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Economic Adviser to the Prime Minister: any country linked to terrorism must be written off debts and in 2022 we will be the biggest payment BY DR.. THE APPEARANCE OF MOHAMMED SALEH- PUBLISHED IN 03/17/2017

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Economic Adviser to the Prime Minister: any country linked to terrorism must be written off debts and in 2022 we will be the biggest payment
BY DR.. THE APPEARANCE OF MOHAMMED SALEH- PUBLISHED IN 03/17/2017
BAGHDAD / tomorrow Press: After Greece's financial crisis and what is passing through Jordan today's economic crises, the Iraqi citizen who feels multiplied and multiplied his government loans scared, Dr. appearance of Mohammed Saleh economic advisor [...]
BAGHDAD / tomorrow Press :

After Greece 's financial crisis and what is passing through Jordan today 's economic crises feel the Iraqi people who have multiplied and multiplied his government loans scared, Dr. appearance of Mohammed Saleh economic advisor to Prime Minister al - Abadi spoke about the Iraqi debt in detail in this dialogue, and pointed to the accumulation of past debt and current debt, benefits and how to repaid warning in 2022 , which will be the largest payment , according to his description .
" Tomorrow Press" have had this dialogue with the d. The appearance of Mohammed Saleh :



• Stand - between Iraq and the IMF agreement is shrouded in mystery, how it will be repaid? What is the repayment period?



- It is no secret to anyone that the standby credit program known as SPI is the third program , which entered into by Iraq with the International Monetary Fund since the Paris Club agreement , which is not the first , as some imagine, this program fund for member countries submit it when in financial crisis and Iraq is going through a financial crisis since falling oil prices mid - 2014 , as you know, there was a deterioration in the balance of payments and the Iraqi reflected in the federal budget, timely intervention of the IMF this credit arrangements by providing a loan for Iraq, but this loan is not only the loan but is born umbrella to support Iraq, is the introduction of a financial dark great, this umbrella of the IMF as about twenty billion dollars, including the postponement of compensation for the Kuwait war, to $ 4.6 billion, while the Fund 's loan itself is the $ 5.3 billion paid in the form of payments interspersed with 13 review with the Fund , including 6 review major and the rest sub - review, after each audit the fund called a batch of loan payments, has to ratify the agreement on 07/07/2016 and we received the amount of one billion and two hundred and fifty million dollars a boost, this year there is a second review is now list in Amman by a professional team and there Balssayasat on a team headed by the Minister of Finance agency , Dr. Abdul Razzaq al - Issa and the Governor of the Central Bank on the Keywords and I will be with them and I also expect that the fund launched after this review batch of the loan of approximately $ 840 million .



• Dr. understand from your words that we have not received anything from the loan before 07/07/2016?

- Before approving Iraq received what is known as means of accelerating the funding which the help of the IMF amounting to one billion two hundred million dollars nothing to do with the loan came due at the time the difficult circumstances coincided conflict with Daesh and the collapse of oil prices, a semi - grant , in fact, which is paid at a later date and arrangements far term, a return to the subject of the loan, the loan is received during the three years in order to support the budget, the benefit of the loan is 1.5% per annum for each batch of the loan there by two years and allow a period by 3 years, the period of Iraq received 250% of its share of the international Monetary Fund and Iraq 's share of the fund of one billion, eight hundred and sixty - six million dollars, and are considered low - interest loan .



• What about Article IV of the Stand -By agreement, which is for evaluating the economic situation in Iraq? What is your expectation of the nature of the evaluation report which will be released?

- Member states of the IMF assesses to be placed every two years, with the current review of the special loan fund is being assessed Iraq 's economic situation and its prospects, and Article IV part of the revisions, Iraq was in the security crisis and is in the way of disappearing after streak to organize Daesh terrorist, either crisis Finance there is improvement, and we as experts Malians are not optimistic about a lot , but cautiously, oil , which sold Iraq during the last three months was the one from the barrel , including close to $ fifty, while the price in the budget of 2017 was expected to be sold for $ 42, this reduces the deficit and improve the situation the balance of payments, and if oil prices stay on this case, the projected deficit , a twenty - one trillion Iraqi dinars may become only ten trillion .



