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Parliamentary Finance warns of collapse of the economy of Iraq due to the drop in oil prices
2015/08/22
Baghdad
Parliamentary Finance Committee, warned on Saturday of the consequences of the collapse of the Iraqi economy as a result of the possibility of decline in global oil prices, while Iraq showed that sales of oil reached $ 624 billion during the period from 2003 until 2015 the current year.
A member of the Committee, Haitham al-Jubouri, for "time", "The indicators reported by specialized oil sector global centers, confirms the possibility of an imminent decline in the price of oil to below $ 25," returned that it "constitutes a major threat to Iraq's economy and possibly cause a collapse, especially that the current year's budget in 2015 was built on the basis of $ 62 a barrel. "
The al-Jubouri, that "Iraq has very large expenses related to military operations against Daash as well as the operational requirements which are all dependent on oil sales from dollars and secured," warning of the consequences "of an economic collapse and even the entire state," as he put it.
He said a member of the Finance Committee that "the Iraqi oil sales since the period from 2003 until this year, amounted to $ 624 billion, according to monitored by OPEC," adding that "the amount distributed by 100 billion dollars, almost to the Kurdistan region, and 32 billion to pay debts to Kuwait, and nearly 20 billion debt to the Paris Club and international Kastrakat, while the percentage of operating budgets, including salaries, grants and social benefits of retirees, worth $ 360 billion. "
He said al-Jubouri, that "the remaining investment budget, is $ 112 billion, went 50 billion, including the oil sector, and 20 billion for the electricity sector," noting that "$ 20 billion of the remaining $ 42 billion, went to arming as an investment, and allocated 22 billion for the rest of the ministries including health, education, security, housing and services sectors, as well as the 15 governorates outside the Kurdistan region. "
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2015/08/22
Baghdad
Parliamentary Finance Committee, warned on Saturday of the consequences of the collapse of the Iraqi economy as a result of the possibility of decline in global oil prices, while Iraq showed that sales of oil reached $ 624 billion during the period from 2003 until 2015 the current year.
A member of the Committee, Haitham al-Jubouri, for "time", "The indicators reported by specialized oil sector global centers, confirms the possibility of an imminent decline in the price of oil to below $ 25," returned that it "constitutes a major threat to Iraq's economy and possibly cause a collapse, especially that the current year's budget in 2015 was built on the basis of $ 62 a barrel. "
The al-Jubouri, that "Iraq has very large expenses related to military operations against Daash as well as the operational requirements which are all dependent on oil sales from dollars and secured," warning of the consequences "of an economic collapse and even the entire state," as he put it.
He said a member of the Finance Committee that "the Iraqi oil sales since the period from 2003 until this year, amounted to $ 624 billion, according to monitored by OPEC," adding that "the amount distributed by 100 billion dollars, almost to the Kurdistan region, and 32 billion to pay debts to Kuwait, and nearly 20 billion debt to the Paris Club and international Kastrakat, while the percentage of operating budgets, including salaries, grants and social benefits of retirees, worth $ 360 billion. "
He said al-Jubouri, that "the remaining investment budget, is $ 112 billion, went 50 billion, including the oil sector, and 20 billion for the electricity sector," noting that "$ 20 billion of the remaining $ 42 billion, went to arming as an investment, and allocated 22 billion for the rest of the ministries including health, education, security, housing and services sectors, as well as the 15 governorates outside the Kurdistan region. "
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