The Visiting International Monetary Fund (IMF) Delegation Discusses with IBC the Latest Developments Recently Took Place with Iraqi Government
The delegation of the International Monetary Fund (IMF) visiting Jordan chaired by the President of IMF Mission to Iraq Mr. Christian Joss discussed with IBC delegation during the important symposium held by IMF on Wednesday morning March 30th 2016 at Amman Intercontinental Hotel the latest developments on the talks and negotiations that took place recently with the Iraqi Government concerning the Economic Salvation Plan and the loan to be granted to Iraq by IMF.
On IBC side the meeting was attended by IBC Chairman Dr. Majid Sadi, IBC Board members; Mr. Usama Quraishi and Mrs. Wasan Khafaji, IBC members; Ahmed Jubouri, Mr. Atheer Al-Qadhi, Mr. Hassan Al-Dahhan, Mr. Salam Al-Aswad, Mr. Dargham Al-Jarrah, Mrs. Satha Al-Zuhairi, Mr. Munaf Saeed Qasgous, ABB representative Mr. Alaa Amr, representative of the International Group for Construction and IBC CEO and staff.
The meeting was also attended by the Belgian Ambassador to Jordan Mr. Henric Van De Veldi, a number of heads of diplomatic missions concerned in Iraq’s economic affairs and Capital Bank representative.
On IMF side the meeting was attended by IMF Resident Representative (Iraq and Yemen) Ms. Marwa Al-Nassa and a number of IMF staff.
During the meeting IMF President elaborated on the Agreement concluded with the Iraqi Authorities on the financial and economic reforms of the Iraqi Government which are under progress under the program monitored by IMF experts whereas three of the five indicative targets to be achieved by the end of December 2015 due to the spending implementation low level on wages, pension, commodities and transfer services.
The targets relating to spending in the social sector have been realized with a minor margin, whereas targets relating to payment of non-accumulation of external and local arrears were not materialize due to the limited liquidity available to the Iraqi Government.
IMF announced that the Iraqi Government would soon impose a tax on the individual’s income in the Government and Private Sectors.
He further pointed out that the Iraqi Authorities has made progress with IMF experts to reach an understanding regarding the economic and financial policies program which can be supported by funding.
This Program would include more measures to control the overall financial situation in Iraq to make spending in line with the low level oil prices to achieve debts sustainability on an ongoing basis.
It is anticipated that the program also includes measures to protect poor people and introduction of reforms on the public finances management in order to promote transparency in public financing, improve the quality of public spending in addition to strengthening stability of the financial sector.
These discussions between the Iraqi Government and IMF experts will continue during the joint spring meetings during April 2016 with IMF and the World Bank.
The meeting also included interventions of IBC members with IMF delegation.
