Home
Iraq's share in the IMF
Economic 2024/11/06
[You must be registered and logged in to see this image.]
When Iraq announced that it had paid off all its debts to the International Monetary Fund last May, Reuters quoted the Fund as saying that Iraq was facing internal imbalances exacerbated by the large financial expansion and the decline in oil prices, and that it needed to gradually correct the public finances to achieve debt stability in the medium term and rebuild reserves.
Mohammed Sharif Abu Maysam
At the same time, despite the expansion in public finance management with the aim of achieving significant increases in growth rates, the Ministry of Planning announced a decline in inflation rates from 7.5 percent to 4 percent, which is a positive precedent that has never happened before and is credited to those in charge of monetary and financial policies. It was leaked from the Central Bank that the cash reserve exceeds 110 billion dollars and that the country’s gold reserves amounted to nearly 150 tons.
The full repayment of the country's debt to the International Monetary Fund, the decline in the inflation rate and the increase in the cash reserve rates were indicators of a major shift in economic policies, not because the amount of debt was large, exceeding about eight billion dollars, but because such debts are usually conditional in the context of the so-called economic reform program that aims to privatize state functions and link the country's fate to the policies of the creditor parties and those behind them. It is known globally that governments that can get rid of the burden of debt to the Fund and the World Bank are the most successful in managing the affairs of their countries and implementing their programs related to supporting macroeconomic stability and implementing the necessary financial reforms. Supporting the ration card program was not only a direct reason for reducing inflation rates, but other factors related to monetary and financial policies and limiting parallel markets, and the flow of foreign currency with supporting the local product contributed to achieving this. Thus, increasing the percentage of the country's gold reserves contributed as a tool to cover the local currency and a safe means of hedging against economic fluctuations and security tensions witnessed by the world and the region.
Accordingly, those in charge of economic policy files prove their success, and it is our duty to point out that these successes, just as it was our duty to always point out the points of weakness and stumbling with the aim of monitoring and correcting, have proven the inaccuracy of the vision presented by the International Monetary Fund regarding the situation of public finances, debts, and rebuilding reserves.
Today, Iraq intends to increase its share in the International Monetary Fund by the equivalent of 1.45 trillion dinars, which will support its voting power within the Fund, contribute to attracting investments, create a promising business environment, and achieve real development, thus addressing the problem of inflation in the labor market and implementing the components of the government program.
[You must be registered and logged in to see this link.]
» Census in the third phase.. Planning: A plan to count Iraqis abroad
» Most of them are foreign transfers.. The Central Bank of Iraq sells about 300 million dollars in the
» With more than 8 billion dollars.. Iraq is the second main destination for Iranian exports
» Parliamentarian: Controversial laws will be postponed to the next legislative session if they are no
» Parliamentary Committee: Plan on Memoranda of Understanding with Neighboring Countries on the Develo
» Health: Contracting with a specialized company to initiate health insurance automation procedures
» Securities Commission: Iraq Stock Exchange Leads Arab Financial Markets
» Reconstruction: Launching plans to establish 11 residential cities in Baghdad and the governorates
» Resources: Iraq's groundwater reserves can fill surface water shortages
» Labor prepares to launch the National Employment Policy
» Explaining the positives of the irrigation fees law in Iraq
» Iraq halts operations at Basra refinery as tanks fill up
» The Private Banks Association signs a cooperation agreement with the University of Frankfurt, German
» An "explosive" increase...more than 680 billion dinars is the cost of developing Baghdad entrances
» End of service bonus paid to more than 6,000 retirees
» Türkiye seeks to increase trade volume with Iraq to $30 billion annually
» Finance confirms the government's keenness to implement reforms to ensure the stability of the natio
» 30 dams for water harvesting
» 90 new projects completed
» Sudanese launches Iduba project
» Al-Fayyadh: We will not allow anyone to cross the borders
» Smart coating to protect oil pipes
» Huge sewerage project in Amara
» Service Effort: Completion of 90 projects by next February
» Labor prepares to launch the National Employment Policy
» Resources for {Sabah}: Iraq’s groundwater storage can fill surface water shortage
» Discussing preparations for the Baghdad International Fair
» Kuran Abdullah: Erbil Food and Agriculture Exhibition witnessed successful trade deals
» Baghdad hosts an economic conference to prevent monopoly
» Trade relations between Iraq and Turkey
» Government Communication to {Sabah}: Electronic payment contributes to strengthening the economy
» The Ministry of Commerce discusses the mechanisms for marketing commercial zero flour and urges bake
» The Minister of Trade heads the Iraqi delegation to the first session of the Iraqi-Turkish Trade and
» Ministry of Interior: Launches SMS service to facilitate communication with customers
» Parliamentary Foreign Affairs Committee stresses the importance of parliamentary diplomacy in streng
» Al-Sudani confirms Iraq's keenness to open partnership horizons with Pakistan
» The Minister of Trade heads the Iraqi delegation to the first session of the Iraqi-Turkish Trade and
» Minister of Finance discusses joint cooperation with World Bank representative in Iraq
» Aleppo Blitzkrieg: Academic Talks About America’s Role in Averting Danger to Iraq
» The Surprise Incident in Syria... Iraq and Iran are two countries at a crossroads: deviation or conf
» Al-Sudani pledges to revive the largest industrial city in eastern Iraq
» Concerns about financial and economic risks.. Reasons for stopping financial transfers to TikTok age
» "Tripartite Measure" Reduces Smuggling in Diyala by 90 Percent
» It will be clear and fixed.. The factions hint at "important" decisions that will be announced soon
» Stability of the dollar exchange rate in Iraq
» Leading to a comprehensive war.. Iraq and Saudi Arabia warn of the danger of expanding the circle of
» New session today, Tuesday, to pass controversial laws under the dome of Parliament
» Iraq plans to build 30 dams to harvest water
» Prime Minister's Advisor: Budget awaits parliamentary amendments to suit government program
» After Parliament failed to pass them yesterday... Will the controversial laws pass today?
