D. Smeisim: rig revenue numbers to conceal it from the IMF and “mislead”

D. Smeisim: rig revenue numbers to conceal it from the IMF and “mislead”

The time on Wednesday, 27 March / March 2013 10:24

BAGHDAD / Nasir Ali

Accused former economic advisor to the Secretariat of the Iraqi Council of Ministers peace Sumaisem Iraqi delegation negotiating IMF misleading Fund figures hide the task of balancing the country.

She Sumaisem that “the recent announcement of the Fund regarding the high balances preventive Development Fund for Iraq to more than $ 18 billion, is evidence that members of the IMF have not seen the real numbers and the Iraqi delegation deliberately hide”, denying the government’s ability to draw on these funds because they at the disposal of the IMF.

The Sumaisem that revenues from oil sales go to the Development Fund, while ordering the IMF to transfer some of the proceeds to the Central Bank of Iraq, which sells the dollar and convert it to dinar to secure government expenditure, stressing that since 2003 and until 2012 did not exceed balances $ 11 billion. She explained that they are fully aware of the details of Iraqi budgets since 2005 and until the last budget, all of which seemed they did not experience a deficit.

She added that it is caused by the lack of implementation for the entire government budget during the period mentioned in some cases, decreased levels of implementation in some ministries to less than 10 percent, including the Ministry of Labour and Social Affairs. And attributed the non-disclosure of a real deficit to non-submission of the final accounts of the study and scrutiny, which may appear where many breaches, regulatory Valjhat not know the rest of the non-performing accounts.

Monetary Fund announced that “preventive funds in the Development Fund for Iraq in 2012 rose to 18 billion dollars,” Hello this surplus in the general budget, which accounts for about four percent of GDP. He attributed this surplus “to achieve oil revenues exceeded expectations”, stressing the need to achieve a surplus in the current budget through consistency implemented with the funding available, allowing configuration balances and sufficient safeguards in the Development Fund for Iraq to face the vagaries of world oil prices and to maintain economic balance. ”

He noted that in his last report to “an improvement in the financial sector with the need to greater efforts by the Central Bank to revise the monetary policy tools and strengthen banking supervision and accelerate restructuring of the banking system”, praising the steps taken by Iraq finally to purify the budget in the bank “good” and “Two Rivers “willing to re Hiklthma and Rsmmelthma.

Fund called “central” in Iraq to “take measures to liberalize foreign exchange through auctions held by the order not to repeat the turmoil suffered by the capital market last year.” He stressed that “the establishment of a national banking system requires abandoning the current model, which is controlled where weak banks and state-owned, which receive preferential treatment apart from private banks”, calling on Iraq to strengthen its public financial institutions to ensure efficiency and transparency in the use of oil revenues.

He predicted that this year’s growth is nine percent as a result of the rapid growth of the oil sector, while called on the government to focus on other private sectors to secure the non-oil economic balance is not dependent on oil production and fluctuations in world prices. Iraq relies, which has the fourth largest oil reserves in the world, in 95 percent of its budget on its oil exports and currently produces about 2.9 million barrels, only about 2.2 million.