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An "unknown future".. Parliamentary warnings against the government's continued dependence on the rentier sector
Today 17:56
Information / special.
A former member of the Finance Committee, Ahad Al-Saffar, counted today, Tuesday,
the standard of living of future generations "in danger", and
while he warned against the government's continued dependence on the rentier sector,
he expected a decrease in the value of the dinar in the coming years.
Al-Saffar said, in an interview with Al-Maalouma Agency, that
"the government program, through the draft financial budget law, for the government, seems to continue to rely on the rentier economy and the oil sector, which finances more than 93% of public revenues, i.e. an economy that relies on imports only.". He added,
"The country's economy will be exposed to inflation and the depreciation of the local currency
(meaning that the Iraqi dinar will lose its value year after year as long as this dinar is not supported by a realistic economy)."
A member of the Finance Committee explained,
"Although there is a cash reserve of more than $100 billion and a large amount of gold,
this is not sufficient and will not be a substitute for the existence of a real economy that produces goods, services and needs, and reduces unemployment rates." And Al-Saffar indicated that
"the general vision of the Iraqi economy and its future is not joyful, and
if the situation remains in this case, the
government will not be able to take serious steps to actually advance the Iraqi economy and get it out of the rentier state, and the
future of the economy will be unknown, and the
standard of living of future generations will be in danger.".
On Monday, the House of Representatives approved the draft financial budget bill for the next three years, at an estimated amount of 197 trillion dinars (approximately $152 million), based on oil prices estimated at $70 per barrel.
And the largest budget figures in the history of Iraq pose great economic risks to Iraq,
especially with regard to revenues and dependence on the oil resource, according to economists. Ended/25 SAR
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Today 17:56
Information / special.
A former member of the Finance Committee, Ahad Al-Saffar, counted today, Tuesday,
the standard of living of future generations "in danger", and
while he warned against the government's continued dependence on the rentier sector,
he expected a decrease in the value of the dinar in the coming years.
Al-Saffar said, in an interview with Al-Maalouma Agency, that
"the government program, through the draft financial budget law, for the government, seems to continue to rely on the rentier economy and the oil sector, which finances more than 93% of public revenues, i.e. an economy that relies on imports only.". He added,
"The country's economy will be exposed to inflation and the depreciation of the local currency
(meaning that the Iraqi dinar will lose its value year after year as long as this dinar is not supported by a realistic economy)."
A member of the Finance Committee explained,
"Although there is a cash reserve of more than $100 billion and a large amount of gold,
this is not sufficient and will not be a substitute for the existence of a real economy that produces goods, services and needs, and reduces unemployment rates." And Al-Saffar indicated that
"the general vision of the Iraqi economy and its future is not joyful, and
if the situation remains in this case, the
government will not be able to take serious steps to actually advance the Iraqi economy and get it out of the rentier state, and the
future of the economy will be unknown, and the
standard of living of future generations will be in danger.".
On Monday, the House of Representatives approved the draft financial budget bill for the next three years, at an estimated amount of 197 trillion dinars (approximately $152 million), based on oil prices estimated at $70 per barrel.
And the largest budget figures in the history of Iraq pose great economic risks to Iraq,
especially with regard to revenues and dependence on the oil resource, according to economists. Ended/25 SAR
[You must be registered and logged in to see this link.]
