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Abadi adviser for the world: interest loan «IMF» not exceeding 1% and payment .. 5 years
5/4/15
says Dr. appearance of Mohammed Saleh, an economic advisor to Prime Minister Haider al-Abadi said the benefit of the IMF loan, which will be launched in two phases be the first "funding rapidly" with 88 million dinars, and unconditionally "not exceeding 1 percent," While between be repaid will be over 5 years, pointed to spend it on facets of life different pertaining to "Education, education, health and file displaced."
Observers indicated that the Fund will monitor the disbursement of the loan, "including in the interest of the country," according to the obligations and conditions set by the Fund, but economists drew that lending to Iraq indicates Fund trust the Iraqi economy.
The parliamentary Finance Committee revealed the approval of the International Monetary Fund to lend Iraq $ 5 billion.
The government is working on several measures to meet the shortfall in the budget law for the current year, amounting to up to $ 25 billion, among those measures the trend towards external borrowing, in addition to internal borrowing from the Central Bank and the Rafidain and Rasheed.
Saleh said in a statement to "the world", that "the subject of borrowing approved in the General Budget 2015 law to meet the Agr winning them," explaining that this loan will be launched in two phases; the first , in an emergency, and the second includes completed this year, noting that "the duration will be repaid over 5 years, interest rate does not exceed 1 percent." "The first phase of the loan, which are up to 88 million dinars, called means accelerating the funding, and those free of conditions, the Fund established by the borrowing countries", pointing out that they might be used to counter fluctuations in the balance of the Iraqi payments following the decline in oil prices.
He said, The second phase will be in accordance with the Convention on the standby credit, which was signed by Iraq with the Fund earlier; they require of Iraq's implementation of some of the important procedures established by the Fund.
and between that "the government will spend the loan within the priorities in health, education and displaced sectors."
It is said that Iraq has signed with International Monetary Fund in 2010 to prepare the credit agreement, which included the latter to provide a loan of Mali to support economic development activities and private investment budget in Iraq, while requiring Iraq to take some measures related to administrative reform.
For his part, said spokesman Abdul-Hadi, an analyst of economic affairs, in a comment "the world", that to get a loan from the International Monetary Fund "calls from Iraq commitment of some reformist conditions set by the Fund", pointing out that they "are often developmental conditions in the interest of the Iraqi economy."
He added that the Fund also intervenes in exchange trends the loan in accordance with the obligations that are placed between Iraq and the Fund, saying the latter that "puts a priority how to return the loan and financial capacity of the borrower; the granting Iraq a loan of this size indicates Fund trust of the Iraqi economy."
He pointed out that "The Fund seeks through these loans support the development process of the member states; it must be that the Iraqi government adopts a solution the problems experienced by the long-term the most important out of such rentier oil-based economy through the revitalization of other sectors, in addition to the establishment of a sovereign fund to address the crisis and the adoption of restructuring the Iraqi economy. "
required Fund IMF in the event of lending to member states to adopt financial management reform; the most important to be there is a constant and unified exchange rate, in addition to strengthening banking supervision activities with the audit of the Central Bank accounts of the external auditor twice a year.
The MP for the Parliamentary Finance Committee Haider Masood said Tuesday approval The International MonetaryFund on Iraq's request Baqradh amount worth five billion dollars as part of the response to the financial crisis experienced by the country.
Haider said that Iraq has the right to apply to the International Fund request in accordance with the Law of the budget financial loan, pointing out that the government presented its request and received Fund and procedures approval left to the Ministry of Finance and the IMF on the extradition of the amount.
It is said that Iraq in IMF member since 1945, and therefore of the objectives of the Fund is to international financial stability, the Fund shall exercise his duties and his work in the event of the member states have been shaken as a result of the fall in world oil prices.
In turn, confirmed Member of the Committee of Economy and Investment parliamentary Najiba Najib, yesterday, that the loan obtained by Iraq from the International Monetary Fund is not enough to fill the state budget deficit, which is estimated at 25% trillion Iraqi, pointing out that "just plug the current obligations in the State of salaries and other enough, as well as War requirements against terrorist Daash. "
She added that oil production well and exported, but prices are not at the required level, meet the needs of the budget deficit, an expected increase in oil prices at the end of the current year.
The Ministry of Finance went to ask for borrowing from the International Monetary Fund to cope with the cash crisis caused by the war on terror Daash and lower oil prices to cover employees' salaries.
