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Make way for investments to address the crisis
2/23/2015 0:00
BAGHDAD
Collect experts on the need to restructure the national economy by about allowing him freedom from the rentier restrictions and unilateral through to make way for domestic and foreign investment, in order to get out of the neck of the crisis, stressing that the restructuring file was on the table since 2004, but has not taken any steps in this context, wondering about the reasons for not making use of the funds available to the central bank to finance the deficit.
This came during an economic seminar hosted by the progress of policy development institute and attended «morning» centered on the need to reconsider the economic and financial policies in the country, and which was discussed drop in oil prices and economic crisis in Iraq involving a group of economists and money and Iraqi businessmen in economic spheres of life and financial.
At the beginning of the seminar, MP Dr Mehdi al-Hafez said the continued decline in oil prices and the lack of suitable cover the deficit in the balance of payments alternatives will lead to a worsening economic crisis, pointing to the need to give a picture of the financial position of the Ministry of Finance or the Central Bank to remove the ambiguity in this regard and how to behave about the crisis.
He said if the central bank law are not allowed to benefit from his assets to finance the deficit, Fbalamkan reconsider this law in line and the economic situation in the country as well as for the money accumulated in the Development Fund for Iraq, adding that the banking sector was supposed to be rebuilt modern form, but he also this does not happen in spite of the money spent in this regard.
Hafiz concluded by noting that the state is seeking to develop the Supreme Council for ages without an appropriate basis for the work of this Council, pointing to the importance of the study of endeavor lot of rationality and realism, he said.
For his part, economist Behnam Elias Peter Iraqi budget depends on oil in particular, pointing out the need for a so-called precautions precautions to face so the positions associated with the decline in oil prices and the formation of a cumulative financial balance to such crises, and expected to reach the inflation rate in the country 9 percent year on Measuring the general index and not on the basis of the index of consumer prices.
Gave Peter during the seminar list among which the rate share of crude oil in the budget revenues, including rate (96.5 percent) while other income was (3.5 percent), adding that the average ratio of other income, including tax to GDP at current prices amounted to (1.6 percent) only, indicating that the degree of response (relative flexibility) was modest compared to oil revenues, which refers to the misuse of funds directed to investment.
He explained that the increase in output at constant prices between colloquial 2012 and 2013 was of $ (3162.
million was to be added to capital accumulation amounted to (26 043) million in fixed prices, adding that he is not the possibility of the economy that adds more than (25 347) million, Indicating that address that need to take drastic treatments studied to get the best results.
He noted that the pressure caused by electrical energy expenditure and support the interest on the loans and support for farmers and the state-owned government companies and subsidies implicit prices of gasoline, which are imported per liter of gasoline to 600 dinars, and is sold to the consumer to (450) dinars, what caused the events of pressure on the budget.
For his part, Dr. Abdullah al-Bandar, the economic advisor to the National Commission for Investment suggested a number of measures to cope with the crisis, including reducing unnecessary spending and take viable measures, as well as income tax procedures and work on activating the customs tax.
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2/23/2015 0:00
BAGHDAD
Collect experts on the need to restructure the national economy by about allowing him freedom from the rentier restrictions and unilateral through to make way for domestic and foreign investment, in order to get out of the neck of the crisis, stressing that the restructuring file was on the table since 2004, but has not taken any steps in this context, wondering about the reasons for not making use of the funds available to the central bank to finance the deficit.
This came during an economic seminar hosted by the progress of policy development institute and attended «morning» centered on the need to reconsider the economic and financial policies in the country, and which was discussed drop in oil prices and economic crisis in Iraq involving a group of economists and money and Iraqi businessmen in economic spheres of life and financial.
At the beginning of the seminar, MP Dr Mehdi al-Hafez said the continued decline in oil prices and the lack of suitable cover the deficit in the balance of payments alternatives will lead to a worsening economic crisis, pointing to the need to give a picture of the financial position of the Ministry of Finance or the Central Bank to remove the ambiguity in this regard and how to behave about the crisis.
He said if the central bank law are not allowed to benefit from his assets to finance the deficit, Fbalamkan reconsider this law in line and the economic situation in the country as well as for the money accumulated in the Development Fund for Iraq, adding that the banking sector was supposed to be rebuilt modern form, but he also this does not happen in spite of the money spent in this regard.
Hafiz concluded by noting that the state is seeking to develop the Supreme Council for ages without an appropriate basis for the work of this Council, pointing to the importance of the study of endeavor lot of rationality and realism, he said.
For his part, economist Behnam Elias Peter Iraqi budget depends on oil in particular, pointing out the need for a so-called precautions precautions to face so the positions associated with the decline in oil prices and the formation of a cumulative financial balance to such crises, and expected to reach the inflation rate in the country 9 percent year on Measuring the general index and not on the basis of the index of consumer prices.
Gave Peter during the seminar list among which the rate share of crude oil in the budget revenues, including rate (96.5 percent) while other income was (3.5 percent), adding that the average ratio of other income, including tax to GDP at current prices amounted to (1.6 percent) only, indicating that the degree of response (relative flexibility) was modest compared to oil revenues, which refers to the misuse of funds directed to investment.
He explained that the increase in output at constant prices between colloquial 2012 and 2013 was of $ (3162.
million was to be added to capital accumulation amounted to (26 043) million in fixed prices, adding that he is not the possibility of the economy that adds more than (25 347) million, Indicating that address that need to take drastic treatments studied to get the best results.He noted that the pressure caused by electrical energy expenditure and support the interest on the loans and support for farmers and the state-owned government companies and subsidies implicit prices of gasoline, which are imported per liter of gasoline to 600 dinars, and is sold to the consumer to (450) dinars, what caused the events of pressure on the budget.
For his part, Dr. Abdullah al-Bandar, the economic advisor to the National Commission for Investment suggested a number of measures to cope with the crisis, including reducing unnecessary spending and take viable measures, as well as income tax procedures and work on activating the customs tax.
[You must be registered and logged in to see this link.]
