Iraq resorted to foreign reserves to cover the deficit

by **Ponee** Wed Jan 13, 2016 12:06 pm

[rtl]BAGHDAD / JD / .. The Iraqi government said, in a note to the International Monetary Fund it plans to finance the deficit in the balance of payments of withdrawal from Iraq, including foreign reserves will make it go down to $ 43 billion in 2016 from 59 billion at the end of last October.[/rtl]

[rtl]According to Sky News Arabic, the government said under the program approved by the IMF as a precondition for the loan, it is expected that the balance of payments deficit of $ 14 billion in 2015, before shrinking to $ 11 billion in 2016.[/rtl]

[rtl]Iraq estimated that GDP will grow by 1.5 percent in 2015 and 10.6 percent in 2016 with the increase of oil production.[/rtl]

[rtl]While falling oil prices will lead to a budget deficit of 15 percent of GDP in 2015 and a deficit of 10 percent in 2016.

[/rtl]

http://www.dananernews.com/News_Details.php?ID=6620

by **Ponee** Wed Jan 13, 2016 12:07 pm

Iraq plans to finance the budget drawing on foreign reserves deficit

BAGHDAD, Iraq Press January -13: Iraq said in a memorandum to the International Monetary Fund for he plans to finance the deficit in its budget for the payments by drawing on foreign reserves, including make it go down to $ 43 billion in 2016 from 59 billion at the end of October last.

The Iraqi government said under the program approved by the IMF as a precondition for the loan that is expected to reach a balance of payments deficit of $ 14 billion in 2015 to shrink to $ 11 billion in 2016.

Iraq estimated that gross domestic product will grow by 1.5% in 2015 and 10.6% in 2016 while increasing its production of oil while will fall in oil prices to a budget deficit of 15% of GDP in 2015 and a deficit of 10% in 2016 .anthy (1)

http://www.iraqpressagency.com/?p=180668&lang=ar

by **RamblerNash** Mon Feb 01, 2016 10:03 am

Iraq sees foreign reserves dropping to $43 bln in 2016 - IMF memo

BAGHDAD

Jan 12 Iraq plans to finance its balance of payments deficit by drawing its foreign exchange reserves down to $43 billion in 2016 from $59 billion at the end of October, it said in an International Monetary Fund memo on Tuesday.

The deficit is expected to reach $14 billion in 2015 before narrowing to $11 billion in 2016, the government said as part of a Staff Monitoring Programme that the IMF has approved as a precondition for a loan.

Iraq estimated gross domestic product (GDP) would grow by 1.5 percent in 2015 and 10.6 percent in 2016 on increased oil production, while falling oil prices would create a budget deficit of 15 percent of GDP in 2015 and 10 percent in 2016. (Reporting by Stephen Kalin; Editing by Ruth Pitchford)