Does Iraq intend to borrow from the International Monetary Fund?

[Mary B]

 

 

Does Iraq intend to borrow from the International Monetary Fund?

11th September 2020

 

 

Minister of Finance Ali Abdul Amir Allawi (Getty)

Ultra Iraq Editorial Team

The Parliamentary Economic and Investment Committee revealed the Minister of Finance's intention to present a draft of reforms at the end of this month, stressing that the Finance Ministry does not intend to borrow from the International Monetary Fund.  

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The Minister of Finance confirmed that Iraq does not want to borrow from the International Monetary Fund because of its difficult and costly conditions

A member of the Economic Committee, Mazen Al-Faili, said in a statement to the official agency, followed by Ultra Iraq, that "the Minister of Finance has set the end of this month as a date for submitting a non-final draft to come out with reforms, while the middle of next month will present a draft for discussion and after consulting with the three presidencies," pointing out that " The Minister of Finance, Ali Abdul-Amir Allawi, indicated that there are previous accumulations and the treasury is almost empty, and the situation is exceptional and needs a long period.  

Also read:  Minister of Finance: The government will present an "economic reform" program within 3 months

"The Minister of Finance confirmed that Iraq does not want to borrow from the International Monetary Fund because of its difficult and costly terms," Faily said.  

He added, "The Minister of Finance mentioned that specifying a two-month period in Article Seven of the Borrowing Law to present the government with a reform paper or an economic development paper is not sufficient, because the period is short and the government needs six months to present this paper, especially since the official working hours have become 25% in the last period because of Corona outbreak, and it has become difficult to submit a repair paper during this period. "  

Earlier, Minister of Finance Ali Abdul-Amir Allawi stressed that "the economic reform program needs a long time because the economic situation in Iraq is going through embarrassment due to the repercussions of previous cumulative economic policies that passed on the Iraqi state since the 1950s in the last century until now, especially the reform law legislation." The agricultural sector and the socialist package decisions, in addition to the loss of the economic vision that weakened the private sector and put all resources in the hands of governments. "  

He added, "The current government suffers from a scarcity of funds, which forced it to borrow internally and externally and cannot submit the paper within the period specified by the law voted on."  

Allawi pointed out that "the formation of a specialized team consisting of 40 employees is working continuously to prepare and submit the required paper despite the current health conditions," indicating that "the reasons for delaying its submission are technical and historical."  

 

https://ultrairaq.ultrasawt.com/هل-ينوي-العراق-الاقتراض-من-صندوق-النقد-الدولي؟/الترا-عراق/اقتصاد

[King Bean]

Sheesh. These guys wrote the "excuse" book. Everything but "the dog ate my white papers" thrown out there. No excuses when they want their paychecks, I bet. Lame-o fools.

[horsesoldier]