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Central Bank: The 2012 budget was reduced to violate the conditions of the loan to Iraq of the International Monetary Fund
Thursday, 12 December / 2 January 2012 10:05
[Baghdad - where]
The Central Bank attributed the reduced budget for fiscal year 2012 to the violation of Iraq of the terms of borrowing from the IMF.
The bank adviser said the appearance of Mohammed Saleh told all of Iraq [where] that "after the agreement of Iraq with the International Monetary Fund to borrow from it the amount of [3.7] billion dollars in February of 2010 to meet the fiscal deficit due to the economic crisis the world has witnessed in 2009, which was awarded part of the amount of [2.2] billion dollars on the condition of the International Fund of Iraq that the disposal of these loans in the process of development and investment projects. "
"But that was in the budget of 2012 and after discussion by the International Fund found an increase in operating expenses for the salaries and wages by 22%, while the level of development is relatively weak and this is contrary to the agreement between the parties objected to the International Fund and began to put pressure on Iraq and has already been reducing the size of the financial budget for the year 2012 of the initial estimates [137] trillion dinars to the [117] trillion dinars in addition to reducing many of the increases and have already been restructuring the financial budget for the current year is to become more acceptable. "
Saleh continued, "This action by Iraq would have given, unfortunately a bad impression and will be included this impression in the reports of the International Monetary Fund that this country gives credit for it goes in the expansionary fiscal policy consumer is staged against a political investment is weak and on this basis, the Iraqi government, frankly, is keen that relations with organizations and international financial institutions and the relationship of natural understanding. "
The Iraqi government spokesman Ali al-Dabbagh has declared that "the financial budget for the year 2012 have been reduced to avoid a large deficit, however, it is the largest and the largest in the fiscal budgets of Iraq throughout history."
And distributed the financial budget for Iraq for the next year by [68] percent of the operational projects, with gold [32] to balance the investment.
The House of Representatives had already begun to consider the budget and completed the first reading and then the second and approval is expected in future meetings.
According to a statement made by Minister of Planning Ali Shukri's [where] the "likely to have a supplemental budget to balance the federal in 2012 through the abundant oil revenues after the plug, which happened as a result of reduced at the request of the International Monetary Fund" and said that this budget current form do not meet our ambition. ended 16
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Thursday, 12 December / 2 January 2012 10:05
[Baghdad - where]
The Central Bank attributed the reduced budget for fiscal year 2012 to the violation of Iraq of the terms of borrowing from the IMF.
The bank adviser said the appearance of Mohammed Saleh told all of Iraq [where] that "after the agreement of Iraq with the International Monetary Fund to borrow from it the amount of [3.7] billion dollars in February of 2010 to meet the fiscal deficit due to the economic crisis the world has witnessed in 2009, which was awarded part of the amount of [2.2] billion dollars on the condition of the International Fund of Iraq that the disposal of these loans in the process of development and investment projects. "
"But that was in the budget of 2012 and after discussion by the International Fund found an increase in operating expenses for the salaries and wages by 22%, while the level of development is relatively weak and this is contrary to the agreement between the parties objected to the International Fund and began to put pressure on Iraq and has already been reducing the size of the financial budget for the year 2012 of the initial estimates [137] trillion dinars to the [117] trillion dinars in addition to reducing many of the increases and have already been restructuring the financial budget for the current year is to become more acceptable. "
Saleh continued, "This action by Iraq would have given, unfortunately a bad impression and will be included this impression in the reports of the International Monetary Fund that this country gives credit for it goes in the expansionary fiscal policy consumer is staged against a political investment is weak and on this basis, the Iraqi government, frankly, is keen that relations with organizations and international financial institutions and the relationship of natural understanding. "
The Iraqi government spokesman Ali al-Dabbagh has declared that "the financial budget for the year 2012 have been reduced to avoid a large deficit, however, it is the largest and the largest in the fiscal budgets of Iraq throughout history."
And distributed the financial budget for Iraq for the next year by [68] percent of the operational projects, with gold [32] to balance the investment.
The House of Representatives had already begun to consider the budget and completed the first reading and then the second and approval is expected in future meetings.
According to a statement made by Minister of Planning Ali Shukri's [where] the "likely to have a supplemental budget to balance the federal in 2012 through the abundant oil revenues after the plug, which happened as a result of reduced at the request of the International Monetary Fund" and said that this budget current form do not meet our ambition. ended 16
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