Economist: foreign loans may affect the 2016 budget

By Mustafa Curran

one hour ago

Roudao - Erbil

Said economist Driss Ramadan that reliance on foreign loans may adversely affect the 2016 budget, and on the Iraqi government to avoid these loans.

Ramadan spoke to network Roudao media, that "the Iraqi government has totally adopted in its economy on oil and other sectors neglected causing the collapse of the economy in the country."

Ramadan said, "The Iraqi government attention on other economic sectors such as industry, agriculture, and others from other sectors."

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 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 that announced the Iraqi government, reducing the Council of Ministers' salaries 50%, and intends to Iraqi government to rely on foreign loans.