Agreement with IMF monitoring will help Iraq to overcome financial crisis: official

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BAGHDAD, Nov. 11 – Iraqi Finance Minister Hoshyar Zebari said that the agreement with International Monetary Fund (IMF) to monitor Baghdad economic policies will help Iraq to overcome the financial crisis by improving the performance of the country’s monetary institutions, Iraqi official television reported on Wednesday.

“The agreement with IMF is to improve the fiscal and monetary performance in order to stabilize the monetary situation in Iraq. This is a positive program which will help Iraq to overcome the (financial) crisis,” the state-run Iraqiya channel quoted Zebari as saying.

Zebari’s comment came after his ministry agreed with IMF on a memorandum of understanding on Tuesday evening in Amman, the capital of neighboring Jordan, which allows IMF to monitor the Iraqi economic policies in accordance with Staff-Monitored Program (SMP) for the remaining period of 2015 and 2016.

A statement issued by the Finance Ministry statement after the agreement said “the program aims to assist Iraq in reforming its foreign exchange policy, financial management and banking supervision.”

“The procedures that have been agreed upon aimed at implementing standards to maintain the stability of the financial sector,” the statement said, adding that the agreement is an important step that would “strengthen Iraq’s international status in the global financial markets” and paves the way for Iraq to obtain loans from international financial institutions and states.

(Copyright @ Xinhua/RSS Nepal)

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