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04-20-2015, 06:33 AM
Finance is preparing to issue secured orders; Is one of the solutions to address the budget deficit


Finance is preparing to issue secured orders

Is one of the solutions to address the budget deficit

BAGHDAD - Iraq plans to cover the budget deficit for the current year amounting to more than 25 000 billion dinars, through internal and external borrowing and amounts retained cash in the Ministry of Finance account as well as the Special Drawing Rights (http://www.alibris.com/search/books/isbn/9780199606467) and the issuance of foreign bonds and bonds of public debt and treasury remittances.

In this context, the economic Alschar Prime Minister Dr. said the appearance of Mohammed Saleh, said that the Ministry of Finance the process of issuing Hawwaladtha cover the deficit through internal and external borrowing, indicating that the assets retained in the account of the Ministry of Finance in 2014 and according to the budget in 2015 amounting to three billion dinars law.

He explained in a statement to the "morning," said the Special Drawing Rights (http://www.alibris.com/search/books/isbn/9780199606467) amounted to two billion and 98 million and 800 000 dinars, and the amount due to issue a Eurobond 7 billion dinars, while the amount of the issuance of public debt bonds by the legal reserve banks 6 billion dinars.

He added that the amount of loans and remittances treasury of TBI TBI 3 billion dinars and the amount of issuing money orders treasury governmental billion dinars banks -hsp reported budget law.

Special Drawing (http://www.alibris.com/search/books/isbn/9780199606467) and pointed out that the law also allowed the use of Special Drawing Rights (http://www.alibris.com/search/books/isbn/9780199606467) to SDR 1.8 billion, along with the authorization of the Ministry of Finance to borrow from the Islamic Development Bank $ 500 million.

Based on the public debt law, which authorized the Ministry of Finance remittances treasury guaranteed issuance by the government, the Central Bank of Iraq as an agent financially to the ministry manages auctions of treasury transfers on their behalf and that will, according to the determinants of the annual issuance of remittances budget law Treasury for the purposes of government funding and to reach the objectives of this funding has identified the Ministry of Finance system and mechanism for Auctions remittances treasury held periodically.

The issuance of treasury transfers by the Ministry of Finance last year's plan included the establishment of 10 auctions for the sale of money orders 5 of them yearly, and the other half of the annual value of each auction 500 billion dinars. bond plan is expected to announce that the Ministry of Finance's annual plan for the issuance of Hawwaladtha current year soon as watching economic circles launch these bonds as play a role in easing the proportion of the budget for this year's deficit.

and see specialists that domestic borrowing bonds and remittances reduces the need for external borrowing as well for the interest on foreign loans ratio (International) would be great, despite the length of repayment, while borrowing from the inside is available and accessible to the presence of large Aktnazac is invested in the private sector.

examined the Ministry of Finance last week, with (Citibank) CITY BANK (http://www.alibris.com/search/books/isbn/9781270472780) and senior bank adviser The Director General (http://www.alibris.com/search/books/isbn/9781246689136) of the Bank Deutsche Bank. additional resources and meeting was attended by Governor of the Central Bank, the senior adviser to the Ministry of Finance was emphasized Iraq's desire to find additional financial resources to the state treasury to cover the deficit, the government plans and the Ministry of Finance, as part of their actions precautionary, to resort to the issuance of government bonds in the market for funds worth five billion dollars to ensure continued commitment Bayevaouat operations toward staff and a network of social protection, health and medicine and to support the war effort against the "Daash (http://rover.ebay.com/rover/1/711-53200-19255-0/1?toolid=10029&campid=CAMPAIGNID&customid=CUSTOMID&catId=11450&type=2&ext=301581913000&item=301581913000)."

The Finance Minister Hoshyar Zebari had said earlier that Iraq has decided to international bond issue worth five billion dollars and is negotiating with banks on the conditions.

Zebari said a number of journalists in Washington that "Iraq is seeking to issue international bonds worth $ 5 billion, and we are negotiating on it with Citibank, Deutsche Bank," noting that "we have a green light from the government that we need it." He added that " The government is facing a deficit of $ 25 billion in the current year's budget, which amounts to almost $ 100 billion, "he said, adding that" Iraq is also considering a request emergency funding ranging from 400 million to $ 700 million from the International Monetary Fund (http://www.knetbooks.com/search-results?terms=9789041148759&referrer=KBCJ).