Press Release No.15/363
July 30, 2015On July 29, 2015, the Executive Board of the International Monetary Fund (IMF) approved SDR 891.3 million (about US$1.24 billion or 75 percent of quota) for Iraq under the Rapid Financing Instrument (RFI)1. The purpose of this financial assistance is to help Iraq address present and urgent balance of payment and budget needs in 2015 related to the ISIS insurgency and a decline in oil prices. The IMF financing will support the authorities’ current economic program, which includes fiscal adjustment measures and structural reforms.
Following the Executive Board’s discussion of Iraq, Mr. Mitsuhiro Furusawa, IMF Deputy Managing Director and Acting Chair of the Board, issued the following statement:
“The twin shocks faced by Iraq from the ISIS insurgency and the drop in global oil prices have severely widened the government deficit and caused a decline in international reserves. The authorities’ policies to deal with the shocks, including sizable fiscal adjustment and maintenance of the exchange rate peg, go in the right direction. Access under the IMF’s Rapid Financing Instrument will help address Iraq’s urgent balance of payments and budget needs. However, large fiscal and external financing gaps remain.
“The large financing gap calls for the rigorous implementation of the authorities’ policies, but also additional fiscal adjustment measures and identification of domestic and internal financing. In this context, it will be important to implement the new electricity tariff schedule as soon as possible, or adopt compensatory measures. Looking ahead, the authorities should lay the ground for medium-term structural reforms that would better support macroeconomic policy management and boost the economy’s resilience to shocks.”
1 The RFI provides rapid and low-access financial assistance to member countries facing an urgent balance of payments need, without the need to have a full-fledged program in place. It can provide support to meet a broad range of urgent needs, including those arising from commodity price shocks, natural disasters, conflict and post-conflict situations, and emergencies resulting from fragility. Access under the RFI is limited to 75 percent of quota per year and 150 percent of quota on a cumulative basis. Financial assistance under the RFI is provided in the form of outright purchases without the need for a full-fledged program or reviews.
IMF COMMUNICATIONS DEPARTMENT
|Public Affairs||Media Relations|
Since 07.30.2015 at 09:18 (GMT Baghdad)
Follow-up – the balance of News
The Turkish Foreign Ministry announced that the Council of Ministers formally approved the understanding with the United States includes open Turkish air bases in front of the international coalition in the war against al “Daash” terrorist. ”
Tango Balgi said Turkish Foreign Ministry spokesman told a news conference that the special agreement to fight the organization “Daash” The terrorist does not include the provision of air support for the fighters of the Kurds in the north of Syria. ”
On the other hand, US officials stressed that there is still issues to be resolved in the talks with Turkey regarding the depth of the region that will extend into Syria and start over the US warplanes in the implementation of combat missions from Turkish bases speed. ”
With regard to Syria’s support to opposition groups that the United States and Turkey have yet to agree on any of these groups, officials said can support it to contribute to the cleansing of the organization of the Turkish border “Daash” terrorist “.
A senior official in the Obama administration said in a statement to reporters on condition of anonymity, “We have to sit down with the Turks to resolve it,” stressing that there are opposition groups in Syria will not deal with the United States definitely.
For his part, Derek Cholat who served as assistant secretary of defense in the Obama administration that the decision on any of the Yaljmaat that will receive support will never be easy, and pointed out the differences that exist for a long time between Washington and Ankara on the strategy in Syria.
Robert Ford, former US ambassador to Syria ambassador said that Washington will not work with the victory front wing of al-Qaeda terrorist in Syria, is part of the Alliance, he said he had received support Turkey, stressing at the same time it is believed that the US administration can accept coexistence with the least Islamist groups stricter “. 29-3 / h
Et al – Anbar
Chairman of the Board Khalidiya spend in Anbar province, Ali Daoud, Thursday, for the College of Agriculture and edit Road 60 south of Ramadi announced after fierce battles with “Daash”, as he pointed to the death and injury of dozens of militants regulation.
