On Saturday, the Iraqi Parliamentary Finance Committee has confirmed that the International Monetary Fund had set various conditions in getting loans for Iraq.
One of the conditions imposed by the IMF was to stop new appointments for at least next 3 years, but with the exclusion of Health, Education and Security sectors. A member of the Iraqi Finance Committee Ahmed Serhan said that the IMF has imposed a number of conditions on Iraq including the most perfect economic reforms in the country by increasing in electricity charges, taxes and the improvement in the level of banking supervision in order to terminate corruption, smuggling, money laundering. Some of the other conditions are to clear all dues of the foreign oil companies working in Iraq at the end of 2016.
He further added that one of the important conditions was to pay-off all Iraqi debts to their countries especially debts of Kuwait. A considerable amount of decrease in the salaries of senior state officials and the implementation of income tax are also major conditions. He stressed that freezing appointments for the next 3 years has been considered a major issue. But, the IMF exempted the Ministries of Health, Education and Security. Iraq also insisted that eliminate the condition to stop ration card because it is a basic requirement of Iraqi citizens. He said that the IMF already stopped dialogues due to this issue. Most of the economic experts predicted that it would not be in the favor of IQD Revaluation because it would increase the inflation rate in the country.