Oil Minister: tens of trillions financial accounts of state institutions deposited in banks

01.18.2016 at 12:54 (GMT Baghdad)

Baghdad scales News
Oil Minister Adel Abdul-Mahdi, said on Monday, that the country is facing budget liquidity crisis, like many countries, but the country has the potential to allow a reasonable ease the crisis, and some of these trends executable immediately, and there are other require some action.

He said in a statement received / scales News / copy of it, that "what conditions the central bank still reassuring and despite falling reserves but has reserves of more than $ 50 billion For comparison only, it has been the reserve in mid-2003 non-existent almost oil and imports less than 20% of what it is today despite Low prices and foreign debt exceeds 120 billion dollars, and the interior in the highest level, and imports plunging markets. Although the 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 "the state institutions deposited in the banks and financial accounts of tens of trillions of dinars and the money belonging mainly to the ministries and companies but some of this money, can contribute to the establishment of funds and portfolios help generate more currency that helps to improve the liquidity of the state vital pumping in activities economic. "

He continued, that "among the 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 known that saving sense Economic must equal investment and therefore can lure trillions of dinars to enter session and the transition to a productive money, invested all their results on liquidity and on the other economic aspects will be considered and that real reform to move from cash economy Cash Economy to the banking sector, which is the mainstay of modern economies and lever development. "

He pointed out that "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 of the neglected, and the investments lost to 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 , economic reforms and serious. It can fiscal policy of tax and other help in providing more resources for the State of intelligent measures do not strain the citizen, the economy and the movement of Al-Ahli. "

He noted that "inflation is 2% levels do not exceed the debt is high and Iraq has oil wealth and large reserves of natural resources and investment opportunities and large 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 an economic, necessity if What drew in investment trends and possessed the capacity payment Indeed, Iraq has always met its obligations when he was in the toughest conditions .. So the World Bank to agree to give Iraq recently did not hesitate a loan of $ 1.2 billion on easy terms, on condition stop burning gas 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 noted that "what exists today in the treasury, despite his weakness is not more than it was in the Treasury at the beginning of 2015, however, 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 refinery" Peggy "and registers this command to financial and the central and prime minister .. 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 offset the rate of loss due to falling prices .. and achieved a net oil resources of $ 43.046 billion, driven them Full benefits the oil companies, that will be certainty (receivables) in 2016 lower than in "2015". ended 29 / D 24