Parliamentary Finance calling on the government to prepare for the coming years

2016/06/30 | 16:20

(Encyclopedia of the Day News | Iraq News ) - Financial parliamentary government calls for preparations for the next economy for years News special parliamentary Finance Committee called on the government to prepare for the coming years, under the economic crisis in the country.

Said committee member Majda al-Tamimi in an interview with Economy News, he said that Iraq is going through a severe economic crisis and until now depends on internal and external loans, as well as the adoption of basic on oil imports, mainly, adding and must the government to account for the coming years, it can not run the country debt.

He added that Iraq needs to changes in the economic structure because of IMF conditions on loans to substantial changes in Iraq's economic infrastructure, pointing out that we do not know the nature of the loan, as it was announced 5.4 billion from the International Monetary Fund, and three billion from the World Bank, and 3 0.6 billion from the G7 leading industrial nations of the seven do not know the terms and duration of the guarantees.

And demanded al-Tamimi, the Ministry of Finance to disclose all what was discussed in the negotiations between Iraq and the International Monetary Fund and the World Bank and the group of industrialized countries, noting that the Committee after the legislative recess want to see what happened between the ministry and the International Monetary Fund.

And oil prices, reported that the International Monetary Fund, and other agencies predicted oil prices between $ 48-50, but there are leads to lower prices, election a referendum Britain about the withdrawal from the European Union and not to deal in euros This issue led to a decline in oil prices, as well as Saudi Arabia change its plan to the economy is not entirely dependent on oil which led to a drop in oil prices, as well as supply and demand and the price of US interest rates have risen, which rose Every interest rate leads to lower oil prices and an increase in US inventories.

It is noteworthy that, the International Monetary Fund stipulated in the agreement concluded by Iraq, which stipulates granting a loan initially exceed $ 5 billion, to impose strict controls on the doors of disbursement of the loan, full salary and subjecting allowances to senior civil servants, and grades functional supreme, and private, to income tax, while not include conditions permit stamped on the ration cards, and the salaries of social protection network, and government subsidies for displaced people in.

According to an informed source in the Ministry of Finance.

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