IMF recommends Iraq liberalization of the foreign exchange market

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IMF recommends Iraq liberalization of the foreign exchange market

Posted 23-07-2013 08:05 PM

Baghdad (news) .. report recommended that the International Monetary Fund, Iraq, ensuring the continuation of fiscal consolidation and building margins and preventive financial face of fluctuations in oil revenues. and recommended the report, which was announced on Monday, at the headquarters of Iraqi Business Council in Amman, to intensify work to free foreign currency market and find a stable exchange rate and simplify the instructions of foreign currency. also recommended continuing governance of reserves of foreign Central Bank of Iraq and the Development Fund for Iraq, and deepen the reform of the financial sector and the establishment of equal treatment for private banks. The report recommended that display the most important joints Resident Representative of the International Monetary Fund for Iraq in Amman, Dr. Ghazi الشبيكات during a press conference, to accelerate the pace of structural reform to boost growth and job creation in the private sector. advised الشبيكات Iraq to find a system to combat money laundering and the fight against terrorism and that there will be management of prudent reserve the Iraqi Central Bank foreign currency and the Development Fund for Iraq. called to: pass a law on sector, hydrocarbons and investment in electricity production and the abolition of fuel subsidies granted to producers, and the restructuring of state-owned enterprises and Iraqi governance reform and capitalization of institutions that can be repaired and the closure of non-viable, and called for the need to improve the business environment and attention to the agricultural sector through reform of the public distribution system, which contributed to the decline in production Local and reconsider support mechanisms provided by the Iraqi government to its citizens, noting that the cost of supporting the fuel up to about $ 10 billion. said الشبيكات: that the most prominent risks facing Iraq is the implementation of weak political reform and the decline in the level of political and security situation and the delay in increasing the volume of oil production The decline in global oil prices. stressed: the need that Iraq has the private sector is able to produce and direct investment sectors, non-oil private electricity and agriculture that Iraq has a significant competitive advantage, stressing that Iraq needs long years of work to rebuild the wealth of mankind. said: he In spite of the political and security conditions difficult experienced by Iraq, but the economic developments were positive in general, where he witnessed the economic growth acceleration reached 4.8 percent last year and is expected to reach 9 percent during the current year. pointed to: that the economic outlook college will remain in the medium term driven developments in the oil sector, where output is expected to rise gradually from Iraq's oil by 500 thousand barrels per day in the year to up to 7.5 million barrels per day by the year 2018 compared to 3.3 million barrels currently. / End / t. St. /

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