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Finance tracks correct raise the confidence of the IMF in Iraq
17/10/2016 0:00
[rtl]Oman / follow - Sabah
said Christian nut, head of the IMF mission to Iraq that the latter made good progress towards the completion of the first review of the agreement to prepare the credit , which provides financial support for Iraq during the next three years.
Once you provide the additional information required and the implementation of theagreed prior actions, will be considered by the Executive Board in the first review of theagreement to prepare the credit, which is likely to be during the next two months.
the left talks IMF team with the Central Bank and Ministry of Finance and theappearance of Dr. Mohammed Saleh , the financial advisor to the Prime Minister, and arepresentative of the Kurdistan Regional Government for approval by the IMF Executive Board on an agreement to prepare the credit with Iraq and a $ 3.831 billion SDR (about 5.34 billion US dollars, or 230 percent of the share of Iraq) to support the government 'seconomic reform program. And to prepare the credit provides financial assistance to low - income countries facing balance of payments needs financing probability or short -term.
The aim of economic reform , which is supported by the standby credit agreement to meet the needs of the balance of urgent payments, and access spending to a level consistent with the decline in world oil prices, and to ensure that religion remain in theprogram limits can continue to afford it . The program also includes measures to protect the poor, strengthening financial management, and to support the stability of the financial sector, curbing corruption and will require the implementation of these policies theavailability of support from the international community.
And allow the Board 's approval exchange 455 million and SDR (about 634 million US dollars) to Iraq.
Iraq had happened in July 2015 on a payment equal to 891.3 million and SDR (about 1.24 billion US dollars the time of approval) through the «rapid financing instrument».
senior management of the Fund as well as completed the first and second of theprogram watched by experts of the Fund and approved by Ms. IMF managing Director revisions in January 12, 2016.
following the Executive Board 's decision, a statement issued by the Zhu , Deputy Director General and chairman of the Board on behalf of saying «subjected Iraqi economy seriously damaged by the double shock caused by the organization« Daesh »sharp drop attacks in world oil prices.
the statement added The government put appropriate policies to deal with the trauma. In the area of public finance, the Iraqi government to correct the large fiscal focuses mostly on reducing capital expenditures inefficient while protecting social spending, and provide funding. In the outer area, the authorities continue to peg to the US dollar, a system thatallows a key pillar of the economy.
«The envisaged fiscal adjustment for the period 2016-2019 to address the appropriate correction arising from the decline in oil revenues and high spending on humanitarian and security needs pressures. But fiscal adjustment elements should be improved gradually, to allow greater and more efficient investment spending. It is necessary toconduct a comprehensive reform of the system of public financial management in order to improve fiscal discipline and raise the quality of spending. »
He said« Performing sharing the budget with the KRG to improve and the KRG federal government situation , including allowing them to cope with the shock and oil prices «Daesh» attacks agreement. »[/rtl]
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