" Baghdad Bobs " Daily Report Sunday February 24, 2013
Iraqi Planning Minister Ali Shukri
Planning: Iraq was subjected to a lot of financial blackmail after 2003 and we have alternatives for U.S. protection for our money
Author: HAM Editor: NK, RS 2013/02/24 15:14
Term Press / Baghdad Revealed the Iraqi Planning Ministry, on Sunday, for "subordination" Iraq for many "blackmail" Finance after 2003, and showed that the government gained a lot of suits brought by private companies, while revealed the existence of alternatives to protect Iraqi funds in the United States after the end of American protection in the current year. He said Iraqi Planning Minister Ali Shukri conference gathered a delegation from the World Bank in the ministry building and attended (range Press), "The circumstances and occupation that Iraq has passed through after 2003 made him subject to a lot of blackmail on the debt of the former regime and the Iraqi government know that there are a lot of demands is realism and lawsuits filed, "adding that" in a lot of cases that have been prosecuted those who brought mostly from the private sector and the government earned those issues. " In response to a question about the fate of Iraqi funds deposited in U.S. banks, which extended Washington protected from claims jurisdiction until fairly present world, the Minister of Planning said that "a lot of alternatives exist to the government to protect Iraqi funds in the United States," explaining that "can not be advertised because they in the corridors of the Council of Ministers did not end the Council prepared formula eventually. " The Iraqi government unveiled last June, received a letter from the Government of the United States of America include consent to extend the "protection and immunities Extraordinary of Iraqi funds Development Fund for Iraq until the month of May of 2013." The extension provides protection of Iraqi funds deposited in this fund, protect them from any lawsuits and fake or genuine by companies or individuals, it also provides real support of the Central Bank of Iraq and the funds deposited its oil revenues, which represents President supplier to the country's budget. It is noteworthy that U.S. President Barack Obama has signed last May an executive order to extend immunity to Iraqi funds in the Development Fund for Iraq, known for a year due to the state of "national emergency", and keep the Iraqi funds, estimated at hundreds of millions of dollars, are protected as far as provided by U.S. laws usual of protection in such circumstances. Iraq had last year formed committees with the task of retrieving Iraqi funds in a number of countries after the adoption of the law retrieval of Iraqi funds abroad by the House of Representatives. http://translate.googleusercontent.com/translate_c?depth=1&rurl=translate.google.com&sl=auto&tl=en&u=http://www.4.hathalyoum.net/iraqnews.php%3Faction%3Dsit%26cd%3D0%26sid%3D15783 6&usg=ALkJrhjavX7wo-ZZ4GKNClQ782Gvg54fbA
IMF Provides $3.6 Billion Loan to Iraq
IMF Survey online
March 04, 2010
Two-year deal to support Iraq
Policy reforms to strengthen economic outlook
Rising oil prices and production will help the economy
The IMF approved a $3.6 billion loan to help Iraq as it struggles with high deficits and falling government revenues due to lower than anticipated oil prices, the organization said.
The money will help Iraq implement its two-year economic plan, which includes
• Improved public financial management and budget implementation
• Increased transparency and accountability in the oil industry
• Banking sector reforms.
Iraq’s economic growth slowed to 4 percent in 2009, but is expected to climb to 8 percent in the coming years as oil production increases gradually, according to the IMF.
“The economic program for 2010 and 2011 aims at providing a sound macroeconomic framework during a period of economic and political uncertainties. Consistent with this program, the 2010 budget adopted by parliament seeks to contain current spending while increasing investment to address Iraq’s large rehabilitation needs and improve public service delivery,” said IMF Deputy Managing Director Takatoshi Kato.
The loan comes just ahead of parliamentary elections in Iraq, scheduled for the first week of March.
Savings funded a difficult year
Iraq’s economy has been seriously affected by the drop in oil prices from their peak levels in 2008, the IMF said. With oil revenues accounting for the bulk of the country’s export receipts and government revenues, both the balance of payments and the budget saw large deficits in 2009. Thanks to savings built up in earlier years, these deficits could be financed.
In 2010 and 2011, the funds from the IMF will be used to support Iraq’s budget and to help pay for imports. Current government spending will be contained over the next two years in order to make room for higher investment and gradually reduce the deficit, and Iraq is expected to begin running a surplus again in 2010, the IMF said.
Turnaround hinges on oil prices
Oil prices have been climbing in recent months, and may turn out to be higher than expected over the course of the next two years.
If this is the case, Iraq’s funding needs will likely be temporary and the Iraqi government has said they intend to treat the loan as precautionary if it becomes evident oil revenues would increase to levels that would make the funding unnecessary. Iraq’s medium-term outlook remains favorable as oil production is projected to increase in the coming years, as domestic and foreign investment will start to bear fruit.