World Bank imposes 11% as the rate of interest on borrowed money 2015- 11/9/2015
World Bank imposes 11% as the rate of interest on borrowed money 2015-
11/9/2015 0 Comments
Government support for the ration card items and the prices of oil derivatives Stressed the economic and investment commission in Parliament member Abdul-Salam al-Maliki, the imposition of proportion (11%) on borrowed money to Iraq, adding that "this borrowing of additional debt Sakpl Iraq." Maliki said: the budget of the government at present size is estimated at 106 trillion deficit estimated (23-24) trillion Iraqi dinars, because the Iraqi government showed the budget based on $ 45 per barrel compared to 3.6 million barrels, and this is of great returns on the development of country, considering that the low and high prices affect the market situation and the budget. Added: Today Iraq is in the current budget promising investment budget, and this budget will not be feasible through the 2016 budget, considering that the investment budget that allocated funds are estimated at (29-30) trillion Iraqi dinars, and this pay accrued debt to foreign companies, and therefore we need to activate other sectors, as well as much of the things that concerned, including the collection of fees and revenues, taxes and customs tariffs, opening the door for investment government. He said al-Maliki, saying: "The government is trying to look for new outlets rather than oil, but if we relied solely on external borrowing will cause a major economic crisis in the country as interest levied on borrowing funds rate is estimated at 11%, and this Iraq Sakpl extra debt. This parliamentary finance committee and confirmed, they are waiting for the outcome of the talks between the Governments of the region and the Centre on the oil agreement because it represents the president in a detailed discussion of the draft 2016 budget law. The Finance Committee of the House of Representatives member Ahmed flesh, that the Iraqi government had made earlier at the request of the World Bank for a soft loan, to overcome the financial crisis experienced by the country, "pointing out that" the World Bank has sent advisers to the State Audit, and assessing the financial situation In which" . He added: "After brief the UN team offers a set of recommendations to the Iraqi government make clear reforms on salaries that exceed 70% of the country's total revenue, and drain all the capabilities of the Malian government, as well as the lifting of government subsidies for food in the ration card items, and also the removal of subsidies on the prices of fuel and oil derivatives. " And between a member of the Finance Committee that "the government Abadi tried to avoid these steps initially, but the deterioration of the financial situation, and lower revenues recently paid for admission to undertake reforms, and so began the first procedure, a so-called ladder new salary, which is among the deep financial reforms that will pack approval in the coming days. " According to the draft budget that the total expenditure of more than 113 trillion dinars, which is low by about six trillion dinars from the budget last year, which was 119 trillion dinars The 2016 budget deficit ratio stood at 26.5%, or about 30 trillion Danar.mn its part, called on the Commission on oil and energy parliamentary, to studied plan to avoid the crises caused by the fluctuation of oil prices and the fall. The committee member said Kawa Muhammad that "the increase in oil exports, and to work according to a deliberate plan contributes significantly to reducing the fiscal deficit in the public budget," pointing out that "oil exports and the price of oil affect directly on the Iraqi economy, which is fully dependent on oil." He noted that "the general budget for the current year was built on the basis of export 3 million barrels per day, while the general budget for 2016, was built on the basis of export 3.06 million barrels per day to avoid the negative effects caused by price drop that."