IMF Calls for Iraq to Clear its Debts

An adviser to the Central Bank of Iraq (CBI) said on Wednesday that the International Monetary Fund (IMF) has renewed its call for Iraq to clear its outstanding debts.

Nathhar Mohammed Saleh told AKnews that the IMF called on the Ministry of Finance and the Central Bank to develop feasible solutions to its external debts.

"The CBI believes that the Iraq's economic development is held back by they country's debts,” Mr. Saleh said.

The Iraqi working group for joining the World Trade Organization (WTO) was established in December 2004, and presented a memorandum to obtain membership in September 2005. Iraq was chosen as an observer in January 24, 2007, and began the first round of meetings of the working group in 2007, followed by a second round of meetings in 2008, and a third in 2009.

The CBI announced that it cleared 90% of its internal debts with traders and private companies, according to the Paris Convention, through which Iraq fulfilled its obligations to the entire private sector, freeing the country from a significant part of the restrictions placed upon it.

(Source: AKnews)

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