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Transition to a market economy to strengthen the country's ability
1/13/2015 0:00
BAGHDAD - Hussein al-Tamimi Tgb
The head of the Middle East and Central Asia Department at the International Monetary Fund Masood Ahmed said Iraq exceeded emergency conditions experienced by now requires three key areas working to strengthen the capacity of the Iraqi economy to deal with crises in the future. He said in reply to a question «morning« in this regard: The first of those areas to move forward in the process of transition to a market economy system, which requires continued efforts to reduce the role of government by restructuring the banks and state-owned enterprises with the implementation of reforms to remove obstacles and administrative obstacles to the existence of competitive private sector and a sound financial sector, so as to build a dynamic and diversified economy does not rely too much on government spending on oil and then return.
He Ahmed said second area capitalizing on Iraq to strengthen its ability to oil resources management by improving the financial management practices of the public, and the resumption of the composition and preventive balances the public finances allow the government to apply the anti policies cyclical when needed, noting that the best way to achieve this goal is to remedy the situation Fund Iraq's development as a tool for efficient and transparent management of oil resources.
As he said, that the latter area is the possibility that Iraq is looking at how to redistribute the huge oil resources among the population, and how it can lead institutions and practices based on fiscal decentralization to increase fairness and promote a sense of belonging among all citizens.
Ahmed between the further implementation of the reform program to turn the economy as mentioned increasingly urgent in the face of "double shock" of low oil prices and declining attacks organization "Daash." The challenge facing the new Iraqi leadership to address the current crisis and to provide the requirements of millions of refugees who are in desperate need of help, but also includes the establishment of the pillars necessary to address the weaknesses of the economy for a long time is not limited.
He said that to cope with this difficult situation should be the top priority for the government is the solution to the security of the situation, pointing out that to do so requires a realistic and coherent fiscal policy can support the efficient use of petroleum resources and enhance the credibility of the government in front of the international partners, and encouraging developments in this regard to the Council of Ministers approved the draft budget for 2015 which is based an oil price of 60 dollars per barrel.
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1/13/2015 0:00
BAGHDAD - Hussein al-Tamimi Tgb
The head of the Middle East and Central Asia Department at the International Monetary Fund Masood Ahmed said Iraq exceeded emergency conditions experienced by now requires three key areas working to strengthen the capacity of the Iraqi economy to deal with crises in the future. He said in reply to a question «morning« in this regard: The first of those areas to move forward in the process of transition to a market economy system, which requires continued efforts to reduce the role of government by restructuring the banks and state-owned enterprises with the implementation of reforms to remove obstacles and administrative obstacles to the existence of competitive private sector and a sound financial sector, so as to build a dynamic and diversified economy does not rely too much on government spending on oil and then return.
He Ahmed said second area capitalizing on Iraq to strengthen its ability to oil resources management by improving the financial management practices of the public, and the resumption of the composition and preventive balances the public finances allow the government to apply the anti policies cyclical when needed, noting that the best way to achieve this goal is to remedy the situation Fund Iraq's development as a tool for efficient and transparent management of oil resources.
As he said, that the latter area is the possibility that Iraq is looking at how to redistribute the huge oil resources among the population, and how it can lead institutions and practices based on fiscal decentralization to increase fairness and promote a sense of belonging among all citizens.
Ahmed between the further implementation of the reform program to turn the economy as mentioned increasingly urgent in the face of "double shock" of low oil prices and declining attacks organization "Daash." The challenge facing the new Iraqi leadership to address the current crisis and to provide the requirements of millions of refugees who are in desperate need of help, but also includes the establishment of the pillars necessary to address the weaknesses of the economy for a long time is not limited.
He said that to cope with this difficult situation should be the top priority for the government is the solution to the security of the situation, pointing out that to do so requires a realistic and coherent fiscal policy can support the efficient use of petroleum resources and enhance the credibility of the government in front of the international partners, and encouraging developments in this regard to the Council of Ministers approved the draft budget for 2015 which is based an oil price of 60 dollars per barrel.
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