Government: development of a comprehensive economic framework for the diversification of financial resources quickly

The government announced the development of a comprehensive economic framework for the diversification of financial resources quickly because of the continuing decline in oil prices and its impact on the state's resources.A statement by the Ministry of Finance Agency has received all of Iraq [where] a copy of it, s Ministry of Finance was held in coordination with the Committee on Economic Affairs, an expanded meeting on Wednesday evening, chaired by Finance Minister Hoshyar Zebari, and the presence of oil ministers, Planning and Agriculture and the Governor of the Central Bank and a number of members of the committee in addition to a number of financial experts, economists and academics to discuss the financial situation in Iraq. "Search and assembled according to the statement "ways to address the economic and financial crisis through the implementation of urgent measures conducive to maximizing the resources of the state to overcome the financial crisis of the 2016 budget."The statement pointed to "develop specific ideas implemented within a comprehensive economic framework addresses the procedures Wares executable quickly as well as the formulation of economic and financial policies in the short and medium term, lead to the diversification of resources and reduce in the end dependence on oil as a key resource for the Iraqi economy, with an emphasis on the importance of harmonization of procedures with existing mechanisms of cooperation between Iraq and the International Monetary Fund. "It is noteworthy that, oil prices are these days, a remarkable collapse which recorded the lowest level over the past 13 years since I arrived last Friday to $ 25 a barrel for the OPEC basket of crudes and less than $ 30 for Brent.The Office of the Prime Minister Haider al-Abadi, confirmed last Friday, the government continues to search for sources of funding out of the economic crisis, including internal and external borrowing and taxation and activating the customs tariff and selling bonds, international and internal subscription and implementation of projects on credit.A spokesman for the Office Saad al-Hadithi's [where], "The government has drawn up plans in the budget of 2016 approved by the Parliament is to search for sources of financing be helping and assisting the oil sources," noting that "the adoption of the budget on oil sources this stage is no longer feasible."Sabri said that "there are other options carried out by the Iraqi government through a bond offering, or IPO, or even an internal sale of international bonds and the implementation of some projects on credit payment system according to the specific percentages do not conflict with Iraq's economic future," .