Text-Iraqi agreement with the World Bank

by **Rocky** Mon 13 Jun 2016, 6:20 pm

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Post n°1

Text-Iraqi agreement with the World Bank

by Rocky Mon 13 Jun 2016, 6:20 pm

Text-Iraqi agreement with the World Bank

12/06/2016 21:22

The following is the text of the Convention.
First , the general details of
one - that this agreement is not the first, was preceded by two agreements: one in 2005, and the settlement of Iraq 's obligations with creditors in the Paris Club, and the other in 2008, to address the repercussions of the sharp decline in oil prices at the time.

2 - value of the loan is 5.4 billion (billion) dollar.

3 - the interest rate on this loan does not exceed 1.5% per annum.

4 - assumed that this loan helps to strengthen the creditworthiness of Iraq, and raise the credit rating, the building 'umbrella financial | Pave the way for the establishment of the seven major industrialized nations (G7) to provide credit facilities for Iraq amounts could reach more than $ 15 billion. Among these facilities to help Iraq to ease the burden of repayment obligations with the Paris Club, as well as those relating to the payment of international financial obligations. Add to receiving additional financial support from the World Bank, on the other countries.

5 - that this loan will help reduce the 'extra' deficit in the state budget, the impact of the drop in oil prices, and to follow the procedures help reduce the deficit 'macro' (ie the total the deficit) in the state budget.

Secondly requirements

1 - the Iraqi government to take necessary measures to reduce expenditure in the state budget for fiscal 2016.

2 - take measures to settle the dues of oil companies, and do not let Petrakmha.

3 full salary subdue and allowances for senior staff State, functional upper grades, and private, to income tax. These range from tax (according to different income segments) between 7.5% to 15% of the total salary and allowances. As for the lower grades, it imposes the income tax on the nominal only salary, without benefits.

4 - rehabilitation (or restructuring) funded public companies self.

5. work hard to raise the efficiency of the performance of the financial and regulatory bodies in the country, at all levels. And impose strict controls on the doors of disposition of this loan.

Third , other information.

1 - no controls for the collection of public service wages, to take into account the living conditions of low - income people.

2 - will not raise fuel prices (fuels), because oil prices are currently low, and because existing prices are rewarding for the government.

2 - There is no requirement laid off workers in the public sector.

3 - There are no conditions permit stamped on the ration cards, nor salaries of social protection network, and not government subsidies provided to the displaced.

From the above, the social costs hard for this agreement, are those associated with the repercussions of negative to cut public spending (in the absence of almost entirely of institutions capable of allocating available the best possible ways and means of economic resources, and the lack of the ability to pursue a management efficient public money) .. and also the costs associated with the taxation of All employees ' salaries.
this Maouselna translation - Iraqi agreement with the World Bank , there is no requirement about double salaries to the families of martyrs and prisoners , as the government and parliament claimed in their statements on the lips of Adviser to the Prime Minister and some of the two parliaments , and this is clear evidence that conditions are an Iraqi par excellence

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