Thursday, April 19, 2007
54 countries reduce Iraq debt
Finance
(Iraq Directory) - The Ministry of Finance said that the number of countries that have reduced their debt on Iraq hit 54 states, and the government is continuing its efforts to reduce the remaining debt and hopes to reduce some of its debt to the rate of 100%, while the Adviser of the Prime Minister for Economic Affairs, Kamal Al-Basri, said the Paris Club settlement stipulated stopping the State’s subsidy to a number of sectors and activities in order to drop 80% of Iraq's debt.
The Ministry of Finance noted that the follow-up efforts of the Ministry will continue in order to cancel the debts of Iraq once and for all to promote the economic reality of the country and ensure a decent life for all its citizens; the Ministry was working to repatriate funds, especially those funds and real estates stolen by the former regime and his followers and smuggled outside the country, as well as following-up Iraq's dues for loans granted to some countries where the Iraqi Fund for Foreign Development is following-up Iraq’s debts and their benefits according to time periods.
Adviser of the Prime Minister for Economic Affairs said that there is a plan to compensate the current ration card with cash and provide a competitive market for supply materials; the plan will be implemented in three provinces: Dahuk, Samawah and Hillah, where the amount of compensation will be $ 10 per person, since the volume of the State’s expenditure, the big deficit in its budget and the total amount of the government’s subsidy has become a major burden on the State’s budget and its economic growth. He continued that Iraq needs 200 billion dollars for reconstruction, and this amount can only be provided after 20 years if the National Oil Company were able to maintain the production of three million barrels per day.
The Ministry of Finance noted that the follow-up efforts of the Ministry will continue in order to cancel the debts of Iraq once and for all to promote the economic reality of the country and ensure a decent life for all its citizens; the Ministry was working to repatriate funds, especially those funds and real estates stolen by the former regime and his followers and smuggled outside the country, as well as following-up Iraq's dues for loans granted to some countries where the Iraqi Fund for Foreign Development is following-up Iraq’s debts and their benefits according to time periods.
Adviser of the Prime Minister for Economic Affairs said that there is a plan to compensate the current ration card with cash and provide a competitive market for supply materials; the plan will be implemented in three provinces: Dahuk, Samawah and Hillah, where the amount of compensation will be $ 10 per person, since the volume of the State’s expenditure, the big deficit in its budget and the total amount of the government’s subsidy has become a major burden on the State’s budget and its economic growth. He continued that Iraq needs 200 billion dollars for reconstruction, and this amount can only be provided after 20 years if the National Oil Company were able to maintain the production of three million barrels per day.
Labels: debt, Ministry of Finance, ration cards
