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International Monetary Fund: the Baghdad removal of subsidies on energy prices and reforms for loans

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Rocky


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International Monetary Fund: the Baghdad removal of subsidies on energy prices and reforms for loans



11/11/15


Baghdad / follow-up Baghdadiya News / ... The International Monetary Fund, on Tuesday, its agreement with the Iraqi government on the Fund's surveillance of economic policies to Baghdad as a basis for the program of potential funding in 2016, and as expected the gross domestic product of Iraq recorded growth of 1.5 percent this year, he pointed out the deficit in the current account balance will rise to 7 percent of the
GDP increases by oil production
The head of the IMF mission Christian Gooch to Iraq in a statement reported by "Reuters": "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 percent of next year's economic activity."
Gooch added that the move "will allow the Iraqi authorities built a track record in order to finance a possible deal with the Fund."
And get a loan from the International Monetary Fund will help a member country of the Organization of Petroleum Exporting Countries to achieve the financial stability to the conditions while suffering because of falling oil prices and the costs associated with fighting organization "Daash" terrorist.
A senior IMF "Reuters" reported last month that the new loan will be the largest "several times" of the emergency funding of $ 1.24 billion, the Fund has agreed to be submitted in July.
And it became the financial pressure on Iraq so heavy that Baghdad suspended a plan to issue international bonds worth two billion dollars last month, because investors were demanding too high a yield.
And any large loan from the IMF for Iraq will come from conditions such as Baghdad steps to cut energy subsidies and the reform of state-owned enterprises which steps may be difficult at the political level.
And finds the Prime Minister Haider al-Abadi already difficult to maintain political support for the reforms announced in August aimed at reducing corruption and waste.
Gooch said that "the IMF is expected to gross domestic product of Iraq recorded growth of 1.5 percent this year due to increases in oil production and that the deficit in the current account rising to 7 percent of gross domestic product."
He predicted that Iraq's foreign exchange reserves -alta amounted to $ 59 billion at the end of the previous month, will fall but will remain at a level sufficient to cover nine months of Allowardat.anthy 21 / b

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