No Specific Reason to Degrade Iraqi Dinar Value: IMF

No Specific Reason to Degrade Iraqi Dinar Value: IMFThe International Monetary Fund has endorsed a loan of 5.34 billion U.S dollars for Iraq over three years. This loan would ensure debt sustainability and it will be used to support Iraqi financial and economic policies due to the country has been experiencing major financial crisis caused by the continuous decline in the oil prices. A statement issued by the IMF that this loan was provided under the agreement signed between Iraqi government and the IMF and it also includes the support for helpless populations. The statement further indicated that the Chief of IMF mission for Iraq Christian Josz said that a specific program has designed in order to decrease spending of Iraqi budget to stabilize debt and to protect spending on social programs to provide an ease in the life of poor Iraqi citizens, refugees and IDPs.

The statement further indicated that this program would improve the level of public spending and to start the process of reestablishment of state owned banks. It was also said that Iraq has sustained framing the U.S dollar for years and it has functioned very well for Iraqi economy. This process also provided a handsome stability in the middle of most critical environment. Iraqi government also made victorious development in the fight against terrorism and to eliminate Daash organization from the country. Christian Josz also said that Iraq is basically an oil exporter country and decrease in the value of Iraqi dinar will not degrade for a long period of time in its overall trade. The Iraqi authorities have capabilities to restructure and boost up Iraqi private sector. They are also well committed in maintaining Iraqi dinar value against the U.S dollar and there is not any kind of major reason to devalue the Iraqi dinar.

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