IMF urges Iraq to diversify the sources of imports and pays tribute to its stability Economic FRIDAY, MAY 24 / MAY 2013

[TBomb]

IMF urges Iraq to diversify the sources of imports and pays tribute to its stability Economic
FRIDAY, MAY 24 / MAY 2013 20:12

Twilight News / International Monetary Fund (IMF) urged Iraq to diversify its sources of imports, which depends on oil by up to about 95%, at the same time praising the country's success in maintaining economic stability despite the political and security challenges facing large.
And bequeathed the conditions of Iraq and the wars that it passed a state with weak institutions and an economy burdened by Citizen serious structural defect.

At the forefront of these glitches unilateral nature of the Iraqi economy by relying on oil source to be almost alone the composition of national income.

This means almost absolute dependence on oil dependence of the country and the fate of its citizens by fluctuations in the price of oil on world markets. One does not need to unruly imagination to visualize the disastrous effects on the Iraqis in the event of the collapse of oil prices.

The oil revenues provide for payment of salaries bloated bureaucracy and public sector flabby and security devices is tens of thousands of cadres as well as the army, police and workers in the education sector. And surviving on this giant Kharafi, whose name the state apparatus and joints on provided by Treasury him in the end of each month.

Faced with this situation called for the International Monetary Fund for Iraq to build a financial safety valves to diversify its sources of income, warning specifically of the survival of the national economy is exposed to the risk of the oil market.

He noted the International Monetary Fund (IMF) in a report addressed Radio Free Iraq and seen by "Twilight News" to Iraq's success in maintaining overall economic stability despite the political and security challenges facing large.

But the report urged the Iraqi government to accelerate economic reforms, including the non-oil private sector to contribute to the provision of jobs and drive growth.

The International Monetary Fund said that the risks that threaten the prospects of the Iraqi economy in general is still high. He called on the Fund to reduce government spending, including the current employment in state institutions and supporting fuel prices.

He expected the fund to keep the prospects for the development of the Iraqi economy in the medium term depend on what is happening in the oil sector developments.

The chancellor acknowledged the Ministry of Finance Hilal Tahan that the Iraqi economy is still economical a as evidenced by cash contribution of oil revenues to the state budget by about 93 percent.

Miller explained the circumstances that because of Iraq's economy is different from all the world's economies, including the 8-year war with Iran and the invasion of Kuwait, which was followed by harsh penalties for about 12 years and then the U.S. invasion and the subsequent fallout continues even now.

Miller predicted Iraq's transition to a market economy in the medium term, calling for the protection of the local product to enable the private sector to regain its role.

The spokesman for the Ministry of Planning Abdul-Zahra al-Hindawi said the ministry has prepared a plan aimed at addressing the unilateralism in the Iraqi economy to expand the role of the private sector and the oil find alternatives for the development of the Iraqi economy, such as agriculture, industry, tourism and investment.

Economic analyst Majid picture noted that what has been achieved in the development of Iraq was driven by increased oil production and not diversify the composition of GDP.

The International Monetary Fund predicted that the rising rate of growth of the Iraqi economy from 8.4 percent in 2012 to 9 percent this year on the basis of increased oil production to 3.3 million barrels per day.

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[zigmeister]

IMF does not seem to be concerned  with the dollar and dinar issue.  They seem to be comfortable with what they are doing to stabilize the dinar.  The rest is pretty much the same as their past reports.  Don't depend on oil, diversify, infrastructure, agriculture, industry, tourism and investment.  Iraq is rich with all of those, not every country is.

[Brisco]

By stability does that mean filling their prissions at an alarming rate

[jeepguy]

one of these days { soon I hope }  Iraq will get tired of i.m.f. and w.t.o.  telling them what is or what needs to be ,,, they will let c.b.i. roll out with what Iraqi citizens are protesting in the streets for ......   just my opinion on what I think Iraq might do -------> 1 too 1  revalue .... { but still they need i.m.f. and world bank for us to benefit    

[SWFloridaGuy]

Thanks for bringing in the article Tbomb.

[tedro]

Thanks for bringing in the article Tbomb.

Good Morning SWFLORIDAGUY..............in my occasional reading on another blog I notice an abundance of your postings (seems they even have a section devoted to you). All of your postings, both there and as you have posted here in the past, are generally very educational, informative, productive and extremely well thought out and constructed, a breath of fresh air if you will. 

You are one of a few whose writings are truly an honest and encouraging enlightenment..........so, is there a reason your disertations have lately become void of Dinar Vets ??  I for one would very much welcome you back, what say you??

[sandfly]

RV

[TBomb]

IMF calls on Iraq to end its dependence on oil

24.05.2013

Christine attacked the Executive Director of the International Monetary Fund

Iraq and war conditions bequeathed that passed a State with weak institutions and an economy burdened with a serious structural flaw.

 

First and foremost, this single character glitches for the Iraqi economy by relying on oil source is hardly to be lonely for the composition of national income.

