Experts acknowledge the inability of Iraq to meet the demands of the International Monetary Fund

[yota691]

Experts acknowledge the inability of Iraq to meet the demands of the International Monetary Fund

11/03/2012 10:48

Baghdad, March 11 / March (Rn) - The number of experts in the field of economy and development, that the Iraqi government did not comply with the instructions of the International Monetary Fund for the development of its banks and its financial transactions as required, acknowledging the inability of Iraq to meet the demands of the Fund.

The economist said Ali Ke Ji told the Kurdish news agency (Rn) that "the Iraqi government has not implemented mechanisms to the International Monetary Fund to develop its dealings Banking and Finance as required in exchange for a loan of U.S. $ 3 billion," pointing out that "banking transactions require to make way for electronic trading and the development of e-banking to withdraw money after all transactions and the expansion of private banks with government institutions. "

He added that Ke Ji "Government Central Bank of Iraq is still limited to preserve the value of the dinar from the national development without real political cash balance in the country so that the fiscal policy pursued by the government, particularly with regard to the implementation file of the budget year."

The Iraqi Council of Ministers had approved yesterday the first to file the budget in 2012 despite the objections made by the Council of the file and took refuge on the track to the Federal Court.

The Ministry of Planning and Development Cooperation of Iraq has announced the postponement of the launch of the budget in 2012 to until the end of the outstanding problems upon between the Council of Ministers and House of Representatives, at the time had announced the ministry that the budget in 2012 will be discussed in the cabinet of the new reduced payment on credit of $ 27 billion to $ 18 billion.

Article 62 of the Iraqi Constitution, "The Cabinet presents the general budget bill and the final account to the House of Representatives for approval," while the second paragraph of the same article that "the Council of Representatives may conduct transfers between the sections and chapters of the general budget and reduce the total amounts, and the proposal to increase Total amount of expenditures to the Council of Ministers if necessary. "

In turn, the former Director General of the National Bank of Mercy Hnaoh Abbas's (Rn) that "the International Monetary Fund request from the Iraqi government to reduce the budget deficit unless they meet in the last budget in 2012."

Hnaoh explained that "the Iraqi government needs to international financial loans for the purpose of coping with the requirements of international economic development and the need for the global market to the banking and financial dealings high-resolution level."

He said, "banking Iraq is still a primary or balanced with the aspirations of the country and plans drawn up by the development of the internal structural of these banks in both its public and private sectors," noting that "the deficit in the current year budget is can be treated by relying on oil prices remain above $ 100" .

For his part, the national central bank that "Iraq did not distract from the International Monetary Fund loan has a $ 3 billion only two billion dollars for backup".

The deputy governor of Central Bank of Iraq Mzarmohamd Saleh (Rn) that "the Iraqi government were not needed to borrow from the IMF only for the purposes of credit and back-up for fear of the financial crisis," adding that "the interest of Iraq to take advantage of the experience of the Fund in its dealings banking the next phase. "

He added by saying that "Iraq agreed with the Fund during the meetings ended yesterday in the Jordanian capital of Amman to start the implementation of high-level plan for the development of the financial dealings of private banks and government."

And completed the International Monetary Fund last week's second review of the progress achieved by Iraq under the program supported by the loan, and the condition of the need to fund Iraq's semi-drastic changes in the tax system as a basis for granting loans and to support its projects.

Iraq had decided since the beginning of 2006 to restructure State-owned banks have, as the government continues to rely on its financial transactions on the government banks by 85%.

And the International Monetary Fund expressed recently his support of the Iraqi economy in the event of his a number of economic measures, including raising three zeros from the local currency.

The Iraqi Council of Representatives has approved during its meeting held on February 23 on the 2012 budget, which amounted to 117 trillion Iraqi dinars, equivalent to about 100 billion U.S. dollars.

From: Jafar Allonan, Ts: Walid al-Zaidi, the Open: Aso Haji http://translate.google.com/translate?hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://m.aknews.com/ar/aknews/4

Edited March 11, 2012 by yota691

[Halo9678]

The smoke and mirrors... It's getting pretty thick.... So after all of this really good news, the "experts" are saying that they really aren't ready. It almost makes one wonder what in the devil have they been doing over there all this time....

[yota691]

they will get it work out, it only 11 billion dollars!!

[yota691]

my math off 9 billion

Edited March 11, 2012 by yota691

[leanonme]

hope they get it worked out soon.

[Abarvets]

And the International Monetary Fund expressed recently his support of the Iraqi economy in the event of his a number of economic measures, including raising three zeros from the local currency.

