Participation of IBC Delegation in a Significant Meeting with the Visiting New Head of the International Monetary Fund (IMF)
IBC members delegation took part on Thursday March 17th 2016 at Amman Intercontinental Hotel in an important meeting with the delegation of the International Monetary Fund (IMF) visiting Jordan chaired by the new representative of the International Monetary Fund – Iraq Mission Mr. Christian Jose and the accompanying delegation and the Resident Representative of IMF (for Iraq and Yemen) Ms. Marwa Al-Naasa where holding this meeting comes within the Agreement concluded between the International Monetary Fund and IBC to hold periodic consultative meetings between IBC members and IMF representatives.
At the beginning of the meeting, IBC Chairman Dr. Majid Sadi reviewed the economic activities of IBC member companies and the volume of Iraqi investment in the Hashemite Kingdom of Jordan.
He also presented a number of key proposals to improve the Iraqi economy and develop the investment environment in Iraq.
On his part the Mission Chairman, Mr. Christian Jose thanked IBC delegation on their participation in this meeting, shedding light on the Program of the International Monetary Fund for Iraq which is being followed up by a group of IMF experts that was earlier agreed upon between the Government of Iraq and IMF covering the period from November 2015 to October 2016.
Mr. Jose further elaborated that Iraq budget was originally based on higher oil prices (45$/pb) while the actual oil price is less than (20$ p/b) causing a serious budget deficit, and that Iraq seeks to cover for the deficit by borrowing from IMF and other international bodies.
According to this Agreement, the Iraqi Government focuses on implementing a number of measures to control the general financial situation and improve the public financial management.
Furthermore, IMF would continue rendering technical assistance to support Iraq’s efforts in building competencies and support its Reform Program.
During the meeting, Mr. Jose extended an invitation to IBC members to attend an important symposium scheduled to be held on Wednesday March 30th 2016 at Amman Intercontinental Hotel to be informed on the latest developments relating the negotiations that would take place next week with the Iraqi Government delegation concerning the loan intended to be granted to Iraq by IMF.
IBC members discussed with the Head of the Mission means of future settlement of such loans that would burden the Iraqi economy, in addition to a number of key issues that encounter the Public Sector and the local and foreign investment in Iraq.
On IBC side, the meeting was attended by IBC Chairman Dr. Majid Sadi, IBC Vice Chairman and Secretary-General Mr. Saad Naji, IBC Board members represented by Mr. Usama Al-Quraishi, Engineer Jalal Al-Qaoud and Mrs. Wassan Al-Khafaji, and IBC members including Mr. Hsaan Al-Dahan, Mr. Halim Al-Hadithi, Mr. Athir Al-Qadhi, Mr. Hassan Nassir, Mr. Muhammad Atta Al-Timimi, Mr. Dargham Al-Jarrah, Mrrs. Hadeel Hassan and IBC CEO, in addition to the representatives of IBC member companies including Qabas Economic Group, ABB Company, Saja Trade Agencies, and a number of IBC guests including the Iraq thinker and Researcher Mr. Ghassan Al-Attiya.
