Crisis cell "recognize the loan program," a $ 5 trillion dinars for the sectors of industry, agriculture, housing

Author: AB, BS
Editor: AB, BS

2015/08/24 17:48

Long-Presse / Baghdad
Approved cell crisis, on Monday, lending program which is funded by the Iraqi Central Bank in the amount of five trillion dinars for the sectors of industry, agriculture and housing, as instructed Prime Minister Haider al-Abadi immediately proceed with the necessary procedures.

Information Office of the Prime Minister Haider al-Abadi said in a statement received (range Press), a copy of it, that "the crisis cell held its sixth meeting under the chairmanship of Prime Minister Haider al-Abadi," noting that "the Prime Minister Haider al-Abadi stressed the need to pursue economic and financial situation and drawing policies that respond to these conditions with the decline in oil prices. "

The statement added, "The cell heard a presentation for the development of oil production and the potential for improvement with emphasis on the fulfillment of mutual obligations with international oil companies and to secure better working conditions for them."

The statement stressed, "The cell approved lending program which is funded by the Central Bank of Iraq $ 5 trillion dinars distributed evenly on industry, agriculture and housing sectors to be seen in that light ratios in the success of the sectors mentioned in the investment of the amounts allocated to them."

The statement continued that "the adoption of the program was after briefing the meeting on the work plan prepared by a joint committee of the Ministry of Finance and others, the private sector and reviewed by the Central Bank of Iraq and the Office of the Prime Minister," pointing out that "the Prime Minister Haider al-Abadi instructed to proceed immediately the necessary measures so as to provide opportunities real to activate and reduce the unemployment rate of the private sector. "

The central bank announced, in (8 August 2015), the launch of an initiative to support the agricultural, industrial, real estate and housing fund sector banks with loans amounting to five trillion dinars, with the exception of the initiative "a good step" for the recovery of the economic situation and liquidity, confirmed they come to avoid foreign loans.

It was an economic advisor to the prime minister count, on Monday, that the fall in world oil prices to around $ forty is a matter of "great concern" for Iraq, while between the treatment that should be done by pressing the spending and borrowing for the establishment of productive projects, stressed the need for support and the assignment of the private sector through legal legislation and procedures to facilitate transactions.

Press reports spoke of, US crude fell below $ 40 a barrel, the first time since the 2009 financial crisis, after reaching nearly $ 120 last summer 2014.

The International Monetary Fund forecast, in (21 March 2015), the high proportion of the budget deficit in 2015 to more than the proportion of 12% announced by the government, to "significantly higher levels", because of lower oil prices and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, also assume the budget, it proposed the implementation of the reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and reconsider the limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.