Iraq would pay dues to international oil companies for premiums not to exceed $ 1 billion a month.

2016/06/13 16:43


The head of the Government's financial adviser said Monday that the standby credit agreement with the International Monetary Fund, the appropriate settlement of reimbursement of international oil companies operating in Iraq, describing it to be paid on premiums of the general budget, not to exceed $ 1 billion per month.

He said the appearance of Mohammed Saleh told the (range), to "standby credit agreement with the IMF included the subject of reimbursement of foreign oil companies operating in Iraq and appropriate settlement", noting that "Ballet began oil Ministry to pay those dues to ensure not to delay it."

He added, that "development of oil fields will pay dues on premiums of the general budget, not to exceed one billion dollars a month, and the end of the year on the agreement," stating that it "includes taking into account the accounting period usually extends grace for four months."

And on the other demands of the IMF, "Saleh said, the Fund requirements approved by the Cabinet at its meeting last Tuesday, (7th of June 2016), through the adoption of the memorandum of economic and financial policies that have been reached between the parties in accordance with the preliminary agreement concluded between them," continued to "ratification of the agreement between the parties before the Board will end now to take effect.

He was a financial adviser to the Prime Minister, Mohammad Saleh appearance, (27 May 2016), Iraq's "financial umbrella" international valued at about 20 billion dollars.

The IMF knows that, a specialized agency of the Bretton Woods system of the United Nations, was established under an international treaty in 1945 to work on enhancing the safety of the world economy, which is based in Washington, and managed by its members, which includes almost all countries of the world with their number of 188 countries.

Financial Minister Hoshyar Zebari declared, (19 may 2016), reach an agreement with the International Monetary Fund for a loan worth 5.4 billion dollars, while loan would secure between additional financial assistance of up to $ 15 billion over the next three years, the Governor of the Central Bank, on the relationship to the annual interest on the loan of up to 1.5 percent.

Iraq had declared in (13 January 2016), approved by the International Monetary Fund to finance the budget deficit through clouds of hard currency reserves, explaining that it means lower those reserves of 59 billion dollars by the end of October 2015, to 43 billion this year.