David said, “The security forces were able, after fierce battles with Daash, from storming the southern axis of the civilian gray, edit and Road 60 and neighboring College of Agriculture, south of Ramadi.”
David and stressed that “the security forces imposed a strict control of the street and the college,” he said, adding that they “managed to kill and wounding dozens of militants organization.”
The head of the Khalidiya spend in Anbar province, Ali Daoud, announced on Thursday, the death of “Wali Saqlawiyah” in the organization “Daash” bombing of Flight International Coalition east of Ramadi.
ernational Alliance 31 raid carried out against “Daash”
Khandan – The US military, said the international coalition led by the United States carried out 22 air strike against targets of the organization “Daash” terrorist in Iraq.
A statement issued by the Joint Task Force, said that the strikes were concentrated near Haditha, where eight strikes hit the tactical unit to organize “Daash” terrorist and areas of concentration of forces and command and control site and also destroyed vehicles for “Daash” artillery and mortar pieces.
The coalition also targeted the terrorist organization near Kirkuk and Mosul and drunken, gray, Chenkal and Tal Afar.
The statement said the coalition also launched nine air strikes in Syria hit tactical units for “Daash” destroyed combat positions and motorcycles and carts near Hasaka.
4:55 PM – 30 Jul 2015
Brett McGurkBrett McGurk – Verified account @brett_mcgurk
31 new coalition strikes against #ISIL terrorists w/significant focus on #Hasakah, #Haditha, #Ramadi, #Mosul https://m.facebook.com/CJTFOIR/posts/1601010680165067 … #ISIS
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Long-Presse / Baghdad
The Iraqi government announced on Thursday signed a memorandum of “approval” with their American counterparts and the United Nations, to get a grant for the “immediate stability” in the liberated areas of (Daash), indicating that America will be handed over by the United Nations first installment of which of eight million and 300 thousand dollars for the rapid implementation of projects for the rehabilitation of basic services and humanitarian needs.
He said the Information Office of the Prime Minister, in a statement received (long-Presse) a copy of it, he was “a confirmation of the directives of the Prime Minister, Haider al-Abadi, about to begin to re-stabilize the areas liberated from the clutches of the terrorist Daash bands, took place in the Office of the Prime Minister, today, thirty July of 2015, the signing of a memorandum between the adoption of the United States Government and the United Nations and the Government of Iraq, the US Grant to achieve immediate stability in liberated areas ceremony. “
He said the office, that the United States will begin under that delivery amounts premium first of eight million and 300 thousand dollars to the United Nations, which will manage the implementation of quick-impact projects for the rehabilitation of basic services and humanitarian needs, which will receive the amounts of donor countries successively under what was decided at the Paris Conference in last June. “
He said al-Abadi Office, that “the Prime Minister, stressed during his attendance at the conference, the importance of international support, and coordinate the restoration of stability that require quick and direct action, and reconstruction efforts under the responsibility of reconstruction fund for the implementation of large and strategic projects in the liberated areas being freed efforts at the hands of our armed forces and the sons of the popular crowd and indigenous tribes. “
The head of the government, Haider al-Abadi, had participated in the work of the second mini-ministerial meeting of foreign ministers of the international anti-terrorism coalition of nations, which was held in the French capital Paris early last June.
The International Monetary Fund approved an emergency loan of $ 1.24 billion for Iraq and he needs external support to meet the organization Daash and lower oil prices.
Fund also said that the amount will be delivered in the case to help the government in bridging the gaps in the budget and balance of payments with the implementation of the measures and tax reforms and structural.
Approve the signing of a memorandum between the United States government and the United Nations and the Government of Iraq
Confirmation of the directives of the Prime Minister, Dr. Haider al-Abadi to start to re-stabilize the liberated areas from the clutches of Daash terrorist gangs, took place in the Office of the Prime Minister this thirtieth day of July of 2014 the signing ceremony of a memorandum of approval between the United States and the United Nations Government and the Government of Iraq, Grant US to achieve immediate stability in liberated areas.