Finance: International Monetary requirement to pay dues unfairly oil companies to Iraq

A member of the parliamentary Finance: International Monetary requirement to pay dues unfairly oil companies to Iraq

06/14/2016 11:31

Finance - International Monetary requirement to pay dues unfairly oil companies to Iraq[Oan- Baghdad]
described the parliamentary finance committee member Husam punitive, IMF clause in his loan for Iraq to pay late dues oil to foreign companies operating in the country end of the year 2016 as “unjust”.
He said the punitive told all of Iraq [where] that ” the IMF ‘s condition was unfair against Iraq was on the Iraqi delegation negotiating with the IMF did not agree with him and Ergoh to deal with the Iraqi side and oil companies.”
He stressed , “must negotiate a phased repayment for companies not requires Iraq to pay accumulated the end of this year , the debt being will increase the fiscal deficit and financial distress. ”
He added punitive” We’re talking about pay at least a billion dollars a month for companies because of the backlog on Iraq in the past two debt and the last three, and it seems that the Iraqi negotiating delegation was pressured the fact that repayment will affect Celia on the existence of financial liquidity and we will have to internal loans. ”
He said a member of the parliamentary finance committee” should be dialogue with the companies as beneficiaries of the drop in prices as service contracts in order to reduce a lot of operational and capital expenditures in them. ”
He called on the punitive” government to review rounds licenses ongoing negotiations with foreign companies to gain access to reduced contracts expenses and the holding of new agreements with belonging to a drop in prices and the stage Aeltsid receivables not required Iraq to pay all the dues this year. ”
it was an economic advisor to Prime Minister Haider al – Abadi, said yesterday that Iraq plans to settle all arrears to foreign oil companies by the end of the year , as stipulated agreement with the international Monetary Fund.
and the appearance of Mohammed Saleh, told Reuters, ” the decision is part of the measures approved by the government last week to secure loans worth $ 5.4 billion from the international Monetary Fund over three years.”
did not Saleh reveals the size of the arrears but it was estimated last year , billions of dollars.
it seeks member of the Organization of Petroleum exporting countries Iraq [OPEC] to get support for its budget from the international community after shrinking revenues due to the oil price collapse two years ago which led to the widening budget deficit and delayed dues Exchange companies producing crude.