Because of the Iraqi Alvesad..moatn asks: Who is responsible for the mechanics of the international loan spending?

Because of the Iraqi Alvesad..moatn asks: Who is responsible for the mechanics of the international loan spending?

Because of the Iraqi Alvesad..moatn asks: Who is responsible for the mechanics of the international loan spending?
Last updated: June 2016 - 13:35 4
BAGHDAD / News Network Iraq in light of the financial crisis that hit the country as a result of lower oil prices, varied opinions of experts and specialists in the field of finance and economy on the feasibility of an IMF loan granted to Iraq on the seventeenth day of the month Alhala.onaakec a number of experts and specialists in the field of money the economy is the subject of international loan in the presence of a financial advisor to the prime minister the appearance of Mohammed Saleh, who stressed that the loan provides an opportunity to reconsider its economic policy in favor of Blad.othdt when hosted at the Institute for the progress of policy development for the international loan, which will get Iraq from the international Monetary Fund and a group of states Details and organizations to bridge the existing budget in the light of the economic crisis faced by the country, the presence of a group of financiers, economists and businessmen deficit, saying: "Iraq is the founder of the World Bank, a member of the international Monetary Fund since 1944 and in 1977 the relationship began to stumble between Iraq and the international Monetary Fund after that the former regime had decided not to provide any data on the Iraqi economy, the fund is no longer the relationship back to normal until after 2003. "He explained that" Iraq's relations with the two organizations organized by the UN security Council resolution 1483 of 2003, which committed Iraq positively engages with the international Monetary Fund and the World Bank in order to access to Iraq's foreign debt settlement through the Paris Club agreement which is binding and not an option for Iraq on the grounds that the stability of Iraq is part of the regional and international economic stability. "he pointed out that" the beginnings of dealing with the IMF and the World Bank was in 2003 through the Madrid conference of donor countries, but work President began settling Iraq's debt in the Paris Club after being held IMF important work for the benefit of Iraq through the preparation of schedules to determine debt sustainability was the tolerance level of Iraq's debt level of the State of Rwanda meaning it can not pay more than 10 per cent of the debt and this prompted Fund to invite countries of the Paris Club to extinguish 90 percent of Iraq's debt, provided that enter Iraq under the Convention (countries post-conflict) this in 2004 and was extending into 2028 and apply to all of Iraq's foreign debt ".osttrd favor," and then been asked to Iraq signed a credit ready agreement in which a number of conditions including modifying the financial situation in the country and the increase in fuel prices (gasoline), which was sold cheaply encouraged smugglers smuggled to neighboring. "he added: states," after the signing of the Stand-by Agreement of 2005 has been written off 30 per cent of the debt as a meal again to be a total write-off of debt to 60 per cent the agreement was successfully concluded in 2008 and determine how the 20 per cent of the debt and thus Iraq may get rid of the $ 100 billion of foreign debt and the remaining schedule of the debt until 2028 with stops all benefits since 2005, and this represents a significant benefit to the country. "He said that" tracks the agreement with the IMF and the World Bank was moving around well, especially in the section on debt until the end of the age of the second standby credit agreement in 2013, and today Iraq entered into a third agreement, "noting that" the World Bank asked Iraq prepare detailed breakdown of the economic its potential and limit the money available and balances with state institutions as well as learn the details of dues Contractors amounting to 7.6 trillion dinars, as well as corporate governance performance of the Ministry of Finance and re bank restructuring Rafidain and Rasheed, and the establishment of the company to guarantee deposits and ensuring social welfare and the ration card and displaced communities. "he added that" after conducting the evaluation process by the Fund and the World Bank became clear that Iraq has completed important steps in this area and around the year has succeeded Iraq, but because of financial distress arising from the decline in oil prices, the Bank and Fund has been estimated Internationals that the volume of distress with a gap of up to $ 50 billion for the period from 2016 to 2019 and on Iraq that manages his order. "and that" access to the international loan is not easily but Iraq must take a series of measures, including access by the international Monetary Fund on the net real exchange of Iraq during 2015 and when accessed discovered Salaries are very overgrown to the point of exaggeration as well as inflation and other passages, prompting the Fund and the World Bank to demand from Iraq, including the oil price of $ 35 instead of 45 and the export of 3.6 million barrels per day to reach the gap or deficit to $ 11 billion after deleting several paragraphs remaining $ 6 billion a year take care Fund and the World Bank International bridging ".wachad favor of the position of Kuwait's support for Iraq after the talk to her to suspend the dues owed by Iraq, and a proposal from Canada was freezing benefits Paris Club debt amounting to $ 800 million (debt service) up to 2019, pointing out that" Iraq is not in the danger zone with relation to external debt, but the problem in the domestic debt, which is growing continuously and is 25 trillion dinars a treasury transfers and this year the bank will issue remittances treasury $ 13 trillion dinars and approved by the World Bank. "He explained that" the difficult debt management, especially as we approach the breach of the security