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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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    Zebari warns: Iraq is entering a very difficult phase

    Rocky
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    • Post n°1

    Zebari warns: Iraq is entering a very difficult phase Empty Zebari warns: Iraq is entering a very difficult phase

    Post by Rocky Thu 31 Mar 2016, 7:18 am

    [rtl]Zebari warns: Iraq is entering a very difficult phase -





    New Finance Minister Hoshyar Zebari warnings that Iraq is entering a very difficult phase require real reforms in accordance with the specified time limits, as he emphasized the Governor of the Central Bank of Iraq on the Keywords continuation of government spending is based on revenues.
    Baghdad warned Finance Minister Hoshiyar Zebari reiterated that Iraq is entering a very difficult phase, as he emphasized the International Monetary Fund that the Iraqi economy shrank 2.1 percent in 2015 while the current account deficit rose, which depleted the reserves to fall $ 13 billion and up at the end $ 54 billion at the end of the year, attributing this to the war against Daash and destruction of infrastructure.
    Zebari said after talks with officials from the International Monetary Fund that it "does not options in front of the Iraqi government but to enter the Convention on the willingness of credit with the IMF," expected the Iraqi government for "financial aid worth $ 6.4 billion this year from donors and international institutions."
    He explained Zebari told reporters that "many countries when it was going through economic crises resort to this agreement, which will provide a range of financial and economic reforms chime mainly with what posed by the Iraqi government in its reform and anti-corruption and anti-waste of state resources and direct them in the right direction."
    He explained that "Iraq should accelerate the adoption of fiscal reforms to overcome the crisis caused by the decline in oil prices", past to say, "We can not go as we were earlier, the country is bound to succeed and should not stand on the brink of bankruptcy."
    Zebari was likely to be exposed to a wave of criticism in his country and said, "I am sure that there are those who would raise a number of issues. First, Iraq has entered the Convention on cable the same terms and conditions will be talking about the fight against poverty and the looting of their salaries and other accusations ... and all this does not exist."
    "We are embarking on a difficult stage and the stage of real reforms with deadlines and schedules and this time we agreed on a set of enforceable targets and to investigate where we expect during this difficult year that Iraq gets the external funding up to $ 6.4 billion."
    Washington meetings
    And examines the International Monetary Fund granted the Iraqi government loan demand Bajil a three-year, by June next, in case an agreement was reached in the scheduled meetings in Washington during the month of April.
    Head of the IMF mission in Iraq Ristian Gooch said that Iraq "will receive under the agreement on the financing of $ 15 billion dollars, a third of the IMF and the rest from international institutions and other donors." He also stressed that "if the Iraqi government succeeded in introducing amendments to the spending, they'll get five billion dollars, at least this year and the rest by the end for the funding."
    "If we finished the discussions in April in Washington, I think that we can put on a loan agreement under the demand for the Fund's Board in June for approval."
    Gooch said that "Iraq has made good progress in the talks, which began in November on loan demand for three years," adding that "the amount can come from several sources, including the IMF and the World Bank and the Gulf states and the United States and the Group of Seven." .
    The focus of Iraq talks with the International Monetary Fund to monitor the Fund's staff review of the policies of economic and financial program for Iraq and the spending review policies and to maximize revenue and reduce the overhead of unnecessary procedures and fiscal deficit.
    They also discussed Iraq, the entry with the Fund in Alotmanah policy arrangements (SBA) an agreement on a program qualifies Iraq to get financial loans from the Fund and financial institutions to support the Iraqi economy, as a result of declining costs and requirements of confrontation prices with terrorism Daash and Iraq's need for reforms for economic balance expenditure and income and the fulfillment of the obligations of vital social state.
    shrinkage 
    The International Monetary Fund said that the Iraqi economy shrank 2.1 percent in 2015 while the current account deficit, which rose drained its reserves to fall $ 13 billion and up to $ 54 billion at the end of the year.
    He attributed a statement distributed by the Fund after the conclusion of talks with Iraqi officials in Amman retreat to the "war against al Daash and subsequent destruction of infrastructure, assets and disrupted trade and the deterioration of investor confidence."
    He pointed out that "the current account deficit in the balance of Almedfawat gap widened to reach 5.1 percent of the deficit in the GDP in 2015, which led to that decline."
    The statement pointed out that preliminary estimates indicate that the Iraqi authorities continue to make progress under the program, which is monitored by IMF staff, "pointing to achieve the" three goals from five labeled as (indicative) was required to achieve by the end of January in December 2015 ".
    He added that "it is due to the low level of spending on wages and pensions and Asla, services and transfers."
    Spending and lower oil prices 
    It cautioned statement that this program would include "measures to adjust the financial situation of Iraq in order to make spending in line with the low level of oil prices and achieving the ability to carry the debt burden on a continuous basis and the program is expected to include the protection of the poor measures and reforms to the management of public finances and enhance transparency where and improve the quality of public spending. "
    For his part, Governor of the Central Bank of Iraq on the Keywords that the current deficit in the 2016 budget year is a major challenge for the central bank. Keywords and said that the presence of government spending is based revenue means more cash versions and thus inflicting damages Bssayasth cash.
    He explained , "we pointed out earlier that the problems in the financial side and the weakness of the country 's resources and appetite to open spending floodgates makes the budget deficit permanent injunction , which in fact represents a major challenge to the Central Bank." 
    He pointed out that " the majority of spending is foreign imports put pressure on the central bank ". 
    And concluded in the Jordanian capital Amman talks between Iraq and the International Monetary Fund headed by Finance Minister Hoshyar Zebari and the presence of the Governor of the Central Bank and Financial Advisor to the Prime Minister.
    The financial and economic talks between Iraq and the experts of the International Monetary Fund began on 27 March / March where he headed the Finance Minister, Hoshyar Zebari, the Iraqi delegation, which also included the governor of the central bank on the Keywords and economic advisor to Prime Minister Dr. The appearance of Mohammed Saleh and representatives from the Ministry of Oil and planning, electricity and general managers in the Ministry of Finance of the budget, accounting and public debt.
    He participated in the talks alongside senior IMF staff representatives from the World Bank and representatives of the United States of America and JICA Japanese International Development.
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