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Terms of the international lending matching government reforms
6/29/2016 0:00
[rtl] Baghdad , Tariq al - Araji ,
said Undersecretary of the Ministry of Finance Dr. Fadhil Nabi Othman said the terms of theIMF and the World Bank to lend Iraq matching government reforms , which has direct by Dr. Haider al - Abadi Prime Minister. Said Osman in the interview with the «morning» dialogue that targeted Iraq 's international value of loans to overcome the financial dogged amounting to more than $ 18 billion, especially that Iraq has fulfilled all its financial obligations towards the international community in spite of the financial crisis.
The detection of seeking to double yields and financial returns of the ministry 'sdepartments, an exception displaced from stopping work smart card to receive monthly giving them announced. The following is the text of the interview:
* Iraq is rich and able to weather the financial dogged country in the event of the return of high oil prices , why resorted to the international community to
borrow? For a loan that everyone should know that the financial situation in Iraq was very difficult, but for certain reasons did not announce it because he since the time arrived to the red line in the financial situation, and there was a lot of talk of a number of former officials and members of the House of Representatives that Iraq is unable initially to pay salaries of 2015, as well as in the beginning of 2016 was the situation is very bad, so that Iraq in the first two months The second was the oil revenues less than 50 percent of the value of salaries.
all these factors called on the Ministry of Finance and other government agencies to look for some alternative things that are possible from which to ensure two things: First, salaries, because it is a red line for the government and the ministry, and secondly expenses necessary President including the war against terrorism «Daash», securing funds to the Ministry of defense and Interior and popular crowd, in addition to theamounts spent on the displaced, as well as medicines and allocations of oil and electricity, and for these reasons been thinking seriously external borrowing, particularly the ministry the end of 2015 , I tried to activate bonds State, was the interest rate is very high, so it stopped issuing these bonds, which invited her to go to the internal loan ,which is easier through the issuance of treasury transfers bonds, external borrowing ,which is not only the existence of support and assistance to Iraq is achieved and always supporter of states of these things , the international Monetary Fund who presented some proposals , including the signing of sba Agreement (credit assistance).
the Fund reported that Iraq if it did not sign the agreement, he can not help him, and if the international Monetary Fund for any state his hand, the rest of the international financial institutions will not deal well with that State, hence the Prime Minister and Finance Minister Ida idea of international borrowing and enter into negotiations with him, because it would help Iraq dramatically.
Therefore , the decision was made by the Council of Ministers to grant the Ministry ofFinance the possibility of negotiating with the international Monetary Fund, and theenjoyment of the Minister of Finance a good external relations with international financial institutions entered into negotiations on that side, and I'm here deny that Iraq has become captive to the international Monetary Fund, as it said some members of the House of Representatives and activists, this is not true, as it was supposed to be in thespotlight on this issue to inform the public opinion and when he was a minister in talks in Amman, we visited the House of Representatives and informed its members the realities of things, was absorbing the case, especially as the international Monetary Fund did not call for Iraq , but the reforms. * What are the terms of these international organizations to lend to Iraq? conditions imposed on Iraq matching government reforms declared these reforms demanded by the Prime Minister and the House of Representatives and religious authorities and even the citizens, as they have three events for the first president of thepressure expenses in general and the second activation of the tax on employees 'salaries . Regrettably, we hear a lot of the wrong talk Castqtaa 15 percent of employees ' salaries, although the tax law the current states that are (tax) on the total salary for all employees, but the government and to help the staff thought to be a nominal salary, theinternational Monetary Fund said that the tax must be at the total salary and after long discussions by the minister with the IMF was reached that can not impose a tax on theallocation of the poor, because the limited their salaries from the tenth grade to the third grade, they are not covered by this decision does not affect their salaries once and forall, but the tax on second - degree or higher , begin and deducted from the total salary like brushed oldest first, private and grades Director of agents ministries and advisers higher such as ministers and members of the House of Representatives and the three presidencies, tax