Central bank: Iraq will receive substantial financial support soon


On the Keywords

Roudao - Erbil

The governor of the Iraqi Central Bank, on the Keywords, the use of the term bankruptcy to describe the current economic situation in Iraq is not appropriate, expressing confidence in obtaining substantial financial support soon.

Keywords and said while participating in Sulaymaniyah Forum, "The use of the term bankruptcy is not suitable, but follow the wrong policies could lead to a political failure," adding, "we have to learn the lesson and we do not our mistakes again."

He said the central bank governor said "the preparation of the budget in foreign currency requires some commitment to global rules," following up "There are financial dominance followed by negative political hegemony over the work of the Central Bank."

"The Iraqi government has spent 7 trillion dinars since the beginning of the year," pointing to "the allocation of four trillion dinars to provide the employees' salaries."

He said that "a large proportion of government expenditures come from external sources and this imbalance must be addressed," pointing out that "the central bank must keep exchange rates at a certain level."

Keywords and went on saying, "There is a problem, but the financial capacity of Iraq are good and we are able to pay salaries," stressing that "there is $ 30 billion in various accounts of the Iraqi ministries."

He stressed the need to "create a unified account of all ministries in order to facilitate the control of," and expressed confidence that "Iraq will happen in the coming months on substantial financial support."

Iraq has been suffering from a severe economic crisis following a drop in oil prices since 2014, and the prohibitive cost of the military war against the "Islamic State" Daash which controlled large parts of the country, as well as the displacement of millions of citizens from their areas because of the fighting.