Experts acknowledge the inability of Iraq to meet the demands of the International Monetary Fund

11/03/2012 10:48

Ali Kaje

Baghdad, March 11 / March (Rn) – The number of experts in the field of economy and development, that the Iraqi government did not comply with the 
instructions of the International Monetary Fund for the development of its banks and its financial transactions as required, acknowledging the inability of Iraq to meet the demands of the Fund. said economic expert Ali Ke Ji told the Kurdish news agency (Rn) that “the Iraqi government failed to implement mechanisms of the International Monetary Fund to develop its dealings Banking and Finance as required in exchange for a loan of U.S. $ 3 billion,” pointing out that “banking transactions require to make way for electronic trading and the development of e-banking to withdraw money from after the expansion transactions of private banks with government institutions. ” said Ke Ji that “the Government Central Bank of Iraq is still limited to preserve the 
value of the dinar national without developing a real political cash in the country so that the balance of fiscal policy pursued by the government, particularly with regard to the file of the implementation of the budget year.” The Iraqi Council of Ministers had approved yesterday the first to file the budget in 2012 despite the objections made ​​by the Council of the file and took refuge on the track to the Federal Court. The Ministry of Planning and Development Cooperation of Iraq has announced the postponement of the launch of the budget in 2012 to until the end of the outstanding problems upon between the Council of Ministers and House of Representatives, at the time had announced the ministry that the budget in 2012 will be discussed in the cabinet 
of the new reduced payment on credit of $ 27 billion to $ 18 billion. Article 62 of the Iraqi Constitution, “The Cabinet presents the general budget bill and the final account to the House of Representatives for approval, “while the second paragraph of the same article that” the Council of Representatives may conduct transfers between the sections and chapters of the general budget and reduce the total amounts, and the proposal to increase the total amount of expenditures to the Council of Ministers if necessary. ” , said former general manager of the Bank of Mercy National Abbas Hnaoh (Rn) that “the International Monetary Fund request from the Iraqi government to reduce the budget deficit while they did not meet the last budget in 2012.” The Hnaoh that “the Iraqi government needs to the loans of international financial order to cope with the requirements of international economic development and the need for market Global transaction banking and financial high-resolution level. ” He said, “banking Iraq is still a primary is not balanced with the aspirations of the country and plans drawn up by the development of the internal structural of these banks in both its public and private sectors,” noting that “the deficit in the current year budget is can be treated by dependence on oil prices remain above $ 100. ” For his part, the national central bank that “Iraq did not distract from the IMF loan has a $ 3 billion only two billion dollars for backup”. Deputy Governor of Central Bank of Iraq Mzarmohamd Saleh’s (Rn ) that “the Iraqi government were not needed to borrow from the IMF only for the purposes of credit and back-up for fear of the financial crisis,” adding that “the interest of Iraq to take advantage of the experience of the Fund in its dealings banking in the next phase.” He added by saying that “Iraq agreed with Fund during the meetings ended yesterday in the Jordanian capital of Amman to start the implementation of high-level plan for the development of financial dealings in
private banks and government. ” and completed the International Monetary Fund last week’s second review of the progress achieved by Iraq under the program supported by the loan, and stipulated that the fund should be Iraq amendments semi- radical in the tax system as a basis for granting loans and to support its projects. Iraq had decided since the beginning of 2006 to restructure State-owned banks have, with the government still depends on its financial transactions on the government banks by 85%. He International Monetary Fund’s recent support of the Iraqi economy If his number of economic measures, including raising three zeros from the local currency.The Iraqi Council of Representatives has approved during its meeting held on February 23 on the balance of 2012, which amounted to 117 trillion Iraqi dinars, equivalent to about 100 billion U.S. dollars. of : Jafar Allonan, Ts: Walid al-Zaidi, the Open: Aso Haji
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