Parliamentary Economy: the formation of committees to follow up on increased revenue by reducing expenditures and tax collection

History of edits:: 2015/9/16 11:10

Announced for the economic and investment commission in Parliament, for the formation of committees to follow up the process of increasing revenue by reducing expenses and collect taxes, so as to cope with the economic crisis.

The member of the Committee Najiba Najib, told all of Iraq [where], that "there are several measures taken to address the economic crisis in the next year in 2016, including the issue of reducing the expenditure on the state budget by merging ministries, leading to increased revenue, through the collection of water and electricity and customs and tax revenues, "pointing to" the process of the formation of committees in Parliament to follow the revenue increase. "

She added, "It was also stressed by the private sector and the privatization of many of the projects and the partnership between the public and private sectors, we as a country we do not have another way as well as the issuance of treasury bonds and sold abroad in the global market value of $ 7 billion."

Najib explained that the "Treasury bonds not issued yet, but there is a tendency for issuance by the state government and the Council of Ministers and the Ministry of Finance, the fiscal deficit to overcome the economic crisis."

The parliamentary Finance Committee warned on the fifth of September of this, from the country's vulnerability to disaster and comprehensive economic collapse, as a result of lower oil prices and the war on Daash.

The committee member said Sarhan Ahmad, for [where], that "Iraq is on the verge of economic disaster, a comprehensive economic collapse as a result of the lack of consistent studies with lower oil prices," stressing the need to "move on rich nations and the International Monetary Fund and all the regional and international levels in order to save the country from economic decline, as the war on Daash, and the crisis of displaced people, burdened economy, oil prices have led to what led to him now, "pointing out that" the Iraqi government must move quickly toward these countries. "

Iraqi state and relies on building the annual financial budget by about 90% on imports of the source of oil, and the resulting decline in crude prices since the middle of last year to a significant decline in Iraq's resources reaching its budget in 2015 about $ 100 billion deficit expected up to 25%, prompting the government to put up Treasury bonds worth $ 6 billion and borrowing from the International Monetary Fund about $ 1.2 billion, an attempt to reduce this deficit with the continued decline Alasar.

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