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Financial Parliament (time): the budget deficit next year of 65 trillion dinars
– September 5, 2015
Resorting to external borrowing and put government bonds in order to avoid crisis
Financial Parliament (time): the budget deficit next year of 65 trillion dinars
BAGHDAD - just Kazem
Parliamentary Finance Committee predicted high proportion of the budget deficit next year to 65 trillion dinars. Noting that the current value of the actual deficit of 50 trillion dinars, while stressing the economic expert contrary goldsmith to ask the Central Bank of government bonds in the international stock market value of 5 trillion dinars and borrow dollars from the World Bank solutions to overcome the crisis.
The committee member said Sarhan Ahmed Sarhan (time) yesterday that the (Federal Budget Law No. 2 of 2015 includes in one of the basic articles of ways to address the budget deficit and authorized on the basis of which the Ministry of Finance to borrow from several places, notably the International Monetary Fund, World Bank and Islamic banks to address the shortfall in , and these methods are the most effective way to address the crisis, temporarily). He predicted that the (budget deficit of about 25 trillion dinars for the current year but the economic crisis and the adoption of Iraq's oil revenues, only exacerbated the crisis and raise the proportion of the deficit to 50 trillion dinars and if the situation continues like this, the budget deficit in 2016 will rise to 65 trillion dinars). Sarhan said that (the financial reserves of Iraq in 2014 was $ 77 billion because of the economic crises, wars and fiscal policy wrong has dropped to about $ 40 billion for the current year and does not have a solution to revive the reserve and the budget, but the international borrowing). He pointed out that (the main challenges faced by the local economy and destroyed it dramatically is the amount and expenses that the war on organizing Daash required and the deterioration of oil prices and a sudden drop of the prices and rising financial and administrative corruption in the state ratios, which became the general culture for senior staff and young people as well as the reforms adopted by the Prime Minister Haider al-Abadi were not valid as they do not need to start the deposit of the accused in prison and book their money and property movable and immovable internally and externally and bring it back to the state budget, not just the calls, claims and dismissals).
For his part, the goldsmith's (time) yesterday that the (budget identified the value of the loan from the World Bank worth billion dollars according to the International Classification of lending received by the Government to resolve the deficit crisis, which as well as the central bank launched government bonds in the international exchange value of 5 trillion dinars will be traded According to the low and high economic activity in the country). He said (the implications of lower oil prices and the adoption of state revenues only began its results show the state revitalize economic, industrial and agricultural sectors as an alternative to or supportive of the oil and the elimination of financial and administrative corruption and to give priority in the state budget active in economic terms of the sectors to overcome the unilateral revenues and the elimination of the deficit gap and thus revive the budget and the local economy).
He added that he (we do not have information on the central bank refused to lend to the Ministry of Finance, but the central bank significantly contributed to resolving the crisis by asking government documents as well as the international lending has been adopted in the budget as one of the solutions to provide financial liquidity in Iraq). He explained that (the bank has yet to disclose the reserves in his possession, particularly in the recent statement of the Governor of the bank on the Keywords, who stressed that the bank has a global reserve covers local currency before a sound and sober and our position, but the experts and stakeholders evaluated and speculated and speculated Bank reserves worth $ 65 billion But the real value is not disclosed so far).
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– September 5, 2015
Resorting to external borrowing and put government bonds in order to avoid crisis
Financial Parliament (time): the budget deficit next year of 65 trillion dinars
BAGHDAD - just Kazem
Parliamentary Finance Committee predicted high proportion of the budget deficit next year to 65 trillion dinars. Noting that the current value of the actual deficit of 50 trillion dinars, while stressing the economic expert contrary goldsmith to ask the Central Bank of government bonds in the international stock market value of 5 trillion dinars and borrow dollars from the World Bank solutions to overcome the crisis.
The committee member said Sarhan Ahmed Sarhan (time) yesterday that the (Federal Budget Law No. 2 of 2015 includes in one of the basic articles of ways to address the budget deficit and authorized on the basis of which the Ministry of Finance to borrow from several places, notably the International Monetary Fund, World Bank and Islamic banks to address the shortfall in , and these methods are the most effective way to address the crisis, temporarily). He predicted that the (budget deficit of about 25 trillion dinars for the current year but the economic crisis and the adoption of Iraq's oil revenues, only exacerbated the crisis and raise the proportion of the deficit to 50 trillion dinars and if the situation continues like this, the budget deficit in 2016 will rise to 65 trillion dinars). Sarhan said that (the financial reserves of Iraq in 2014 was $ 77 billion because of the economic crises, wars and fiscal policy wrong has dropped to about $ 40 billion for the current year and does not have a solution to revive the reserve and the budget, but the international borrowing). He pointed out that (the main challenges faced by the local economy and destroyed it dramatically is the amount and expenses that the war on organizing Daash required and the deterioration of oil prices and a sudden drop of the prices and rising financial and administrative corruption in the state ratios, which became the general culture for senior staff and young people as well as the reforms adopted by the Prime Minister Haider al-Abadi were not valid as they do not need to start the deposit of the accused in prison and book their money and property movable and immovable internally and externally and bring it back to the state budget, not just the calls, claims and dismissals).
For his part, the goldsmith's (time) yesterday that the (budget identified the value of the loan from the World Bank worth billion dollars according to the International Classification of lending received by the Government to resolve the deficit crisis, which as well as the central bank launched government bonds in the international exchange value of 5 trillion dinars will be traded According to the low and high economic activity in the country). He said (the implications of lower oil prices and the adoption of state revenues only began its results show the state revitalize economic, industrial and agricultural sectors as an alternative to or supportive of the oil and the elimination of financial and administrative corruption and to give priority in the state budget active in economic terms of the sectors to overcome the unilateral revenues and the elimination of the deficit gap and thus revive the budget and the local economy).
He added that he (we do not have information on the central bank refused to lend to the Ministry of Finance, but the central bank significantly contributed to resolving the crisis by asking government documents as well as the international lending has been adopted in the budget as one of the solutions to provide financial liquidity in Iraq). He explained that (the bank has yet to disclose the reserves in his possession, particularly in the recent statement of the Governor of the bank on the Keywords, who stressed that the bank has a global reserve covers local currency before a sound and sober and our position, but the experts and stakeholders evaluated and speculated and speculated Bank reserves worth $ 65 billion But the real value is not disclosed so far).
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