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    IMF likely to lend Iraq $ 15 billion over three years

    IMF likely to lend Iraq $ 15 billion over three years

    Author: HAA
    Editor: BK

    03.29.2016 20:35

    Long-Presse / Baghdad
    He favored the International Monetary Fund, The International Monetary Fund, on Tuesday, the possibility of approval to lend Iraq $ 15 billion over three years, through next June, while between that will provide five billion of them to believe the rest of other financial institutions and donors, he stressed that Iraq It will receive five billion during the current year 2016, and the rest at the end of the agreement period.

    The head of the IMF mission in Iraq (IMF), Christian Gooch, told media today, followed up (range Press), "The Fund has agreed to lend Iraq $ 15 billion over three years, under the Stand-By Agreement (Standby Arrangements) SBA with him, over the next June, "adding that" the two sides will hold round of talks on the subject, in Washington DC, during the next April. "

    He added Gooch, "The fund will provide one-third of the amount of funding, $ 15 billion, to secure the rest from other financial institutions and donors, including the World Bank, the Arab Gulf states, the United States and the Group of Seven industrialized nations G7", expressing his belief that "the Fund if what was agreed with Iraq in the Washington meeting, it is possible to raise the loan agreement to fund body, for approval in June. "

    He promised head of the IMF mission, that "Iraq has made good progress in the talks with the IMF on a loan stand-by arrangements, for a period of three years, which began in November 2015 the past," stressing that "the Iraqis if they conducted the amendments to the expenses they may need funding of $ 15 billion dollars over three years, of which five billion this year, 2016, and the rest at the end for the Convention. "

    The appearance of Mohammed Saleh, economic advisor to the prime minister, Haidar al-Abadi, said in an interview to the (long-Presse), in the (26th January 2016), that Iraq has agreed with the International Monetary Fund for long-term soft loans for the implementation of development projects, indicating the fund is among other conditions, Mserfat government, and amended some of the procedures relating to economic policies, while counting economist that "the most important" of those loans is to know the amounts that will be obtained during the year 2016.

    Iraq had announced (13th January 2016), for the approval of the International Monetary Fund to finance the budget deficit through clouds of hard currency reserves, indicating that this means reducing the reserves of $ 59 billion October 2015 the last end, to 43 billion during the this year.

    The Finance Minister, Hoshyar Zebari, revealed in (the 25th of November 2015 the past), for Iraq to borrow one billion and 200 million dollars from the International Monetary Fund, stressing that the Fund "has no" conditions in this regard.

    The Prime Minister Haider al-Abadi, announced during his participation at the World Economic Forum in Davos, expressed hope Iraq obtaining loans ranging from six to seven billion dollars from the International Monetary Fund, to face the repercussions of the financial crisis being experienced.

    The House of Representatives, approved by majority, in (the 16th of December 2015 the past), draft financial budget bill for the current 2016 value in excess of 105 trillion dinars, and the deficit of more than 24 trillion dinars, is expected to be increased as a result of the continued decline in global oil prices.

    Last edited by Loopback; 03-29-2016 at 06:50 PM.

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