IMF praises Iraq’s financial budget


At the end of the periodic meetings of the annual between the International Monetary Fund and Iraq’s own review of its budget for the year 2012, praised the Fund’s commitment to Iraq in the application of international standards in the preparation of its budget as provided for in the Convention chock between them, a proposal on Iraq, a package of recommendations on the mechanism of implementation and the aspects of dispensing. 
During the meetings three-day discussion of a range of issues, mainly the possibility of developing financial management system, and the work of Iraqi banks, and ways to reduce inflation, and the size of projected exports of Iraqi oil, and the expected price for the sale of oil, and increase the salaries of employees and retirees, and was also a focus on the need for spending on the investment budget , as well as discuss the debt owed ​​by Iraq, and mechanisms to control the budget deficit. 
included the Iraqi delegation who attended the meetings both of the Ministers of Finance and Planning and Central Bank Governor and Chairman of Supreme Audit.   said Finance Minister Rafie al-Issawi said in an interview with Radio Free Iraq that Iraq is obliged to implement these recommendations, especially after the lagged ministries and provinces over the past years in the implementation of investment budgets allocated to them properly, stressing Iraq’s desire to maintain close relations with the International Fund for Iraq’s need for urgent services, especially as the world’s largest businesses Tstmzj the opinion of the Fund prior to entering the Iraqi market, as it can not reform the Iraqi economy without the expertise and support Allogestatin which are being submitted the Fund. For his part, President of the Office of Financial Supervision Abdel Basset Turki said Iraq demanded that implement the recommendations Iraqi hands, and that only the International Monetary Fund to provide counseling and advice to his country, and to be its complementary, not alternative, indicating that it was agreed during the meetings to move toward spending on the investment budget and prevent the current expenditure, adding that there are voices demanded during the meetings the need to increase salaries of state employees and retirees, but it was not well received by the Fund. It is said that a special invitation addressed to the International Monetary Fund to Board of Supreme Audit of Iraq to attend the meetings for the first time. Meanwhile, a representative of the International Monetary Fund Ron van Roden that there are many problems that have accompanied the implementation mechanism of the previous budgets, and added: “Despite the big money earmarked for the completion of projects, but we have not seen anything on the ground, We hope not to repeat past mistakes this year, and receive the current budget paid off for the benefit of the Iraqi people .. the main challenge facing the Iraqi economy is to adopt entirely on oil, but we encourage Iraq and pay towards diversifying the sources of its budget and the development of its non-oil and non-total reliance of them. ” According to Roden that Iraq’s problems is economic only be resolved by bringing investment into the country and to activate the private sector, which will contribute to providing greater employment opportunities for the unemployed.and on the fiscal and monetary policy in Iraq, which suffers from many problems preventing the achievement of economic stability and can be provided by the Fund International Monetary support them to overcome the crises, the Iraqi Central Bank Governor Sinan Shabibi that the system of financial administration in Iraq in the development of concrete, adding that the IMF promised during the meetings to provide logistical and technical support. With regard to debts owed ​​by Iraq and its impact on the current budget suspended Shabibi saying that Iraq’s debt is now comfortable after being written off 80% of them in the framework of the Paris Club countries.