IMF recommends Iraq liberalization of the foreign exchange market

[ltr]22-07-2013 08:05 PM[/ltr]

Baghdad (news) .. report recommended to the International Monetary Fund, Iraq, ensuring the continuation of fiscal consolidation and building protective margins to cope with financial volatility in oil revenues.

The report recommended which was announced on Monday, at the headquarters of the Iraqi Business Council in Amman, to intensify its work to liberalize the foreign exchange market and find a stable exchange rate and simplify the instructions of foreign currency.

It also recommended the continued good governance of foreign reserves at the Central Bank of Iraq and the Development Fund for Iraq, and deepen the reform of the financial sector and the establishment of equal treatment for private banks.

The report recommended that the presentation of the most important joints Resident Representative of the International Monetary Fund for Iraq in Amman Dr. Ghazi الشبيكات, during a press conference, to accelerate the pace of structural reform to boost growth and job creation in the private sector.

And advised الشبيكات to Iraq to find a system to combat money laundering and the fight against terrorism and that there be a prudent management of Iraqi Central Bank reserves of foreign currencies and the Development Fund for Iraq.

He called for: a law on the Gaza hydrocarbons and investment in electricity production and the abolition of fuel subsidies granted to producers, and the restructuring of state-owned enterprises and Iraqi governance reform and capitalization of institutions that can be repaired and the closure of non-viable, and called for the need to improve the business environment and attention to the agricultural sector through reform of the distribution system year, which contributed to the decline in domestic production and to reconsider support mechanisms provided by the Iraqi government to its citizens, noting that the cost of fuel subsidies up to about $ 10 billion.

Said الشبيكات: that the most prominent risks facing Iraq is the weak implementation of political reforms and a decline in the political and security situation and the delay in increasing the volume of oil production and the decline in global oil prices.

He stressed: the need that Iraq has a private sector capable of production and direct investment in non-oil sectors, especially electricity and agriculture that Iraq has a significant competitive advantage, stressing that Iraq needs long years of work to rebuild the wealth of mankind.

He stressed: that in spite of the political and security conditions difficult experienced by Iraq, but were positive economic developments in general has witnessed accelerated economic growth reached 4.8 percent last year and is expected to reach 9 percent during the current year.

He pointed out: that the economic outlook college will remain in the medium term driven by developments in the oil sector, which is expected to increase Iraq's oil output gradually by about 500 thousand barrels per day in the year to up to 7.5 million barrels per day by the year 2018 compared to 3.3 million bpd.

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