Iraq negotiated international loan by $ 6 billion

Increased oil exports to 4 million barrels a day next year I wrote/Magda Enhancer of the Iraqi Government are expected to begin this month in negotiations with the World Bank, the International Monetary Fund for a loan worth $ 6 billion deficit in the State budget, according to the angle of economic adviser to the Iraqi Government.

"The Government will begin consultations to get a loan with interest not exceeding 2%, and the long repayment period" says Dr. Mohammad Saleh appearance of economic adviser to the Iraqi Government.

Previously agreed IMF and Iraq last may on loans worth 833 million dollars, the IMF said that the program would help Iraq to cope with the drop in oil prices since last year, military confrontations with the Islamic State.

The Government expects a deficit of about $ 25 billion in this year's budget of about 100 billion dollars.

He noted the appearance that the Government also approved draft budget 2016-issuance of local bonds worth 7 trillion dinars for average, for two years, as part of a funding package to bridge the budget deficit.

Parliament is expected to approve the budget in December 2016 will be referred to the Finance Committee in the Iraqi Parliament over the next week. Member of the Finance Committee of Parliament Iraq mp Jabbar Al-Abadi "may take the budget debate in October, and then displayed on the Board for voting during the month of December of the current year".

General budget volume 107 trillion dinars for the year 2016, including 29.5 trillion investment plan, and 77.5 for operational expenditures (ongoing), and a deficit of 23 trillion dinars. Adopted budget price of 45 dollars a barrel and production of 3.6 million barrels a day, according to the spokesman of the Ministry of planning Nicole Hindawi.

Hindawi said "that Iraq will lower prices to increase oil exports next year to about 3.6 million barrels a day" predicted that the decline in oil prices to less than $ 30-35.

Iraq currently publishes nearly 3.2 million barrels.

The Iraqi oil Ministry said earlier this month in a formal statement is expected to run for a fourth harbour for the export of crude oil at the end of the first quarter of next year is likely to total export capacity of the country to 4 million barrels a day.

Zawya 2015

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