The World Bank will lend Iraq $ 4 billion and "consultations Washington" will enable it to diversify its economy

15/10/2016 (0:01 pm)


 Baghdad / Zahra Hamid- term

Financial advisor to the Prime Minister emphasized the appearance of Mohammed Saleh, on Friday, that the consultations that fought Iraq with the IMF mission, the World Bank, resulted in getting loans is estimated at $ 4 billion over three years, while the International Monetary Fund announced, for the achievement of the Iraqi government "Good progress" toward completing the Stand-By agreement, the agreement likely to be done in the month of November or December next.


Saleh said, in an interview (long-Presse) that "Iraq's consultations with the International Monetary Fund and World Bank, which concluded today, in Washington DC, was positive and successful," adding that it "will allow Iraq access to soft loans from the World Bank about four billion dollars over the next three years. "

Saleh added that "consultations provide for Iraq on a new batch of the International Monetary Fund during the current year 2016, with an estimated B643 million, out of a fund of 5 billion and $ 300 million loan."

Financial advisor Ebadi explained that "the consultations focused on evaluating the work of financial and monetary policies in the light of the government's reform program, which will be, according to the reform document, announced by Prime Minister Haider al-Abadi, both in economic management and the fight against corruption or in the Iraqi public financial governance."

Saleh said that "consultations saw agreement on the support of the reform program of the government, so as to help Iraq to overcome the dependence on oil and the fight against corruption and its waste problems," she returned to "the success of consultations adds new strength to the victory of Iraq on Aldaasha terrorism and the reconstruction of our country after the expulsion of its remnants."

And come Iraq's negotiations with the International Monetary Fund and the World Bank mission to complement the first review, it has continued in Washington, DC, for the period from the sixth to the tenth of October, the current 2016.

For his part, announced the International Monetary Fund, the Iraqi authorities to achieve what he described as "good progress" toward completing the Stand-By agreement, the agreement likely to be done in the coming months.

She said the IMF mission over Iraq in a statement seen by the "long" The Iraqi authorities continued their discussions with the IMF experts in Washington, DC, during the period October 6-10 the first being on the first revision of the agreement to prepare the credit amounting duration of 36 months, which was approved by the Board Executive of the Fund in the July 7, 2016 ".

The statement quoted the head of the IMF mission to Iraq Christian coconut as saying: "The Iraqi authorities have made good progress towards the completion of the first review of the agreement to prepare the credit," adding that "Once you provide the additional information required and the implementation of the agreed prior actions, will be considered by the Executive Board in the first revision of the agreement standby credit , which it is likely to take place in November or December. "

He explained the mission statement that "the team had met during the discussions in the presence of Ali Mohsen Ismail Keywords Governor of the Central Bank acting, and Fadhil Nabi Othman, Deputy Minister of Finance, and the appearance of Mohammed Saleh financial advisor to the Prime Minister, and a group of officials from the Ministry of Finance and the Central Bank of Iraq and a representative of the Kurdistan Regional Government," pointing out that "the Fund's team would like to thank the Iraqi authorities on the good cooperation and the frank and fruitful discussions."

Iraq had been discussed at the 7. October now 9 through their participation in the annual meetings of the Bank and the International Monetary Fund with the IMF and the World Bank diagnostic study of the Iraqi economy prepared by the World Bank and the challenges facing the Iraqi economy at the current stage and ways to address them in the near and long term.

Iraq had happened in July 2015, a payment equal to about one billion and 240 million dollars, through the "rapid funding," the IMF's tool.

Iraq and delivered by mid-July 2016, about $ 634 million, representing the first installment of the IMF loan, immediately after the IMF Executive Board approval, in (the seventh of this month) on the standby credit agreement with Iraq, noting that the loan term is five years with interest annual low of one and a half percent (1.5%), and that the number of payments is 13 batch stretches over 36 months.

It is noteworthy that Iraq has agreed with the International Monetary Fund and World Bank to provide financial umbrella him up to $ 20 billion, to overcome the financial crisis as a result of the sharp decline in oil prices and the war against (Daesh).

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