IMF: Iraq disrupts recruitments and electricity fee

14 July 2016 06:48 pm

Direct: the IMF said Iraq intends to disable new hires in most sectors, plus new fees on electricity under Iraq pledges progressive payment arrears to international oil companies.

She said a recent memo to the International Monetary Fund said Thursday that Iraq managed to get cash worth facilitation 5.34 billion dollars, after a number of economic reforms.

The Fund said the Government's economic reform program included amendment to several items budget social spending to save on lower income classes as well as direction for pension reform.

The Fund noted in his report that Iraq faces the dual shock, between the bad security situation and a sharp decline in global oil prices, national security is reflected on the non-oil economy, in oil prices has led to a significant decline in budget revenues.

The IMF report said that Iraq will go to other sources of funding to meet this year's deficit, which may include two billion dollars worth of loans from the World Bank, and may rely on billion dollar bonds to ensure full and American international bond issue by the same amount in the last quarter of 2016.

Moody's commented to the credit rating in a report today about the convenience of cash Iraq that Iraq conditional loan agreement with the International Monetary Fund would limit the financial difficulties faced by the State, supports the balance of payments, expected its contribution to improve liquidity.