» utube 1/2/24 Huge Event Coming: Currency Auction EndingRV/RI by Christmas?Dinar RV Updates [IQD Re
» utube 12/1/24 MM&C MM&C-Iraq Dinar News-Non-Oil Revenue-$62 Billion Investment-Halt Credit Activit
» utube 11/28/24 MM&C MM&C-Iraq Dinar News-Oil & Gas-Projects-Budget 2024 Investment
» Parliamentarian reveals the reason for not holding a parliament session yet
» Al-Sudani: We have 12 companies ready to build many schools
» What's Trump's connection? Bitcoin and Ethereum funds raise $7.6 billion
» China affirms keenness to enhance cooperation with Iraq
» The head of the Central Organization for Standardization and Quality Control conducts a field visit
» Ministry of Justice hosts the first meeting of the National Committee for Implementing the Strategy
» Al-Sudani: The Iraq Development Fund is a new idea for managing the state by empowering the private
» Citizens' appeals.. No electricity, we have returned to "the bowl and the jug" for bathing
» Disagreements over 3 laws threaten parliament session.. MP reveals latest developments
» Al-Sudani stresses to Chinese ambassador the importance of urgent action to end regional crises
» Central Bank of Iraq sells $285 million in auction today
» Stop government loans and advances
» World Bank again lowers its expectations for the growth of Gulf economies for 2024
» Al-Alaq: The monetary situation in Iraq is very excellent and the launch of Riyada Bank is imminent
» OPEC stresses importance of historic Vienna agreement that launched OPEC+ alliance
» Iraq launches first phase of 'Edopa' project to build 600 schools
» Oil Products Company: No appointments to our staff
» National Bank of Iraq rehabilitates Baghdad College Secondary School for Boys
» Agriculture unveils plan to support poultry sector, encourage investment
» Degrees without jobs.. Graduates facing the unemployment crisis
» Keeping real estate records in a secure database
» Al-Alaq to {Sabah}: Our critical position is very excellent
» Al-Sudani: We will confront any threat to our land
» Weighing stations in Babylon
» Ministry of Justice to Al Sabah: Preserving real estate records in a secure database
» Minister of Health to Al Sabah: A national fund for the treatment and rehabilitation of drug addicts
» Parliamentary source: The House of Representatives will hold its session at one o'clock this afterno
» The Ministry of Commerce launches the ration card automation project in Wasit as a first phase
» Closed parliamentary meeting with the Minister of Defense and military leaders
» The Board of Directors of the Iraq Development Fund holds a meeting headed by Al-Sudani
» Parliament session suspended.. MP explains the reason for not reaching political understandings
» President of the Republic to the Syrian Ambassador: We are working to prevent the expansion of the c
» Via Baghdad.. Tehran addresses Washington with a brief message regarding the developments in Syria
» Al-Maliki and Al-Araji stress the importance of continuing security and intelligence efforts on the
» Parliamentary Security: Iraq is affected by what is happening in the Syrian interior, but “the borde
» The Governor of the Central Bank announces the imminent launch of the {Riyada} Bank
» Parliament is discussing the amendment to the budget law with government officials to proceed with i
» The Central Bank aims in the middle of the “Tiktokism of Iraq” front and misses the target: The deci
» MP reveals reasons for postponing parliament session until tomorrow
» Parliamentary demands for official clarification of internet outage in western Anbar amid border ten
» Al-Sudani intensifies his contacts with regional leaders regarding developments in Syria... Army lea
» Events in Syria... Are Iraq approaching the 2014 scenario?
» Al-Sudani and Bazishkian discuss repercussions of security situation in Syria
» Radioactive contamination in Babylon: a silent disaster that threatens lives and the environment
» Iraq calls on the world to hold Israel accountable for its crimes in Palestine and Lebanon