Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

World Bank lends Iraq $1.2bn to face oil, security shocks  DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

World Bank lends Iraq $1.2bn to face oil, security shocks

Go down

World Bank lends Iraq $1.2bn to face oil, security shocks  Empty World Bank lends Iraq $1.2bn to face oil, security shocks

Post by Ponee Sun Dec 20, 2015 6:55 pm

World Bank lends Iraq $1.2bn to face oil, security shocks  Iraqi-army-682amqs14vhg77tgjpe5q5tb532bvk8w7mfuyix7sn2
 
 
THE World Bank said on Thursday it would lend Iraq $1.2 billion in emergency support to help it deal with the economic effects of its fight against Islamic State militants and low oil prices.

The budget support loan will be disbursed in a single tranche and should be available to Iraq before the end of the year, said Ferid Belhaj, a senior World Bank regional official who oversees Iraq.

“These twin shocks, coming at this particular juncture, are threatening the stability of the country,” he told Reuters in a telephone interview, saying it was vital to prevent Iraq falling into deeper crisis.

“Iraq falling into chaos means an even more chaotic Middle East. At this particular juncture, nobody wants that. We have enough chaos about,” said Belhaj, director for the Mashreq region, which includes Iraq, Lebanon, Jordan, Syria and Iran.

Iraq’s state finances are heavily dependent on oil revenues, which have sunk as oil prices have plunged. At the same time, Baghdad has ramped up military spending in its battle against the hardline Islamic State group, which has killed and displaced thousands, and destroyed services and infrastructure.

Iraq has been fighting back after Islamic State overran a third of the country in 2014. The jihadists still hold territory in Iraq, including the second city Mosul, and swathes of neighbouring Syria.

Belhaj said Iraq had committed to undertake economic reforms to fix structural distortions that had dragged on its economy even before the current crisis.
“Sometimes a crisis opens a window of opportunity and we believe that this is one such chance,” he said.

These include efforts to make state-owned enterprises more efficient, improve management in the energy sector and reduce the dominance of state-owned commercial banks Rasheed Bank and Rafidain to leave space for private lenders.

“For the first time, we have started levelling the playing field in the financial sector,” Belhaj said. “This is really a major, major departure after years and years of monopoly.”
He also said it was essential for Iraq to keep up the pace of these reforms and maintain fiscal discipline even if the economic situation stabilises.

“When tomorrow the prices of oil go back to acceptable levels for the Iraqis, they should not lose the incentive to continue with those reforms … We are really setting our foot in the door for these reforms,” he added.

The new loan takes World Bank lending to Iraq to nearly $2 billion, including $355 million for improving transport and road safety and $350 million agreed in July to support the reconstruction of areas affected by Islamic State violence.

“We went to the field and saw the situation, it was dire. Places that were occupied by (Islamic State) and destroyed and populations fleeing their homes,” he said.
The aim of the emergency loan was to help rebuild and return basic services for citizens. “So far, the project is really meeting or even going beyond some of our preliminary targets,” Belhaj said.

http://cyprus-mail.c...ecurity-shocks/

*****************
Ponee
Ponee
Admin
Admin

Posts : 38255
Join date : 2011-08-09

View user profile

Back to top Go down

World Bank lends Iraq $1.2bn to face oil, security shocks  Empty Re: World Bank lends Iraq $1.2bn to face oil, security shocks

Post by Ponee Sun Dec 20, 2015 6:57 pm

World Bank offers new loans to help Iraq



 
 
        World Bank lends Iraq $1.2bn to face oil, security shocks  22-3561

12/19/2015 0:00 
Baghdad morning   
the World Bank agreed to give Iraq a loan of $ 1.2 billion, to strengthen its efforts to adjust its finances, and improve the efficiency of the energy sector in the country, as well as to help cope with the effects of lower oil prices and rising security costs. 
He said, "Middle management director East, "the World Bank Group, Fred Belhadj:" The Bank's support .. to the momentum of the current reforms in Iraq are very important at this critical time, as the country faces the challenges of long-standing in the financial sector, public financial management, energy efficiency and security use. " 
He added: "In this process, offer a calculated risk. However, the risks that may result from failure to support the Iraqi government in these times much larger" .almsaol regional in the World Bank Group, said in his speech also said that "the Iraqi economy is going through a very critical period .. We believe that to help him recover quickly, and help Iraq achieve stability, will have great benefits not only to the Iraqi people but for the whole region. 
"He announced the bank agreed to finance development policies aimed at fiscal situation in Iraq, and the provision of sustainable energy project, and enhance the transparency of state-owned enterprises. 
According to the bank, this process, in line with the government's plan for economic recovery for the period between 2015 - 2018, committed by Iraq to implement reforms that will achieve the promotion of an integrated economic growth, and improve the efficiency of the delivery of basic services to the citizens, and to take action necessary to install the means of social protection. 
chief economist at the World Bank Eric Le Bourne, he explained that "development policy loan is an essential part of the World Bank's efforts to help address the fragility of the situation and promote stability in Iraq and the Middle East and North Africa in general." 
It is The new loan granted to Iraq focuses on three aspects, the first being to improve public expenditure management, where the government lowered last November, top civil servants salaries paid, and raised the wages of less staff salary, and then acted to re-distribution of wealth and mitigate social tensions at no cost, not to mention Steps have been taken to stop the 301 thousand pension for those who do not deserve.

LINK





*****************
Ponee
Ponee
Admin
Admin

Posts : 38255
Join date : 2011-08-09

View user profile

Back to top Go down

World Bank lends Iraq $1.2bn to face oil, security shocks  Empty Re: World Bank lends Iraq $1.2bn to face oil, security shocks

Post by Ponee Mon Dec 21, 2015 10:22 am

Parliamentary investment: our generations will pay outs government loans to develop the economy



Economy and Tenders
 Since 12.19.2015 at 12:55 (GMT Baghdad)

Enlarge this image
World Bank lends Iraq $1.2bn to face oil, security shocks  Rtwertrwet


Admitted deputy chairman of the economic and investment commission parliamentary Harith al-Harthy, the Sabbath, not to the government's desire to promote the Iraqi economy and to provide adequate financial liquidity for banks affiliate, as he emphasized that foreign loans will be repaid through the generations each year.

He said Al-Harthy's / scales News /, that "Iraq is suffering heavily from foreign loans but monetary policy is heavily dependent on external lending", calling for "reliance on domestic borrowing by the Central Bank of Iraq."
He added, "The state is determined to resort to the World Bank and borrow from it in spite of enabling them to use other resources," adding that "the payment of these loans will be through the generations each year."

He pointed out that "these loans will lead to burdening the state and the citizen later than adversely affect the Iraqi economy," explaining that "economic conferences it is only ink on paper attributing the cause that he is placed solutions for the advancement of economic reality and away from foreign loans but not There are no application because of the unwillingness of the government of the advancement of the economy and the provision of financial liquidity for banks and the economic situation. "

The World Bank announced recently agreed to give Iraq a loan of one billion and 200 million dollars to help it adjust the financial sector and improve the energy situation, and to compensate the decline in oil prices and rising security costs. 


 READ MORE AT this LINK

*****************
Ponee
Ponee
Admin
Admin

Posts : 38255
Join date : 2011-08-09

View user profile

Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum