Shafaq News/ The Governor of the Central Bank of Iraq (CBI), Ali Mohsen al-Alaq, on Sunday met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva to discuss the development of a joint program that takes into account the country's security and economic conditions, as well as the "exceptional challenges" it faces.
The talks covered the signing of an economic agreement between Iraq and the IMF during the upcoming visit of an IMF delegation to Baghdad next month.
A CBI statement said apl-Alaq attached importance to establishing a technical program in collaboration with the IMF that takes into consideration the country's security and economic conditions, particularly the "exceptional challenges that have cost it dearly on various levels."
Georgieva, according to the statement, expressed understanding for Iraq's circumstances and endorsed the the governor's proposal for the establishment of a program with the IMF to serve as a "fixed reference for economic policies between the two parties."
The governor subsequently met with the Executive Director of the IMF, Mahmoud Mohieldin, with the two parties discussing financial stability issues in Iraq.
According to the statement, Mohieldin expressed the IMF's interest in providing necessary support for Iraq in matters of economic reform in a manner that would gradually increase its non-oil revenues.
The two sides discussed the need to sign an agreement between Iraq and the IMF, the framework and content of which would be determined during the visit of the IMF delegation to Baghdad.
The visit, scheduled for next month, aims to organize economic reform steps, financial performance programs, and aspects in which Iraq requires technical and advisory support.
Experts from the IMF emphasized to the Iraqi delegation the importance of initiating economic reforms during times of financial abundance, as oil revenues provide support and flexibility for such a program.
The focus should be on assisting the poorest segments of the population and building financial buffers to counteract fluctuations in global oil prices, they said according to the statement.
