The World Bank will lend Iraq $ 1.2 billion

The World Bank will lend Iraq $ 1.2 billion

12/18/2015 07:59 GMT

World BankBAGHDAD – and babysit – announced the World Bank, agreed to give Iraq a loan of one billion and 200 million dollars to help it adjust the financial sector and improve the energy situation, and to compensate the decline in oil prices and rising security costs.
The bank said in a statement, that “it pays tribute to the initiation of the Iraqi government in the implementation of a strict economic reform program announced approval of the financing for development policies aimed at fiscal consolidation, and providing sustainable energy project, and enhance the transparency of state-owned enterprises.”

He added that “this process in line with the Iraqi government’s plan for economic recovery for the period between 2015-2018, and committed by Iraq to implement reforms that will achieve the promotion of an integrated economic growth, and improve the efficiency of the delivery of basic services to the citizens, and to take the actions necessary to install the means of social protection.”

It pointed out that “the loan will be used for reforms in three areas: reform of the public sector wage system, and the reduction of gas flaring operations, and expansion of electricity generation activities through the use of gas, and reduce spending on energy subsidies, and support transparency in the financial institutions and non-financial subsidiaries of the State “.

He pointed out that “this loan current financial obligations of the Bank in Iraq rise to about two billion dollars, including $ 355 million for the development of transport systems and road safety and $ 350 million for the reconstruction and rehabilitation of the municipalities affected by the recent conflict.”

It is noteworthy that, the House of Representatives poverty in its last Wednesday, the next year’s budget in 2016 with a total expenditure of more than 105 trillion and 890 billion dinars, representing a deficit of 22.8%.

The total revenue which 81 trillion and 700 billion dinars oil revenues, which accounted for 69 trillion and 773 billion dinars The increase of 85.1% of total revenues.

The non-oil revenues amounted to more than 11 trillion and 927 billion dinars The increase of 13.6% of total revenues.

And formed the current expenditure (operational), the salaries and other more than 80 trillion dinars, and increase of 76% (of total expenditures 105 trillion dinars), while capital expenditures were more than 25 trillion dinars, and increase of 23.8%.