Financial Sector Developments
This quarter, the IMF approved disbursement of the second tranche of a $3.77 billion Stand-By Arrangement to help ensure the country’s macroeconomic stability and provide a framework for structural reforms. The payment of $471 million brought the amount Iraq has drawn under the arrangement to about 1.7 billion. The disbursement followed an IMF review of Iraq’s economic performance that drew an overall positive appraisal. The review concluded, “Iraq has maintained macroeconomic stability under difficult external and internal circumstances, while making efforts to rebuild economic institutions.” the IMF noted that “decisive efforts” to rebuild key economic institutions were “critical” for private sector development. The IMF also noted that a recently constituted Bank Reconciliation Unit (BRU) was working with an external audit firm and IMF staff to remove Saddam-era liabilities from the balance sheets of the country’s two largest lending institutions, the state-owned Raidain and Rasheed Banks. The GOI has recognized the liabilities as external debt and made them part of Iraq’s external debt restructuring. Restructuring the two banks is necessary to better support private sector development. the BRU is also working on a plan to relieve both banks of non-performing loans made to now-defunct SOEs.
Baghdad, April 30 (Rn) – The Iraqi Council of Representatives its standard of (60) on Saturday, led by Osama Najafi, and hosts the Ministers of Foreign Affairs, Finance and the Governor of Central Bank of Iraq on the ratification of the Convention on the settlement of claims between the Government of the Republic of Iraq and the Government of the United States.
BAGHDAD (Iba) .. Awarded the Korea University in Seoul by Prime Minister Nuri Kamal al-Maliki an honorary doctorate degree in political science.
29/04/2011 13:24
