********* Paves the global accounting firms to obtain credit rating

9/14/2014 0:00

BAGHDAD Mustafa al-Hashemi

Iraq has achieved great success, with the help of financial institutions and international companies specialized control and financial audit and accounting brought in through those companies, in extinguishing a large proportion of its foreign debt, as it is hoped to contribute to these companies and institutions in Iraq to get the credit rating.

He said economic expert, Dr. Hilal Taan that those companies have contributed significantly to the development of Iraqi competencies in the field of audit and control and accounting of what will result, to speed up access to the credit rating of Iraq being a help to the country's progress in the peace International Classification according to international standards after the liberation fully its obligations of international financial .


The government has embarked on since 2004 contracted with a number of consulting firms in the financial aspects of the audit, accounting and legal, along with global banks as external advisors who provide advice, support, and consulting with all Maitalq settlement of Iraq's foreign debts.


He Taan that the government step of contracting with these institutions is very good, but he also said that it does not mean dispensing with the experiences of Iraqi cadres and efficiency in this area, explaining that it contributed to the development of cadres of the country through their participation in the work with foreign experts on dealing in the management of files computational methods modern scientific.


He added that the company has achieved clear success in containing the debt and extinguish, also had a prominent role in collaboration with the Central Bank and Ministry of Finance in this topic, stressing the need for Iraq to consulting firms accounting and auditing for the purpose of audit according to international standards to the fact that any country in the world should be available where measurements international balance and the balance of the currency and financial resources and the mechanism of distribution and spending.


The institutions contracted by the government with it are all from Ernst & Young (Chancellor of accounting and Checksum) is responsible for auditing and matching Iraq's foreign debt, and the Foundation Cleary Kutlob (outside legal counsel) and the Foundation for Lazard French (financial advisor) mission cooperation and provide support and coordination between the Ministry of Finance and Central Bank of Iraq and the countries of the Paris Club's (18) state all the money linked to the settlement of the debt due to its close relationship with the countries of the club.

 Foundation Houlihan Lokey English, a financial advisor outside (negotiating) to the Ministry of Finance is responsible for providing support to each Maitalq settlement of debt countries the London Club or (non-member states of the Paris Club) and Masstasta Krupp and JP Morgan and two two banks mission is to provide support to the Ministry of Finance to settle the debts of trade creditors foreigners (foreign private sector) has been assigned the task to them due to the wide spread of homosexuality around the world, along with the large number of trade creditors.


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