• international auditing firm (KPMG) talked about the deficit of $ 17 billion in the first half of 2016 .. What is the nature of this deficit? What is the nature of the contract with such a large company on Wall Street?

- According to what I know from my 0.2016 a whole deficit was 25 trillion Iraqi dinars , but at the end of the year has become a deficit in practice 15 trillion only, and this good news was public finances was able to provide 10 trillion by restricting expenditures and to reconsider and postpone some of them, either for the company auditing is another story , a story linked calculates oil receipts , which in turn is an account outside Iraq at the Federal reserve Bank in New York, international auditing firm with arms and many branches and can get to the information you need better than any national company in a way, a respected global company and give credibility to the world Borkamha, this is unusual, and that does not negate the role of the Office of financial supervision in the monitoring, verification and is supposed to be the job or using his company auditing foreign or cooperate with them, the intersection of the work previously happened because of the multiplicity of views and this audit is finished .



• there stems the United Nations team will be responsible for the follow - up of Iraq 's money contraband, is it seven Kaltjarb in the hunt for the money, which he used on Iraq noted previously with little result?

- Our poor organization in my estimation, there were many bodies were supposed to be there on the one hand, past experience to follow the money smuggled all worked and came to the results , some good and some less so , and some of them did not work completely, the dilemma that we faced we've seen in the recovery of Iraq 's money associated with the prime minister Fund The problem , according to the law and underwent one amendment was founded in 2012, this fund for the former regime 's money only, ok what about the money that came out after 2003? Of course includes the Fund Law reward to the informant few and unattractive and because of the amendment , which has been on the law an objection to the amount of the bonus the original but has been meeting every Iraqi government teams responsible for monitoring money smuggled in the office of Dr. Abadi , the prime minister, then emerged and the national team, so as not to lose the expertise and information among all sides, either the international Advisory and monitoring have finished it, the UN security Council resolution 1483 of 2003 , which founded the Iraq Trust Fund , known as DFI , a fund of oil receipts and deducted from 5% compensation to Kuwait, then the security Council , the form of the international Advisory and monitoring membership Fund Monetary World Bank and the Fund for social Arab economic of the Arab League and a representative of Iraq , which was then on what Mr. Mehdi al - Hafez remember when he was minister of planning and then Iraq did not represent a single, one of this Council monitor the DFI , and then there are problems , agreed the security Council on the formation of an Iraqi team this compares with the Council , which was known as the Committee of financial experts from four experts, then issued security Council resolution 1956 in late 2010 , and was in it that after six months , will raise international protection for the DFI and for the Iraqis to pursue the matter on their own was resolved the international Advisory and monitoring .



• What about the DFI or the Fund of Iraq 's oil money in the Fed?

- Changed his name only, became a number to account owned by the Central Bank of the Federal Reserve, the legal rule is that the account is protected from creditors or bookings , despite the lifting of international protection with him .



• As long as we 're talking about Iraq 's money wasted what about the inspector general who specializes in the reconstruction of Iraq , Stuart Bowen and talking about the missing $ 17 billion should have been spent in Iraq?

- I read the book Bowen and I had met him previously four times and visited me twice a gentle and calculated person on the Republican Party and became retired after that, he talked about the many stories, Bowen watched the Americans expenses in Iraq, speaks , for example , charging Iraqi funds to Iraq At the airport , they giving amounts to Kurdistan and gave to the then Finance Minister Kamel al - Kilani Mubdar Cache manner and many other stories, but I think that all of this money will not be lost .



• demanded earlier to reconsider the agreement of the Paris Club, why? And why I said then that Iraq could pass the 2022 crisis?

