Iraq uses global to banks to issue international bonds worth six billion dollars

20/08/2015 (00:01 pm)



BAGHDAD / long-Presse

Detect global site specializing economic news, for use of Iraq universal to banks to issue bonds international worth six billion dollars, returned it the first time carried out by Iraq such a move a decade ago to reduce the worsening fiscal deficit suffered by the size, while the view of economic analyst British , that Iraqi oil production registered record levels, likely enable him to overcome the financial crisis if what happened another rise in oil prices.

The transfer site Bloomberg Bzenz Bloomberg Business US economic news, an official at the Central Bank of Iraq, as I followed the (long-Presse), saying that "Iraq used the world to banks to issue international bonds worth six billion dollars for the first time in a decade in order to reduce the worsening fiscal deficit size who suffers from it.

The director of the investment department at the Central Bank of Iraq, Munir Mohammed Imran, in an interview with Bloomberg Bzenz Bloomberg Business US economic news, followed up (range Press), he said that "the government has identified both the Citigroup Foundation Citigroup Inc banking services, and the Bank of Deutsche Bank AG German, with JP Morgan JP Morgan US banking services, for use to issue international bonds worth six billion dollars, "noting that" the bond program will be in the form of payments, will go first is for sale during the current year 2015 ".

According to the site, that "Iraq, which includes the largest oil reserves in the world's fifth, seeks to strengthen the financial abilities amid difficult challenges represented by the war department in the country against al Daash, in conjunction with the sharp drop in world oil prices," expected to "inform the fiscal deficit in Iraq ratio During 2015, about 10 percent of gross domestic product because of the collapse of oil prices with high military effort expenses associated with the deterioration of the security situation in the country. "

Meanwhile, a British economic analyst, Anthony Saimund, from Aberdeen financial institution, according to the site by Bloomberg, said that "Iraq is now going through some economic difficulties caused by the war with al Daash," adding, "But oil production registered a high record levels, has undergone a significant change on the If these conditions are another rise in oil prices it has occurred. "

The Finance Minister, Hoshyar Zebari, said in (the 22 of June 2015), the determination of Iraq issuance of five billion dollars worth of bonds, to cover the budget deficit caused by low oil prices and the war with (Daash).

The media sources recently revealed the use of the Iraqi government in all of JP Morgan, Citibank and Deutsche Bank to arrange the first bond issue in nine years in order to cover the budget deficit, indicating that Zebari and Iraqi officials others met with the three banks and institutions of credit rating Fitch and Moody's ( 16th of June 2015) to arrange it.

These sources also quoted Iraqi Minister of Finance, it is likely to start promoting those bonds, the end of July or early August 2015, in preparation for the issuance thereafter, stressing that every "thing going on the right track."

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