A member of the parliamentary Finance: Iraq is going through a major financial crisis and the need for any external loan

A member of the parliamentary Finance: Iraq is going through a major financial crisis and the need for any external loan



6/27/15

He stressed the parliamentary finance committee member Ahmed Sarhan, the need for Iraq to foreign loans to bridge the existing budget in the fiscal deficit, which constitutes 25% of them.
Ahmed told all of Iraq [where] that "Iraq today is in need of funds, which is going through great financial and economic crisis as a result of the deterioration of oil prices in the global markets and the absence of a clear strategy by the government as well as the corruption that affects the institutions of the state."
He added that "all these and other reasons require Iraq to external borrowing because of the shortfall in the budget that the deficit of which about 25 trillion dinars."
Ahmed pointed out that "the policy set in the budget law gave power to the Minister of Finance to borrow from the World Bank and the International Monetary Fund, the Islamic Development Bank."
And between the member of the Finance Parliamentary "The aspects of the disbursement of these loans will be in all the ports that Iraq needs to be spent and on to the displaced people and the salaries of the security forces that fight Daash some of the projects required by the country in the current circumstances," adding that "there is a financial control by the House of Representatives and Committees competent in the aspects of exchange and therefore reflected on the right of exchange. "
Iraq and borrowed $ 833 million from the International Monetary Fund, and the European Union to Iraq feet of 27 million euros as a grant
Finance Minister Hoshyar Zebari announced last Monday that Iraq hoped to meet with investors at the end of next July, he plans on display version worth five billion dollars in bonds.
The government's much-needed liquidity as it expects a deficit of about $ 25 billion this year in the size of the budget of about $ 100 billion.



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He added that "all these and other reasons require Iraq to external borrowing because of the shortfall in the budget that the deficit of which about 25 trillion dinars."
Ahmed pointed out that "the policy set in the budget law gave power to the Minister of Finance to borrow from the World Bank and the International Monetary Fund, the Islamic Development Bank."
And between the member of the Finance Parliamentary "The aspects of the disbursement of these loans will be in all the ports that Iraq needs to be spent and on to the displaced people and the salaries of the security forces that fight Daash some of the projects required by the country in the current circumstances," adding that "there is a financial control by the House of Representatives and Committees competent in the aspects of exchange and therefore reflected on the right of exchange. "