- Paris Club agreement includes allowing 16 - year period after the end of the grace period , we will start the remaining pay of Iraq 's debt , which was reduced and extinguish each other, Iraq at the time managed to write off $ 100 billion of its debts amounting to at the time $ 128 billion , in principle, there are countries still stalling in the settlement of the reasons may be a lack of documentation on the debt , or the debt mere allegations or perhaps because of political positions or maybe wanted to write off their debts in full, all Paris Club debt written off , including 80%, today 's Iraq fought on behalf of the entire world, and in my opinion that any state linked to terrorism must be written off debts us and I think we need a moral tour with Paris Club countries that condemn her at that time were 65 countries , including 19 countries are members of the Paris Club are all borrowed whom the former regime, which are all subject to the agreement of the Paris Club, some countries such as America, Cyprus and Malta wrote off debts of 100% of the time, Russia wrote off 94% in the Paris Club, in 2022 there will be many loans must be repaid, for example , there are support issued by the Iraqi government to meet commercial debt on Iraq and named in 2028 are traded in London markets secondary and this will be extinguished there are also support another billion dollars will also be extinguished in 2022 and many of the IMF loan will be repaid in 2022, and so there will be many loans to repay, and this year is the peak of the payment, but from now to 2022, God willing , will improve conditions, Iraq 's debt today of 35% debt and internal this controlled, and there are 35% of Iraq 's debt is the remainder of the debt after the Paris Club agreement is equivalent to $ 41 billion , and part of it is real and some of the debts due to supply internationally prohibited weapons and some countries hesitate to claim it, in then it signed the agreement Dr. Adel Abdul - Mahdi was present Dr. Shabibi and professor Aziz Jaafar and I, and it was supposed to write off Iraq 's debt by 90% , but that France was opposed on the grounds that Iraq is not a poor country, Russia did not agree to reduce the debt , but President Bush spoke at length with President Putin managed to convince him .



• What about the payment of interest on that debt? Does Iraq let loose by the benefits in 2017?

- Section of these benefits to the Paris Club debt amounting to $ 19.9 billion and Iraq pays these benefits every six months and reach 5.8% and there are internal debt of the Rafidain and Rasheed must be repaid and the amount appropriated is 5 trillion Iraqi dinars for it in 2017 only .



• Let's talk about a project loan of the United Kingdom amounting to 10 billion pounds, what the nature of this loan?

- This is mentioned loan in the federal budget for the 2017 law, authorized the Minister of Finance to sign a memorandum of understanding for the loan of 10 billion pounds by the British Agency for exports to finance development projects , including the allocation of $ 120 million for the Basra water desalination project, the benefit of the loan is low and can pick it during the 10 years and pay off well over 10 years, that British companies implement infrastructure projects this loan , our part we stipulated that the companies be first - class international competitive prices .



• A memorandum of understanding with Germany to borrow half a billion dollars .. What about this loan?

- Is $ 600 million in the truth and grant is part of the financial umbrella that comes because of the Stand -By agreement with the IMF, and this agreement is similar to the international coalition against Daesh but specialist support Iraq 's economy .



• There are leaks from politicians Kurds that the Kurdistan region of Iraq 's debt of 40 billion dollars .. Do Sasddha Iraq?

- The government has no knowledge of these loans, and with all due respect to those who borrowed , but the loan without the knowledge of the federal government does not count, does not constitute a commitment it 's like borrowing from a bank dealer Iraqi Jordanian , does the government do with it? We asked them audited accounts according to international standards and then everything is debatable, specifically the debt of oil companies, the oil in the Constitution , the question of a federal and the proportion of 17% for the Region parked as a result of exports away from SOMO, noting that the province agreements with the oil companies have nothing to do tours licenses .



• There is talk about renegotiating oil licensing rounds .. How will it?

- It stated in the budget law for 2017 and oil companies themselves do not mind having to renegotiate, and talk about the glitch agreement tours has to do with political Palmeatrut, so some people avoid going into these details, what concerns us is the interest of Iraq, and we would like to be cost less as possible, For example , we've spent $ 45 billion on the rights of companies, but imports of $ 280 billion therefore Valjullac beneficial, oil field that was not developed legacy will reduce its production by 7% , therefore we need contracts with the world 's companies, according to the foundations of a fair and check the interest of Iraq .



• What about entitlements Contractors and why are not paid?