 

This means almost absolute dependence on oil dependency and the fate of the oil price fluctuations in the world markets. And one does not need an unruly imagination to visualize the disastrous impact on the Iraqi people in the event of the collapse of oil prices.

 

The oil revenue to pay the salaries of a bloated bureaucracy and public security organs is flabby and its cadres to tens of thousands as well as army, police and workers in the education sector. People go this giant Al-Kharafi, who named the State apparatus and its joints on his Treasury at the end of each month.

 

In this situation the IMF called on Iraq to build financial security valves to diversify its sources of income, warning specifically of the national economy remain exposed to market risk.

 

The IMF noted in a report published on the 21st of may, Iraq successfully maintain overall economic stability despite major political and security challenges they face.

 

But the report urged the Iraqi Government to speed up economic reforms in the non-oil private sector can contribute to job creation and growth.

 

 

And the International Monetary Fund said that the threats to the prospects of the Iraqi economy generally remain high. He called on the Fund to reduce government spending, including on employment in State institutions and supporting fuel prices. The IMF predicted that the prospects for the development of the Iraqi economy in the medium term depended on developments in the oil sector.

 

Radio free Iraq Finance Ministry Adviser met with Helal Al-Tahan, who acknowledged that the Iraqi economy is still the cash economy as evidenced by the contribution of oil revenues in the State budget by about 39 percent.

 

Miller said that because of Iraq's economy differs for each of the world's economies, including the eight-year war with Iran and the invasion of Kuwait followed by severe penalties for about 12 years and then the US invasion and the subsequent fallout continues even now.

 

Miller predicted that Iraq's transition to a market economy in the medium term to protect the local product to enable the private sector to restore cycle.

 

Ministry spokesman Abdul Zahra Al-Hindawi planning Ministry has prepared a plan that aims to address unilateral Iraqi economy expanding the role of the private sector and to find alternatives to oil to develop the Iraqi economy, such as agriculture, industry, tourism and investment.

 

Economic analyst Majid mock noted that the development in Iraq was driven by increased oil production and diversify the sources of GDP composition.

 

The IMF predicted that the economic growth rate of 8.4 percent in 2012 to 9 percent this year, based on increased oil production to 2.1 million barrels per day.

 

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Fwww.iraqhurr.org%2Fcontent%2Farticle%2F24996305.html

 

 

IMF urges Iraq to diversify imports and pays tribute to the economic stability

 

Friday, 24 may 2013

 

Twilight news/IMF urged Iraq to diversify oil-dependent imports by up to 95%, praising the country's success in maintaining economic stability despite major political and security challenges they face. 

And bequeathed the conditions Iraq and wars that passed a State with weak institutions and an economy burdened with a serious structural flaw.

 

First and foremost, this single character glitches for the Iraqi economy by relying on oil source is hardly to be lonely for the composition of national income.

 

This means almost absolute dependence on oil dependency and the fate of the oil price fluctuations in the world markets. And one does not need an unruly imagination to visualize the disastrous impact on the Iraqi people in the event of the collapse of oil prices.

 

The oil revenue to pay the salaries of a bloated bureaucracy and public security organs is flabby and its cadres to tens of thousands as well as army, police and workers in the education sector. People go this giant Al-Kharafi, who named the State apparatus and its joints on his Treasury at the end of each month.

 

In this situation the IMF called on Iraq to build financial security valves to diversify its sources of income, warning specifically of the national economy remain exposed to market risk.

 

The IMF noted in the report dealt with radio free Iraq and obtained by "Twilight" to Iraq's success in maintaining economic stability generally, despite the major political and security challenges they face.

 

But the report urged the Iraqi Government to speed up economic reforms in the non-oil private sector can contribute to job creation and growth.

 

And the International Monetary Fund said that the threats to the prospects of the Iraqi economy generally remain high. He called on the Fund to reduce government spending, including on employment in State institutions and supporting fuel prices.

 

The IMF predicted that the prospects for the development of the Iraqi economy in the medium term depended on developments in the oil sector.

 

And Adviser to the Ministry of finance approved Helal Miller that the Iraqi economy is still the cash economy as evidenced by the contribution of oil revenues in the State budget by about 39 percent.

 

Miller said that because of Iraq's economy differs for each of the world's economies, including the eight-year war with Iran and the invasion of Kuwait followed by severe penalties for about 12 years and then the US invasion and the subsequent fallout continues even now.

 

Miller predicted that Iraq's transition to a market economy in the medium term to protect the local product to enable the private sector to restore cycle.

 

Ministry spokesman Abdul Zahra Al-Hindawi planning Ministry has prepared a plan that aims to address unilateral Iraqi economy expanding the role of the private sector and to find alternatives to oil to develop the Iraqi economy, such as agriculture, industry, tourism and investment.

 

Economic analyst Majid mock noted that the development in Iraq was driven by increased oil production and diversify the sources of GDP composition.

 

The IMF predicted that the economic growth rate of 8.4 percent in 2012 to 9 percent this year, based on increased oil production to 2.1 million barrels per day.

 

 

 

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[zigmeister]

What the IMF don't allow!  Reminds me of a song....