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Iraq will soon unveil a plan to save the economic situation
Iraqi Ministry of Planning, said yesterday that it will soon launch an economic plan standing four years to save the economic situation in the country resulting from the drop in world oil prices.
He said ministry spokesman Abdul Zahra al-Hindawi said the plan extends between 2015 and 2018, and among its terms of activating the role of the private sector to be active and influential and stimulate domestic and foreign investment and the development of alternative sectors of the oil.
Hindawi pointed out that the security situation in Iraq of the leading challenges facing the plan, noting that they need to set the laws of the legislation will be sent to Parliament.
Iraq and live an economic crisis as a result of falling world oil prices by about 60% since last summer, as well as the consequences of military spending on the war against the organization of the Islamic state .
Cut spending
and forced the government in Baghdad after crude drop below fifty dollars a barrel to reduce the size of their spending, as the Council of Ministers amended Tuesday a draft budget 2015 to reduce government spending of 123 trillion dinars ($ 104 billion) to 119 trillion dinars (one hundred billion dollars).
House of Representatives has approved on Thursday the majority of the draft budget shortfall of $ 25 trillion dinars ($ 21.2 billion). Previously, the Iraqi Ministry of Finance announced last month that it will raise taxes on some of the services provided.
A report to the International Monetary Fund, issued last month, that Iraq recorded a budget deficit of 6.1% in the current year, and by 4.9% in the past year.
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Iraqi Ministry of Planning, said yesterday that it will soon launch an economic plan standing four years to save the economic situation in the country resulting from the drop in world oil prices.
He said ministry spokesman Abdul Zahra al-Hindawi said the plan extends between 2015 and 2018, and among its terms of activating the role of the private sector to be active and influential and stimulate domestic and foreign investment and the development of alternative sectors of the oil.
Hindawi pointed out that the security situation in Iraq of the leading challenges facing the plan, noting that they need to set the laws of the legislation will be sent to Parliament.
Iraq and live an economic crisis as a result of falling world oil prices by about 60% since last summer, as well as the consequences of military spending on the war against the organization of the Islamic state .
Cut spending
and forced the government in Baghdad after crude drop below fifty dollars a barrel to reduce the size of their spending, as the Council of Ministers amended Tuesday a draft budget 2015 to reduce government spending of 123 trillion dinars ($ 104 billion) to 119 trillion dinars (one hundred billion dollars).
House of Representatives has approved on Thursday the majority of the draft budget shortfall of $ 25 trillion dinars ($ 21.2 billion). Previously, the Iraqi Ministry of Finance announced last month that it will raise taxes on some of the services provided.
A report to the International Monetary Fund, issued last month, that Iraq recorded a budget deficit of 6.1% in the current year, and by 4.9% in the past year.
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