The Amman meeting with the IMF result in a supplementary budget for the current year

06/06/2017 (00:01 pm) – Number of readings: 184 – Issue (3942)


 Baghdad / Zahraa Al-Jassem 
After the second review of consultations from the standby credit program signed between Iraq and the International Monetary Fund in the Jordanian capital Amman, a senior source said that the two sides had agreed to provide budget supplemental for the current year include contractors and farmers ‘ allocations recently paid, with the circulation of the federal budget indicators in 2018. 

The second review consultations began last Thursday and lasted four days, and sought Iraq from which to obtain a loan of about $ 840 million, as part of a standby credit program signed between the two sides. 

High – level , who preferred anonymity , the source said in an interview (range), that the consultations “ended with great success, and presented the results of the consultations of the Executive Board of the International Monetary Fund at its meeting to be held early next August,” He added that Iraq and the IMF international agreed during the consultations to provide budget supplementary to the year 2017, and include the agreed points of contractors and farmers recently paid bills issued by the Ministry of Finance and some other issues of allocations, as well as the circulation of the federal budget indicators in 2018, where the program concludes to reach the so – called fiscal adjustment in the face of Massaa The balance of payments due to oil revenue volatility and its impact on the federal budget, which requires maximizing the non – oil financial resources and reduce spending and deficit financing from the planned sources of internal and external , including parts of the IMF loan, as Iraq is expected to receive a share of $ 840 million in the month next August, out of the total fund of $ 5.3 billion loan. 

He continues , the source said: The Fund defends the program Alastaqrara overall economy by giving priority loans and public spending to the so – called social spending which areas of education, health , social welfare and displaced persons, where the fund is keen on the subject of sustainability or carrying capacity of public debt, meaning ” the ability to pay it ” through maximizing revenue and control expenses and control, in order to stabilize the crossing of no crisis in public resources because of the oil crisis and the decline in oil revenues, as well as the Iraq war now being waged against terrorism costs. 

And it corrects the source by saying that, the financial adjustment program adopted by the International Monetary Fund with Iraq and the targeting of non – oil revenues and control spending, all are ways to maintain the sustainability of reserves at the Central Bank of Iraq. 

The financial advisor to Ebadi , the appearance of Mohammed Saleh, has explained in response to a question (range), on the importance of these talks, that Iraq is seeking to obtain a loan of about $ 840 million, as part of a standby credit program, for a period of 36 months starting from July 7, 2016, the soft loan of approximately the $ 5.3 billion, paid off over five years, as the program provides financial umbrella for Iraq has more than $ 15 billion, including soft loans from the World Bank and the Group of seven major industrialized countries, with other loans from funding programs Ktogel premiums compensation for the Kuwait war. 

He chaired the IMF meetings with Iraq, Governor of the Central Bank of Iraq , Ali Ismail Keywords financial advisor to the prime minister the appearance of Mohammed Saleh, with the participation of a number of agents ministries and the President of the Office of Financial Supervision, while attended part of these consultations and for the first time, Deputy Director of the Office of the Prime Minister. 

The agreement aims to re – balance public finance and external account to calculate and improve public financial management while protecting social spending for Iraq, according to an interview with a former head of the IMF mission (range) and between that Iraq can assume its debt if the Iraqi authorities carried out the agreed financial correction with the Fund under an agreement standby credit.

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IMF Team Reaches Staff-Level Agreement on Second Review of Stand-By Arrangement with Iraq

PRESS RELEASE NO. 17/207
June 5, 2017
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

The Iraqi authorities and the IMF mission have reached agreement on a supplementary budget for 2017, objectives for the 2018 budget, and strengthened procedures to keep expenditure under control

The SBA aims to restore fiscal and external balance and to improve public financial management while protecting social spending.

