IMF: Iraq will return to the market mid-2016
Detection of the International Monetary Fund (IMF), on Wednesday, for planning to send teams in the near future for both Iraq and Jordan in an effort could pave the way for more aid, and as pointed out that Iraq’s economy is suffering the consequences of falling oil prices, as well as waging war against organization (Daash), he stressed that Iraq will return to economic market during the first half of next year.
The director of the Middle East Department and Central Asia for the International Monetary Fund Masood Ahmed in a press statement I followed (range Press), that “the Fund is planning to send a team to Iraq next month to negotiate the implementation of financial monitoring, which may help make way for more aid to the economy of the country in which the program damaged by falling oil prices and the cost of war being waged against al Daash. ”
Ahmed added, that “in the time that does not require the Iraq Programme to provide emergency aid from the International Monetary Fund, it will help in creating a framework for the diagnosis and treatment challenges prominent influence in the economy,” noting that “the plan will begin in 2016 and then possible to put the foundations upon which to base Iraq to move up to the IMF to implement the financing program at a later time of year. ”
He said Ahmed, that “under discussion now program will help Iraq to receive aid from lenders among them the International Monetary Fund and reassure potential investors,” adding that “it will pave the way for Iraq that is due to the market during the first half of next year to earn more money to pay off expenses “.
Within the economic growth indicators in Iraq, predicted the International Monetary Fund, that “economic growth rate recorded for Iraq during this year by following a zero for the contraction in the country’s economy during the year 2014 by 2.1%.”
The International Monetary Fund has provided Iraq with $ 1.25 billion in emergency aid to meet the budget, which is expected to reach 23% of the country’s economic output this year’s deficit.
The International Monetary Fund predicted on Wednesday the (19 August 2015), to witness the Iraqi economy “improved modestly” during the current 2015 by 0.5 percent due to the increase of oil production, with incidence more contraction in activity the non-oil sector, and with the exception of that outlook the rate of growth in the medium term, is still positive, although it is less than the required rates before the crisis, he stressed that the growth will be determined by the desired increase oil production and recovery rates of growth in other sectors as well as the expected improvements to the security situation and the implementation of structural reforms.
It is noteworthy that Iraq complain of weak financial revenues due to declining oil prices and increased expenses, which the military side came on her head, which made the government resort to austerity as one of the solutions adopted to meet the country’s economic situation started.