The IMF recommended that Iraq release the Forex market
22-07-2013 08:05 PM
Baghdad (newsletter)[/color].I recommend the report to the International Monetary Fund, Iraq, to ensure the continuation of fiscal and financial preventive margins to meet fluctuations in oil revenues.
The report recommended which was announced on Monday, at the headquarters of the Iraqi Business Council by Oman, to intensify action to liberalize the foreign exchange market and a stable exchange rate and simplifying instructions.
It also recommended further rational management of foreign reserves at the Central Bank of Iraq and the Development Fund for Iraq, deepening reform of the financial sector and establishing equal treatment for private banks.
The report recommended that the presentation of the most important joints of the resident representative of the International Monetary Fund for Iraq in Oman Dr. Ghazi shubaikat told a press conference, accelerate the pace of structural reform to boost growth and job creation in the private sector.
Shubaikat advised Iraq to create a system to combat money laundering and the fight against terrorism and to be prudent management of Iraqi Central Bank reserves of foreign currency and the Development Fund for Iraq.
He called for: a law on hydrocarbons sector and investment in the electricity production and the abolition of fuel subsidies granted to producers, and restructuring State-owned enterprises and governance reform and capitalization of the institutions could be repaired and the closure of non-viable, and called for the need to improve the business environment and the agricultural sector through the public distribution system reform which contributed to declining domestic production and review mechanisms of support provided by the Iraqi Government to its citizens, adding that the cost of support fuel up to about $ 10 billion.
Shubaikat said: to highlight the dangers facing Iraq is the poor implementation of political reforms and drop the level of the political and security situation and the delays in increasing the volume of oil production and falling oil prices globally.
He stressed: the need to have Iraq private sector able to produce and direct investment in non-oil sectors, particularly electricity and agriculture where Iraq has a significant competitive advantage, adding that Iraq needs years of work to rebuild his fortune.
He said: despite the difficult political and security circumstances in Iraq but the economic developments were generally positive as economic growth accelerated at 8.4 percent last year and is expected to reach 9 percent this year.
He noted that economic prospects for the medium term will remain a college driven by developments in the oil sector, where production is expected to increase Iraq oil gradually by about 500,000 barrels per day (BPD) in the year to 5.7 million barrels per day by 2018 compared with 3.3 million barrels currently. /Finished/r./