IMF recommends activating the government taxes and expect Iraqis grew by 2% during 2015

[yota691]

IMF recommends activating the government taxes and expect Iraqis grew by 2% during 2015
Monday, March 16 / March 2015 15:41

 

 

[baghdad-where]

 

Iraqi Ministry of Finance announced today the end of the periodic consultations with the International Monetary Fund [iMF] Yesterday, in the Jordanian capital Amman, a periodic consultations to IMF experts with the Iraqi government representatives ended with agreement on a number of recommendations on improving the performance and growth of the Iraqi economy.

 

According to a ministry statement received by all of Iraq [where] a copy of it to those who participated in these consultations, which lasted several days, Finance Minister Hoshyar Zebari and Oil Minister Adel Abdul-Mahdi and the Governor of the Central Bank of Iraq on the Keywords and representatives from the ministries of trade, electricity, education and the BSA. "

 

And that "During the 14-15 of March ongoing talks to discuss the challenges faced by the economy and the law and the 2015 budget and fiscal policy and reduce costs and avoid any unnecessary expenses and to address the effects of financing from the banking system and the central bank."

 

And recommended that the final statement of the Fund, "the need for the Iraqi government to take measures to increase state revenues from taxes and improve tax collection and customs and tax administration."

 

As recommended by the International Monetary Fund, according to the statement "a number of reforms in the field of expenses in cash flow management and control for better implementation reports, financial situation and better management of debt and close coordination between the Ministry of Finance and the Central Bank and government banks."

 

A statement by the Ministry of Finance that "the IMF experts expect to achieve gross domestic product a positive growth rate of 1.2% in 2015," noting that he "participated in these consultations, officials and experts of the Ministry of Finance of the budget and accounting Iraqi Fund for External Development departments and economic experts circles specialists from Oil Ministry and the Central Bank and the BSA. "

 

And that "these consultations precede the annual international ministerial meetings [Meetings spring] Member States of the International Monetary Fund and the World Bank in Washington in mid-April 2015" .anthy

[Big_J]

THANX 

[Rabbi]

So, notwithstanding all of the turmoil that has wracked the Iraqi economy (Daash, dropping oil prices, etc.), the IMF expects growth in GDP of 1.2%.  Not bad.  Not as good as the Iraqi economy was doing before 2014, but certainly a trend back in the right direction.  I wonder if they are taking into potential effect of the "activation of the private sector" on the 18th.

[Saintsfan]

Thank you.

[BradyBear]

So if Iraq can with stand ISIS then perhaps in 2016 we will see the long awaited RV?

[sharkbait]

Thanks Yota! Do you do anything other than report the Iraqi news? What would we do without your hard efforts?!

[sandfly]

I STILL HAVE MY EYE ON THIS MONTH. THEN IF NOT THEN MAYBE NEXT YEAR

[yota691]

GMT 8:03 2015 Friday, March 20 : Latest Update

IMF lowered its forecast for the growth of the Iraqi economy

Agencies

 

 Baghdad: International Monetary Fund cut its forecast for the growth of the Iraqi economy to 1% during the current year, the forecast, issued last January, a growth of 2.5%, to conform to the current forecast with recent government estimates of the Central Bank Alaraca.oukal Fund report, issued yesterday Thursday, that the Iraqi economy registered a contraction of 2% in 2014, which was the first contraction of the economy since the US invasion of Iraq in 2003, compared Ptkadirsabak Fund issued at the beginning of last year that the contraction does not exceed 0.5%. He added Fund, in a report on the occasion of the conclusion of the article consultations fourth with Iraq, that his predictions indicate an increase in Iraq's oil exports in 2015 to 3.1 million barrels per day, from an average 2.5 million barrels per day in 2014 - according to the news agency Alonadol-.

The Iraqi government expects to increase oil production to 4 million barrels per day, rising exports so that up to 3.3 million barrels per day. They count on the contracts recently signed to raise the country's output of crude to around 8 million barrels per day in the last few years Almqublh.oukdr fund rising budget deficit to 12% of GDP.

The IMF report said the Iraqi authorities are taking proactive steps to address the dual shock that hit the country's economy hard, and of the control of the organization «Islamic State» over large areas of the territory of Iraq and the collapse of oil prices .waltguet mission of the Fund, in the period between 6 to March 15 / March this, Finance Minister Hoshyar Zebari, and Oil Minister Adel Abdul-Mahdi, and the Governor of the Central Bank of Iraq, the relationship, and a number of officials in the oil, trade and electricity sector.

 

Fund pointed out that the control of the organization «Islamic State» on areas of Iraq did not stop the expansion of the oil sector, which is expected to exports of oil to rise during the current year, helped by the oil agreement signed in the past year with the territory Achammal.oukdr Fund that inflation outside areas that are not controlled by the organization «Islamic State» less than 2% at the end of 2014, but the rate may rise after the activation of the tariff law, which imposes a high import duties. The IMF said the Iraqi Central Bank's foreign exchange reserves fell from $ 78 billion at the end of 2013 to $ 66 billion at the end of last year, due to lower oil revenues and rising imports.

