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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The International Monetary Fund calls on Iraq to cancel appointments to correct financial conditions

    Rocky
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    The International Monetary Fund calls on Iraq to cancel appointments to correct financial conditions Empty The International Monetary Fund calls on Iraq to cancel appointments to correct financial conditions

    Post by Rocky Mon May 20, 2024 5:20 am

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    [size=52]The International Monetary Fund calls on Iraq to cancel appointments to correct financial conditions[/size]

    [size=45]The International Monetary Fund stressed the need for Iraq to gradually correct its financial conditions to achieve debt stability in the medium term and rebuild financial reserves.[/size]
    [size=45]This comes after the Executive Board of the International Monetary Fund (IMF) concluded Article IV consultations with Iraq and studied and approved the employee evaluation, before recommending control over public wages and the gradual abolition of compulsory employment, according to a report by the Fund that Al Mada viewed.[/size]
    [size=45]It is expected that the next Article IV consultations with Iraq will be held in the standard 12-month cycle, according to the International Monetary Fund report and schedules.[/size]
    [size=45]In its statement, the Fund welcomed the strong economic recovery, the decline in inflation in Iraq to 4% by the end of 2023, and the improvement in domestic conditions that led to the implementation of the first 3-year budget. He stressed the need for sound economic policies and structural reforms in Iraq to secure public finances and debts, given the regional conflicts that may affect oil prices.[/size]
    [size=45]He pointed to the strong recovery in the non-oil economy in Iraq after a contraction in 2022-23, and that Iraq was “largely” unaffected by the ongoing conflict in the region, pointing to the revaluation of the currency as of February 2023, and the return of trade financing to normal. However, the imbalances were exacerbated by the significant fiscal expansion and falling oil prices.” The Fund's report expected that the continued fiscal expansion would enhance growth in 2024, at the expense of further deterioration in financial and external accounts and Iraq's vulnerability to oil price fluctuations. Without policy adjustment, the risks of medium-term sovereign debt stress are high and external stability risks could arise. “Main downside risks include a significant decline in oil prices or the spread of conflict in Gaza and Israel.” The executives agreed, according to the report, “with the thrust of the staff assessment, and welcomed the strong economic recovery, low inflation, and improved domestic conditions that led to the implementation of the first-ever three-year budget.” Noting that risks tend toward the negative side, given regional disputes and the high dependence on volatile oil prices, and that significant financial expansion could lead to financial and external imbalances.[/size]
    [size=45]The directors also stressed “the need for sound macroeconomic policies and structural reforms to secure public finances and debt, sustainability, promote economic diversification, and achieve sustainable and inclusive growth led by the private sector.”[/size]
    [size=45]The directors stressed, “There is a need for gradual, but significant, fiscal adjustment to achieve debt stability in the medium term and rebuild financial safety margins.” They encouraged the authorities to focus on controlling public wage rolls, phasing out compulsory employment policies, and mobilizing non-oil revenues, while better targeting social assistance.”[/size]
    [size=45]Directors agreed that “immediate implementation of customs and revenue administration reforms, full implementation of the Single Treasury Account, and strict oversight and limitation of the use of extra-budgetary funds and government guarantees are essential to support fiscal consolidation.” “It is also important to reduce monetary financing and reform the pension system.”[/size]
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