iraq finance minister fired economic fallout expected
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Iraq finance minister fired; economic fallout expected

Arab Today, arab today

Arab Today, arab today Iraq finance minister fired; economic fallout expected

Hishiyar Zebari
Baghdad - Arab Today

Iraq’s Parliament sacked Finance Minister Hoshiyar Zebari on Wednesday over corruption allegations, a move that risks further destabilizing the major OPEC producer’s fragile economy as it struggles with a massive budget deficit.

Zebari lost a no-confidence vote by 158 to 77, two lawmakers said, after questioning in parliament last month over alleged corruption and misuse of public funds, which he denies.
Zebari, a prominent Kurdish figure who had served as Iraq’s foreign minister for more than a decade, has recently led high-level negotiations for a loan with the International Monetary Fund (IMF) and with international lenders for a Eurobond.
Iraq’s economy, which relies almost exclusively on oil revenue, has been battered by a drop in crude prices and the costs associated with the war against Islamic State, which seized a third of the country in 2014. Falling revenues have caused the public deficit to widen and delayed payments to foreign oil producers for investment costs. The IMF in July approved a three-year, $5.34 billion standby loan for Iraq in exchange for a package of economic reforms. The deal is expected to unlock a total of $18 billion in financial aid over three years.
Baghdad has also said it would try to sell $2 billion in bonds by the end of the year after failing to do so in 2015.
Sarhan Ahmed, a member of Parliament’s finance committee, said Zebari’s sacking would “shake confidence” between the IMF and the Baghdad government.
“Today’s move will undermine the ongoing efforts by Iraq to convince the IMF and other lenders it has a stable economic and political atmosphere,” Ahmed told Reuters. Baghdad-headquartered Rabee Securities’ chairman, Shwan Ibrahim Taha, said it was unlikely the IMF deal or the bond offer would be endangered by changing a politically appointed official but lamented the departure of Zebari, whom he called “a very capable politician and a very capable minister.”
Zebari, who could not immediately be reached for comment, took on the finance portfolio two years ago in the government formed by Prime Minister Haider Al-Abadi.
There are no obvious replacements for him. Ministerial posts are distributed along ethnic, sectarian and party lines in keeping with a quota-based system set up after the US-led invasion in 2003 that toppled Saddam Hussein.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iraq finance minister fired economic fallout expected iraq finance minister fired economic fallout expected

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iraq finance minister fired economic fallout expected iraq finance minister fired economic fallout expected

 



GMT 08:13 2017 Friday ,03 February

Actress Rogina chooses her roles carefully

GMT 11:14 2017 Wednesday ,20 December

Air strikes kill 19 civilians in northwest Syria

GMT 20:39 2017 Saturday ,21 October

UK amb. mourns Egypt policemen

GMT 17:03 2017 Saturday ,16 September

Bangladesh accuses Myanmar of violating its airspace

GMT 05:00 2017 Thursday ,07 September

Palestinians blast 'unacceptable' US ambassador

GMT 02:42 2012 Saturday ,28 April

Walieddine, Druze regional spiritual authority dies
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday