Expert calls for the government to cooperate with the World Bank and the IMF to "adjust the Iraqi economy."

07/04/2015 (00:01 pm)


BAGHDAD / Amer Mohi

, Confirmed the investment committee and the economy parliamentary, on Friday that Iraq is forced to borrow money from international institutions because of the financial crisis as a result of lower oil prices, while confirming that the investment projects will be completed only by borrowing, an expert in the matter of economic called on the Iraqi government to " Go to the international community and a commitment to its criteria out of the crisis, noting that "cooperation with the World Bank and the IMF provides an opportunity to adjust the economy and the general budget and external account.

He said committee member economy parliamentary Najiba Najib told the "term" that "the Ministry of Finance took the legitimacy to take loans from the International Monetary Fund and the World Bank under the federal budget for 2015, but it has the right in this matter," asserting that "Iraq choosers him only borrow to be able to implementation of its projects. "

Najib said that "borrowing is happening in Iraq now two types, the first order of borrowing for investment projects which got through to borrow $ 1.7 billion by the Ministry of Finance and this is done for the benefit of the Iraqi economy because it would be beneficial in the future."

It showed that "Iraq sometimes borrow for consumption and this is not useful, because the money Almkarodh go without any interest, and this thing is with the drop in oil prices and the need for Iraq to money to cover the war expenses and salaries."

She pointed out that "the problem is the need for Iraq to $ 5 billion a month for staff salaries, as well as employment in every year, amounting to 60 thousand appointments degree at the Oil Ministry, with the knowledge that there is a large surplus in most of the ministries."

Committee member confirmed that "other problems facing Iraq, the battle against al-Daash, as well as the control of the organization Daash the Baiji refinery, which constitutes a large percentage of Iraqi oil and this. Things that made Iraq borrow to fill the need for projects or consumption"

Najib suggested that "there is a real Iraqi economy plans Unlike previous years, which saw lethargic in energy projects or the economy, because in case Iraq does not have such projects, the economy would go down and continue to borrow as oil prices remain at this price."

For his part, says an expert on economic affairs Maitham coffee in a statement to the "long", "World Bank loans are usually soft in terms of benefits and times of payment, in addition to it be Grod development and for the reconstruction and construction."

He Laibi by saying that "in Iraq under the budget crisis it need such resources, especially as the investment budget semi parked, and that these loans are usually conditioned to conduct a series of reforms in the field of rationalization of expenditure and financial management."

He continued, head of banking and finance at the University of Mustansiriya that "Iraq needs to go back to the international community and a commitment to its criteria to get rid of emergency crises, especially as the Bank and the Fund and cooperation with them provides an opportunity for Iraq to adjust its economy and its budget and account external, as the bank has the expertise and allows the provision of studies represent a warning system early for the economy. "

The Ministry of Finance, the first of Thursday, the World Bank's intention to provide a loan to Iraq worth $ 1.7 billion, as pointed out the allocation of $ 350 million of the loan within the reconstruction of the liberated areas of the organization "Daash operations,".

The ministry said in a statement that "the Finance Minister Hoshyar Zebari discussed with Iraq program manager Robert existence and the World Bank team of experts and specialists in the economy and the implementation of development programs, plans and programs of the bank to provide a loan to Iraq for humanitarian and development aid proposed."

She added that "due to the World Bank offers a loan of $ 1.7 billion," indicating that it is "within the amount billion dollars as international policy and $ 350 million for reconstruction and stability to the liberated areas of Daash, and $ 350 million loan for the project through Umm Qasr - Basra ".

She pointed out that "the government will take a series of reform measures in a number of economic facilities to avoid wastage and the rationalization of expenditure."

The World Bank Group President Jim Yong Kim has said, in the (April 17, 2015), the full Bank of Iraq support in the face of economic and financial challenges, as pointed out that the bank will contribute to the financing of urgent projects related to the liberated areas, during a meeting with Prime Minister Haider al-Abadi.


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