Rocky
» Why did Bitcoin start a new downward path?
Today at 6:42 am by Rocky
» MM&C Central Bank: Cancellation of Paragraph (5/d) of the instructions and standards for circulation
Today at 5:14 am by Rocky
» Austria supports deportation of immigrants, including Iraqis, to their country
Today at 5:11 am by Rocky
» Parliamentary Oil Committee comments on the failure of producing provinces to receive petrodollar du
Today at 5:09 am by Rocky
» Al-Badri: The Aqaba pipeline represents a reward for American companies
Today at 5:08 am by Rocky
» Al-Lami: Parliament is dying because of the Sunni parties
Today at 5:07 am by Rocky
» The second within a week.. The Council of Ministers issues decisions related to investment, heritage
Today at 5:05 am by Rocky
» Integrity monitors waste by building residential homes in a company affiliated with the Ministry of
Today at 5:02 am by Rocky
» Al-Awadi: The Council of Ministers approves contracts with private sector companies to supply energy
Today at 5:01 am by Rocky
» As a result of the security prosecution...a parliamentary committee indicates a decrease in oil smug
Today at 4:59 am by Rocky
» Iraq announces the inclusion of 3,500 workers in optional social security during 2024
Today at 4:59 am by Rocky
» Al-Sudani's advisor gives good news to young people: Many job opportunities await you
Today at 4:57 am by Rocky
» The President of the Republic approves the 2024 Budget Law schedules
Today at 4:52 am by Rocky
» After resolving the salary dilemma, a new popular crisis is haunting the Kurdistan government
Today at 4:50 am by Rocky
» Integrity: Monitoring waste in building floors for a public company in Muthanna
Today at 4:49 am by Rocky
» The Council of Ministers comes out with a package of decisions
Today at 4:47 am by Rocky
» Despite integrity efforts...a parliamentary committee reveals the reasons for continuing corruption
Today at 4:46 am by Rocky
» MP Thaer Al-Jubouri confirmed, on Thursday, that agricultural investment increased by 10% during the
Today at 4:44 am by Rocky
» Complete decisions of the Council of Ministers session
Today at 4:42 am by Rocky
» She confirmed the continuation of negotiations with the European Aviation Agency to obtain TCO certi
Today at 4:41 am by Rocky
» Head of the Kurdistan Regional Government Representation Visits the Host of the Bani Hassan Emirate
Today at 4:40 am by Rocky
» The government's silence on the foreign presence is an open trade in the country's security
Today at 4:39 am by Rocky
» Iraqi Finance Ministry distances itself from salary delays: “Long” Eid holiday delayed funding
Today at 4:38 am by Rocky
» Foreign army.. Controls in Amadiyah and military convoys penetrate the Kurdistan region
Today at 4:36 am by Rocky
» Maysan Oil produces the first shipment of “liquid gas”
Today at 4:35 am by Rocky
» Judicial directive regarding leaking and selling ministerial questions
Today at 4:33 am by Rocky
» Integrity overthrows an employee at the Zurbatieh port customs center
Today at 4:32 am by Rocky
» Al-Muthanna: Financial corruption detected in the General Company for the Implementation of Transpor
Today at 4:31 am by Rocky
» Health announces a plan to establish 16 new hospitals
Today at 4:30 am by Rocky
» Minister of Justice announces the imminent granting of electronic bonds to citizens in real estate d
Today at 4:29 am by Rocky
» What is the truth about the mass resignations of advisors in the Presidency of the Republic?
Today at 4:28 am by Rocky
» The President of the Republic ratifies the law to combat homosexuality
Today at 4:27 am by Rocky
» The government activates the memorandums of understanding signed between Iraq and Turkey
Today at 4:26 am by Rocky
» Government measures to deter generator owners.. What does the Supreme Judicial Council have to do wi
Today at 4:24 am by Rocky
» Interior Ministry reveals details about border cameras: 90% coverage
Today at 4:22 am by Rocky
» Abdul Wahid: Construction and Housing is the most corrupt ministry and its minister is a friend of t
Today at 4:20 am by Rocky
» Voting begins in the Iranian presidential elections... and 14 centers in Iraq open their doors
Today at 4:18 am by Rocky
» Ankara on its security operation in northern Iraq: We are working to develop control in the region
Today at 4:17 am by Rocky
» “A non-deterrent punishment and the spread of hundreds of fake companies.” Fraud enters travel and t
Today at 4:16 am by Rocky
» 2023.. The happiest year for Iraqis in the past decade
Today at 4:15 am by Rocky
» The Iranian community votes in Iraq (photos)
Today at 4:13 am by Rocky
» “National Bank violations” place the governor of the Central Bank before parliamentary accountabilit
Today at 4:11 am by Rocky
» President approves laws including budget schedules, combating prostitution and homosexuality
Yesterday at 10:43 am by chouchou
» utube 6/25/24 MM&C Iraq Dinar - Iraq to Rejoin WTO - Cetral Bank Pressing Banks & Money Exhangers
Yesterday at 7:19 am by Rocky
» Judge Haider Hanoun: Imam Ali was the first to lay the foundations for the fight against corruption
Yesterday at 7:14 am by Rocky
» A Sunni agreement with the framework forces to elect Al-Halbousi's replacement
Yesterday at 7:13 am by Rocky
» Al-Atwani calls for reforming the tax system in Iraq
Yesterday at 7:11 am by Rocky
» Parliamentary Finance discusses strengthening financial management with the German Agency for Intern
Yesterday at 7:08 am by Rocky
» The Financial Supervision Bureau to Nina: A systematic plan to complete the state’s final accounts..
