Parliamentary Finance: IMF conditions will make the country in a financial crisis

Our economy / Baghdad - Parliamentary Finance Committee said, the government spent stockpiling reserves in state banks and the IMF conditions will make the country in a financial crisis.

According to the Commission's decision Ahmed al-Haj said in a statement seen by the agency of our economy news that "the 2016 budget is based on the source oil revenues, the amount of 3.6 million barrels per day," explaining that "the Department of exports come from the Kurdistan region is equivalent to 550 000 barrels divided into two parts 250 000 barrels of the region and 300 thousand barrels through the Kirkuk fields."

He added that the "allocated to the province, the budget is 17% of the budget, but there are limits and restrictions, including actual spending," noting that "in the case of lack of commitment by the province to deliver oil to SOMO, the company the government will not abide by any agreement to Kurdistan," explaining that "the financial budget for the year 2016 is a clone of its predecessors in 2015".

Haj and pointed out that "the government may resort to loans, but in the case of increasing interest, Iraq would accept a big financial and economic crisis," noting that "one of the conditions of the International Monetary Fund to borrow is to force the government to raise support for the citizens."

He added that "Iraq is able to overcome the financial crisis through austerity and internal borrowing from banks because they are free of interest," noting that "no stock of reserves for banks to exchange it by the government."