IMF loan will address the chronic economic problems

5/22/2016 0:00

BAGHDAD Shokran Fatlawi

said economist Abbas Karbalai in his speech for the «morning»: that the loan provided by the IMF is an important economic outlet and treats chronic economic problems, as will work on the creation of additional entry of the forces of industrial production, agricultural, and have the Iraqi economy under control international for use in locations distant from financial corruption areas.

he added that the loan reached by the negotiating team to approval by the international Monetary Fund amounting to about $ 15 billion, will use part of it to the shortfall in the balance of payments cover as well as the reconstruction of liberated areas.

and reach Iraq, experts international Monetary Fund to agree on a program of economic and fiscal policies in order to meet the urgent needs of the balance of payments for a period of three years to achieve a balance between spending and the level of low oil prices.

Karbalai said , reached Iraq into an agreement to prepare the credit duration of 36 months or under this agreement , which is subject to the approval of Executive Board the Fund will be made ​​available for Iraq access to credit from the fund worth up to 3.894 billion and SDR 5.4 billion US dollars a condition to complete the macroeconomic framework and guarantees for financing.

the willingness credit the previous agreement with Iraq worth $ 3.7 billion Dolaromirka is equivalent to 200 percent Iraq 's share in the fund , which was approved by the Fund in February 2010, expired on February 23, 2013 and in the month of July 2015, Iraq had used its resources in the framework of «rapid financing tool» $ 1.2 billion.

the head of the IMF mission to Iraq made ​​a statement in the Jordanian capital Oman between through which severely affected the country as a result of the ongoing conflict with al «Daash» and the sharp fall in oil prices and the resulting pressure on the country 's resources, and the flow of new waves of internally displaced persons, pointing out that their numbers reached more than 4 million people.

the prime the mission that the sharp fall in oil prices , the latest shock
large external balance of payments and revenues of the budget dependent class basis on the export earnings of

He noted that Iraq agreed with IMF staff on a program of economic policies in order to meet the urgent needs of the balance of payments, to achieve harmony between spending the low level of oil prices and ensures the continuity of debt sustainability as well as it includes measures to protect the poor and to strengthen public financial management, and to support the stability of the financial sector, and curb corrupt