Iraq will pay dues international oil companies in installments not to exceed one billion dollars a month

2016-06-14 07:17:00 | (Voice of Iraq) - Baghdad

Affirmed the financial advisor to the prime minister, on Monday, to prepare the credit agreement with the International Monetary Fund, included suitable for the reimbursement of the international oil companies operating in Iraq settlement, noting that it would be paid in the form of premiums from the general budget, not to exceed one billion dollars a month.

He said the appearance of Mohammed Saleh said that "included the subject of the reimbursement of foreign oil companies operating in Iraq and find appropriate settlement standby credit with the International Monetary Fund agreement , " noting that "the oil ministry embarked on a mechanism for the payment of those dues to ensure that no delay."

Saleh added that "benefits the development of the oil fields would be paid in the form of premiums from the general budget, not to exceed amounts of one billion dollars per month, and complete end of the year according to the agreement , " noting that it "includes taking into account a period of grace to be held accountable usually extend for four months."

And on the other requests of the International Monetary Fund, confirmed the benefit, that "the Fund requirements and approved by the Cabinet at its meeting last Tuesday, ( the seventh of June the current 2016), through the adoption of economic and financial policies that have been reached between the parties on according to the initial agreement memorandum between them , "and added that" the ratification of the agreement between the parties will be by the board of Directors of the end of June this to become effective. "

He was the financial advisor to the Prime Minister, the appearance of Mohammed Saleh, revealed in (27 May 2016), for Iraq , for "" an international financial umbrella estimated at approximately 20 billion dollars.

And it knows the International Monetary Fund 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 global economy, and is based in Washington DC, and managed by its members who include all the countries of the world about their number of 188 countries .

The Finance Minister Hoshyar Zebari announced that , in the (19 May 2016), to reach an agreement with the World Bank Fund for a loan worth $ 5.4 billion, while the loan will allow securing additional financial assistance to reach about $ 15 billion over the next three years , Governor of the Central Bank of Iraq, on the Keywords confirmed that the annual interest of the loan up to 1.5 percent.

Iraq had announced (13th January 2016), 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 year Present.