and be exponentially. the third point is that the fund confirmed by the reforms is to improve revenue in the sense pressure on departments such as taxes, customs and other real estate, as well as the case for or resource departments andother state besides reducing corruption through activating the work of the integrity Commission and the Office financial control and these are the three points demanded by the bank. * are you among the conditions to stop the appointments for 36 months or removal of subsidies on petroleum products? told us international Organization existence of surplus employees, and it should not be granted degrees at random, and can be awarded grades in the institutions necessary such as health, defense and interior, for example, in the sense of new grades must be necessary for the sites, and did not talk about the removal of subsidies on derivatives, because they were in the earlier detached for this topic, but the Iraqi side did not accept this, but they stressed the need to activate the collection of revenue , such as electricity properly provided they affect the poor slide, especially as the reforms of the international Monetary Fund , all for the benefit of theIraqi people , without prejudice to the entitlements of the poor and low - income people.* what are the real loan from the international community for Iraq value? Total amount stated in the contract the sbi of about 18, $ 6 billion, as the Fund does not offer all ofthese amounts to Iraq once, and presents it in the form of a quarterly up to $ 600 million, and this year will amount to one billion and 200 million dollars, over three years, and at the same time urging other countries and financial institutions to support Iraq , inthis regard, he urged the IMF when signing with us the World Bank to help Iraq by about $ 3 billion for three years at a rate of one billion per year, and at the same time the uS government has also promised to help Iraq through the provision of loans to support thebudget by about $ 3 billion, as well as major industrialized countries during the meeting in Japan, has been awarded Iraq announced $ 3.6 billion and these soft loans and aratio of one benefit to one and a half percent, not 6 percent as announced by some, a facilitator and a simple and easy loan. He also urged the international Monetary Fund ofKuwait , also owed Iraq compensation amounting B4,6 billion dollars, and it was repaid in 2015, but was postponed efforts of Iraqi and international for three years and we hope the response of them in this regard, and these things combined, led to exceed the loan $ 18 billion. Q : what is the extent of Iraq 's commitment to the financial pledges to theinternational community? Iraq so far and despite the difficult conditions in which he isgoing through has fulfilled all its international obligations, because the loans are going over several years and annual installments or half - yearly, and even the Paris Club agreement , which Atefotha ministry was up to $ 80 billion on Iraq and remained ratio which we pay on time without delay, because the commitments are necessary until thetrust between the government and the international community and the current loans remain which is due to be granted to Iraq will be awarded through which the grace period of up to three years and then will be paid according to the agreement and with the Fund for 5 years and the World Bank for long periods . Q : How do you assess thefinancial situation of the country now? if oil prices do not improve it difficult to believe all expenses , such as salaries and the necessary dues, but if you have been receiving loans from the IMF and the World Bank without issuing additional bonds , it is possible to get to the end of the year. With this the bond issue is a way backup exists in thegovernment, especially since the issuance is not a violation of the law of the central bank, because the bonds issued by the State - owned banks , which are re - discount, and for this reason are legally only hold, and I hope we get the loan in order not to issue additional bonds because of religion internal arrived to a great extent and unacceptable.* Does the ministry has prepared a plan to activate the financial revenues for the award of the financial budget of the country? some institutions and departments of the Ministry of profitability and others Aiardih, and profitability are banks, insurance companies, orresource is the General Administration of Customs, taxes and real estate Free State areas are less , the most important two circles, the first General Administration of customs, he and after the application of the tariff law doubled the revenue, and thesecond GCT as it is properly activate the collection has become its revenues five - fold the past years, and the ministry is optimistic that side , however , we need to do more, especially in the General Authority customs through the introduction of modern equipment to reduce the size of corruption. I think that if the introduction of devices correctly, the revenues from customs will reach five times more than is it now, as well as the Real Estate Department is also seriously working on the collection of rents and sale [/rtl]
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