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View Full Version : Baghdad, raising the price of crude and borrow from the IMF $ 741 million



DINARANNIE
10-11-2010, 07:19 PM
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On: Tuesday 10/12/2010 9:42

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 follow-up / long
International Monetary Fund praised the good progress achieved in restructuring Iraq's economy.
He commended the Fund on Baghdad's ability to maintain economic stability in the general form and general conditions of severe security difficulties. The Fund agreed to extend a loan to Iraq, the amount of $ 741 million and this amount is the largest installment of the loan agreed a $ 3.7 billion

To help Iraq rebuild the infrastructure, IFAD has provided the second installment of the loan in February 2010 to support the Iraqi economy.
The Fund that "Iraq has continued to make good progress in rebuilding the economic institutions and to maintain economic stability in the year under very difficult circumstances."
The IMF said that Iraq depends on oil income, which constitutes about 90% of the revenues and the country needs more money to finance the reconstruction activities after years of conflicts and wars.
In contrast, Iraq increased oil prices, the official U.S. buyers.
The head of the Oil Marketing Organization (SOMO) that Iraq has submitted the official selling price of Basrah Light crude to U.S. buyers for delivery in November to less than five cents per $ 1.10 for a standard indicator of Argus.
The spokesman of the Ministry of Oil, Assem Jihad, the "term" that the issue of raising the price is the outcome of the impact of higher world oil market, there is a ministerial committee meets every period determined by the data and supply and demand in the global market price of oil, describing the issue Balphenip Pure.
Falah al-Ameri said that the price of Kirkuk crude to U.S. refiners is 40 cents above the index state. S. C. Any record, compared with 35 cents as well as in the previous month.
Rate was determined Basra Light crude to Asian buyers at a discount of $ 1.05 for an average price of Oman crude - Dubai.
While the price has been determined for the same raw European buyers at $ 2.30 less than the average spot prices for Brent crude and Fortis Aosberj Ekofisk and compared with a discount of $ 1.45 on average in October.

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