The appearance of Mohammed Saleh: IMF lends Iraq «in principle» $ 833 million

The appearance of Mohammed Saleh: IMF lends Iraq «in principle» $ 833 million

6/9/2015 0:00

BAGHDAD - Alaa al-Tai


Economic Adviser to the Prime Minister, Dr detect the appearance of Mohammed Saleh, for the approval of the International Monetary Fund in principle, to lend to Iraq amount to $ 833 million, stressing at the same time continuing intergovernmental consultations to fill the current year budget deficit of 25 trillion dinars.

While denied the benefit of, the government received any external loan from international organizations and financial institutions during the first half of this year, noted that the coverage of a lack of financial resources due to the fluctuation sale of global oil prices, are at the present time through domestic borrowing, which promise a "success in the planning Financial ".

He noted in an interview singled out the "morning" to the approval of the International Monetary Fund, in principle to lend to Iraq amount to $ 833 million to meet the fast deficit in the balance of payments, or so-called "quick way of funding."

And on foreign loans, said Saleh, the government succeeded in taking measures to meet the cash crisis the first six months of this year through domestic borrowing, indicating that it so far has not received any external loan of any international financial institution.

He said government adviser, said the federal budget for the current year identified in the second paragraph deficit and sources of funding, also authorized the Minister of Finance to borrow to meet the projected shortfall from international organizations for which Iraq is a member, as a fund cash and the World Bank.

He noted the benefit of, the existence of consultations and agreement in principle to obtain loans from the International Monetary Fund worth $ 4.5 billion in view of the previous agreement "standby credit agreement" where withdraw less than half the amount, and is currently completing the remaining amount of the Convention.

He noted economic adviser, that the World Bank loans are complementing two billion dollars, in addition to providing two institutions, "the World Bank and the IMF," the amount of $ 2 billion for emergency purposes, including nearly 800 million dollars from the International Monetary Fund called the way rapid funding to meet the deficit fast in the balance of payments, as well as another loan equivalent billion dollars from the World Bank for the reconstruction of the liberated areas of Daash ".

He said the benefit to the possibility of the use of the Special Drawing Rights of $ 1.8 billion, which is available for withdrawal, and the Iraqi government has allocated free of charge from the International Monetary Fund after the international financial crisis, as reflected in the 2015 budget law.

In a related context Saleh revealed the intention of the Iraqi government borrowing from the international financial market, stressing the work to complete the procedures for obtaining a loan of 1.6 billion dollars, adding that it is coupled depending on market acceptance and gradual entry into the international financial market by offering support Iraqi sovereign, which needs to credit rating is currently being done with major rating agencies in the world.

He noted the benefit that "Iraq according to financial indicators is one of the rich countries that face security and monetary crisis, does not suffer from the crisis, solvency, but it is full of resources and good things" .wabdy Counsel, optimism improved revenues and oil prices globally and approached the goals of the budget which set the price of $ 56 to sell a barrel of oil in 2015, expected to take place by the end of this year to cover all economic targets, which reflects the positive financial planning. Economic expert stressed that "the blockbuster global institutions to provide loans to Iraq indicates that the future status of Iraq's good."



http://www.alsabaah.iq/ArticleShow.aspx?ID=94422