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Adviser to the Prime Minister: Iraq is in the process of repaying long-term development loans to the World Bank
Economy 6-07-2024, 12:11
Baghdad - IA - Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that the
zeroing of debts to the International Monetary Fund reflects the high and solid creditworthiness of Iraq, while he indicated that
Iraq is in the process of repaying long-term development loans to the World Bank.
Saleh said to the Iraqi News Agency (INA):
“Iraq entered into about 5 programs with the International Monetary Fund from the year 2004 until the end of the year 2018, including 3 credit preparedness programmes, and
all of them were characterized by providing loans whose function was to support a state of stability and economic reform in Iraq and in two directions: the
first: Loan programs: Iraq received loans from the International Monetary Fund to help it overcome economic crises, as
these loans included supporting the general budget and financing economic stability programs, especially during the war on ISIS terrorism. He added:
“As for the other trend: in the field of economic reforms, the International Monetary Fund usually requires countries that receive loans to implement certain economic reforms.
In the case of Iraq, these reforms included improving the management of public finances and the banking sector, enhancing transparency, combating corruption, and reforming the financial sector.” energy". He pointed out that
"these loans did not exceed $5 billion per loan, and the
actual withdrawal from them would not exceed $3 billion or more in each case, according to a repayment program that takes place every 6 months with grace periods for two years before repayment, with moderate annual interest, which usually does not exceed 4.5%, and the terms of these loans do not exceed five years.” He pointed out that
"Iraq has repaid the loans that were withdrawn during the last twenty years and according to regular payment mechanisms, and
stage of zeroing is approaching unless they are all zeroed today,
which reflects the high and solid creditworthiness of the Republic of Iraq in repayment before the international financial community in particular and before international financial organizations." multilateralism in general. He continued:
“But certainly there are long-term development loans belonging to the World Bank that are still in place, which is another development financial organization, and for a number of billions, they are in the process of being repaid, and
some of them are still in the process of committing to withdrawing them to be spent on completing the development projects contracted with the World Bank, and
they are long-term soft loans as well.”". He stressed that
"cooperation relations continue between Iraq and the International Monetary Fund in various fields, including providing technical advice and supporting economic policies," noting that
"the relationship between Iraq, the International Monetary Fund and the World Bank is important for achieving economic stability and sustainable development in the country." He pointed out that
"Iraq is a founding member of the International Monetary Fund and the World Bank since 1945."
https://www.ina.iq/212088--.html
Economy 6-07-2024, 12:11
Baghdad - IA - Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that the
zeroing of debts to the International Monetary Fund reflects the high and solid creditworthiness of Iraq, while he indicated that
Iraq is in the process of repaying long-term development loans to the World Bank.
Saleh said to the Iraqi News Agency (INA):
“Iraq entered into about 5 programs with the International Monetary Fund from the year 2004 until the end of the year 2018, including 3 credit preparedness programmes, and
all of them were characterized by providing loans whose function was to support a state of stability and economic reform in Iraq and in two directions: the
first: Loan programs: Iraq received loans from the International Monetary Fund to help it overcome economic crises, as
these loans included supporting the general budget and financing economic stability programs, especially during the war on ISIS terrorism. He added:
“As for the other trend: in the field of economic reforms, the International Monetary Fund usually requires countries that receive loans to implement certain economic reforms.
In the case of Iraq, these reforms included improving the management of public finances and the banking sector, enhancing transparency, combating corruption, and reforming the financial sector.” energy". He pointed out that
"these loans did not exceed $5 billion per loan, and the
actual withdrawal from them would not exceed $3 billion or more in each case, according to a repayment program that takes place every 6 months with grace periods for two years before repayment, with moderate annual interest, which usually does not exceed 4.5%, and the terms of these loans do not exceed five years.” He pointed out that
"Iraq has repaid the loans that were withdrawn during the last twenty years and according to regular payment mechanisms, and
stage of zeroing is approaching unless they are all zeroed today,
which reflects the high and solid creditworthiness of the Republic of Iraq in repayment before the international financial community in particular and before international financial organizations." multilateralism in general. He continued:
“But certainly there are long-term development loans belonging to the World Bank that are still in place, which is another development financial organization, and for a number of billions, they are in the process of being repaid, and
some of them are still in the process of committing to withdrawing them to be spent on completing the development projects contracted with the World Bank, and
they are long-term soft loans as well.”". He stressed that
"cooperation relations continue between Iraq and the International Monetary Fund in various fields, including providing technical advice and supporting economic policies," noting that
"the relationship between Iraq, the International Monetary Fund and the World Bank is important for achieving economic stability and sustainable development in the country." He pointed out that
"Iraq is a founding member of the International Monetary Fund and the World Bank since 1945."
https://www.ina.iq/212088--.html