The Iraqi authorities and an International Monetary Fund (IMF) team reached a staff-level agreement on the second review of the Stand-By Arrangement (SBA) that was approved by the IMF Executive Board on July 7, 2016 (See Press Release No. 16/321). The SBA aims to restore fiscal and external balance and to improve public financial management while protecting social spending. Iraq completed the first review under the SBA on December 5, 2016 and received a disbursement of SDR 0.46 billion (US$0.6 billion) (See Press Release No. 16/540). Completion of the second review will release a further disbursement of SDR 0.6 billion (US$0.8 billion).
Mr. Christian Josz, Mission Chief for Iraq, issued the following statement today in Amman:
“The Iraqi authorities and the IMF team have reached agreement on a supplementary budget for 2017, objectives for the 2018 budget, and strengthened procedures to keep expenditure under control. Both the supplementary 2017 budget and the 2018 budget will keep the fiscal consolidation, necessitated by the fall in oil prices, on track, while protecting social spending.
“Once agreed prior actions have been implemented, the IMF Board could consider the second review of the SBA in August.
“During the discussions, the team met with Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, Deputy Chief of Staff of the Prime Minister, Dr. Naufel Al-Hassan, Chairman of the Board of Supreme Audit, Dr. Salah Noori Khalaf, Acting Deputy Finance Minister, Ms. Taif Same, Deputy Minister of Planning, Dr. Qasim Enaya, Deputy Minister of Electricity, Mr. Abdel Hamza, Financial Adviser to the Prime Minister, Dr. Mudher Saleh, and officials from the ministry of finance, Central Bank of Iraq (CBI), the Board of Supreme Audit, the ministry of oil, the ministry of planning, the ministry of electricity, and a representative from the Kurdistan Regional Government. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”
MEDIA RELATIONS

PRESS OFFICER: WAFA AMR

PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG

http://www.imf.org/en/news/articles/2017/06/05/pr17207-imf-team-reaches-staff-level-agreement-on-second-review-of-stand-by-arrangement-with-Iraq

Prime Minister Dr. Haider al-Abadi: Orphan Care responsibility of the government and society

 

June 2017
Prime Minister Dr. Haider al – Abadi stressed the importance of the care of orphans and the need to qualify them for a better future.

This came during a meeting sovereignty of a group of orphans and eat breakfast with them, where he pointed out that the sovereignty of these are flowers and buds Iraq and nice to meet also teaches, and applaud the efforts that are cared for , explaining the importance of Altburaei and voluntary work and achieve care.

Added Dr. Abadi said the future would be better for Iraq and Iraqis, and will soon release the entire territory and then proceed to the reconstruction of our cities and this will be the efforts and unity of Iraqis.

Information Office of the Prime Minister 5 – June –2,017

http://pmo.iq/press2017/5-6-20173.htm

 

 

US military delegation in Baghdad: discuss the resolution of the battle of Mosul

وفد عسكري أميركي في بغداد: بحث حسم معركة الموصل

CENTRAL COMMANDER GENERAL Joseph FUTEL arrived at Baghdad on Monday and met with Prime Minister Haider al-Abbadi and military commanders to discuss the resolution of the Mosul battle.

A political source familiar with the “new Arab” that “the Prime Minister Haider Abadi, met in his office in Baghdad, Fotil and his delegation, and discussed with them the end of the battle of Mosul and the possibility of resolving before the end of the month of Ramadan,” noting that “the American side assured Abadi increased US support for Iraqi forces In his war in Mosul, and provide the necessary air cover for the Iraqi forces, and hit the targets of Dahesh. “

The source pointed out that “the two sides have looked at the military plans to resolve the battle of Mosul, and stressed that the resolution must be fast, to save civilians,” noting that “the two sides stressed the importance of providing the necessary protection for civilians who use them advocating human shields.”

For his part, said a press statement issued by the Office of Abadi that “the meeting discussed international support for Iraq in its war against terrorism, and discussed the victories achieved by Iraqi forces in Mosul, and the post-urging, and regional cooperation to support Iraq.”

The statement stressed that “Fotil congratulated Abadi on the size of the victories achieved, and the continued development of the capabilities of Iraqi forces,” adding “and also confirmed his country’s support for Iraq in its war against terrorism.”

The visit of the military delegation to Baghdad, at a time when the Iraqi forces engaged in fierce battles in three neighborhoods near the old city of Mosul, and the forces are seeking to resolve the battle of Mosul before the end of the holy month of Ramadan, while the organization still has a significant defensive force In Mosul.

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Abadi: Full land declared liberation from Daesh Pat soon

 

June 5, 2017

The Journal News

The prime minister Haider al-Abadi, on Monday that the entire territory of the declaration of liberation Daesh gangs “soon.”

A statement by the Prime Minister’s Office, said Abadi “met with a group of orphans and eat breakfast with them, and pointed out that these are flowers and buds Iraq and nice to meet also teaches, and applaud the efforts that are cared for, explaining the importance Altburaei and voluntary and achieved care work.”

Abadi stressed, according to the statement, “the importance of the care of orphans and the need to qualify them for a better future.”

He added that “the future will be better for Iraq and Iraqis, and will soon release the entire territory and then proceed to the reconstruction of our cities and this will be the efforts and unity of Iraqis.”