The International Monetary Fund, on Friday, confirmed its readiness to assist Iraq in prioritizing public spending in light of low oil prices and the consequences of the emerging Corona virus.
A press release issued by the Information Office of the Deputy Prime Minister for Economic Affairs and Finance Minister Fuad Hussein received / Mawazine News / a copy of it, “The latter met, through closed-circuit television, with Jihad Azour, head of the Middle East and Central Asia division at the International Monetary Fund in Washington and the delegation Accompanying him, the meeting was attended by Salah Al-Din Al-Hadithi, Director General of the Public Debt Department at the Ministry of Finance, and Salem Al-Olabi, Adviser to the Prime Minister.
The statement added, “At the beginning of the meeting, Fuad Hussein clarified the most prominent challenges facing Iraq in light of the crisis of the spread of the Corona virus and low oil prices and the recent meeting of OPEC with oil countries outside the organization called (OPEC Glass), where a decision was taken to reduce the export of about ten million Barrel per day to global markets. Iraq’s acceptance to reduce more than a million barrels per day of Iraqi production, and the impact of this decision and the decline in oil prices on the financial and economic situation in Iraq. He also explained the measures studied on how to deal with this situation and the government’s ways to confront these challenges.
On the situation of the market and the availability of foodstuffs, Hussein emphasized, “The abundance of agricultural commodities and animal products in the Iraqi market, and this is due to the decisions taken at the meetings of the Ministerial Council of Economy, where the Ministry of Agriculture was supported to protect local agricultural and animal products, which led to the existence of storage and food cover for the local market.” And this is considered positive under the current circumstances and the local market prices were not affected due to the closure of the border outlets and the interruption of trade exchange with other countries due to the spread of Corona disease.
sector,” stressing that “the current government plays a role in finding possible solutions to cross and avoid the current crisis in light of the fight against the Corona virus pandemic and the financial crisis.”
For his part, Jihad explained, “The Fund’s readiness to provide assistance and cooperation with Iraq in order to develop a financial plan and arrange priorities for public spending, and expressed the possibility of Iraq benefiting from the financial facilities provided by the Fund to member countries.”
The delegation of the Fund stressed that “it is important to continue dealing and communicating with international financial organizations as the” Fund “is ready to discuss with various countries to help Iraq in the health and financial fields.” Source