area that up to 60 per cent of gross domestic product, "adding that" Iraq's lucky, but we need help ourselves to invest in international support has been announced seven industrial nations recently to provide a loan of 3.4 million euros, and will get Iraq to about $ 20 billion over three years. " .ofatt that "the agreement with the IMF was transparent is capable global organization and there are no secrets or Khvaya as some people talking about the loan," noting that "the fund is interested in the issue of poverty in Iraq because of the high indicators in this aspect (23 per cent) as well as the presence of large numbers of displaced people, there are four people, the poor of every 10 displaced as the per capita share of GDP due to falling oil prices dropped from 7000 dollars to 4000 and the unemployment rate up to 23 per cent. "He continued:" we have another problem of entitlements oil companies that get $ 10 for every barrel regardless of the sales price if 100 or $ 20, and this is a problem and there are accumulated dues dating back to 2015 and the current year of billion dollars a month to meet the production costs and accruals Contractors amounting to 7.6 trillion dinars was this problem solved through the issuance of bonds. "he explained that" the conditions of the international Monetary Fund is the corporate governance performance of the Ministry of Finance through the provision of each chapter of the expenses and expenditures by the agreement to the Council of Ministers to endorse it and submit to the House of Representatives, and the second condition is the application of income tax law on state employees were It agreed to exempt employees from the third division to the tenth and the inclusion of employees from second-degree up and be settling accounts on the entire income and not on the nominal salary only, as the Fund of Iraq's request to submit quarterly accounts demonstrate the absence of any manipulation system of social protection and displaced persons and the ration card and reimburse the oil companies. " He pointed in favor of "the agreement also required to issue a strict law on financial management, as well as the introduction of the integrity Commission as an active player in the independent follow-up process and adopt a document of the United Nations anti-corruption, and the condition is the other amendment of the Central Bank Law and an inventory of all arrears, which exceeded the duration of delayed 90 days and the The Ministry of Finance abide by new foundations, and more importantly, for the first time that Iraq's external and internal debt subject to scrutiny ".sv for" public debt internal amounted to 37 trillion dinars and this may lead us to the problem of currency printing a grave danger because oil revenues are inadequate and there is a limit for internal borrowing, The audit also includes all the benefits that will be paid back for fear of having satellite Contracting or fake, "explaining" that the other conditions of the loan is to take over the Office of financial supervision state employees all salaries and an intersection of process data to detect manipulators and who earn more than a salary check, are also subject to audit all Iraq's foreign accounts by an external auditor in accordance with international standards. "He said that" Iraq sent a letter to the international Monetary Fund on June 15 expressing its approval of the conditions and mechanisms and the framework of fiscal policy presented to the Fund's board of Directors at the end of June, if ratified the board of Directors the agreement takes effect and release the first batch of the international Monetary Fund for a loan that not less than $ 600 million and are getting the full loan through 13 push over 36 months, and before each batch is reviewed what has been achieved from the previous installment and be allowed to three years for each payment period from loan payments and interest rate of 1.5 per cent and the loan goes to budget support ".onvy Saleh the agreement with the international Monetary Fund for an item or material refers to the allocation of a quota for the Kurdistan region, noting that the fund is dealing with Alathadah.oukal government," he said the provincial government took the initiative to subdue its oil exports to a foreign auditor in order to provide the federal government and this is true and important step and will help the international community to support Iraq and to heal the problems that we are experiencing ".othdt on the problem of salaries, which represent the biggest on the budget burden," as the number of employees reached 4.5 million employees as well as retirees, bringing the number to 7 million need about $ 4 billion a month to provide salaries and sales of oil is insufficient to meet these amounts if Astqtana including entitlements companies, "adding that" there will be no new appointments but exceptional appointments such as medical personnel and security forces and education if the improved conditions are some things may change "He described the agreement with the international Monetary Fund that it represents" an umbrella to get Iraq on loans from here and there, the British government has allocated 300 million pounds sterling and JICA of Japan has allocated another and the Islamic development Bank in Jeddah Showing give Iraq $ 5 billion allocated to build schools as Iraq needs 7000 School to meet the shortfall ".ofatt Saleh" there are two things Abosan hope and calls us to help ourselves out of the crisis: first, that Daash about to end, and this eventually became close probably did not exceed the next month of September at the latest, and the second that oil prices are improving. " . he said, "the private sector is also active in the coming period, and the payment of the World Bank and the international Monetary Fund to the expectation that Iraq is capable of financial position by about appropriate $ 85 billion administration is it reasonable that the budget is not able to provide these amounts" in turn pointed MP Mehdi al-Hafez to "a state of misunderstanding between