Iraq tops list of World Bank loans worth 20 billion dollars and warned of "squandering it"

2016/06/30 (00:23 pm) - hits: 58 - count (3611)

Baghdad/range press

Assured the Finance Committee in the Chamber of Deputies, on Tuesday, that Iraq suffers from financial and economic problems, "acute requiring international intervention", promised that major international banks visit Islamic Iraq timely, as revealed that Iraq tops the list of project loans amounting to $ 20 billion, indicated its intention to provide 250 million dollars loan to Iraq, promises to Islamic Bank grants.

Commission rapporteur said Ahmed Hama Rashid (range), to "visit the heads of the World Bank and the Islamic Bank is timely, especially since Iraq is suffering severe financial and economic problems requires international intervention."
Rasheed said, "the visit revealed the Bank's intention to provide 250 million dollars according to usefulness and reasonable time, as well as the Iraq issue list in the World Bank loan projects amounting to $ 20 billion to countries in the Middle East", adding that "the President of the World Bank called for partnerships with global powers to raise the Iraqi economy, and participate in building Iraq through international experience."
He continued his "Islamic Bank promised to grant a number of provinces, especially exposed to destruction by organizing (daash), granted to the industrial and agricultural sectors in order to promote the public and private sectors", stating that "the Islamic Bank called for deepening relations between the private and public sectors.

Central Bank: a few international institutions amounts to government negotiations and not advice
The Central Bank of Iraq, promised that the payments made so far of a few international institutions do not cover fiscal deficits, calling on the Iraqi Government to negotiate those institutions in accordance with the country's economic interests, and not treated as advisory institutions for advice. "
Member of the Board of the Central Bank of Iraq Ahmed barihy told the (extent), it is hoped that "loans to Iraq by the international and Islamic banks, according to the World Bank loan for Iraq at an earlier meeting, which prepared a report on the Iraqi economy, published at the end of 2015," he said, adding that "the Islamic Bank provides the duration and other aid to its members including Iraq."

Barihy, explained that "the amounts provided are still few and not commensurate with the size of the deficit in the budget, pointing out that" on Iraq deal with the international financial institutions and try to benefit from it as possible. "

Barihy stressed that "the World Bank loans, the IMF provided opposite terms, those institutions were unable to provide much of Iraq despite dealing with them regularly since 2003.

Barihy, called the Government "for its efforts with those of institutions to negotiate and defend the country's interests as assessed and understood and took responsibility for the Iraqi economy, not as advisory institutions advise for Iraq", adding that "those financial institutions possess objectives at the international level".

Economist: loans are easier and wider door for overcoming the crisis and fears of corruption institutions
Confirmed Economist, the solution to the economic crisis the country is facing are two options are reduced expenditures and increased revenues or loans, except loans "section easier and wider" to overcome the crisis, he stressed that international institutions will provide loans in cash. "

Expert in finance Bassem Jamil told Antoine (range), that "Iraq today faces the plight and deepening economic crisis and undeniable, because of lower imports of oil sales by over 60%, and the lack of other sources," returned "the economy was moving at random and disorganized in the absence of the productive sectors, especially industry, agriculture and tourism, which were very large financial resource will serve the country."

Antoine said, that "the solution to the crisis facing the country is to reduce expenses or increase revenue and loans", stating that "the first option is not easy or easy, accompanied by the imposition of taxes and fees, so the loan is easier and wider door."

Antoine, noted that "the World Bank loans and financial organizations in accordance with the conviction of the Iraqi economy on track, not by the mood of the Iraqi rulers", noting that "these institutions will provide loans in cash but will provide the funding for projects submitted by Iraq, under the control of those institutions."

And expert opinion in financial affairs, said that "the financing of budget deficit this year should be via loans, one Islamic Bank loan amounting to $ 500 million," he said, adding that "this loan, and is lending Iraq $ 250 million dollars."

Antoine promised that "there is a fear among the international institutions that characterize those corrupt loans, such as those that swallowed the $ 800 billion through successive budgets without offering something tangible," stressing that "loans would be subject to scrutiny and control.
Warnings withdrawal of international institutions for the "helping hand"

For its part, the Commission stressed the economy and investing in the Chamber of Deputies, on the need to "preserve the funds provided by international institutions," warned "pull those institutions to help be wasting that money."

She is a member of the Parliamentary Committee on the economy and investment in Nora albegari (range), that "it is necessary to maintain the funds will be converted from international banks and Islamic, asserting that" many of those funds which have been allocated to help Iraq formerly went without knowing their fate ".

Albegari, called for "serious work for lasting liaison with international financial institutions, through the implementation of vital projects through loans," warned "pull those institutions to assist in the event of non-implementation of those projects and the squandering of funds, leading to a very big problem because of the suffocating financial crisis facing the country."

World Bank President Jim Yong Kim, (26 March 2016), possibility of making World Bank assistance to the Iraqi Government headed by Haidar Abadi "for economic and administrative reforms", while referring to allocate 250 million dollars for reconstruction of the liberated areas of e Organization (daash), "stressed the international community with Iraq in the war against terrorism."