Oil Minister offers capable of immediate implementation of the proposals would ease the country's crisis

2016/01/17 10:52 Number of Views: 105

Tomorrow Press / Baghdad: feet Oil Minister Adel Abdul-Mahdi, Sunday, proposals are for immediate implementation and would alleviate the economic crisis experienced by Iraq, as he put it. He wrote Abdul-Mahdi on his page in the social network "Facebook, and reported," site tomorrow Press " , "The country's budget is facing a liquidity crisis, like many countries, but the country's reasonable possibilities allow to ease the crisis, there are some trends executable immediately, and there are other require some action." He continued, "what conditions the central bank still reassuring despite the decline in reserves, but has reserves of more than $ 50 billion, and compared to all, it has been the reserve in mid-2003 almost non-existent, and oil imports less than 20% of what it is today, despite lower prices, and foreign debt exceeds 120 billion dollars, and the interior in the highest level, and imports plunging markets, and despite the fact that Bank reserves is not the property of the government, but it represents a guarantee to move the economy, through the monetary instruments and exchange and interest rates, banks and secondary markets to help the government.

"He added that" state institutions have deposited financial accounts in banks tens of trillions of dinars, and the money belonging mainly to the ministries and companies, but Some of these funds, can contribute to the establishment of funds and portfolios help generate more currency to help improve the liquidity of the state vital pumping in economic activities ". He explained:" I also have citizens banknotes ranging from 30-40 trillion dinars, and the money, of course, are the property of the citizens, and did not enter the economic cycle or banks, it is a process of hoarding, and the freezing of funds, and is well known that saving sense Economic must equal investment, and therefore can lure trillions of dinars to enter the session and the transition to a productive money, invested all its consequences on the liquidity and other economic aspects , and will be considered that real reform to move from cash economy Cash Economy to the banking sector, which is the mainstay of modern economies and lever development.

"According to the minister, the state owns the assets of tens and hundreds of trillions of dinars from in-kind assets, and real estate assets, and land and plants are idle, and buildings experience and assets neglected and investments losing ill departments, investment and opportunities for successful, the activities of the economy move and lift the burden of the state large burdens, and provide a quick and direct Saullac, and economic reforms seriously, can fiscal policy of tax and other help in providing more resources for the State of intelligent measures do not strain the citizen, and the move Economy Ahli. Abdul-Mahdi stressed that "inflation does not exceed 2%, and the debt is high, and Iraq has oil wealth and large reserves of natural resources and of great investment opportunities, and these are all the temptations of an attractive, to lend Iraq and give him the necessary different forms facilities. Religion is not a defect or shortage , it is economically, the need if they face in investment trends and possessed payment capabilities, and indeed, Iraq has always met its obligations when he was in the toughest conditions, the World Bank approved the granting of Iraq recently so I did not hesitate a loan of $ 1.2 billion on easy terms, on condition stop gas flaring and stave off the collapse of the Mosul Dam, and all these things are in the end, for the benefit of the economy and the country.

"He pointed out that" what exists today in the Treasury - despite his weakness - no more than it was in the Treasury at the beginning of 2015, although it managed to Iraq in crossing safely despite a lot of difficulties, and the war against Daash and the destruction of many of the facilities, including the Baiji refinery, and recorded this thing of Finance and the central and prime minister, as it cut unnecessary expenditures, and spent only 63% of the budget of 2015, as well as by increasing production of oil and exports than planned, which compensated the proportion of loss due to falling prices, and achieved a net oil resources of $ 43.046 billion, driven them full dues of oil companies, which would be certainly (receivables) in 2016 lower than in 2015 ".

The Minister of Oil that" the concern of the state and citizens legitimate concern, and must inform the public on the facts no matter how harsh, but the panic and the launch of rumors and lies and scaring people is harmful work, and the solutions will not provide a complete solution and a final, but it will help to relieve the pressure, and resolving the issue of liquidity remains less complicated than resolving the issue of the economy as a whole, and the best chance to hold radical reforms, reduce the country's dependence on oil, and launched the movement in the market economy and enliven the real in different sectors. "