Iraq and the International Monetary Fund

- 07/06/2016
Dr.. Hussein Ahmed Sarhan ...Read the government's commitments in the 2016 direction of the Fund under an agreement 22 / December / 2015 Because of the difficult economic conditions experienced by Iraq due to the escalation of the level of military spending after the control of the organization of what is known as (the Islamic state "Daash") terrorist on nearly a third of the Iraqi state area since June 2014, and the drop in oil prices late the same year, which caused the shock of revenue for the state budget, which led to the promotion of the budget deficit. For this purpose, the government began her meetings with international financial institutions, particularly the IMF and the World Bank for financial assistance as provided for in the general budget for the 2016 law, which requires him to issue a "letter of intent" and the memorandum of economic and financial policies. The Iraqi government has issued a letter of intent and memorandum of economic and financial policies in the 22 / December / 2015 describe the policies that the government will implement as part of a program watched by the International Monetary Fund experts Memorandum of Economic and Financial Policies MEFP)) as part of the program watched by the International Monetary Fund experts Staff-Monitored program (SMP) government to show to impress and practical manner, then moved to the funding program as soon as possible. And the contents of the most important policies memorandum: - Description of the large correction in fiscal consolidation carried out by the Iraqi government in 2015 and plans to continue to be implemented during 2016. - Reforms in the foreign exchange policy, public financial management and banking supervision, which the Iraqi government is committed to implement during the year 2016. Moreover, the Iraqi government informed the Fund taking any additional steps may be necessary. The government will consult with the Fund on the approval of any measures of this kind. And identifies policy note recent economic developments and prospects of economic and fiscal policies in 2015 and 2016. LONG ARTICLE ... Read the rest:
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