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Finance Minister to “Nass”: Iraq no longer needs an International Monetary Fund loan
[ltr]08.26.2021 - 14:47[/ltr]
[ltr]08.26.2021 - 14:47[/ltr]
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Baghdad - people
Finance Minister Ali Abdul Amir Allawi confirmed, on Thursday, that Iraq does not need an International Monetary Fund loan, while revealing huge costs borne by the state at the level of several sectors.
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In response to a question by the “Nass” correspondent, during a press interview held at the Ministry’s headquarters, (August 26, 2021), the minister said that “one of the loans identified by the IMF was allocated to confront the Corona crisis,” noting that “negotiations with the Fund regarding the liquidity loan have been going on since The beginning of the year, and perhaps we will continue with them even after the next elections."
Allawi stressed, "The relationship with the International Monetary Fund is good," noting at the same time that Iraq "no longer needs to borrow due to the rise in oil prices, as well as adjusting the exchange rate of the dollar."
The minister talked about a number of files related to the volume of public spending and the amount of cost borne by the state in certain sectors such as housing and energy.
Allawi said, "The Basmaya project is very complex, as the executing company requests large amounts of money, but it does not implement some of its obligations," explaining that "the project continues with continuous banking support, and it can be completed during this year."
"It would have been better if it had been done differently, it is very expensive," he added.
He explained that "from an architectural point of view, it is a very good project, but it is very costly for the state," stressing that "our position is neutral, professional and objective regarding the region's salaries, and it should be given 200 billion dinars per month."
The minister added, "The interest will be around 6% for bonds, and we expect a great demand for them," noting that "we are not against government employment, but we are against the loss of productivity in the state sectors."
The Minister of Finance stressed, "We are in favor of transferring powers to the provinces and releasing bottlenecks in the ministries," noting that "the price of a barrel of oil in the 2022 budget will be 50 dollars."
Allawi said that "OPEC may add 450,000 barrels to Iraq's oil production," explaining that "we cannot impose taxes if there is no production."
Allawi added, "Taxes are necessary and important in stimulating production and investment, and they are very few in Iraq, and there is a new tax policy that we will work on during the coming period," noting that "taxes in Iraq are not equivalent to 1% of national income."
He stated that "the tax law will reconsider the issue of tax in Iraq and draw up a new policy and a new law," stressing that "state resources in Iraq are used in an incorrect and improper manner."
Allawi revealed that "the electricity sector in Iraq costs the state more than 25 billion dollars."
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