mia101
06-22-2010, 02:28 PM
Iraqi government to continue dealing with the IMF
Tuesday, June 22nd 2010 4:13 PM
Baghdad, June 22 (AKnews) - Iraq's government has decided to continue dealing with the International Monetary Fund (IMF) in a deal to benefit from the expertise of the IMF in the field of monetary policy, a financial adviser to the outgoing Iraqi government said Tuesday.
"The government has decided to continue its economic relations with the IMF after Iraq ended all its commitment to Paris Club and the Stand By Arrangement (SBA) from the IMF in 2007," the adviser who preferred not to be named said.
The government believes that there is a need for continued coordination between Iraq and the IMF to support its economy especially in the next period, and specifically in relation to the subject of public and economic policies that develop the financial situation in the country, he added.
"The government's efforts aim at developing the Iraqi economy to conform to the nature of the global economy, "particularly the countries that were not subjected to economic crisis in Iraq." the advisor noted.
He said Iraq needed more than 20 years to jump-start its economy due to the accumulation of economic problems.
Iraq had ended in December 2008 its obligations of the SBA it had signed with the IMF in December 2007.
The first revision of the SBA loan will be done during the second week of July 2010 and as soon as the review has been successful, Iraq could get the second installment of the loan amounting to $695 millions.
Iraq has received the first part of the loan , about $440 million.
rn/ry AKnews
http://www.aknews.com/en/aknews/2/157503
Tuesday, June 22nd 2010 4:13 PM
Baghdad, June 22 (AKnews) - Iraq's government has decided to continue dealing with the International Monetary Fund (IMF) in a deal to benefit from the expertise of the IMF in the field of monetary policy, a financial adviser to the outgoing Iraqi government said Tuesday.
"The government has decided to continue its economic relations with the IMF after Iraq ended all its commitment to Paris Club and the Stand By Arrangement (SBA) from the IMF in 2007," the adviser who preferred not to be named said.
The government believes that there is a need for continued coordination between Iraq and the IMF to support its economy especially in the next period, and specifically in relation to the subject of public and economic policies that develop the financial situation in the country, he added.
"The government's efforts aim at developing the Iraqi economy to conform to the nature of the global economy, "particularly the countries that were not subjected to economic crisis in Iraq." the advisor noted.
He said Iraq needed more than 20 years to jump-start its economy due to the accumulation of economic problems.
Iraq had ended in December 2008 its obligations of the SBA it had signed with the IMF in December 2007.
The first revision of the SBA loan will be done during the second week of July 2010 and as soon as the review has been successful, Iraq could get the second installment of the loan amounting to $695 millions.
Iraq has received the first part of the loan , about $440 million.
rn/ry AKnews
http://www.aknews.com/en/aknews/2/157503