[size=48]Progress of development policies Institute will hold a seminar to discuss the role of foreign loans in resolving the financial crisis in Iraq
May 28, 2016
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Our economy / Baghdad
Holding the progress of the development policies of the Institute, on Saturday, a seminar entitled / the role of foreign loans in resolving the financial crisis, especially the International Monetary Fund loan.
And accept the institute's president, Dr. Mehdi al-Hafez at the start of the symposium financial crisis that Amrabha Iraq, and Mandjem them from a deficit in the general budget of the country, also addressed the loans obtained by Iraq from international institutions and their impact on the overall economic situation.
For his part, the economic and financial advisor to the Prime Minister Dr. appearance of Mohammed Saleh addressed the relationship between Iraq on the one hand and between the IMF and the World Bank since 1944, noting the soft loans obtained by Iraq since 2008
And conditions of the fund to grant loans, including periodic reporting to him by Iraq stating invest the money mechanism which goes part of them to the sectors of education, health and social welfare network and the ration card and the displaced.
Conditions also stipulates that the Integrity Commission is an independent body under the UN and modify the CBI laws pertaining to internal audit oversight, and that the issue of the Ministry of Finance circular confirms the good disposition of money, and that the funds are subject to audit by the Supreme Audit fear of manipulation, as well as a focus get rid of the phenomenon Contractors aliens.
It also includes the terms of the fund, according to Saleh, check employees' salaries by the BSA to detect Palmtlaobein them, and that the loan is subject to external audit and that the central bank will provide the International Monetary Fund reports include the doors of exchange on the balance sheet in accordance with international standards.
And be tax accounting on the nominal salary of the employee functional grades 1-3 only.
He noted the importance of the loan in favor of (5.4) billion dollars by the Fund of Iraq submitted an application and a letter signed by the Minister of Finance and the Governor of the Central Bank of Iraq in the sixth Ashrmn next month include full details
On the box provides such a request to the board of directors on the thirtieth of the same month and this loan is in effect the first batch of it amounting to $ 600 million and launched the first batch allow three years Yebda Iraq for payment after this time period and an interest rate of 1.5% for 5 years and 13 payment.
Salih stressed that the IMF did not interfere with any other details.
And the favor that we have about seven million employees continuous service Aomottagaad, pointing out that oil export revenues at current Asaralinvt these do not cover these salaries, because that portion of Iraq's oil exports go to the oil companies contracted under the licensing rounds.
And he saw the benefit that these loans are a financial umbrella to help Iraq out of its crisis of Finance, referring to the presence of international pledges to support Iraq and to provide soft loans to him, especially from Japan and the Islamic Development Bank.
For his part, accept Dr. Majid picture member of the Board of the Central Bank of Iraq administration
The size of the financial crisis experienced by Iraq, stressing the need for concerted efforts to address them.
Noting the importance of the restructuring of government institutions in the light of Tqrerkdmh Iraq and the International Monetary Fund in 2011.
During the seminar, which was attended by a group of economists and those interested in the financial and economic affairs of public debate, with a number of proposals concerning the participants how to tackle the financial crisis in the country.
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