Int'l financial umbrella Iraq promotes radical reform of its economy rid waste 10-12

Specialists: international financial umbrella of Iraq promotes radical reform of its economy and get rid of waste and tampering

Author: HH, ZJ
Editor: BK, HH
10/12/2016 10:44
Number of Views: 1089


Long-Presse / Baghdad

Finance Committee in the House of Representatives confirmed on Wednesday that the financial umbrella provided by the agreement with the International Monetary Fund and World Bank, which will contribute to the creation of "radical reform" of the Iraqi economy, and implementation of projects for the reconstruction of liberated areas, and indicated that it will work to strengthen the infrastructure and the postponement of debt and compensation payment of the country, while pointing out that an economist of the IMF loan to Iraq would be in batches to make sure Baghdad's commitment to its recommendations and to leave the "economic tampering and waste of public money approach."

It was the financial advisor to the Prime Minister and the appearance of Mohammed Saleh said in an interview to the (long-Presse), the first on Monday, (the tenth of November 2016), on the outcome of the talks with the IMF mission, the World Bank, for obtaining loans by about four billion dollars, during the three years, as well as the agreement on the support of the government's reform program so as to help Iraq to overcome the problems of dependence on oil, and the fight against corruption.

Parliamentary: international loan contributes to the radical reform of the Iraqi economy

Says member of the Finance Committee, the parliamentary Najiba Najib said in an interview to the (long-Presse), said that "financial umbrella provided by the International Monetary Fund and World Bank that contribute to a radical reform of the Iraqi economy, and implementation of projects for the reconstruction of liberated areas and the other to strengthen its infrastructure, as well as the postponement of debt payment and reparations owed him. "

He adds Najib, that "the agreement with the International Monetary Fund and World Bank soft loans is very important and hurt the interests of Iraq and Financial Public", noting that "the World Bank loan will be in the form of projects for the reconstruction of liberated areas of Daesh as well as the establishment of other projects for transport and other areas needed by the country that contributes to the strengthening of its infrastructure. "

The relay Najib, that "the IMF loan, which will be in batches, were received 630 million dollars, the first of it as a meal, involves a significant economic feasibility, under Iraq's agreement with the IMF to prepare the credit", usually the "IMF loan, will provide Iraq with financial umbrella worth $ 18 billion, by deferring debt and reparations owed by the country to pay as well as helping his donor countries, and the requirement of the radical financial reform. "

Expert: IMF seeks to make sure to leave Iraq Economic tampering and waste of public money approach

And sees an economist, that the IMF pays his loan to Iraq in batches to make sure that his commitment to his recommendations and his departure approaches, "Economic tampering and waste of public money," and go to revive the productive sectors.

The name says Antoine, in an interview to the (long-Presse), said that "the International Monetary Fund to develop recommendations and consulting the Iraqi government, to address the tampering and wastage of wealth over the past years," noting that "the fund does not want Iraq to continue to walk on the economic approach that caused the waste of money year, and confirms that goes for every dollar paid to productive work, not to meet the salaries and allowances and others. "

Explains Antoine, that "the IMF committed to paying the second meal of the loan to Iraq after touching that things are going around quite a bit, with its emphasis on the need to continue to implement its recommendations for building a productive economy and promote industrial and agricultural sectors," pointing out that "the International Fund for granting loans in exchange for commitment to his recommendations and only Cioagafha so Iraq did not give the loan at once. "

The Iraq negotiations with the International Monetary Fund and the World Bank mission that took place in the US capital, Washington, for the period from the sixth to the tenth of October 2016, complementing the first review of the Stand-By Agreement with Iraq.

Iraq had happened in July of 2015, a payment equal to about one billion and 240 million dollars, through the "rapid funding," the IMF's tool.
Iraq and delivered by mid-July 2016, about $ 634 million, representing the first installment of the IMF loan, immediately after the IMF Executive Board approval, in (the seventh of this month), on the standby credit agreement with Iraq, noting that the term of the loan is five years low annual interest rate of one and a half percent (1.5%), and that the number of payments is 13 batch stretches over 36 months.

It is noteworthy that Iraq has agreed with the International Monetary Fund and World Bank to provide financial umbrella him up to $ 20 billion, to overcome the financial crisis as a result of the sharp decline in oil prices and the war against (Daesh).



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