dbcooper
06-24-2010, 04:31 PM
I smell an RV
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Iraq enters into a third agreement with the IMF for the years 2010/2011
Wednesday 23/06/2010 18:47
Baghdad / term economic
Iraq ended in December / 2008 commitments contained in the emergency support agreement (SBA) II, which took place with the IMF in December / 2007, the Fund issued a book to the Paris Club.
According to a statement issued by the Ministry of Finance that Iraq has fulfilled its obligations
He asked the club's recent launch of the amount of percentage (20%) of the debt reduction granted by the club to Iraq and the amount (80%) under the agreement signed with the club in November 2004.
The statement said that the Iraqi government representative of the Ministry of Finance and Central Bank of Iraq decided to continue the relationship with the IMF in order to benefit from the expertise of the experts of the Fund in two policies of fiscal and monetary and offer of technical assistance and training to develop Iraqi cadres and capacity-building for the completion of economic reforms and structural, which started the Iraqi government carried out since 2004.
The statement added that a technical consultation held during the period 28/07/2009 25 with experts from the Fund by the delegation of the Ministry of Finance and Central Bank of Iraq headed by Jaafar al-Aziz, Special Adviser to the Minister of Finance and Dr.
Counsel for the appearance of Mohammed in the Iraqi Central Bank in addition to a number of officials from the Ministry and the Central Bank of Iraq and a number of ministries was attended by Dr. Shabibi Iraqi Central Bank Governor aside "from these consultations. During the period leading up to consultations with the International Monetary Fund.
The statement stressed that the Ministry of Finance noted the effects of global financial crisis and particularly the shrinking demand for crude oil in world markets which led to a decline in oil price from (147) dollars per barrel to less than (30) dollars and the effect on oil revenues for Iraq, which constitute the resource President and large to finance the budget, which led to the use of the Ministry of Finance surpluses accumulated in the calculation of the development of Iraq (DFI) in bank accounts from the previous periods to fill the funding shortfall, pointing out that the ministry realized that what would remain in these accounts at the end of 2009 of oil resources for the year 2010, with low rates Iraqi crude oil export will not be sufficient to finance the total expected expenditures for 2010.
It pointed to lend Iraq an amount of (6) billion dollars to support the financing of the budget in 2010 and subsequent years. We have responded to the Fund and are paid to give Iraq a loan of up to 300% of Iraq's share of special drawing rights (SDR) for Iraq or about (0.5) billion dollars to be a program between Iraq and the Fund agreed. Therefore, through technical consultations, agreed to hold an emergency support agreement (SBA) and the third term of the agreement with him over the years 2010 and 2011.
The statement pointed to a round of negotiations with the experts of the Fund during the period of the meetings of the IMF and the World Bank in Istanbul in October / 2009 attended the negotiations and the delegation of the Ministry of Finance and Central Bank of Iraq, attended by ministers of finance, oil and the Governor of Central Bank of Iraq during the period of negotiations has been reached to the financial gap during the years 2010 and 2011 limits the amount of (7.5) billion dollars could be met from the amounts expected to remain in the calculation of the development of Iraq (DFI), and funding may be provided by the International Monetary Fund loan to support the budget and agreed that the limits (200 %) of the allocation of Iraq, special drawing rights (SDR), which is about 6.3 billion dollars over the years 2010 and 2011 in addition to a loan for budgetary support from the World Bank (500) million dollars in addition to transferring a share of Iraq (SDR) to dollar, amounting to about (8.1) billion dollars and can be supplied from issuing money orders safe house to finance this deficit. It was agreed during negotiations with the IMF experts on all the details of an agreement supporting the emergency (SBR), which includes some requirements that have already been discussed around and pour all in the interests of Iraq as it relates to structural reforms and providing data and the reform of fiscal and monetary management.
The statement noted that in light of the negotiations that took place in Istanbul sent a letter, signed by the Minister of Finance and the Governor of Central Bank of Iraq include the reality of the Iraqi economy and structural reforms, economic as well as reform of financial management and cash management. In February 2010 experts presented the Fund's report to the Executive Board of the Fund International Monetary recommended by the ratification of the agreement support (SBA) with Iraq on the soft loan to support the budget amount (6.3) billion dollars over the years 2010 and 2011 period of the agreement to continue to get Iraq on the loan or the remaining section of it if not more average price of Iraqi crude oil exporter to global markets 73 dollars per barrel (note that "the approved budget is 5.62 dollars per barrel), because this difference could cover the financial gap.
And the statement that the finance minister added language to ensure that Iraq's acquisition of the loan stipulated that not less than the export in 2010 on the number of barrels approved budget, namely, (100.2) million barrels a day. "We have approved the Executive Board of the International Monetary Fund 24/2/2010 the agreement and told to by Iraq. Iraq has received the first batch of the loan up to 440 million dollars or the equivalent of 1, 297 million (SDR) and the remaining will get it later. It is anticipated that the first revision of the agreement support the emergency ((SBA during the second week of July / 2010 Following the success of this review can get Iraq to the second installment amounting to (695) million or equivalent to (63 475) million (SDR). is to transfer money for the Ministry of Finance through the Central Bank of Iraq According to the agreement between the Ministry of Finance and Central Bank Iraq under a memorandum of understanding whereby the central bank received the amount in dollars and recorded the amount of the bank account of the Ministry of Finance in Iraqi dinars.
http://translate.google.com/translate?hl=en&tl=en&u=http://almadapaper.net/news.php%3Faction%3Dview%26id%3D21097&rurl=translate.google.com
--------------------------------------------------------------------------------
Iraq enters into a third agreement with the IMF for the years 2010/2011
Wednesday 23/06/2010 18:47
Baghdad / term economic
Iraq ended in December / 2008 commitments contained in the emergency support agreement (SBA) II, which took place with the IMF in December / 2007, the Fund issued a book to the Paris Club.
