Urgent .. International Monetary Fund declares conceived after 12 days in Iraq and two Ijmlh

Wednesday 30-03-2016 | 5:35:54

Twilight News / tote head of the IMF mission to Iraq Jooz Christian on Tuesday, the organization "Daash", and continues to decline in crude oil prices, is responsible for the depletion of Iraq's economic resources.

Jooz said after the conclusion of the IMF mission's visit to Iraq after 12 days of talks with Iraqi officials, "The economic situation in Iraq has been traumatized as a result of armed conflict and oil, especially in the balance of payments and income from the general budget."
And it made bilateral meetings between representatives of the Iraqi government and the Mission Fund, progress in reaching an understanding on economic and financial policies, which can be supported through financing "loan."

The IMF mission will work in the coming period, according to its statement, to help Baghdad in the debt burden and measures to protect the poor, and the introduction of reforms in the public finances and improve the quality of public spending.

According to the International Monetary Fund, the rise in oil production it has resulted in areas controlled by the Iraqi government to reduce the decline in the local economy, but the gap in the balance of payments of up to 5.1% of the deficit in GDP.

Iraq relies budget by about 85% on oil revenues, prices of which have fallen about 70% since mid-2014, which is trading at a mix "Brent" the world below $ 40 a barrel currently.
This shrank real GDP in Iraq by 2.1% over the past year, due to the conflict with what is known as organized "Islamic State" terrorist outlawed in Russia, which led to the aggravation of deteriorating infrastructure and disrupt the movement of trade and declining investor confidence.

At the end of last year, in 2015, caused a decline in Iraqi financial revenues, a drop in the country's foreign exchange reserves, worth $ 13 billion, to reach US $ 54 billion.