Central Bank: the top of the right opportunity Baghdad to discuss Iraq’s debt

Date: Monday 05/03/2012 17:51

Iraq will be presented at the Public Economic upcoming summit

Baghdad – Mostafa Hashemi
Central Bank of Iraq said that the Arab summit to be held in Baghdad from the most appropriate forums to discuss the Arab Iraq’s debt with the Arab countries.
The deputy governor of Bank of the appearance of Mohammed Saleh, said that there is the question and the other Iraqi special issue of public debt on the subject of Arab Iraq, which has not been settled so far, except for Algeria and some other countries. He noted that some small countries, Malta Kcyprus dropped all the debts on Iraq, while there are countries did not fall sister debts on Iraq so far. And Saleh said in a statement singled out by the (citizen) to be the largest debts of Iraq is a Gulf states plus Egypt and Jordan…. that have a particular issue. He emphasized that the issue of Iraqi debt should take priority before any other topic they were because of the policies of the former regime, which were not serving the people were not targeted for development. Stressing the need to close this file, even if those countries did not call for payment.
And preparation for the discussion of this issue, Saleh said that there was a move Iraqis to this topic as well as other topics Iraqi – Arabic such as areas free and exemptions and everything related to joint action. And completed the Ministers of Economy, Trade and Finance Forum View Economic and Social Council, which will be presented to the Baghdad summit to be held on 29 March this where the Council decided to Arab Economic and Social intensify efforts for the good preparation for the twenty-third session of the summit of Baghdad.Iraq seeks to diversify the economy and the establishment of new sectors reduce excessive dependence on the oil sector, which provides more than 95 percent of state revenues. It also seeks Baghdad to attract more investors to the economic sectors, particularly infrastructure, energy and focus on oil, in order to raise the production capacity of oil to secure the revenue necessary to spend on development plans and real estate projects and infrastructure destroyed by war in the past two decades. And experts estimated the need for the electricity sector to $ 29 billion between the years 2015 and 2030 to finance the strategic plans. The Minister of Trade Khairallah Babiker, which like Iraq in meetings of the Eighty-ninth Session of the Council of Arab Economic and Social on the sidelines of the meeting, that the economic file, which passed in the meeting by the Arab ministers, due to be presented at the top of Baghdad includes the follow-up the execution of the summits economic and social development, and preparation for the Arab summit development, economic and social development in its third session, scheduled in Riyadh in January 2013, noting that the meeting was an important and essential as discussed Ministers are important and that will be at the top of Baghdad the next, which include put the strategy of Arab tourist and mechanisms of implementation, in addition to the strategic water security in the Arab region to meet the challenges and future requirements for sustainable development, and an Arab strategy for disaster risk reduction. He added, Babiker said the council said in the final recommendations for its eighty-ninth that includes a social profile that is displayed at the top of Baghdad, reports on measures taken to follow up the implementation of the resolutions of Arab summits Economic and Social Development (Kuwait 2009) and (Sharm el-Sheikh 2011), and follow up the implementation of the decisions of ordinary summit on the issues social and prepare and prepare for the Arab Conference on the implementation of the Millennium Development Goals 2012, and adoption of the Marrakesh Declaration as a platform action committed by the Member States during the next five years to improve the conditions of childhood in the Arab region. The economic reports that «inflation rates are high, which is negative, in light of the high growth rates in Iraq, because of the Iraqi Central Bank by more than 6% at the end of 2011. It forecast gross domestic product to grow by 9.4 percent annually until 2016, thanks to the advantage of the huge oil revenues, which enhances the survival of high levels of inflation within the same period. Iraq has signed oil deals with international companies to revive his sector and rehabilitation of new fields and old, in order to raise production capacity to 8 million barrels per day by 2017, which could jump him to the first row in the list of global producers, trying to overcome obstacles in the development of infrastructure and the difficulties facing export. Increased production and more than 300 thousand barrels per day since the first awarding of contracts to international oil companies in 2009. Sources of oil additional growth of 300 thousand barrels per day this year, bringing the production to 3 million barrels to allow export of 2.5 million barrels a day. She and the International Energy Agency, «Iraq’s ability to double oil production to more than one lesbian during the three years, but the pace of growth will slow sharply after it».
And monitoring report «advantages», the need for Iraq in the education sector to «building of 6 thousand school, recalling the Ministry of Education to the presence of 8 million students, are distributed to more than twenty thousand public school and about 600 private schools, except for the Kurdistan region in the North». In real estate residential, showed estimates of semi-official «the need for investments worth $ 100 billion under a plan to build one million new homes in Baghdad, and address the shortage of residential property with the growing population, given the reluctance of developers foreign from coming to Iraq to take advantage of the efforts reconstruction. As Baghdad has allocated $ 1.5 billion to be spent on housing projects and infrastructure last year ». The report pointed out that Baghdad «will invest $ 10 billion over ten years to build 150 thousand homes in one of the key projects that focus by the government in the area of ​​Sadr City, home to about half the population of Baghdad. And monitored reports of specialized real estate need to between two and three million new homes, and live about seven million people in Baghdad, Iraq, the total population estimated at 30 million. It is expected to spend $ 850 million to build facilities and beautify the city ahead of the Arab summit.