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Iraq agrees to the terms of the International Monetary Fund

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Rocky


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Iraq agrees to the terms of the International Monetary Fund




Thursday 11.12.2015 0:10


/ Baghdad / Baghdad news
International Monetary Fund said it had agreed, first Tuesday, with the Iraqi authorities that the Fund monitors Baghdad's economic policies as the basis for the program of potential funding in 2016. The head of the IMF mission to Iraq Christian Gooch said in a statement, I followed "Baghdad news that" "The two sides agreed on a monitoring program to experts Fund aims to curb spending and reduce the deficit in the budget of Iraq which is expected to close to 12% of next year's economic activity." He added Gooch "This step will allow the Iraqi authorities built a track record for the potential deal financing with Fund. "This could help to get a loan from the International Monetary Fund member country of the Organization of Petroleum Exporting Countries to stabilize the financial to the conditions while suffering because of falling costs in oil prices associated with fighting the militants organize Daash., told a senior official Monetary Fund said last month that" the new loan would be many times greater of emergency funding of $ 1.24 billion, the Fund has agreed to submit it in July. "and became the financial pressure on Iraq's heavy, so that Baghdad suspended a plan to issue international bonds worth two billion dollars last month, because investors were demanding a yield is very high. Any large loan from the Fund Monetary Iraq will come the terms of such steps from Baghdad to cut energy subsidies and the reform of state-owned enterprises which steps may be difficult at the political level. and find a prime minister Haider al-Abadi already difficult to maintain the support for political reforms announced in August aimed at reducing corruption and waste. He said Gooch said "IMF is expected to gross domestic product of Iraq recorded growth of 1.5% this year due to increases in oil production and that the deficit in the current account rising to 7% of gross domestic product." He predicted Gooch that "Iraq's foreign exchange reserves -alta amounted to 59 billion dollars at the end of the previous month, will fall but will remain at a level sufficient to cover nine months of imports. "

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