According to a statement issued by the Ministry of Finance that Iraq has fulfilled its obligations
He asked the club's recent launch of the amount of percentage (20%) of the debt reduction granted by the club to Iraq and the amount (80%) under the agreement signed with the club in November 2004.
The statement said that the Iraqi government representative of the Ministry of Finance and Central Bank of Iraq decided to continue the relationship with the IMF in order to benefit from the expertise of the experts of the Fund in two policies of fiscal and monetary and offer of technical assistance and training to develop Iraqi cadres and capacity-building for the completion of economic reforms and structural, which started the Iraqi government carried out since 2004.
The statement added that a technical consultation held during the period 28/07/2009 25 with experts from the Fund by the delegation of the Ministry of Finance and Central Bank of Iraq headed by Jaafar al-Aziz, Special Adviser to the Minister of Finance and Dr.
Counsel for the appearance of Mohammed in the Iraqi Central Bank in addition to a number of officials from the Ministry and the Central Bank of Iraq and a number of ministries was attended by Dr. Shabibi Iraqi Central Bank Governor aside "from these consultations. During the period leading up to consultations with the International Monetary Fund.
The statement stressed that the Ministry of Finance noted the effects of global financial crisis and particularly the shrinking demand for crude oil in world markets which led to a decline in oil price from (147) dollars per barrel to less than (30) dollars and the effect on oil revenues for Iraq, which constitute the resource President and large to finance the budget, which led to the use of the Ministry of Finance surpluses accumulated in the calculation of the development of Iraq (DFI) in bank accounts from the previous periods to fill the funding shortfall, pointing out that the ministry realized that what would remain in these accounts at the end of 2009 of oil resources for the year 2010, with low rates Iraqi crude oil export will not be sufficient to finance the total expected expenditures for 2010.
It pointed to lend Iraq an amount of (6) billion dollars to support the financing of the budget in 2010 and subsequent years. We have responded to the Fund and are paid to give Iraq a loan of up to 300% of Iraq's share of special drawing rights (SDR) for Iraq or about (0.5) billion dollars to be a program between Iraq and the Fund agreed. Therefore, through technical consultations, agreed to hold an emergency support agreement (SBA) and the third term of the agreement with him over the years 2010 and 2011.
The statement pointed to a round of negotiations with the experts of the Fund during the period of the meetings of the IMF and the World Bank in Istanbul in October / 2009 attended the negotiations and the delegation of the Ministry of Finance and Central Bank of Iraq, attended by ministers of finance, oil and the Governor of Central Bank of Iraq during the period of negotiations has been reached to the financial gap during the years 2010 and 2011 limits the amount of (7.5) billion dollars could be met from the amounts expected to remain in the calculation of the development of Iraq (DFI), and funding may be provided by the International Monetary Fund loan to support the budget and agreed that the limits (200 %) of the allocation of Iraq, special drawing rights (SDR), which is about 6.3 billion dollars over the years 2010 and 2011 in addition to a loan for budgetary support from the World Bank (500) million dollars in addition to transferring a share of Iraq (SDR) to dollar, amounting to about (8.1) billion dollars and can be supplied from issuing money orders safe house to finance this deficit. It was agreed during negotiations with the IMF experts on all the details of an agreement supporting the emergency (SBR), which includes some requirements that have already been discussed around and pour all in the interests of Iraq as it relates to structural reforms and providing data and the reform of fiscal and monetary management.
The statement noted that in light of the negotiations that took place in Istanbul sent a letter, signed by the Minister of Finance and the Governor of Central Bank of Iraq include the reality of the Iraqi economy and structural reforms, economic as well as reform of financial management and cash management. In February 2010 experts presented the Fund's report to the Executive Board of the Fund International Monetary recommended by the ratification of the agreement support (SBA) with Iraq on the soft loan to support the budget amount (6.3) billion dollars over the years 2010 and 2011 period of the agreement to continue to get Iraq on the loan or the remaining section of it if not more average price of Iraqi crude oil exporter to global markets 73 dollars per barrel (note that "the approved budget is 5.62 dollars per barrel), because this difference could cover the financial gap.
And the statement that the finance minister added language to ensure that Iraq's acquisition of the loan stipulated that not less than the export in 2010 on the number of barrels approved budget, namely, (100.2) million barrels a day. "We have approved the Executive Board of the International Monetary Fund 24/2/2010 the agreement and told to by Iraq. Iraq has received the first batch of the loan up to 440 million dollars or the equivalent of 1, 297 million (SDR) and the remaining will get it later. It is anticipated that the first revision of the agreement support the emergency ((SBA during the second week of July / 2010 Following the success of this review can get Iraq to the second installment amounting to (695) million or equivalent to (63 475) million (SDR). is to transfer money for the Ministry of Finance through the Central Bank of Iraq According to the agreement between the Ministry of Finance and Central Bank Iraq under a memorandum of understanding whereby the central bank received the amount in dollars and recorded the amount of the bank account of the Ministry of Finance in Iraqi dinars.
http://translate.google.com/translate?hl=en&tl=en&u=http://almadapaper.net/news.php%3Faction%3Dview%26id%3D21097&rurl=translate.google.com