Why don't we just move along then. Credit issues will resolve themselves........

GM Yota, thanks for the article.

[redsand]

Experts...psh!

Its getting closer to the Summit and we all know what that means. The articles were TOO GOOD and ACCURATE yesterday...so they threw these articles out to confuse. "Lets place two ugly men in front of recorders to make this article look legit!" It'll all be alright.

[uncirculd]

And the International Monetary Fund expressed recently his support of the Iraqi economy in the event of his a number of economic measures, including raising three zeros from the local currency.

Why don't we just move along then. Credit issues will resolve themselves........

GM Yota, thanks for the article.

Yep, that's the problem. Iraq was suppose to finish this in Dec 2011. But they can't seem to get the ministers and Maliki doesn't want to implement Erbil. He wants to keep the power. That's the only reason he has not done it. But I believe we will get all this from the National Meeting. If we don't, we could be in for a long haul.

No more money for Iraq. Do what your suppose to. RV

Edited March 11, 2012 by uncirculd

[Stryker365]

Yep, that's the problem. Iraq was suppose to finish this in Dec 2011. But they can't seem to get the ministers and Maliki doesn't want to implement Erbil. He wants to keep the power. That's the only reason he has not done it. But I believe we will get all this from the National Meeting. If we don't, we could be in for a long haul.

No more money for Iraq. Do what your suppose to. RV

You sure it wasn't Allawi and his marry man that boycotted the Ministers Cabinet and Parliament that has caused this two plus month delay?

Please just give Maliki a break already, we all know how you feel about him but it get a little old. Thanks for understanding.

I think Shabibi knows what his doing and the Economic Committee has already said they are going to implement it so I don't think it has anything to do with him becoming a dictator....JMO... ...

Experts...psh!

Its getting closer to the Summit and we all know what that means. The articles were TOO GOOD and ACCURATE yesterday...so they threw these articles out to confuse. "Lets place two ugly men in front of recorders to make this article look legit!" It'll all be alright.

Good Sunday redsand, we will see what we want this week because I think fnbplanet is right, they are running out of time to get this done before their guest arrive.

RV and let us all go on our way Shabibi......

I promise I'll continue to support your economy thru investments....

Edited March 11, 2012 by Stryker365

[sonny1]

those dudes look serious. lol

[tilak]

The smoke and mirrors... It's getting pretty thick.... So after all of this really good news, the "experts" are saying that they really aren't ready. It almost makes one wonder what in the devil have they been doing over there all this time....

I tend to believe the smoke and mirrors statement Halo9678 however these guys have more excuses than we have nose holes.

GO RV.

[mrref]

The smoke and mirrors... It's getting pretty thick.... So after all of this really good news, the "experts" are saying that they really aren't ready. It almost makes one wonder what in the devil have they been doing over there all this time....

Been on VACATION

[amhvl]

those dudes look serious. lol

Best not play poker with them...

[TQueezy]

Methinks they rely too heavily on the opinions of "experts" over there instead of just making decisions based on their regulations and proposals in line with the IMF and other agencies' demands.

[Carrello]

Yesterday the article below was posted, and it appears the the IMF was "satisfied" with the reforms. The article today may have different issues, but how can an "expert" have such a different take? Things that make you hold your chin and say hmmmm.

Iraqi Central: International Monetary satisfied with our reforms to the financial

10/03/2012

Baghdad, March 10 / March (Rn) - The Central Bank of Iraq on Saturday that the International Monetary Fund is satisfied with the financial reforms implemented by the bank as part of his dealings.

Iraq had decided since the beginning of 2006 to restructure State-owned banks.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the International Monetary Fund expressed his conviction that the financial reforms carried out by Iraq at the level of banking and financial dealings and development."

He added that "Iraq see the International Monetary Fund with a bilateral agreement was signed between the two sides to strengthen the political development of banking and cash transactions."

Saleh pointed out that "the purpose of this Convention, including evaluation well for conditions in Iraq and the areas of financial reform of the accounting system and mechanisms of exchange in the budget."

The Iraqi government is still limited in its financial transactions on the government banks by 85%.

And the International Monetary Fund expressed recently his support of the Iraqi economy in the event of his a number of economic measures, including raising three zeros from the local currency.

This post has been edited by JustNTime: Yesterday, 08:26 AM

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[uncirculd]

NO more loans Iraq, your not doing what your suppose to, and have not done what you said. Geez, imagine that. You can fool your own people, but when you deal with the big boys, they ain't buying it.