 

Iraq relies on oil imports to finance 95% of the Almoisna.ozkr Fund report that external shocks accompanied by spending on security and humanitarian crises requirements, put pressure on the financial performance of the country, pointing out that the failure to approve the budget for 2014 has led to contain spending at less than those levels witnessed in 2013.

Iraq has yet to approve the budget in 2014 because of disagreements between the political blocs on the terms and clauses contained Almoisna.oukdr cash deficit fund law in the Iraqi budget through 2014 at 3% of GDP, compared with 6% in 2013, pointing out that this decline was partly due to deferred investment spending, stop the budget to the territory of northern Iraq, payments, and alluding to the accumulation of debts owed by foreign oil companies.

 

Fund pointed out that the deficit was financed mostly through domestic borrowing from state-owned banks. He said the 2015 budget assumes the arrival of oil exports to 3.3 million barrels per day at a price of $ 56 a barrel. He also noted that the budget includes an increase taxes on non-oil sectors, and it strives to contain spending. However, he noted the fund due to the significant decline in oil revenues, the current year's budget faces a shortfall of up to 12% of GDP, as the government expects.

The IMF report «under more conservative assumptions about the price of oil, and taking into account the payments from outside the budget for international oil companies, the deficit may be up to a much higher level».

 

Fund pointed out that Iraq needs more fiscal control measures, especially with regard to revenues and standards spending, so as to contain the deficit in 2015 at disproportionate levels with funding constraints, and ease the pressure on the government-owned banks, and the tightening of domestic demand in order to harmonize the decline in foreign exchange reserves. The IMF said that the foreign exchange market in Iraq remained stable over the past year, after a number of steps taken by the Central Bank to liberalize the market, as the parallel currency market spread to 3.5% of the total volume of transactions in the foreign exchange market by the end of 2014, the rate dropped.

 

The IMF said that the Iraqi government should Taaad evaluation of the Iraqi Central Bank Sales roof of the dollar, and the system of collection of customs duties through commercial banks, pointing out that these measures restrict the infusion of foreign exchange in the Iraqi economy, and led to the arrival of the parallel market currency (black) to levels record in the last few weeks.

In conclusion, the fund pointed out that the achievement of a comprehensive and diversified economic growth in the medium term in Iraq also depends on a wide range of reforms that include state-owned companies, and the energy sector, and the labor market and improve the business environment and governance. Article IV of the Agreement Establishing IFAD, that the Fund shall conduct annual bilateral discussions with Member States, which focuses on the macroeconomic policies of countries
.

[Big_J]

[yota691]

^{International poll shows growing Iraqi fears of economic situation}

 

Editor Alaa Hassan, Ammar al-Kazim - Friday, 20 March 2015 20:15

 

 

 

 

 

Alsumaria News / Baghdad 
opinion poll conducted by the American Institute of "Gallup" growing Iraqi fears of the economic situation, and as pointed out that the majority of Internet users in Iraqmale and well-educated, confirmed the growing popularity of Prime Minister Haider al-Abadi . The site said, "Voice of America" ​​The "Data has been collected on the basis of a survey conducted through mobile phones and land lines in different parts of Iraq, including controlled Zoning Daash . "
 

 

"The data of the new poll indicates the growing popularity of the Iraqi prime minister Haider al-Abadi, at the end of the month of December last prime minister won 53% of the confidence of respondents in the province of Kurdistan , and 76% of the sample surveyed in southern Iraq, and 69% of the sample The survey in the areas controlled by the organization Daash. " He pointed out that "the survey showed an increase in the number of Iraqis who describe the economic situation Bafiqir which is not new in the light of the International Monetary Fund, which said that the economic situation in Iraq has been severely hurt by terrorism and falling oil prices report "noting that" these problems will cause contraction of the economy by 2% from what it was last year, according to the IMF report. " He pointed out that "the majority of Iraqis find it difficult to live on their current income, while struggling, half of them to pay for food and shelter, according to the poll . " He continued that "the majority of Iraqis who follow the news through television, while the number of Internet users in the country increased, where the rate was 40%," noting that "the Iraqi percentage of those who did not use the internet never reach 52%." He explained that "the majority of Internet users in Iraq male and well-educated and Kurds who are the largest proportion, "he said, adding that" this comes in light of the escalating use regulation Daash of the means of social communication, it is certain that some of the efforts of the organization aims to recruit some people in the provinces of Anbar and Nineveh, according to the Washington Institute for Near East Policy. " on site "Voice of America" ​​Translation: Alsumaria News

Read more: http://dinarvets.com/forums/index.php?/topic/199484-international-poll-shows-growing-iraqi-fears-of-economic-situation/#ixzz3V0rLsR7o

[yota691]

The International Monetary Fund is expected to increase the proportion of the deficit in the budget of 2015 to more than 12% announced by the government

Wrote: March 21, 2015

International Monetary Fund forecast high proportion of the deficit in the budget of two thousand and fifteen more than the proportion of only 12 percent announced by the government, to "significantly higher levels", due to lower oil prices, and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume that the budget proposal for implementation reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and reconsider the limits of central bank sales of the currency.

Referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.

