Iraq is seeking to fill the budget deficit

March 30, 2010 · Posted in NEWS
VP: Iraq is seeking to fill the budget deficit

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Interest rate not to exceed one percent and the duration of payment of up to five years and the Iraqi government signed an agreement with the World Bank for a loan of two hundred and fifty million dollars paid half-yearly deductions.

ا Confirmed by the Iraqi Finance Minister Baqir Jabr Al-Zubaidi, adding that the current value of the loan is part of the largest loan has been agreed upon with the World Bank and the value of half a billion dollars, noting that the loan will be in cash to Iraq to be used to finance the deficit in the state budget for the current year.

He said this came during the agreement signed between Iraq and the World Bank recently, noting that if it does not contribute to current loan bridge the shortfall in the budget, Iraq will resort to borrowing again from the World Bank, noting that a preliminary agreement with the IMF to borrow up to three billion and eight hundred million dollars will also provide other to cover the deficit in the budget.

The Iraqi Council of Representatives passed in the twenty-sixth of the month of January last, the general budget for 2010 with a total value amounted to about seventy-two billion dollars and the deficit reached a value of around eighteen billion dollars.

Al-Zubaidi believes that this deficit will be covered through loans obtained from international organizations, in addition to the cash surplus recycled from previous years and the shortfall in the estimates of oil prices.

اFor his part, the World Bank representative in Iraq, Jean-Michel Happy to report that the loan to the Iraqi