Saturday, 20 June, 2015
The Minister of Finance, Hoshyar Zebari discussed with a number of global banks – JP Morgan and City Bank – and Deutsche Bank – in a second day of negotiations in Istanbul finding the financial resources to cover the deficit in 2015 budget.
A statement by the Iraqi finance minister reviewed the performance of the Iraqi economy under the current circumstances and the role of the federal budget for this year in cost control and enhances resources.
The technical accompanying delegation provided its remarks to the queries raised by the representatives of the three banks relating to activities in all economic sectors. The meeting was attended by the Adviser of Prime Minister for economic affairs and experts of the Ministry of Finance.
The International Monetary Fund (IMF) has reached an agreement earlier with Iraq on the loan program worth $ 833 million which is expected to help the country in supporting its public finance.
IMF said that the program – which still needs to be reviewed by the Board of Directors next month – will help Iraq to cope with the drop in oil prices since last year and the violence related to the conflict with the Islamic state organization.
The Iraqi government said it suffers from a deficit of about $ 25 billion in the current year budget which is about $ 100 billion.
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