different circles in the country on the international loan that will be granted to Iraq, there are those who deny that there are those who accept," calling to clarify some things related to this file and is it is of significance loans or whether the need is called Iraq to resort to borrowing. He said, "the circumstances through which the country is now the abnormal conditions and should be addressed within the framework of economic policies and how can the Iraqi economy that develops through taking all these considerations", stressing that "the country is facing a difficult and very poor condition and can not come out of this bad situation without the presence of proper management and real review of the political and financial management, "adding that" Iraq and put the current is unable to decide anything because of the political crisis of the regime is able to decide the country's interests on according to objective criteria, and this is a problem large "he pointed out that" Iraq's relationship with the World Bank and international Monetary Fund began in 2004 and we can not ignore the reasons that led to the deterioration of the situation in the country because of local politics that brought us to this situation, "stressing that" if we want to take the right decisions should do management of sound and according to the standards of governance that are managed through the democratic institutions in the country, ".uan effects anticipated international loan, a banking expert Majid picture talked about other aspects linked to the economic reality of Iraq and expected the international loan and Antiquities, wondering:" what is Iraq's preparations for the implementation of the obligations of the loan especially in the field of restructuring the banks that have not seen any practical action so far, despite the fact that the task of a study presented to the World Bank in this regard in 2011, "noting that" the World Bank is also responsible for not following up on this matter. "he pointed to the" deficit facing budget plan of $ 21 billion, with oil sales amounted to $ 9 billion. If the price of oil reached $ 40 will increase the deficit to $ 36 billion, the real deficit, as the central bank has issued bonds worth $ 5 billion, and this added to the budget deficit cover, it is Wayne will fill this deficit. "He said the picture" the amount of external debt amounted to $ 65.5 billion, including $ 47 billion debt of Gulf states, while the total domestic and foreign loans have reached $ 96 billion, including new debt and constitute 77 per cent of gross domestic product may rise to 100 per cent, "pointing out that the problem is in the State Administration in turn, Mohammed al-Haj Hammoud agent of former noted the Foreign Ministry," the importance of social issues highlighted by the agreement with the international Monetary Fund and was the first also be focusing on the issue of corruption and money stolen and seek to bring it back through the mechanism of transmitting corrupt to the courts. "he stressed" the importance of the private sector, which has seen a significant deterioration since 2004, so far evidence that the Iraqi industry has become a part of history, and it should be on international organizations give the Iraqi private sector in all agricultural and industrial Asnavh, attention " . As head of Iraqi businessmen Union Reza Ragheb Blibl, he saw "the solution to the economic crisis is not linked to access to foreign loans but in activating the economic sectors of development through the creation of local economic cycle and the development of the economy .. Valkarz take one aspect and leave the rest of the aspects and this will remain our economy paralyzed what the government does not take drastic solutions. "He said that" a lot of businessmen showed their willingness in previous years to finance major projects until the manner of payment on credit for up to 10 years and such a precious opportunity that must be seized, but it seems that there is a will to keep the country on this case and continuous crisis ".oichir banking expert Samir Alnasiri" The understandings with the international monetary Fund carry the first two terms of national effort, which includes programs, plans and activities by the government, "and wondered:" Is is possible to prepare such programs it possible to make a case of coordination between fiscal and monetary policies. " he continued: "the other side is to the private sector and what are the programs that stimulate the sector and help it to contribute about the best in the transition from a specific role to the role of development and reduce dependence on oil," .oaguetrah "the establishment of a bank for the financing of small and medium-sized projects funded by the government by 25 percent by contributing to the restructuring of the banking process, provided succumb to high-censorship in the private sector bears 75 per cent representing banks and private companies and other chock national entrepreneurs and this can take advantage of the private sector to get the economy moving, "and refers oil expert Fouad Qassem Prince "the Kurdistan region's debt since 2014 has so far amounted to $ 26.5 billion, internal and external," and wondered about the type of security to be submitted by the province in the event won 17 per cent of the loan because the provincial government is not able to fulfill because of the size Aldion.odaa to re considering the law of the central bank in order to be possible to take advantage of the surplus reserves that have not been utilized in the face of the economic crisis Alhalah.fima called financial expert Akram Mohamed Hassan to negotiate with the oil companies instead of going to the World Bank for loans terms, as well as he can take advantage of the Iraqi Central Bank reserves especially as the international standard for the roof reserve $ 42 billion and the current available is $ 52 billion and therefore possible to take advantage of the difference of $ 10 billion .ofatt "the biggest failure was in the investment side requires setting conditions for improving