(Post by Toucan at People Invested)
CBI: Reduce the proportion of 85 percent of the debt owed by Iraq
16/08/2011 PM – 10:07 AM
The central bank for the balance of 2012 will be submitted to the General Secretariat of the Council of Ministers in September next, up 10 percent for the current year’s budget, as announced so far have been cut 85 percent of the debt of the country.
The deputy governor of the Bank the appearance of Mohammed in a press statement that “the Ministry of Finance will raise the budget year 2012 to the General Secretariat of the Council of Ministers through next September, adding that the budget calculated price of a barrel of oil at $ 85.
He noted that the amount of the budget will be higher than the budget of the current year by 10 percent, will see an expansion in operational PROFILE in order to absorb unemployment, indicating that the investment will be important in this budget, setting priorities for a number of sectors, notably oil, agriculture, industry, expecting to see a deficit ratio declined significantly in the coming years.
According to the benefit of that ease debt on the country contributed to the increase in the budget, explaining that 85 percent of the debt has been reduced under the Paris Club agreements, especially that 55 countries have abolished the debt of the country, while the remained 12 countries, mostly Arab nations had not yet agreed to settle its debts.
He touched the deputy governor of the Bank in his speech to Debt large business, stressing that Iraq managed to resolve issues with the 13 thousand and 160 creditor commercial value of $ 12 billion in commercial debt since 2006 and even now. He said more than seven billion dollars of the money issued in bonds, interest rate 5.8 percent per year sold in the international market.
And on debt small business between to be worth five billion dinars left them only 450 million dinars after it was cut by about 90 percent of them in payment of 10 percent in cash, adding that the commercial debt includes people and companies had made a request through the courts to demand that the country’s entitlement.