The conclusion of the Iraq talks with the International Monetary Fund in Amman

Ministry of Finance announced, Sunday, for the conclusion of the Iraq talks with the International Monetary Fund to review the implementation of the standby credit program in the Jordanian capital, Amman, while confirming its intention to continue the discussions and consultations through regular annual meetings of the IMF and World Bank in October next in Washington.

The ministry said in a statement: "Economy News" received a copy of it, "concluded today in the Jordanian capital, Amman, periodic consultations between Iraq and the International Monetary Fund to review the implementation of the standby credit program as a first stage," indicating that "During the talks, which participated Finance Minister Hoshyar Zebari, a daily review Iraq's obligations and what the government has achieved from prior procedures and standards for the economy and structural performance criteria and indicative targets. "

He added that it "has achieved good progress in many of the fiscal and monetary areas and in the areas of transparency and control and the provision of financial statements and rationalize costs and increase some of the non-oil resources", pointing out that it "has also been reviewing the draft federal budget law for 2017 was agreed at the expense of the price of a barrel of oil 43 instead of $ 35 of the price proposed in the draft budget and card export crude oil, 3.6 million barrels per day. "

Ministry said it "decided to continue discussions and consultations through regular annual meetings of the IMF and the World Bank in October 2016 in Washington," noting that "the talks attended by the Minister of Finance and the Governor of the Central Bank and Financial Advisor to the Prime Minister and the head of the agency and the Ambassador of Iraq Financial Supervision in the Hashemite Kingdom of Jordan and senior officials from the finance, planning and oil ministries and the central bank. "

The Ministry of Finance announced on Friday for the arrival of its minister, Hoshyar Zebari, to the Jordanian capital, Amman, to complete the international consultations between the Iraqi government and representatives of the International Monetary Fund IMF.

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Iraq and the IMF agree on the price of 43 dollars for oil in the budget of 2017





Said the International Monetary Fund, Sunday, that the size of the deficit in the budget for Iraq in 2017 and it is difficult large coverage, and while stressing the need to reduce it by half, I suggest the need to determine the sale price of oil at $ 43 a barrel, instead of the current price budget.

The governor of the central bank on the Keywords in an interview on the sidelines of the Iraqi delegation to the ongoing in Amman, the IMF mission, said that "discussions revolve around two axes foundations first concerns the periodic review of the Convention on the willingness of credit, and the actions taken by Iraq during the period that followed the agreement."

He added Keywords "The second axis has focused on discussing budget for Iraq in 2017 and the study of its terms and size of expenditures and revenues and the deficit expected in," noting that "the Iraqi delegation For his part, presented a report on the actions taken during the last period, The Fund delegation point Iraq's commitment to implementing most of the provisions of the Convention , and with a limited items requiring completion in November of this year, a month ago. "

Among Keywords that "the Fund found that the size of the deficit in the 2017 budget of 34 trillion dinars represents a large deficit is difficult to be covered, and should need to be reduced by more than half."

He noted the central bank governor and the agency that "the bank's view sees this deficit carries great risks and there is a need to be reduced, especially if the proposed coverage of the resources in the budget bill is not possible and is readily available, which would disrupt the implementation of the general budget allocations and have distorted implementation and puts the Ministry of Finance in a difficult position." .

Keywords and continued that "the size of the deficit will increase the general government debt to very high levels, where domestic debt will be only on the government end of this year more than 40 trillion dinars," pointing out that "the government's borrowing and demand from the central bank to buy treasury transfers impact and will greatly affect the Central Bank foreign currency reserves, the fact that pumping Iraqi dinars without the presence of Maakablh of the dollar, which means generating demand for the dollar more than it received by the Central Bank of the currency from the Ministry of Finance. "

Keywords and pointed out that "the requirements of safeguarding Iraq's cash reserve call not to build the budget on the deficit exceeds the effective level of public debt service reserve," pointing out that "the Fund suggested that the price of oil source in the budget of 2017 about $ 43, based on the expectation of prices in the coming period of oil, as the fund proposed further reductions on costs and increase some of the revenue that is still being sought on them. "


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