the situation of investment and benefit from the international loan "probable inability to current political class to submit a draft to resolve .fima confirms industrial expert Hashim Thanon Atraqchi that the private sector contributes to the operation of more than 60 per cent of the workforce at the level of Alm.oukal:" if the Iraqi private sector to hang it is running hands labor, "calling for" the need to have for this sector presence in the international loan through monitored to increase national production and not rely on imports, and the most important means of activating the private sector are the four law enforcement (consumer protection - customs tariff - National product Protection - monopoly) ". As economic expert on behalf of Jamil Antoine wondered about the programs put forward by the international Monetary Fund to deal with the phenomena of unemployment and poverty in Iraq, pointing out that "the number of retirees of the public sector exceeded two million either number in the private sector 35 000 and covered by the warranty 150 000" and calling for reconsidering this Alamur.fima He said the industrial expert Amer Jeweler from Baghdad economic Forum that "the price of oil, even if rebounded, it will not cover investment in the country, calling for a campaign or a national council to prepare a program to support the national economy and diversifying its sources and not become our situation (borrow to eat only)" .othdt expert banking Muwaffaq Hassan Mahmoud, about the possibility of performing procedures and programs that will activate the private banking sector in Iraq to take advantage of the loan Ata.mn his part, pointed economist Behnam Elias Boutros out that the risks in Iraq remain high and the private sector needs to be a high degree of safety, wondering: " Does the IMF's perception about the reality of the private sector in order to promote it? ". He expressed industrial expert Samir Lillo surprise at the high interest rate charged on loans granted by a 6 to 9 per cent, a very high percentage do not encourage borrowing, while the global ratio in circulation is 1.5 per cent evidenced by the interest rate imposed on the loan IMF international Iraq .fima pointed banking expert Ali al-Husseini to the existence of an integrated project financial management in Iraq had been prepared in previous years and can be utilized in the loan Ata.oukal administration, "said the central bank law of good laws, but the problem is the issue of censorship, which is also needed in the process the follow-up mechanisms for international loan to spend. "the international Monetary Fund announced on the seventeenth of may 2016 to give Iraq a loan of $ 13 billion to cover investment projects and bridging the budget deficit. As noted industrial expert Amer Jeweler from Baghdad Economic Forum that "the price of oil, even if rebounded, it will not cover investment in the country, calling for a campaign or a national council to prepare a program to support the national economy and diversifying its sources and not become our situation (borrow to eat only)" .othdt banking expert Muwaffaq Hassan Mahmoud, about the possibility of performing procedures and programs that will activate the private banking sector in Iraq to take advantage of the loan Ata.mn his part, pointed economist Behnam Elias Boutros out that the risks in Iraq remain high and the private sector needs to be a high degree of safety, wondering: "Does the IMF's perception about the reality of the private sector in order to promote it? ". He expressed industrial expert Samir Lillo surprise at the high interest rate charged on loans granted by a 6 to 9 per cent, a very high percentage do not encourage borrowing, while the global ratio in circulation is 1.5 per cent evidenced by the interest rate imposed on the loan IMF international Iraq .fima pointed banking expert Ali al-Husseini to the existence of an integrated project financial management in Iraq had been prepared in previous years and can be utilized in the loan Ata.oukal administration, "said the central bank law of good laws, but the problem is the issue of censorship, which is also needed in the process the follow-up mechanisms for international loan to spend. "the international Monetary Fund announced on the seventeenth of may 2016 to give Iraq a loan of $ 13 billion to cover investment projects and bridging the budget deficit. As noted industrial expert Amer Jeweler from Baghdad Economic Forum that "the price of oil, even if rebounded, it will not cover investment in the country, calling for a campaign or a national council to prepare a program to support the national economy and diversifying its sources and not become our situation (borrow to eat only)" .othdt banking expert Muwaffaq Hassan Mahmoud, about the possibility of performing procedures and programs that will activate the private banking sector in Iraq to take advantage of the loan Ata.mn his part, pointed economist Behnam Elias Boutros out that the risks in Iraq remain high and the private sector needs to be a high degree of safety, wondering: "Does the IMF's perception about the reality of the private sector in order to promote it? ". He expressed industrial expert Samir Lillo surprise at the high interest rate charged on loans granted by a 6 to 9 per cent, a very high percentage do not encourage borrowing, while the global ratio in circulation is 1.5 per cent evidenced by the interest rate imposed on the loan IMF international Iraq .fima pointed banking expert Ali al-Husseini to the existence of an integrated project financial management in Iraq had been prepared in previous years and can be utilized in the loan Ata.oukal administration, "said the central bank law of good laws, but the problem is the issue of censorship, which is also needed in the process the follow-up mechanisms for international loan to spend. "the international Monetary Fund announced on the seventeenth of may 2016 to give Iraq a loan of $ 13 billion to cover investment projects and bridging the budget deficit.

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