A positive outlook for the Iraqi economy in the next year

A positive outlook for the Iraqi economy in the next year

7/12/2016 0:00

World BankAfter receiving the second installment of the IMF loan
BAGHDAD / Mustafa al – Hashemi
At a time when Iraq got it on the second installment of the IMF loan of $ 617.8 million of the total value of the loan for a period of three years, which is estimated at $ 5.34 billion, an economic Academy called for the need to approach the amounts of such loans to achieve economic development, including the It would reduce dependence on external borrowing to finance the budget deficit.
The International Monetary Fund predicted an overall growth of real GDP of Iraq over the next year to 8.1 compared to 7.6 for the current year within the selection of the 2012 economic and financial indicators to 2020.
a at a time when the International Monetary Fund announced that its Executive Board completed the first review of the implementation of the standby credit held with Iraq agreement for three – year agreement , which aims to assist Iraq in the implementation of economic reform and the restoration of fiscal balance in the medium term program.
The International Monetary Fund said in a statement, said the Executive Board exchange about 617.8 million dollars after the completion of the first review of the economic reform program in Iraq.
The statement pointed out that the program which is supported by the fund include measures to protect the poor and strengthen the stability of the financial sector and curb corruption.
The Executive Council has approved in July 2016 amounting to approximately $ 5.34 billion US dollars agreement on the date of approval.
The statement said that Iraq ‘s economic reform program supported by the Stand -By agreement aims to address the urgent needs of the balance of payments and access spending to a level commensurate with the decline in global oil prices and to ensure the continuity of religion within the limits can
The total investment
revealed IMF forecast for gross domestic investment for the next year it will amount to 25.8 of GDP, it is also expected to decline in the total domestic consumption from 77.1 percent in 2016 to 73.3 percent in the next year.

Cash reserves
and expected cash reserves report for Iraq to grow by 10.0 percent during 2017 as well as higher trade balance by 7.1 percent from the figure recorded this year. To that , the economic academic Dr Essam Mohamed Hassan need to benefit from this special IMF projections and applied to the ground by activating the productive sectors and conducting economic reforms , including giving Iraq a positive outlook stable raise the degree Ranked sovereign.
Hassan said in an interview for the “morning”, said the IMF is in fact accurate sergeant on the economies of member states totaling 119 countries, adding that out of the idea behind the establishment of this fund is to prevent the imbalance in the balance of payments of member and give loans to deal with such cases, pointing out that each Member State in the fund and pay their share of the accumulated amounts are lending to states as needed.

The balance of payments
and continued: The balance of payments on the cash balance that shows what the state of rights and Maalaha of the debts of other countries. If there is more than the rights of its debt by Femizanha witnessing a surplus and if the opposite was the case Femizanha Adza.ohma whole resulting from business dealings with the countries of the world shows the importation
and exportation.
Between 2003 after the sale of Iraqi oil revenues escalated to high rates, it was up to $ 8 billion a month, but did not exploit a manner that achieves economic feasibility. The government began after the decline in oil revenues , influenced by the global prices of crude to resort to external borrowing from the International Monetary Fund to reduce the shortfall in the budget and austerity measures taken.
Hassan warned of Iraq ‘s continued dependence on external borrowing to treat the budget imbalances, saying it was the next generation ‘s wealth and should be maintained by increasing the contribution of the productive sectors in the growth of the overall economy of Iraq.