Iraqi parliament supports IMF financial agreements

Wednesday, September 14, 2016 10:20 AM

Baghdad/ Iraq TradeLink:

Iraqi Parliamentary Financial Commission announced its approval for the conditions imposed by the International Monetary Fund (IMF) to grant Iraq loans, but asked Premier Haidar al-Ibadi to take "drastic actions against the corruptors".

Iraqi economic analysts believe that the country is suffering of "lack of economic maturity" that will oblige it to accept the conditions of the IMF.

Member of the Commission Najeeba Najeeb disclosed that the IMF demanded more "financial reductions in governmental expenses, fighting corruption and activating other economic sectors".

MP Najeeb supported IMF's conditions without debate, "but these reduction should not affect the salaries of the officials and pensions or even the lives of the people", as she stated.

Last Saturday, 10 September, 2016, the Iraqi talks with the IMF were completed in Amman, Jordan, to discuss the finalization of the loans of 2016.

By mid of July, 2016, Iraq received about 634 million dollars as the first installment of a loan by the IMF, with minimal interest of 1.5%.

On the other hand, the US administration stated on 20 April, 2016, that the Iraqi economic reforms started yielding results by the increase in non-oil revenues, pointing that the success of the Iraqi government to minimize the budgetary deficit assisted it to get IMF loans with billions of dollars.