Central Bank: The adequacy of Iraq's financial reserve reached 160 percent

Central Bank: The adequacy of Iraq's financial reserve reached 160 percent



21/01/2018

Economy News _ Baghdad

The Governor of the Central Bank of Iraq Ali al-Alaq, that the adequacy of the Iraqi financial reserve amounted to 160% according to the criteria set by the International Monetary Fund, indicating that the criteria and conditions set by the Fund in dealing with Iraq was an agreement between the parties and not dictates from one party to another.

"The joint financial reform program with the IMF aims to improve financial management and fiscal discipline by controlling expenditures and increasing revenues, and we are keen to implement reforms in all our institutions and ministries," al-Aalak told a news conference in Najaf, .

"We are working on the development of certain objectives and programs in agreement with the International Monetary Fund to improve the financial situation and prevent a financial crisis in the future."

"There is a positive relationship between the improvement in oil prices and the financial situation of the country, and today this improvement was reflected directly on the revenues of the state."

"However, this improvement does not mean a return to uncontrolled spending or financial actions that are not calculated far away, but that the increase will go to pay the result of Iraq's domestic debt, including towards investment projects."

"We are keen and careful to monitor the level of reserve cash and with us the international organizations and the International Monetary Fund, so that the reserve does not fall below the required international standard or standard," he said.

He added that "

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