The IMF said in a statement, issued by the Chairman of the negotiating mission with Iraqi authorities (Carlo Sdralvić), following a round of negotiations included the ministers of oil and finance Iraqis, and the Governor of the Central Bank, and Iraqi officials in Amman, Jordan, which ended last week, that "the budget in 2015 (Iraqi) Assume achieve exports of 3.3 million barrels per day at a price of $ 56 a barrel.

Accordingly include increases in non-oil tax and strives to contain spending through measures such as the application of compulsory savings on the wages of civil servants, however, given the significant decline in oil revenues, there is no budget still expect almost a deficit of 12% of GDP. " .

[yota691]

 

 

World Bank headquarters

IMF expects a "significant increase" in the 2015 budget deficit and propose "drastic measures" to reduce it

 

Author: RS 
Editor: RS 3.21.2015 one four a.m. number of readings: 479 

 

 

Long-Presse / Baghdad

International Monetary Fund forecast, on Friday, the high proportion of the deficit in the budget of 2015 to more than the 12 percent announced by the government, to "significantly higher levels", due to lower oil prices, and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget, Proposed implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and reconsider the limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.

The IMF said in a statement, issued by the Chairman of the negotiating mission with Iraqi authorities (Carlo Sdralvić), following a round of negotiations included the ministers of oil and finance Iraqis, and the Governor of the Central Bank, and Iraqi officials in Amman, Jordan, which ended last week, and received a (long-Presse) a copy of it "The budget of 2015 (Iraqi) assumes achieve exports of 3.3 million barrels per day at a price of $ 56 a barrel, and therefore include increases in non-oil tax and strives to contain spending through measures such as the application of compulsory savings on the wages of civil servants, however, given the the massive drop in oil revenues, the budget is still expecting a deficit of almost 12% of GDP. "

He added, "In the more conservative oil revenue assumptions, taking into account the payments due to international oil companies, which are not listed by the budget, it is very probable that the deficit up to much higher levels and to address this negative possibility, the government is committed to the implementation of less than budgeted expenses when you need to exercise Accuracy in cash management and rationalization of capital investment and defer some investment projects. "

Fund stressed in his statement that "the matter requires further fiscal consolidation through measures on both sides of revenues and expenditures to contain the budget 2015 deficit commensurate with funding constraints, and ease the pressure on the domestic banking system, and to reduce domestic demand to contain the decline in international reserves, and should be fiscal adjustment measures be permanent until underpin the sustainability of public finances and the external accounts situation in the medium term, which would be of great importance in view of the weakness of the prospects for oil prices. "

And the "foreign exchange market stable has been in 2014 after the steps taken by the Central Bank to edit that, and to reduce the difference with the parallel market to 3.5% at the end of the year, but the authorities should reconsider the limits of the sales of the Central Bank's foreign exchange and collection of customs duties through commercial banks, where these measures are already causing pumping to restrict foreign exchange to the Iraqi economy and led to the arrival of the parallel market prices to record levels in recent weeks. "

The statement pointed out that "moving forward in the re-structuring of the Rafidain and Rasheed state-owned, is also taking steps to open government business in front of banks and the private sector, and the introduction of a number of essential elements of the infrastructure of the financial system, such as the establishment of a system of deposit insurance and credit bureau as well as the growth Ctoaúa and diverse economic in the medium term will depend on a wide range of reforms, including state-owned enterprises, and the energy sector, and labor markets, and improvements in the business climate and governance. "

He continued, "due to a decline in economic activity in the occupied territories of the organization" Daash "and rigidity of government spending, estimated to shrink GDP growth by more than 2% in 2014 and is expected to come back to rise a little more than 1% this year."

"The inflation recorded rates low beyond the control of the" Daash "regions, where it was less than 2% at the end of 2014, but it may rise after the lifting of customs duties and procedures," asserting that "the CBI international reserves fell from $ 78 billion in the end of 2013 to $ 66 billion at the end due to lower oil revenues and the high level of imports, "noting" and reflects the level of international reserves at the end of 2014, the Development Fund for Iraq of $ 0.7 billion and the balance of which was converted to Baghdad at the end of last May. "

The statement emphasized that "Daash attacks did not lead to stop the expansion of the oil sector of each oil-producing regions, exports are expected to rise from 2.5 million barrels per day in 2014 to 3.1 million this year, taking advantage of the agreement with the Kurdistan region."

The statement continued, "The external shock, which was accompanied by pressure to spend on security and humanitarian requirements, the burden on the overall financial performance. In 2014, the financial base of the activation due to lack of credit balance, which helped to contain spending in less than 2013 levels, limits, and as a result Therefore, it is estimated that the budget deficit of about 3% of GDP, down from 6% of GDP in 2013, but this result was due in part to the postponement of investment spending and the suspension of conversion of the budget to the Kurdistan Regional Government, as well as accumulated arrears due to international oil companies. Most of the deficit is financed by borrowing from the internal state-owned banks. "

The mission, according to the statement, to "the Fund's readiness to support the Iraqi authorities through increased cooperation in terms of policies, and technical assistance, in addition to financial support when needed."

 

 

[Big_J]