Economic adviser Ebadi: falling oil prices a major concern for Iraq and treatment are pressing the spending and loans

Author: BS, ZJ
Editor: BK, BS

2015/08/24 17:12

Long-Presse / Baghdad
Counting Economic Adviser to the Prime Minister, on Monday, that the fall in world oil prices to around $ forty is a matter of "great concern" for Iraq, while between the treatment that should be done by pressing the spending and borrowing for the establishment of productive projects, stressed the need for support and the assignment of the private sector through legal legislation and procedures to facilitate transactions.

He said the appearance of Mohammed Saleh, said in an interview to the (long-Presse), "The world oil prices drop to about forty dollars or without it, is a big concern for Iraq and other countries whose economies are those natural wealth," adding that "the only treatment to avoid affected by it on the Iraqi economy, it is to borrow. "

And saw the benefit, that "borrowing should be limited, especially with the presence of old foreign debt and internal other," adding that "the borrowing should be directed to development through productive projects generate revenue for Iraq and contribute to enhancing the ability of export and reduce import, because if something were to cover Consumer things be a disaster. "

He said the economic advisor to the prime minister, Haydar al-Abadi, that "the current decline in oil prices could lead to a deficit in Iraq, or obliged re-spending priorities," stressing the need to "put pressure on expenditure to ensure fiscal sustainability."

He called on Saleh to "support the private sector as the prime mover of the market," noting that "it is through the enactment of social protection laws, and support the private funding available to the sector, and building chock institutions him and facilitate the granting of business registration licenses, contracting and other things are chock action to address the dilemma of falling Global oil prices. "

Press reports spoke of, US crude fell below $ 40 a barrel, the first time since the 2009 financial crisis, after reaching nearly $ 120 last summer 2014.

It is noteworthy that a member of the Parliamentary Finance Committee, Haitham al-Jubouri, warned in (the 22 of August the current 2015), of the consequences of the collapse of the Iraqi economy as a result of the possibility of declining world oil prices.