- There is an agreement with them , with the government so that the disposal of their legitimate rights through bonds repaid over five years bears interest rate of 5% and that he wanted the contractor can the central bank selling the bond in exchange for money Cash , where the central bank will take the amount of the bond and benefits from the Ministry of Finance after 5 years, and can sell the bond in secondary markets, was launched $ 45 billion at the beginning, and Nzamn with the beginning of the implementation of the standby credit agreement with the IMF and the latter demanded to stop relying on information says that a lot of contracting the question marks, and this is part of a project governance and financial administration in Iraq, and the responsibility of contracting scrutiny is the responsibility of the audit Court , which had made checks on the basis of samples , but were demanding a comprehensive audit, the first audit of four thousand or five thousand a contractor discovered 300 contractor fakes, the Department has been repaid , and part of them does not exist and these billions of dinars in a difficult situation, we We do not want delay people 's rights and the international Monetary Fund will give us his opinion and the crisis will be resolved within two weeks, BSA has vowed to end the scrutiny of 16 this March .



• Rafidain Bank spoke in a statement about not feeding retirement instruments which will delay disbursement of pensions to retired .. What is the retirement body and the pension fund problem?



- The pension fund sovereign wealth fund, must invest his money and returns to his advantage , first and foremost, the last thing I heard from the No. concerning the Fund that the 14 trillion Iraqi dinars, either about the confusion between the pension and banking body is poorly organized, the problems between the state departments should not go to media, it hurts retired, there is deterioration in the administration and the misfortune of misfortunes Iraq .

• Where are the subject arrived sell bonds?



- This idea enacted in the budget of 2016 a $ 5 trillion promote the law to the public, the fact that the public has a culture of Sindh, and these bonds with sovereign guarantee and promote media has been very low for the subject and people do not know anything about it, so we thought the idea succeed swapping government debt Interior bonds, for example , Contractors pay rights .



• A project named sovereign wealth fund to finance private companies, he is said to Dr. suggestion .. What is this project?

- Yes , I'm from the proposed, we are today is in need of major projects, today we move from a centralized economy to a market economy, and for that there must be a sovereign wealth fund internal finances private sector, this fund needs to be another fund of social protection, as well as must the development of the business environment through which you can register a company or canceled minutes later, the procedures are still slow in connection with the registration of companies , despite what was done by the government, and the possibility of money laundering after Zllk can be legally pursued, we do not want to be liberals too much in the end the most important is discipline .

• Governor of the Central Bank on the Keywords appeared in more than a seminar to talk about the cash reserve, you are referring to this thing?

- Iraqi citizen 's share of the reserves of not less than $ 1,000 or $ 1,200 , and its share of the debt $ 3,000 but it must take into account the non - real debt and that have not been settled, the Bank Governor Amin on his work, and we are all working very tight with the IMF, central bank reserves it should go down to $ 38 billion , according to IMF estimates, but in the final round , which brought us Monetary Fund had reserves of $ 47 billion, is currently the reserves nearly fifty billion dollars, and even the IMF said this figure optimism for the Iraqi economy point, the whole world must the reserves cover a six - month import In Iraq , we have eight months import cover, in my opinion , the situation is reassuring .



• the global economic press reports saying Iraq was a testing ground for what is known as the economy of shock , one of the most important Mtbuniat Chicago, a school in which to pass the privatization peoples indirectly .. Do you find this to be true?



- The formation of the economic system of Iraq was at the height of globalization in the new liberal thought, for example , the Central Bank Law free money transfers and free everything were canceled customs and the high economic liberalism, but the economy fragile , such as the Iraqi economy shifted under these circumstances to the commercial capital, there were not projects development with high real estate prices, and began capitalism Real Estate sells its properties and shifted their funds out of Iraq as a cheaper there, agricultural capitalism destroyed by the influx of cheap goods, so the Iraqi capital turned out of Iraq, what happened to the so- called financial Marquintalah, the state is sponsoring only financially economy and development there, yes , there was a shock the economy of the ideas of the Chicago School, currently there in the disintegration of the capitalist system and is similar to the stage with the pre - World war II, either about the Iraqi economy , I am optimistic and say that after the liberation of Mosul , there will be a new path of economic reform .

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Last edited by emmaduke on Sat Mar 18, 2017 7:54 am; edited 1 time in total

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