Parliamentary attributes the shrinkage of the repercussions of the Iraqi economy, security and economists are calling for a "revolution" in government work and investment activity

10/10/2014 15:03



Long-Presse / Baghdad

Ezzat member of the Committee on Economy and Investment parliamentary, Friday, deflation is likely the Iraqi economy to the security implications, while the view of two economists that "terrorism" Increase public expenditure and disrupted a large part of the state's resources, especially oil, and called for the need to "revolutionize" the government action and investment activity , because the initiatives "timid did not meet the required purpose and can not clog the requirements of the country."

The International Monetary Fund, confirmed yesterday Wednesday, (the eighth of October 2014 Current), in its monthly report, that the Iraqi economy will be subjected to a contraction this year, because of the battles plaguing the country, noting that expectations of deflation will be the growth rate of GDP for Iraq to this year by 2.7 percent, down for what constitutes a growth forecast for the Iraqi economy last April, by 5.9 percent.

Parliamentary: the security implications overshadowed sharp on the State Economy

She said a member of the Committee on Economy and Investment parliamentary, Najiba Najib, in an interview to the (long-Presse), said that "the expectations of the fund, which is an international financial institution ancient, it must be based on indicators justify the contraction of the Iraqi economy," noting that "the report does not have to taken seriously. "

She Najib, that "security conditions taking place in Iraq overshadowed sharp on the economy of the state," indicating that "the Commission will try during future meetings stand on the details of the report, to be able to coordinate with the concerned parliamentary and other executive concerned to develop treatments to reduce the impact of the economic downturn."

Two economists: There must be a revolution in government work and the investment side

On the other hand saw the two economists that "terrorism" Increase public expenditure on the one hand, and disrupted a large part of the state's resources, especially oil, on the other hand, the students need to "revolutionize" the government action and investment side, because the initiatives "timid did not meet the required purpose and can not be fill the requirements of the country. "

The economist said, on behalf of Antoine, in an interview to the (long-Presse), said that "the Iraqi economy depends on a single resource is oil revenues, and the budget of 2014, the current built on the basis of, the production of three million and 400 thousand barrels, divided by three million of the region South and the rest of the Kurdistan region, "returned to" normal decline in oil production to stop pumping from the fields Kirkrok since more than seven months. "

And saw Antoine, that "the process of economic growth will be slower and will not reach the number decree a nine or nine and a half percent, because imports a few basis, as well as the lack of adoption of the budget led to disable investment allocations," asserting that "the process of growth depends on the oil sector in light of Stop cuts like other productive agricultural and industrial, and not add anything to the gross domestic product. "

The economic expert, that "the revenues of the oil sector to go to the relief of displaced and internally displaced persons and popular mobilization, and to secure the requirements of the military in its war against terrorism," noting that "Iraq distracted currently at least 50 to 60 million dollars a day on the additional expenses that were not taken into account ".

And continued over the past years the phenomenon of government's delay in sending the state budget to the House of Representatives, and the omission of the final accounts, and because of the political differences that led to the aggravation of those negative phenomenon, especially since the provinces do not receive allocations of financial, but in the second half of the year, making it at a loss on How spending.

In turn, the economic expert, Falah Ahmed, in an interview to the (long-Presse), "The mechanism of exchange in Iraq depends on the budget, and the last to face difficulties in the approval of years ago because of the political ramifications," adding that "the agreement on the budget is usually in the second quarter of Each year, that the work is carried out in the last quarter which leads to exchange very large amounts at once, causing confusion in the work of the provinces. "

He also explained that "terrorism doubled the expenses of the public on the one hand, and disrupted a large part of the state's resources, especially oil, on the other hand," and urged the need to "bring about a revolution in government work and the investment side, because the initiatives are shy to some government agencies, did not meet the required purpose and do not clog requirements of the country. "

The Iraqi Ministry of Planning, confirmed in (the 19th of March 2014), that the phenomenon of delay in approving the budget and the reluctance of companies implementing projects, is one of the biggest challenges facing the national development programs, while criticized the lack of cooperation from ministries and provinces with them in determining the rates of financial achievement, demonstrated The Ministry of Construction and Housing was "the most widely implemented" for the projects, while the Financial least in this regard.

Committees called both parliamentarians financial and economic, in (the 11th of February 2014), to deal seriously with the warnings of the International Monetary Fund on increased government spending, and its implications for monetary reserves, while showed the Finance Committee that the government is "threatened with bankruptcy," within four months if you do not pass budget, and considered the economic counterpart, estimates that the budget "did not take" into account the regional and global developments, and it has prepared about "hazy and unclear" and was a "mere allocations", warning of Iraq's financial reserves prejudice of hard currency.

The total budget of the year 2013 the last 0.138 trillion Iraqi dinars, on the basis of calculating the price of a barrel of oil at $ 90, and the amount of export of 2.0009 million barrels a day.

The organization Daash may impose its control over the city of Mosul, the center of the province of Nineveh, (405 km north of Baghdad), in the (tenth of the current June 2014), then extended its activities to other provinces account for about one third of the area of ​​the country.


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