Abadi: our budget represents 40% of the previous budgets, and we must reduce government spending

Author: AB, HH
Editor: AB, HH
09/19/2015 12:04



Long-Presse / Baghdad

The head of the Council of Ministers Haider al-Abadi, said on Saturday that Iraq is facing an economic problem due to lower oil prices, which depend upon the financial budget by 95%, and pointed out that the current budget represents 40% of the budgets of previous years, as called for reducing government spending to meet the economic challenges , he stressed the need to continue the policy of reducing spending even with high oil prices to build a healthy economy.

Haidar al-Abadi, in a speech during the opening of the Conference of the Organization (TEDx) fifth edition under the auspices of Foundation-range of information, culture and the arts, which was held at the Rashid Hotel in central Baghdad, and attended (range Press), said that "Iraq is suffering from an economic problem because of lower oil prices dramatically and upon which the financial budget of the country by 95%. "

Abadi promised that "the adoption of the Iraqi economy on oil only flaw in the economic system is the fact that the consumer determines the price of oil," noting that "the treatment of this disorder require a decision and went and plan and time."

He Abadi, expressed regret "for the adoption of economic plans on the rise in oil prices over the past years and is expected to continue this rise, which led to an explosion in government spending," noting that "this level of spending currently can not be met with lower oil prices."

The Abadi, that "the current budget of the country accounted for 40% of the previous year's budget and earlier," pointing out that "meet the challenges that are in the war against terrorism and the provision of services and employment opportunities and stimulate the economy requires a trend towards reducing government spending."

He said al-Abadi, that "the government has made great efforts to reduce spending in all government departments and institutions," stressing the need to "continue that approach, even with high oil prices being the right direction to build a state and a healthy economy."

It was opened in Baghdad on Saturday, the Conference Organization (TEDx) under the auspices of the International Foundation for Media and term culture and the arts, while those in charge of the conference will choose a number of posts in order to support and funding.

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