Economic Adviser likely received two installments of the IMF loan the end of 2016

Views 32 Date 08/25/2016 - 19:42

BAGHDAD / Economy News ...

Financial advisor to the Prime Minister Haider al-Abadi, for a new round of talks between Iraq and the International Monetary Fund in early September next detection, while stressing that it will focus on ready credit for a loan of 5-billion and $ 300 million arrangements, to support the budget, and what has been implemented economic reforms and governance public finance, most likely possibility of taking the second and third installments of the loan amounting to fund about two billion dollars year-end 2016.

He said the appearance of Mohammed Saleh said that a delegation headed by Finance Minister Hoshyar Zebari, featuring a group of senior government officials and experts from the financial, oil and planning ministries and the Central Bank of Iraq and the Office of Financial Supervision will meet with the IMF mission in the first days of the month of September in Amman, Jordan. "

Saleh added that "the first phase of consultations with the IMF will discuss the implementation of the standby credit arrangements under which Iraq would get 5 billion and $ 300 million as a soft loan to support the budget agreement, during the period from 2016 to 2019," noting that "the loan will allow Iraq's international financial umbrella dolly and support form of soft loans to bridge the funding gap of at least $ 15 billion spent mostly for reconstruction and economic development. "

Saleh said that "consultations with the IMF would also review the findings of the joint agreement and the requirements of the success of economic reforms, and paced made by Iraq in the field of public finance and the general financial activity in the country's governance, especially the countless number of employees and retirees ghost who receive government income violation of the law, the statement the results reached by the Audit Court in this regard, "pointing out that" the Iraqi delegation will explain to representatives of the international Monetary Fund over the government's concern with financial regulations, especially new law, financial management and regulations relating to anti-money funds crime and terrorism laundering law. "

He stressed favor, that "the Iraqi delegation consultations with the IMF mission will also focus on topics related to the principles of the federal budget for 2017 and other topics relating to the presentation of public finance data in accordance with international standards in the presentation of government finance data to enhance disclosure and transparency capabilities in the financial administration of Iraq," referring to that "Iraq has received the second and third installments of the Fund's loan amounting to nearly two billion dollars, or slightly less than that, out of the loan at the end of the year 2016".

Iraq and delivered by mid-July 2016, about $ 634 million, represents the first installment of the IMF loan, immediately after the IMF Executive Board approval, in (the seventh of this month) on the standby credit agreement with Iraq, noting that the loan term is five years with interest low annual capacity of one and a half percent (1.5%), and that the number of payments is 13 batch stretches over 36 months.

The United States of America, confirmed in (the twentieth of April 2016) that economic reforms the Iraqi government began to show the effects of an increase of non-oil imports, indicating that the Iraqi government's success in reducing the budget deficit means obtaining a loan from the International Monetary Fund worth billions of dollars.

The appearance of Mohammed Saleh, in (January 26 2016) that Iraq agreed with the IMF to obtain long-term soft loans for the implementation of development projects, noting that the fund is among other conditions, the government expenses, and adjusted some of the procedures relating to economic policies, in while counting the economist that the "most important" of those loans is to know the amounts that will be obtained during the year 2016.

The International Monetary Fund approved (January 13, 2016) to finance the deficit of the Iraqi budget through clouds of hard currency reserves, which led to a reduction of these reserves of $ 59 billion October 2015 end, to 43 billion during the current year 2016.

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