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Iraq to cut 2016 spending, take on billions in foreign debt - memo

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Iraq to cut 2016 spending, take on billions in foreign debt - memo Empty Iraq to cut 2016 spending, take on billions in foreign debt - memo

Post by RamblerNash Fri Jul 22, 2016 12:49 am

Iraq to cut 2016 spending, take on billions in foreign debt - memo


REUTERS 14 July, 2016


Iraq to cut 2016 spending, take on billions in foreign debt - memo 130207130116NOJV
Men count wads of Iraqi dinars using money counting machines at a currency exchange shop in Baghdad October 1, 2012. To match IRAQ-ECONOMY/DINAR REUTERS/Saad Shalash (IRAQ - Tags: BUSINESS POLITICS)

Reuters/Saad Shalash

* Cuts pushed by lower than expected average oil price of $34.5

* Financing of $2 bln in bonds plus loans from US, IMF, World Bank

* GDP shrunk 2.4 pct in 2015, seen growing 10.3 pct this year


By Stephen Kalin

BAGHDAD, July 14 (Reuters) - Iraq, pressured by lower-than-expected oil prices, will cut non-oil spending in its 2016 budget by 15 percent and take on several billion dollars in international debt, it said in a memo which the International Monetary Fund released on Thursday.

OPEC's second-largest producer, which relies on oil exports for nearly all its revenue, has sought donor support amid a collapse in global crude prices and a costly war against Islamic State militants that has displaced more than 3.4 million people.

Iraq's parliament in December approved a 2016 budget of 105.8 trillion Iraqi dinars ($90 billion), with a deficit of 24 trillion dinars.

The government now expects the deficit to narrow to $4.9 billion in 2016 and then to $13.2 billion during 2017-19, it said in a June letter to the IMF requesting a Standby Agreement (SBA).

The IMF approved the SBA last week, granting access to an

Iraq said other financing sources for this year's deficit would include more than $2 billion in loans from the World Bank, partially guaranteed by France, the United Kingdom and Canada, and over $3 billion in loans from the United States and other lenders.

The authorities will also rely on a $1 billion bond with full guarantee of the United States and $1 billion Eurobond issuance in the last quarter of 2016.

Iraq last sold international debt in 2006, when it issued about $2.7 billion of bonds due in 2028 with a coupon of 5.8 percent.

The government plans to draw down its foreign exchange reserves over the next few years to help supplement that financing. It projects they will bottom out at $31.5 billion in 2020 from $59 billion in October.

Iraq also told the IMF it was committed to "a gradual elimination of the existing stock of outstanding arrears" to international oil companies by the end of 2016. Arrears were estimated last year at several billion dollars.

The government said in the memo it would implement a public hiring freeze in most sectors, reform pensions and impose electricity tariffs in order to increase revenues.

Iraq's economic activity had contracted by 2.4 percent in 2015 but was expected to grow by 10.3 percent this year, it added.

($1 = 1,169.7500 Iraqi dinars)

http://www.zawya.com/mena/en/story/TR20160714nL8N19Z4YPX8/

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