Support from the International Monetary Fund for Iraq to ease expenses

by **Ponee** Fri May 22, 2015 11:33 am

Iraqi Ministry of Finance agreed with the International Monetary Fund to provide emergency financial assistance to Iraq, in order to reduce public expenditures, and issued a statement pointed out that Iraq agreed with the IMF during the technical talks and detailed that finally carried out to provide emergency financial aid, pointing out that the agreement comes within the plans Government to cut public expenditure.

The ministry pointed out that the Iraqi delegation held talks with the Legal Department and the Department of Accounting at the IMF officials to stand on the use of the government and the Ministry of Finance SDR funds allocated in the 2015 budget
it is noteworthy that Iraq held technical meetings with the multi-party investment guarantee institutions of for «Monetary Fund.»

and affected by the Iraqi budget down global oil prices, as oil revenues make up 95% of total government revenues, while the budget suffer significant financial pressure because of high overhead.

it announced «IFC», a subsidiary of «World Bank» , invested $ 18 million to help promote high-quality dairy products industry, which will lead to food security in Iraq to support and encourage the growth of non-oil sectors. She pointed out that this funding will help meet the growing demand for food, improve its distribution standards.

The World Bank felt that this investment is part of a comprehensive strategy aimed at encouraging investments between the countries in the region and promote economic diversification in Iraq and improve agricultural production, as it will contribute to the development of ways of food production and distribution in transforming Iraq's economy depends on oil to a more diversified economy.

It plans «IFC» to promote investment services in Iraq in the coming years, it plans to invest between 100 and 130 million dollars per year in priority sectors such as infrastructure and the financial sector.

It is noteworthy that they invested in 2014 more than 12 billion dollars in the face of the most pressing challenges in the field of development.

In another context, the Iraqi National Business Council submitted a proposal to the Prime Minister Haider al-Abadi, to join the «Asian Investment Bank» which will help Iraq in infrastructure services.

quoted President of the Council Karim al-Shammari, that «many countries have joined the Bank and including Britain, Germany, France, the UAE and Iran, as well as Egypt's request to join».

He pointed out that «Asian Investment Bank», led by China, could help Iraq in closing the large gap in services various infrastructure as well as electricityenergy, environment, and others,

SOURCE