Yesterday at 7:07 am by Rocky
» The Minister of Transport and his Jordanian counterpart chair the general assembly meeting of the Ir
Yesterday at 7:05 am by Rocky
» The judiciary directs severe legal measures against those who leaked ministerial questions
Yesterday at 6:55 am by Rocky
» The file of tax deposits and compensation for victims of terrorism.. Slow procedures hinder retribut
Yesterday at 6:54 am by Rocky
» Arak Business: Türkiye is exploiting the Iraqi pipeline to export its oil
Yesterday at 6:52 am by Rocky
» Al-Muthanna Investment: The governorate is witnessing a qualitative boom in the size of projects
Yesterday at 6:50 am by Rocky
» Legal: Amending the constitution depends on political consensus
Yesterday at 6:49 am by Rocky
» Parliamentary Security: Sabotage operations in the electrical system during 2024 will be the lowest
Yesterday at 6:48 am by Rocky
» The popular movement explains the purpose of extending the Aqaba pipeline
Yesterday at 6:47 am by Rocky
» A Ukrainian company directly develops the Okaz gas field
Yesterday at 6:46 am by Rocky
» The Council of Ministers holds a make-up session for Eid
Yesterday at 6:44 am by Rocky
» The Central Bank of Iraq sells $275 million at auction today
Yesterday at 6:43 am by Rocky
» American monitoring reveals a Turkish military incursion into the Kurdistan Region and identifies it
Yesterday at 6:41 am by Rocky
» Iraq's oil exports exceeded 100 million barrels in May
Yesterday at 6:39 am by Rocky
» Allawi: Iraq is living in an undeclared civil war, and we must correct it before we lose it
Yesterday at 6:38 am by Rocky
» Is Iraq among them?.. Kuwait’s most prominent challenges towards the “Belt and Road” project
Yesterday at 6:36 am by Rocky
» The President of the Republic stresses the necessity of protecting water bodies, including lakes and
Yesterday at 5:25 am by Rocky
» Parliament moves to amend the Medical Graduation Law and directs a request to the government regardi
Yesterday at 5:24 am by Rocky
» A new decline in the dollar against the Iraqi dinar in Baghdad
Yesterday at 5:23 am by Rocky
» Qatar joins Iraq and Saudi Arabia in sending crude supplies to the UAE
Yesterday at 5:22 am by Rocky
» Directly rehabilitating 62 localities in Baghdad
Yesterday at 5:21 am by Rocky
» https://alsabaah.iq/98640-.htmlAl-Sudani: Iraq is a safe and attractive environment for capital
Yesterday at 5:18 am by Rocky
» Hundreds of low-voltage transformers installed in Baghdad
Yesterday at 5:17 am by Rocky
» Haider Makiya: Iraq is an “important destination” and we are witnessing an improvement in the invest
Yesterday at 5:16 am by Rocky
» Parliament: The cosmetic market is thriving and the government stops “intruders”
Yesterday at 5:15 am by Rocky
» 3000 projects compete to win the {national competition}
Yesterday at 5:14 am by Rocky
» Sulaymaniyah hosts the “Made in Iraq” exhibition
Yesterday at 5:13 am by Rocky
» Anbar opens a line to produce organic fertilizers using solar energy
Yesterday at 5:12 am by Rocky
» Transport is intensifying its efforts to lift the European ban on the green bird
Yesterday at 5:11 am by Rocky
» Parliament: Amending the investment law will reflect positively on the future
Yesterday at 5:10 am by Rocky
» No meters or pricing...Governmental decisions are “broken” on the rock of generator owners
Yesterday at 5:07 am by Rocky
» The Minister of Labor calls for intensifying inspection tours of work sites to follow up on safety p
Yesterday at 5:06 am by Rocky
» Parliamentary law challenges the “2024 budget tables” and the federal government is waiting for an a
Yesterday at 5:04 am by Rocky
» A foreign army... takes control in Amadiyah and military convoys penetrate the Kurdistan region
Yesterday at 5:02 am by Rocky
» The new “Arab-Kurdish” disintegration... Alekti reveals the common denominator between the “anti-Kur
Yesterday at 5:01 am by Rocky
» The Commission extends the registration period for candidates for the Kurdistan Parliament elections
Yesterday at 5:00 am by Rocky
» Diyala Council is “stuck in a black legal hole”... It cannot be held or dissolved - urgent
Yesterday at 4:59 am by Rocky
» He discussed with the American Ambassador the end of the mission of the international coalition... T
Yesterday at 4:56 am by Rocky
» He discussed with the American Ambassador the end of the mission of the international coalition... T
Yesterday at 4:55 am by Rocky
» Civil Defense puts the blame on the citizen for the high rates of fires, and an economist shows: Res
Yesterday at 4:54 am by Rocky
» Planning publishes experimental population census data
Yesterday at 4:53 am by Rocky
» Al-Sudani confirms the progress of completing the automation system for customs
Yesterday at 4:51 am by Rocky
» Al-Sudani chairs the 8th meeting of the Reconstruction and Investment Committee
Yesterday at 4:50 am by Rocky
» Transportation: Postponing the opening of Baghdad Airport to citizens
Yesterday at 4:49 am by Rocky
» Telecommunications signs a contract for the submarine cable project with Saudi Arabia
Yesterday at 4:47 am by Rocky
» A positive signal from the European Union regarding international investment in Iraq
Yesterday at 4:46 am by Rocky
» Al-Sudani renews his support for holding Kurdistan parliament elections
Yesterday at 4:41 am by Rocky
» UNAMI welcomes setting a date for Kurdistan elections
Yesterday at 4:40 am by Rocky
» A parliamentary directive to amend the medical progression law
Yesterday at 4:39 am by Rocky