IMF and Iraq ~ Statement by IMF Managing Director Christine Lagarde on Iraq ...

December 13, 2011

Statement by IMF Managing Director Christine Lagarde on Iraq

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after a meeting with H.E. Nouri Al-Maliki, Prime Minister of Iraq in Washington today:

“It was a pleasure to meet Prime Minister Al-Maliki today. Over the past several years, Iraq and the International Monetary Fund have engaged in a very successful partnership, anchored by successive IMF-supported economic programs. This partnership has facilitated substantial debt relief and helped achieve macroeconomic stability, including a strong dinar, low inflation, and a resumption of economic growth, in a very challenging political and security environment.

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“Prudent fiscal policies are essential to maintaining macroeconomic stability and fostering inclusive growth. In this context, I am very encouraged by the government’s new budget proposal for 2012 that was recently submitted to the Iraqi Council of Representatives. The proposal aims to restrain the growth of current spending, thus freeing up resources for infrastructure investment and social support, while limiting the size of the budget deficit. The proposed budget would allow the current Stand-By Arrangement (SBA) to continue to provide a safety net to the budget in case oil revenues were to fall sharply.

“Promoting policies that lead to more inclusive growth is central to our engagement with Iraq. We are working closely with the Iraqi government to rebuild its essential economic institutions to help improve economic management and public service delivery. The current SBA offers a framework for Iraq’s structural reform agenda, by promoting better public financial management, including the management of Iraq’s hydrocarbon resources, and developing a financial sector that can support private sector activity and job creation. We look forward to further progress in these areas.

“We remain committed to helping Iraq in its efforts to foster sustained and inclusive economic growth, generate viable employment opportunities, and improve living standards for all Iraqis. An IMF staff mission is scheduled to meet the authorities in January to discuss progress under the program and next steps.”

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Maliki Meets with World Bank and IMF and will participate in the Symposium of the American Chamber of Commerce and more than 250 American and Global

Sunday 11-12-2011

Al-Maliki will participate in the Symposium of the American Chamber of Commerce in the presence of more than 250 American and global

Baghdad, Nofal said aboulshawn Hassan, commercial attache at the Embassy of the Republic of Iraq in Washington that the visit of Prime Minister Nouri al-Maliki and his Entourage will participate in the Symposium to be held at the American Chamber of Commerce in the presence of more than 250 leaders and representatives of the u.s. and global companies operating in various sectors, adding to a group of Iraqi businessmen.

Hassan said in a statement (News News Agency) on Sunday: Al-Maliki meet with World Bank President and Executive Director of the International Monetary Fund, and Dr. Alexandra will attend Trade Minister Hassan with a group of members of the visiting delegation in the meeting devoted to brief us companies on trade and investment opportunities in Iraq especially in areas controlled by the Ministry.

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He said that the delegation will attend a series of activities and events that contribute to strengthening economic and commercial aspects of trade and investment between the two countries and discussed ways to increase the participation of companies in the business and investment in Iraq.

It is worth mentioning that the terms of trade between the two countries have seen significantly in the last five years, bringing the total number of exports and imports between the two countries nearly 75 billion dollars at a rate of $ 15 billion annually.

On the other hand, the commercial attache said Nawfal Al-Hassan that u.s. companies registration rates in Iraq has risen during the past two years. Has completed commercial attachee in Washington nearly 10,000 commercial transaction for us companies during the past three years.

More than 80 American companies and institutions had participated last month in the first official us Pavilion in the 38 session of the Baghdad international fair.

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