International Monetary Fund does not support reduction in the value of Iraq dinar.
The International Monetary Fund does not support the reduction in the value of the Iraqi dinar
11/15/2015 0 Comments
IMF: Abadi will adjust the budget and reforms being to adjust the financial performance and to reduce the value of the dinar The International Monetary Fund, said on Saturday that Prime Minister Haider al-Abadi, will adjust next 2016 budget in line with the macroeconomic framework of the program watched by the fund, while between that of the most important of those reforms to approve the draft financial management law and the completion of a survey of local backlog The government, and compile a list of bank accounts under its control, and the appointment of auditors of international financial data for Bmsrvi Rafidain and Rasheed, showed lack of support for the devaluation of the dinar.
The head of the IMF mission for Iraq, Christian Jusz, in response to questions from reporter (range Press), "The program, which is monitored by IMF staff pillar is financial framework for Iraq to the end of next 2016," noting that "the Iraqi prime minister, Haydar al-Abadi , adjustments will be next on the 2016 budget and submit it to the House of Representatives in line with the framework of the agreed macroeconomic program under the IMF experts who follow him. "
He Jusz, that "the program is watched Fund, requires the Iraqi government's commitment to reforms affecting public financial management of the country, and banking supervision, during the remainder of the current 2015 until next 2016," noting that "the most important that the approval of the draft Administrative Law financial reforms that was sent to the Council of State, about in line with the comments of the World Bank and the International Monetary Fund. "
The head of the International Monetary Fund for Iraq mission, that of "other reforms to complete a survey of local arrears accumulated on the Iraqi government, and compile a list of all Government-controlled bank accounts with the Central Bank of Iraq, and government and private banks," pointing out that "the reforms also include the appointment of auditors accounts international to audit the financial statements of Bmsrvi Rafidain and Rasheed. "
And whether the International Monetary Fund, was happy with the monetary policy in Iraq, despite the many criticisms on them, said Jusz, that "the Fund shall provide technical assistance to the Iraqi authorities for the implementation of policies related to foreign currency and the removal of restrictions on him."
And on the Fund's position on the reduction of the Iraqi currency value, The head of mission for Iraq, that "the IMF does not support it, because the exchange rate provides a nominal pillar President in an unstable environment to a large extent, having weakened policy capability because of the conflict with Daash".
In the axis respect to the effects of the revelations Chairman of the Parliamentary Finance Committee, the late Ahmad Chalabi, and published (range), Jusz said, "The Fund talks with the Iraqi side, did not address those files," adding, "but within the program that pursued by the fund, the government Iraq will impose administrative fines and penalties for banks, non-bank financial institutions that do not apply the provisions and laws. "
It is noteworthy that declared the Iraqi Central Bank, announced first on Thursday, (the 12th of November the current 2015), for the imposition of fines close to 400 billion dinars to 40 banks, noting that impose a variety of sanctions on 426 financial institution is a bank, for manipulation auction currency or submit Docs is a fundamentalist, and the imposition of trusteeship on the four banks, one of which came to an end liquidation, while the rehabilitation of two other banks, as well as the imposition of multiple fines convergence five billion dinars related to banking and other irregularities.
The International Monetary Fund, a specialized agency of the Bretton Woods system of the United Nations, was established under an international treaty in 1945, to work on enhancing the safety of the global economy, and is located Fund headquarters in Washington, DC, and managed by its members who include almost their number of 188 countries all countries of the world.