International Monetary requires regular taxes strengthening and collection for the disbursement of the new loan


Journal May 2, 2017 Add comment 24 Visit
BAGHDAD Journal News 

revealed the beginning of a financial source for “Journal News”, that representatives of the International Monetary Fund, told Iraqi officials that the second review of the standby credit agreement is complete and the consequent release of a new batch amount of $ 840 million, representing a new batch of loan the Fund depends on the regular tax collection and strengthening of the country, and to make sure Iraq was serious in moving in this direction.
The source said in a statement singled out by the “Journal News”, that “some officials motivated harassment and electoral bids statements, regarding economic reform measures, still pose damage to talks with international organizations.” 

Discussed by representatives of the Iraqi private sector with a delegation from the International Monetary Fund, the recent approval of a loan for Iraq to pay off the arrears to contractors and suppliers of Iraqis and peasants, and the ways to solve this problem, given the importance in stabilizing the economy.
He asked the deputy head of the International Monetary Fund for the Middle East and Asia Christiaan nut at the meeting , which was held in Baghdad , ” the possibilities that increase state revenues, including taxes and activate those imposed on non – oil products.” 

He pointed out that “customs duties ranged between 5 and 10 percent,” returned it “is not the proper way in which the customs revenue pool”.
He stressed the need to “change the way up to 30 percent.” 

He said that “faster gains and revenues resulting from the regulation and taxation unit, and these significant revenue achieved as imposing on a slide adult merchants.”
Nut and called for a “hiring freeze until the development of management, because the high proportion of staff in the civil service was a way to satisfy some of their employment without regard to efficiency, this system will lead to a deficit over the next ten years.” 

He drew attention to ” the problem of the weakness of the banking sector and the importance of strengthening business through Rafidain Bank restructuring and good government, and wide open space in front of private banks with the need to assess the weaknesses and the correct foundations for the fight against money laundering, it can resort to the Integrity Commission and specialized organizations.”
He noted ” the progress achieved by the Office of Financial Supervision in the audit of transactions audited.” 

She said economist Ibrahim al – Baghdadi , in an intervention that Iraq “began levied customs tariff , which increased its resources in some customs ports to more than 30 times, and the collection of electricity increased 20 times, and referred the Ministry of Electricity to collect electricity fees on companies under investment contracts, and began to appear positive results. ” 

He stressed that ” the payment of dues will move the market wheel handles weak cash liquidity in the markets, which affected the individual and small business income level.”
The head of the Federation of Iraqi Contractors Ali Snava, ” the launch of arrears of transactions audited by the Office of Financial Supervision.” 

He said that the “Union of Contractors comprises 34 thousand contractors, and gets a large part of their suffering in the tax calculation stage, because the amounts of tax deductions reserved to the provinces.” Promised economic researcher Lubna al – Shammari, that ” the banking sector reform is a gateway to various investments to Iraq.”
The informed sources revealed the axes of the meetings of the Ministry of Finance with the World Bank , held in the United States recently, saying they patrol before granting Iraq a share of the loan by $ 450 million, pointing out that the meetings will continue every 3 months until Iraq gets a loan full payments for up to 5 billion and $ 400 million next year. 

Government sources said, ” The Iraqi Ministry of Finance meetings with the World Bank held in Washington , is a third patrol nine months ago.”
The sources added that “Iraq has already agreed with the International Monetary Fund and the World Bank to obtain a loan of up to $ 5 billion and $ 400 million , repayable over three years.” 

She noted that “the lender required on Iraq , carrying out a number of reforms for the purpose of completing pay these amounts.” 

The sources confirmed that ” the last meeting was held three months ago in the Jordanian capital , Amman , and allocated for the same purpose , ” indicating that ” the Iraqi delegation renewed its commitment to the terms of the World Bank that spends payments intended purposes.” 

In turn, the economist said Abdul Rahman al – Mashhadani , in a commentary, said that “the international body seeking to determine the extent of Iraq ‘s commitment to the terms of the loan before granting a new batch.”
Mashhadani said that ” the meetings will remain constant with each $ 450 million and a boost in order to complete the full value of the loan.” 

He added that ” the purpose of the foundation amounts , according to the World Bank is to meet the budget deficit and the balance of payments in Iraq.” 

Mashhadani finds that “periodic meetings are a calendar allowing Iraq to submit a paper explaining its mechanisms to deal with the economic crisis.” 

The economist went on to “another loan to ensure the World Bank is also provided by Britain, France and Canada reached its value to $ 13 billion.” 

It complements Mashhadani , saying that “Iraq has received from this loan -alm_khass for the reconstruction of areas Mahrrh- during the last term of 980 million dollars.”

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