The Visiting International Monetary Fund Delegation Discusses with IBC
The International Monetary Fund (IMF) delegation visiting Jordan headed by the President of IMF Mission for Iraq Mr. Christian Jose discussed with IBC delegation on Thursday August 25th 2016 at Amman Intercontinental Hotel during a significant symposium held by IMF the first and second reviews of IMF experts report on various political and economic developments in Iraq, on which the arrangement concluded with IMF is based, in the framework of the Credit Standby Agreement.
On IBC side, the meeting was attended by IBC Vice President and Secretary General Mr. Saad Naji, IBC Board members; Mr. Usama Al-Quraishi, Mr. Fakhri Rishan and Mrs. Wasan Al-Khafaji, and IBC members; Mr. Faris Kamal, Mr. Hassan Al-Dahhan, Mr. Dhargham Al-Jarrah, Mr. Faisal Majid, the representative of Baghdad Gas Units Company Mrs. Basma Mumtaz Al-Taie, Baghdad Gas Units Company Projects Manager Mrs. Raja Al-Kabariti and ABB representative Mr. Alaa Amr, in addition to IBC CEO.
During the meeting IMF Mission Chairman elaborated on the agreement concluded with the Iraqi authorities on the financial and economic reforms proposed by the Iraqi Government whose reforms continue to advance under the program monitored by IMF experts, noting that the Iraqi authorities has achieved progress with IMF experts to reach an understanding on a program for the economic and financial policies pointing out that three out of the five guidance targets have been achieved.
He also referred to the approval of IMF Executive Board on the Standby Agreement with Iraq of approximately (5.34) billion US Dollars to support the Government program for economic reform.
On the other hand, Iraq had secured in July 2015 a payment of about (1.24) billion Us Dollars at the time of approval (through the rapid funding tool).
The economic reform program, supported by the Credit Standby Agreement, aims at meeting the needs of the urgent balance of payments, make spending reach a level consistent with the decline of international oil prices and ensure that debt margin remains within tolerance limits.
The program also includes certain measures to protect the poor, strengthen financial management, support the financial sector stability, control corruption and start with restructuring the State-owned banks that control the banking system.
The meeting also included introduction of the companies owned by IBC
