The formation of a committee of international experts to counter the drop in oil prices and the proposal .. run the Central Bank reserves

Government is moving toward its resources to maximize your investment



Baghdad world
Decided to Iraqi authorities, the formation of economic committee, comprising experts and specialists local and international, as well as advisers of the three presidencies, working to expand the resources of the state, to cope with the continuing decline in crude prices.

According to the Parliamentary Commission of Economy, said that the Committee will be based solutions to stimulate the domestic industry through a contract with the ministries and local laboratories and factories, and the postponement of investment projects.

The Committee called for the benefit of central bank reserves in the establishment of development projects, to increase the gross national product, while economists refers to "a government directed" toward private investment, relying on the government structure the introduction of a new operator to rounds of oil licensing, and a draft port of Faw to investors.

And held presidencies, yesterday evening, at the Peace Palace in Baghdad, held a meeting in the presence of President of the Republic Fuad Masum, and the Prime Minister Haider al-Abadi, and Parliament Speaker Salim al-Jubouri, the head of the Supreme Judicial Council, Medhat al-Mahmoud, the meeting agreed to form an economic committee of experts and specialists Iraqis and others in order to work on study and mitigate the effects of the economic and financial crisis.

The Economic and Investment Committee member of the parliamentary Najiba Najib told the "world", said the meeting resulted in the formation of "a committee of experts and specialists in economic affairs, with advisers of the three presidencies, in addition to a number of international experts."

And he suggests that "the Committee's work focuses on addressing the problems and constraints facing the government to take some measures to tackle the financial crisis, especially since some projections point to a decline in oil prices in the coming days to below $ 20 per barrel."

Global oil prices is witnessing a sharp decline is the largest, seven years ago, in the wake of the failure of the Organization of Petroleum Exporting Countries members (OPEC), the agreement on the volume of production and processing glut increasing supply, during their meeting at the organization's headquarters in the Austrian capital Vienna, in the fourth of this December.

Referred to the President of the Republic, Fuad Masum, he said earlier that his country would need international economic advisers to help overcome the financial crisis taking place. Najib believes that "the face of this crisis is not limited to the formation of committees, but steps must be taken to be capable of providing financial flows at the present time."

Najib and expect that the Committee's recommendations will not come out on the "continuation of state ministries in contracting with factories and local businesses, to reduce the exit of hard currency, as well as continue to pressure costs, and the postponement of investment projects."

Suggests a member of the economic and investment commission in Parliament, said that "the Central Bank of huge benefit in the establishment of development projects that would increase the GNP reserve".

For his part, Vice President of Iraqi businessmen Council, on behalf of Jamil said in a statement to "the world", said that the first act will be by the Committee is how to cope with the sharp decline in oil prices, pointing out that it would seek to increase the resources of the state of exception of oil to cover government expenditures.

The focus of the Committee, according to the beautiful, to "address the economic mistakes that have occurred over the past ten years, which is centered in wasting huge fiscal revenue in ongoing expenses and lack of confidence in the private sector," pointing out that "the bodies of economic and committees set up by the government during the last term did not survive in get Iraq out of the financial predicament, and the recommendations made by specialists in economic affairs to the responsible parties, did not take the way to implementation until now. "

And it connects the beautiful, the success of that Committee that the "technocrats of Iraqi experts, with the importance of the dimensions of political parties and blocs for composition, awarded with the broad economic powers."

Jamil said that the decline in oil prices "has not so far poses no danger to the employees' salaries," pointing out that there is an increase in Iraqi exports cover government spending.

Jamil said the government does not believe will be able to cover the salaries of employees in the event of world oil prices continued to fall, down to below $ 20 a barrel, suggesting that the government take advantage of the vacant property and its properties in Baghdad and the provinces.

The promise of the Prime Minister, Abadi single low prices, "the most serious challenge" facing Iraq next to "terrorism", and stressed the government continues to reform and simplify procedures and "would not retreat from it."

He revealed the Finance Committee member Haitham al-Jubouri earlier that there are more than 38 000 drug and a piece of land in Baghdad, a subsidiary of the secretariat of Baghdad "is invested," he said, adding that the sale or investment "will generate a major renaissance work to accommodate the thousands of unemployed, and give a lot of confidence for the sector Special in the preparation of a broad base of projects lacking in Iraq. "

He says economist Maitham coffee in touch with "the world" that "the State can have over 2016 years and 2017 that are covered in accordance with current oil prices of employees and retirees' salaries", persisting that more operating expenses and stifle investment budget is needed to meet the agreed limit of tax collection and the rest fees and charges. "

He adds that "the government directed towards private investment is the solution, whether local or foreign," noting "the existence of signs of work in this regard by the government such as the intention to enter the fourth player in the oil licensing rounds, and also open the port of Faw to investment."

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