Home
Government actions followed led to achieve
Baghdad - Mostafa Hashemi
receive amounts of public debt shadow on the economic performance of Iraq in terms of its impact on public budgets, which resulted in accumulated debt, due to the events experienced by the country, the need for post-2003 liberalization, including through contract and the Ministry of Finance with foreign financial institutions working for the settlement of foreign debt because of their extensive experience and the impact on countries and companies creditor.
definition of public debt academic economic Dr Majid Baidhani said (morning) that the public debt is divided into two types external and internal, and knows that he is the borrowing by public entities in the state of third parties to finance their business due to the inability of their own resources for fulfilling the requirements of these business expenses, as is that it is a global phenomenon acceptable to a certain extent controls specific, and if you increased it, it would be a problem, but has aggravated the crisis lead to bad effects and the risk of a big money General and on the national economy as a whole. international consulting The government has contracted with four financial institutions and global banks as external advisors who provide advice, support, and consulting with all Maitalq settle Iraq's foreign debts. They are all from Ernst & Young (Chancellor of accounting and Checksum) is responsible for auditing and matching Iraq's foreign debt and Foundation Cleary Kutlob (outside legal counsel) and Foundation Alzard French mission cooperation and provide support and coordination between the Ministry of Finance and the Central Bank of Iraq and the countries of the Paris Club's (18) state all the money linked to the settlement of the debt due to its close relationship with the countries of the club. Foundation Houlihan Lokey English, a financial advisor outside the Ministry of Finance is responsible for providing support to each Maitalq settle debt countries the London Club or (non-member states of the Paris Club) and the Bretton City Krupp and JP Morgan are two two banks mission is to provide support to the Ministry of Finance to settle the debts of trade creditors foreigners (foreign private sector) has been entrusted with the task to them due to the spread of widespread around the world, along with the large number of trade creditors. Paris Club , adding that the position of Iraq's foreign debt, according to the announcement by the Ministry of Finance, shows that the total debt that has been settled to the Paris Club countries was up to 51.6 billion dollars in 2004 and became the end of 2012, up to 9.444 billion dollars. He points out that the total debt that has been settled for countries outside the Paris Club was up to 18.33 billion dollars in 2004 and became the end of last year up to 2.712 billion dollars. While total commercial debt has processed up to 19 billion dollars in 2004 and became the end of last year (3.681 billion) dollars. immediate funding and said the department is developing a domestic debt strategy and clear and effective in order to provide the necessary funding when needed (by internal borrowing) based on Law No. 95 of 2004 and regulations issued thereunder No. 1 for the year 2004. He explained that the funding process is the issuance of the first two types of securities (treasury transfers or treasury bonds) through the issuance of two types of transfers treasury transfers in accordance with the registration system of electronic government bonds (GSRS) which is relevant for the (182) days. Investment and Treasury Notes issued for the purpose of financing investment projects (Khawwalh electricity, water and transport). He pointed out that the process of funding the second is through direct borrowing a loan made or granted to public companies, self-funded for the purpose of paying salaries to its staff, which is awarded by the government banks as a banker (Rafidain and Rasheed). follow the religion of her part, economic researcher Suhad virgins that follow the internal debt done through the religion department at the Ministry of Finance to repay the borrowing internal development of the customizations necessary when preparing the budget strategy for the repayment of the loan and the benefits of it through the preparation of correspondence to the Budget Department in addition to informing the Department of Accounting adjustments and follow-up shots. She explained (morning) are prepared annually for the size of tables internal borrowing (through the issuance of money orders or direct loans) in addition to the preparation of schedules for the annual repayments and the size of the domestic debt. She noted that the follow-up to the settlement of Iraq's foreign debts are from the Department of external debt data Abradkhal all the debt that has been settled with the states and trade creditors. Explaining be under bilateral agreements and offers a settlement in the database that have adopted the system DMFAS an acronym for Debt Management and Financial Analysis System means a system of financial analysis and debt management, and provide financial and statistical reports and the preparation of guesses required by the federal budget each year and the payment of the amounts realized on the Government of Iraq Under the bilateral agreements and offers settlement (as a result of the restructuring of its debt) and in coordination with the Departments of Budget and Accounting in addition to the CBI. debt rating added virgins has classified Iraq's foreign debts on 4 categories namely debt countries of the Paris Club debt of non-member states of the Paris Club debt trade creditors ( foreign private sector), and the debt of the GCC countries in addition to the decades advisors (accounting and legal). Noting that trade creditors (private sector) debts estimated at more than 20 billion dollars and the number is in the hundreds spread across the world so it was starting to look for the best way to deal with them. Proposals have been to settle the debts of those creditors through a cash tender offer, which included the purchase of religion by 10.25 of the total debt and the abolition of the remaining 89.75 percent, and confirmed that participated in these offers commercial creditors less than the proportion of young people who indebtedness for 35 million dollars The total amount that has been settled 5 billion U.S. dollars or in a manner offered to buy the debt of religion and included the issuance of debentures by 20 percent of the total debt for the benefit of creditors and the exemption of the remaining 80 percent and pay out of bonds of the loan over the years from 2020 to 2028 and bear interest on the bonds of the loan by 5.80 percent have participated in this offer commercial creditors adults who increase their demands for 35 million dollars. She concluded her speech by saying that virgins total debt that has been settled under this offer amounted to up to 14 billion dollars.
[You must be registered and logged in to see this link.]
