View Full Version : Former deputy: Conditions of the Bank and the IMF's Iraq adversely affect the economy

03-20-2010, 09:52 AM
20/03/2010 11:38

Baghdad, 20 March (AKnews) - A member of the parliamentary Finance Committee, the House ended its session, a Saturday, that the conditions imposed by the World Bank and International Monetary Fund to Iraq "a big influence on the economy."

The former MP told Sami Atrushi Kurdistan News (AKnews) that "the conditions imposed by the International Monetary Fund earlier on Iraq was very large, such as increasing prices of oil derivatives and to reduce social expenditures and determine the salaries of retirees and employees."

He pointed out that "Everyone is afraid it could affect the loan from the World Bank for Iraq, which is worth $ 250 million on the economy, Iraq by the conditions imposed by creditor nations on Iraq called economic reforms."

The Atrushi that "among the points that affect the economy, Iraq and the fear that everyone is to transform education and health sectors in Iraq to the private sector."

And that "the government entered into a contract with the World Bank in accordance with the powers granted in the law of the Federal budget for 2010, which empowered the government to hold such agreements with the World Bank and International Monetary Fund needs help to borrow funds to provide liquidity and to cover the budget deficit."

Atrushi pointed out that "financial loans made in the federal budget for the current year to exceed eight billion dollars from the IMF and the World Bank."

Entered into the Iraqi Finance Ministry on 17 March under an agreement with the World Bank lending to Iraq includes $ 250 million to cover the deficit in the federal budget to pay the amount after 15 years with up to 1%.

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