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Parliamentary economy warns of external borrowing to bridge the budget deficit
Wednesday, December 31 1 / December 2014
[Baghdad-where]
Parliamentary Economic Commission warned of external borrowing to cover the deficit in the public budget, stressing the need to find Alazosmar and activate the private sector.
She said a member of the Commission to fulfill Kazem, told all of Iraq [where] that "the Commission of Economy recommended during its meeting yesterday, the need to rely on domestic borrowing, and the formation of a committee to take advantage of the internal assets of the country and not to borrow from abroad who have financial consequences and benefits."
She added that "in the recommendations was the adoption reduce ministries expenses policy, and find alternative sources of oil, Iraq depends on Iraq as a key resource so we have the shadow of the economic crisis that came to bad fiscal policy and building the budget on the basis of relying on the high prices of oil adoption of other resources."
She explained that "the next budget should be based oil price of less than the existing order to avoid the deficit," pointing out that "it is within the recommendations of the Committee set up sovereign wealth fund, and to determine the details of the type of infrastructure projects implemented Order soon and the party responsible for the conclusion of these contracts and project management ".
Confirmed fulfillment Kazem "the need to invest farmland, and activate the private sector without interest and investment is a cornerstone to activate Alaguetsaa reality."
She said "the Commission has other recommendations and an amendment to the budget," pointing out that "all members of the committee against the principle of the deduction from employees' salaries and the subject which put the deduction of those salary million and a half older, but this salary is not enough families have needs that have the students and the expenses of study requirements of life. "
It is said that the budget bill, the text to authorize the Minister of Finance to borrow from the International Monetary Fund [4.5] billion dollars, and 2 billion dollars from the World Bank, in order to bridge the deficit.
The Finance Minister, Hoshyar Zebari, said Tuesday, "The challenges faced by the Iraqi economy in 2014 in a lack of liquidity as a result of terrorism organization Daash and expenses of defense and fronting the vitality and the drop in oil prices in world markets," noting that "the Government's proposed measures to finance the deficit financial gap of national savings and assets retained and SDRs and the issuance of foreign bonds and public debt through the legal reserve banks and treasury transfers from the Trade Bank of Iraq and the issuance of remittances treasury of the State-owned banks, "and urged" the concerned ministries of electricity, municipalities, and the secretariat of Baghdad, the importance of revenue collection and organization. "
The House of Representatives has completed at its special session, which was held last Thursday, the first reading of the draft budget law and forwarded to the Finance Committee before its lift to the seventh of next month.
The total budget size of 125 trillion dinars and a deficit of 25 trillion dinars .anthy 2
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Wednesday, December 31 1 / December 2014
[Baghdad-where]
Parliamentary Economic Commission warned of external borrowing to cover the deficit in the public budget, stressing the need to find Alazosmar and activate the private sector.
She said a member of the Commission to fulfill Kazem, told all of Iraq [where] that "the Commission of Economy recommended during its meeting yesterday, the need to rely on domestic borrowing, and the formation of a committee to take advantage of the internal assets of the country and not to borrow from abroad who have financial consequences and benefits."
She added that "in the recommendations was the adoption reduce ministries expenses policy, and find alternative sources of oil, Iraq depends on Iraq as a key resource so we have the shadow of the economic crisis that came to bad fiscal policy and building the budget on the basis of relying on the high prices of oil adoption of other resources."
She explained that "the next budget should be based oil price of less than the existing order to avoid the deficit," pointing out that "it is within the recommendations of the Committee set up sovereign wealth fund, and to determine the details of the type of infrastructure projects implemented Order soon and the party responsible for the conclusion of these contracts and project management ".
Confirmed fulfillment Kazem "the need to invest farmland, and activate the private sector without interest and investment is a cornerstone to activate Alaguetsaa reality."
She said "the Commission has other recommendations and an amendment to the budget," pointing out that "all members of the committee against the principle of the deduction from employees' salaries and the subject which put the deduction of those salary million and a half older, but this salary is not enough families have needs that have the students and the expenses of study requirements of life. "
It is said that the budget bill, the text to authorize the Minister of Finance to borrow from the International Monetary Fund [4.5] billion dollars, and 2 billion dollars from the World Bank, in order to bridge the deficit.
The Finance Minister, Hoshyar Zebari, said Tuesday, "The challenges faced by the Iraqi economy in 2014 in a lack of liquidity as a result of terrorism organization Daash and expenses of defense and fronting the vitality and the drop in oil prices in world markets," noting that "the Government's proposed measures to finance the deficit financial gap of national savings and assets retained and SDRs and the issuance of foreign bonds and public debt through the legal reserve banks and treasury transfers from the Trade Bank of Iraq and the issuance of remittances treasury of the State-owned banks, "and urged" the concerned ministries of electricity, municipalities, and the secretariat of Baghdad, the importance of revenue collection and organization. "
The House of Representatives has completed at its special session, which was held last Thursday, the first reading of the draft budget law and forwarded to the Finance Committee before its lift to the seventh of next month.
The total budget size of 125 trillion dinars and a deficit of 25 trillion dinars .anthy 2
[You must be registered and logged in to see this link.]
