IMF and World Bank International call for Iraq to proceed with reforms "federally and locally"

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IMF and World Bank International call for Iraq to proceed with reforms "federally and locally"

Post  Admin on Mon Apr 24, 2017 8:32 am

Washington Journal

It discussed the Iraqi delegation, with the IMF team headed by team manager negotiator for the International Fund for Christian Jos, the second review of the program to prepare the credit (SBA) between Iraq and the International Monetary Fund in the spring meetings of the IMF agenda and the Bank Ateyen currently being held in Washington, 2017.

An informed financial officer on Iraq's recent talks with the International Monetary Fund and the World Bank, in a statement singled out by the (Journal), the summary of the recent discussions, is that the two international financial, demanded the Iraqi government to proceed with financial reform, at the local and international levels, and that economic reforms represent a major need to reach an integrated system for the management of the financial operation of the state at the federal and local level.

While the Minister of Finance Agency, Dr. Abdul Razzaq al-Issa revealed the readiness of the World Bank to allocate nine million dollars to support investment and development in the field of associated gas.

Issa said during the spring meetings of the IMF and the World Bank in Washington, said the Iraqi government will intensify the work of the joint committee between the ministries of finance, electricity and oil to activate the gas investment associated with and benefit from the operation of electric power projects, drawing attention to the readiness of the World Bank to provide a grant of nine million dollars to support projects and studies to invest the associated gas in Iraq.

The Finance Ministry said in a statement that the World Bank representatives have indicated that economic reforms are a major need to reach an integrated system for the management of the financial operation of the state at the federal and local level.

The statement added that the meeting made it clear that a significant percentage achieved by the Iraqi institutions in this area gives the appropriate scope of the World Bank to support the budget and reconstruction projects within the time limits required to achieve its objectives.

The Bank welcomed the steps the Iraqi government in the field of resource management and the development of visions of reform in coordination with international organizations and financial institutions, according to the statement.

He participated, a senior Iraqi delegation at the spring meetings of the IMF and the World Bank is currently held in Washington, as the delegation was headed by the Minister of Finance Agency Governor of Iraq at the World Bank, Dr. Abdul Razzaq al-Issa in the presence of the Iraqi Central Bank Governor Dr. Ali Keywords Advisor to the Prime Minister for Financial Affairs appearance of Dr. Mohammed Saleh, agents and managers two years of finance ministries and electricity and the Central Bank of Iraq.

Members of the International Monetary Fund states pledged on Saturday to work to reduce global imbalances, but failed to repeat the pledge announced in the past to resist all forms of protection Altjarah.okrrt is also the Finance Committee of the Fund, a specialized body under the guidance fund policies, commitments announced earlier on currency exchange rates.

She said, "we'll refrain from competitive currency cuts will target prices for currency exchange for competitive purposes.

"We will also work together to reduce excessive global imbalances by following the proportionate policies, working to enhance the contribution of trade to our economy."

The adoption of the statement to a large extent the tone of a statement issued by the Group of Twenty last month in Baden-Baden, Germany, where US Treasury Secretary Stephen Mnotchen said that the pledge to combat trade protectionism is no longer the right thing.

Said Agustin Carstens of Mexico's central bank governor, who chairs the steering committee of the International Monetary Fund that protectionism "is a relative term" and "fuzzy".

"There is no country has no texts on trade.
"Instead of a long talk about what it means this concept we were able to put it in a positive framework and more constructive."

And Carstens a financial worlds officials attending the spring meetings of the International Monetary Fund and the World Bank during the current week.

He said the goal is to take advantage of the trade and that all members "biased" to the need for a free and fair trade.

The statement said the Finance Committee IMF said that although the global economic recovery is gaining momentum, the growth "is still modest," and warned of the growing political uncertainty.

Members of the International Monetary Fund gave up on Saturday vowed to fight trade protectionism amid disagreement over trade policy and focused their attention on the threat of another global economic integration looms on the horizon, namely the first round of the French presidential elections.

During the spring meetings of the International Monetary Fund and the World Bank have increased fears of offering Marine Le Pen and the far-right candidate Jean-Luc Melenchon candidate left in the first round of the French presidential election, as well as concern over US trade policy.

He said Christine Lagarde, director of the International Monetary Fund, told a news conference: "There was a clear understanding in the room we switched from (talk) about the financial and economic risks to geopolitical risks greater."

It failed a statement issued by the Steering Committee of the International Monetary Fund on Saturday to repeat the pledge announced in the past to resist all forms of trade protectionism. The statement adopted the tone of the US administration sought her last month in Germany, while the development of a strategy to reduce the US trade deficit.

A few days ago the IMF warned that the protection that restrict trade policies may stifle the ever-improving global growth.

The statement pledged to the International Monetary and Financial Committee for the affairs of the Fund in the statement that the members work "together" to reduce the current imbalance in the balance of world trade


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