Parliamentary Economy: Investment Law legislation will reduce the burden on the budget


BAGHDAD / Sky Press: The Commission on the parliamentary economy and investment, Tuesday, that the legislation of the investment law will reduce the burden on the federal budget through the implementation of service projects, as suggested legislation during the coming period.

He said committee member Rep. Najiba Najib's "Sky Press," "The second amendment to the law will create a good investment environment to attract the largest number of investors," noting that "he would give privileges to investors."

"The legislation is necessary law for the time being to save the national economy, especially since the country is facing an economic and financial crisis because of lower oil prices," asserting that "will reduce the burden on the federal budget for 2016, as will contribute to the implementation of a lot of service projects which would be supported by the budget both at the the provincial level or ministries. "

And member of the Committee suggested the economy and investment law legislation in the next House of Representatives sessions.

Iraq and many countries in the world is witnessing an economic crisis, as a result of falling oil prices, the global stock market, below $ 48 a barrel, after it was $ 110.

Iraq relies, by 85%, on oil as well as Iran and Russia Almtdharran biggest with Iraq in lower prices, as a result, the Iraqi government was forced to announce, an austere operations, in general in the country in an attempt to fill the budget deficit, as well as the government announced Iraq, reducing the Council of Ministers' salaries 50%.