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Arab Monetary Fund to restructure Iraq's debt

On: Friday 9/9/2011 6:05
 Baghdad / term follow-up economic

Media sources said that Iraq and the Arab Monetary Fund signed in Abu Dhabi a supplement to amend the Convention on the restructuring of Baghdad's debt to the Fund.

The two parties had signed the Convention in June 14, 2008 in the Jordanian capital Amman as part of efforts to help Iraq and its reconstruction.

The same sources said the agreement signed by the Iraqi Finance Minister Rafie al-Issawi representatives from Baghdad, and by the Arab Monetary Fund, Jassem Al-Mannai Director General and Chair of the Board and on the sidelines of a meeting of Arab Ministers of Finance in Abu Dhabi.

The news agency WAM news for both sides that the amendment came at the initiative of Iraq to expedite the payment of debts owed to the Fund.

It was agreed to double the amount of the quarterly installment agreed to pay during the first five years and calculating the benefits system according to the floating interest rate instead of the hard disk.

The Convention was amended by including Iraq's commitment to pay the debts due on a quarterly installments by five million U.S. dollars for a period of five years is then to be lifted straight up to ten million debt payment in full.

And contributes to the amendment to reduce the total interest incurred by Iraq's debt owed by him to the Fund because of the repayment in a shorter period.

According to the agency and the UAE would open the way for Iraq to take advantage of the support provided by the Fund in the preparation of college affirmative action programs of sectoral and structural reforms aimed at achieving macroeconomic stability and stimulating growth.

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