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The government is taking proactive measures to meet the monetary crisis and bridging the budget deficit

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Rocky


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The government is taking proactive measures to meet the monetary crisis and bridging the budget deficit




November 9, 2015 0


Economic and financial advisor to the prime minister said the appearance of Mohammed Saleh government to take proactive measures in the face of the cash crisis and bridging the deficit in the 2016 budget next year through external borrowing as stated in the Federal Budget Law.
And as he emphasized that the field is open for Iraq to borrow across multiple financial institutions including the International Monetary Fund and the World Bank, he stressed that the country is facing is a problem in the oil flows and financial distress, but on the other hand have a high wealth and not bankrupt.
Saleh said in a press statement seen by the agency of our economy news that the government is proactive measures taken to address the current deficit through foreign borrowing as stated in the draft federal budget for 2016 and the current year 2015, noting that Iraq could borrow from multilateral, including financial institutions, the International Monetary Fund and the World Bank International, in addition to the funds states rely Monetary Fund standards and give a financial boost to Iraq, as the World Bank can borrow from the financial markets and be Cafla and guarantor of Iraq's few and reasonable interest rate.
Saleh continued that there are two types of the first interest rate of 2 percent if 100 percent guarantee, and the other type in case of partial sponsorship interest be lower than 6-7 financial markets percent instead of 11 percent ยป, explaining that the government's drive in the external borrowing would be through employed in the investment budget and private sectors (energy, oil and infrastructure ruling) will not be operating budget or salaries and wages.
He attributed the favor, however, that the employment of the money in the oil and energy sectors means the collection of returns and financial resources of the state so it will be a priority, and stressed that the state launched 6 trillion of loans through the central bank which is a very large sum seek guidance to the private sector to contribute to the operation of state-owned enterprises and re rehabilitated in accordance with the market rules and mechanisms to share.

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Rocky


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Very Happy

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