Finance: cash required removal of subsidies on fuel and electricity 11-16
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    Finance: cash required removal of subsidies on fuel and electricity 11-16

    Finance: cash required removal of subsidies on fuel and electricity

    11/16/2015 23:18

    BAGHDAD / Obelisk: condition of the International Monetary Fund, on Monday, the removal of subsidies for electricity and the ration card to lend to the Iraqi government and enable them to bridge the expected deficit in the next 2016 budget, as expressed 'serious reservations' on the size of salaries paid by the government for the staff, invited her to re-examine them.

    And see the members of the Parliamentary Finance Committee, that the Fund Terms 'not new', because it has already been put forward by the government during the debate on the previous budgets.

    Previously, the International Monetary Fund, to give Iraq worth one billion and 250 million dollars in emergency aid, but Iraqi officials have reservations about the amount that said the government is seeking to borrow from the International Foundation which is based in Washington based.

    Parliamentarians said, in a statement, last week, that the budget law includes a fictional loans exceeding $ 14 billion to close the deficit.

    He says a member of the Parliamentary Finance Committee, Jabbar Abdul Khaliq, said that 'reservations IMF revolve around sectors supported by the government, especially electricity and fuel and the ration card', points out that 'the fund wants to raise support for those sectors to lend to Iraq'.

    He adds Abdul Khaliq, that those 'objections are not new as it had already put forward by the Fund on the Iraqi government during the discussion of the previous budgets with him, as a condition to facilitate the process of borrowing, but it did not take place because of the circumstances faced by the country'.

    And on the negotiations conducted by Iraq, representatives of the Finance Ministries of Planning and oil, the Board of Control and the Central Bank, with the International Monetary Fund, explains a member of the Parliamentary Finance Committee, that 'the IMF global institution sober you want to follow up on government spending and whether it adopts international standards'.

    Reminds Member State of Law bloc parliamentary, that 'end, the foundation of the removal of subsidies on those sectors, according to the IMF, is to ensure that the money that the government Stguetrdha to other sectors more important to spend', shows that 'the International Monetary Fund is considering how to recover the money that Sakarzha for Iraq and they went not to the consumer sectors'.

    He continues, MP Abdul Khaliq, that 'allocated for the ration card payments amounting to two billion and 500 billion dinars, and a little more what was allocated to the Ministry of Electricity in the next 2016 budget', stresses that 'the International Monetary Fund expressed its reservation on the employees' salaries, which weigh heavily on the budget.'

    The International Monetary Fund announced on Saturday, (14th of current November 2015), the determination of the Council of Ministers amendment next year's budget in 2016, in line with the macroeconomic framework of the program watched by the Fund.

    But a member of the Parliamentary Finance Committee, Jabbar Abdul Khaliq, 'denies the government to withdraw the draft federal budget of the House of Representatives to make adjustments in line with the demands of the International Monetary Fund'.

    To confirm that the other member of the parliamentary finance committee, Acadr Mohammed, that 'the International Monetary Fund gave tips to the Iraqi government to increase financial support for electricity and fuel sectors, and the ration card, and demanded that spending commensurate with the size of their revenues'.

    MP says Mohammed, he said that 'the International Monetary Fund believes that Iraq might be able to overcome the financial crisis and pay off all its loans, if they reduced the size of the public spending', and adds that 'the IMF aims behind his reservations improve the performance of the Iraqi economy during the next 2016 '.

    Warns a member of the Parliamentary Finance Committee, of the consequences of 'the central bank continued to sell the dollar auction currency', is that it 'threatens to fall in foreign exchange, which sees the International Monetary Fund's reserves to be dangerous'.

    Last edited by rcookie; 11-16-2015 at 08:07 PM.

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