Parliamentary Finance: Iraq is going through an economic transition tragic

BAGHDAD INA / parliamentary Finance Committee confirmed that Iraq is going through an economic transition tragic because of lower oil prices.

A member of the Committee Masood Haider told the "Iraqi News Agency," on Wednesday, said that "Iraq is going through an economic transition great tragic because of the low price of oil in addition to not activate the agricultural and industrial sectors to Tqill burden on the state institutions and the survival of the Iraqi economy Rieia based 95% on oil as a principal source of Mwanth".

"The Alambla total budget for 2016 is (113.500 trillion dinars) with more than 70% of the current expenses and the allocation of 27% of the expenses of the investment and it indicates the size of the job accumulation and disguised unemployment in government institutions."

He said the Kurdistan Alliance MP that "through the proposed budget for 2016 has been estimating oil revenues by 69.77 Trleom and non-oil revenues by 14.3 to a deficit of 26% or approximately 39 trillion dinars."

He said Haider to "calculate the price of a barrel in the 2016 budget amounting to $ 45 by the export of oil 3.6 million barrels, including oil exported from the Kurdistan region and this can not be on the grounds a lot of oil pipelines or oil fields are in danger of organizing Daash as well as economic indicators suggest that The price of oil on the world market may range between 45-50 dollars and Iraqi oil will be about $ 42."

And that "the amount of the deficit in the budget next year will reach 48%, which will make the government be forced to resort to borrowing from the World items to fill the shortage."

The Ministry of Finance, earlier, the provision of public financial budget for next year 2016, the Council of Ministers, while confirming that the formulation has been lowering overhead and struggling waste in state revenues and diversify sources of national income.