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5/4/15
says Dr. appearance of Mohammed Saleh, an economic advisor to Prime Minister Haider al-Abadi said the benefit of the IMF loan, which will be launched in two phases be the first "funding rapidly" with 88 million dinars, and unconditionally "not exceeding 1 percent," While between be repaid will be over 5 years, pointed to spend it on facets of life different pertaining to "Education, education, health and file displaced."
Observers indicated that the Fund will monitor the disbursement of the loan, "including in the interest of the country," according to the obligations and conditions set by the Fund, but economists drew that lending to Iraq indicates Fund trust the Iraqi economy.
The parliamentary Finance Committee revealed the approval of the International Monetary Fund to lend Iraq $ 5 billion.
The government is working on several measures to meet the shortfall in the budget law for the current year, amounting to up to $ 25 billion, among those measures the trend towards external borrowing, in addition to internal borrowing from the Central Bank and the Rafidain and Rasheed.
Saleh said in a statement to "the world", that "the subject of borrowing approved in the General Budget 2015 law to meet the Agr winning them," explaining that this loan will be launched in two phases; the first , in an emergency, and the second includes completed this year, noting that "the duration will be repaid over 5 years, interest rate does not exceed 1 percent." "The first phase of the loan, which are up to 88 million dinars, called means accelerating the funding, and those free of conditions, the Fund established by the borrowing countries", pointing out that they might be used to counter fluctuations in the balance of the Iraqi payments following the decline in oil prices.
He said, The second phase will be in accordance with the Convention on the standby credit, which was signed by Iraq with the Fund earlier; they require of Iraq's implementation of some of the important procedures established by the Fund.
and between that "the government will spend the loan within the priorities in health, education and displaced sectors."
It is said that Iraq has signed with International Monetary Fund in 2010 to prepare the credit agreement, which included the latter to provide a loan of Mali to support economic development activities and private investment budget in Iraq, while requiring Iraq to take some measures related to administrative reform.
For his part, said spokesman Abdul-Hadi, an analyst of economic affairs, in a comment "the world", that to get a loan from the International Monetary Fund "calls from Iraq commitment of some reformist conditions set by the Fund", pointing out that they "are often developmental conditions in the interest of the Iraqi economy."
He added that the Fund also intervenes in exchange trends the loan in accordance with the obligations that are placed between Iraq and the Fund, saying the latter that "puts a priority how to return the loan and financial capacity of the borrower; the granting Iraq a loan of this size indicates Fund trust of the Iraqi economy."
He pointed out that "The Fund seeks through these loans support the development process of the member states; it must be that the Iraqi government adopts a solution the problems experienced by the long-term the most important out of such rentier oil-based economy through the revitalization of other sectors, in addition to the establishment of a sovereign fund to address the crisis and the adoption of restructuring the Iraqi economy. "
required Fund IMF in the event of lending to member states to adopt financial management reform; the most important to be there is a constant and unified exchange rate, in addition to strengthening banking supervision activities with the audit of the Central Bank accounts of the external auditor twice a year.
The MP for the Parliamentary Finance Committee Haider Masood said Tuesday approval The International MonetaryFund on Iraq's request Baqradh amount worth five billion dollars as part of the response to the financial crisis experienced by the country.
Haider said that Iraq has the right to apply to the International Fund request in accordance with the Law of the budget financial loan, pointing out that the government presented its request and received Fund and procedures approval left to the Ministry of Finance and the IMF on the extradition of the amount.
It is said that Iraq in IMF member since 1945, and therefore of the objectives of the Fund is to international financial stability, the Fund shall exercise his duties and his work in the event of the member states have been shaken as a result of the fall in world oil prices.
In turn, confirmed Member of the Committee of Economy and Investment parliamentary Najiba Najib, yesterday, that the loan obtained by Iraq from the International Monetary Fund is not enough to fill the state budget deficit, which is estimated at 25% trillion Iraqi, pointing out that "just plug the current obligations in the State of salaries and other enough, as well as War requirements against terrorist Daash. "
She added that oil production well and exported, but prices are not at the required level, meet the needs of the budget deficit, an expected increase in oil prices at the end of the current year.
The Ministry of Finance went to ask for borrowing from the International Monetary Fund to cope with the cash crisis caused by the war on terror Daash and lower oil prices to cover employees' salaries.
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