Money experts and Iraqi economy looking at solutions to address
Money experts and Iraqi economy looking at solutions to address
During a seminar held by the progress of the development policies of the Institute "
Experts finance and economy Iraqis Atdarson solutions and treatments to counter
The negative effects of lower oil prices
Hold "the Institute of the progress of the development policies" in Baghdad important seminar to discuss the monetary and economic implications of lower oil prices, as the seminar witnessed ask a lot of important treatments to avoid serious effects of this decline. The participants called on the private sector to give a wider area in the development process as well as a review of many of the economic policies and the liberalization of economic decision of the dominance of the political decision
BAGHDAD / Rahim al-Shammari
The country's many dilemmas MP Dr Mehdi al-Hafez, between that. Besides the drop in oil prices, there is also a great need to achieve full independence and the liquidation of the occupation in an important part of the country. Get rid of any Daash control in some parts of Iraq ... explaining that he had irrefutable about the consequences of falling oil prices. Since time was unexpected. However, the problem here, is how can we solve the dilemma of the lack of financial resources - not oil - or to the side of the oil - in order to achieve a state of reasonable balance between national development and financial resources in the country. We now face a two-level dilemma: the first level, is the direct level on dissolution of the deterioration of the financial resources of the state and its impact on the financial situation of the employees of the State as well as providing the money needed to cover imports. It is a very difficult case, while the second level and the most important is how to solve the funding problem in general, pointing out that this issue had been expected by many and provided views and suggestions.
The question is: how to transform Iraq from a rentier state to the State Development and Services, provide any public money through the obligations of the citizens towards the state.
Hafiz said: that employees and contractors as well as pensioners numbering more than five million. These figures came in studies of a number of research and advisers of international centers. This fact has made Iraq the first country in the world in terms of the proportion of this population circles to the size of the population in Iraq and the reason is very clear, is the neglect of development and the reduction of employment without other grounds financial resources so that it can be achieved the balance between state spending and available national resources as well as reducing the spread of corruption ... confirming the presence Another problem is poor management of public funds. How can Iraq as a unified state, to invest its resources, is the disruption of or interference. The problems with the Kurdistan region, was and is a real waste of an item. The Federal Government, for several years can not solve this problem, particularly in conjunction with the independent export of oil continued.
Hafiz said that some were too pessimistic with keeping an open economic conditions and the possibility that Iraq becomes a bankrupt on the basis of the development of financial resources in Iraq .. and this is not new as it since the days of the former regime, the situation is going toward economic decline has now reached him.
Speaking at the symposium economic expert, Dr. Ahmed Abrihi reviewing the prospects of the economic situation in Iraq in light of the supply and demand for oil process and its impact on Iraq and the global market and how to enable the state budget to pass these serious economic obstacles through the provision of foreign exchange requirements and the balance of the Iraqi currency and the relationship of that reserve bank the central Iraqi government and banks .. indicating that the demand for oil is determined by the number of the population and gross domestic product per capita and the price of crude oil and the prices of the rest of the energy and structure elements output by economic activities .. He pointed out that the importance of agriculture stand out more in a few evolution countries to highlight the industry in most developed countries and then move countries to the post-industrial stage the more society offers more increased importance of the services sectors ..
Abrihi and called for the need gas investment, whether associated or independent because all future data indicate that the role of oil would go down a lot and highlights Gas importance .. returned that we have a big problem lies in the lack of interest and investment in gas .. He pointed out that the global demand for oil over the decades the next two will be reduced by about a clear result of the case was replaced by gas, as well as technological development .. He stressed that the decline in oil prices is subject to international economic policies in the framework of a conspiracy studied the economic system any good conspiracy economic means and economic theory.
And between Abrihi that the other problem we have is the lack of distinction between the Iraqi currency and foreign at the time must have a cash balance of foreign currency special budget includes the opening in the central bank balance Federal Bank as well as other banks, if any, as well as the expectations of the size of oil revenues and any other exports and the amount of the expected withdrawal of foreign currency and what are the facilities that we get from exporters and how much the amount of payment on credit .. On the other hand refers Abrihi that foreign currency paid to oil companies and payment for imports of services and expenses and other In the event of an increase are sold to the Central Bank flows .. and this balance It must be reviewed daily by the Ministry of Planning and Finance and the Central Aalpennek and displays a month in the Council of Ministers and the House of Representatives .. warning of confusion between the foreign and local currency balance process.
He pointed to Abrihi that there was no relationship between the central bank lending to the government and between the indicators of inflation, but inflation is linked to offer goods and services in the scope of production capacity.
To that occur economist Behnam Elias Boutros agent, former Ministry of Planning about the size of spending and revenues in the state budget in the light of the economic classification of the budget .. noting that operating expenses are the biggest because the budget is just the distribution of funds on the head and that the rates of implementation in the current budget is greater than investment for low rates in the investment side .. pointing out that the reasons for the high operational side volume to 55 per cent in 2013 .. concluding that the budget is without a clear strategy that should be every year are unchanged, or at least every three years.
Peter called to reconsider career distribution in order to reduce consumer spending .. as well as take care of social services such as education by involving the private sector in this foreigners to improve the level of performance .. also demanding access to reconsider the distribution of salaries by about accurate.
Peter also called for import regulation according to market needs and conditions of the local product protection and the preparation of an appropriate platform importing and formation of a neutral committee of technicians and professionals follow-up to its mission and provide a monthly budget report deviations facing budget.
MP Ali al-Adeeb spoke about the measures that must be taken now to get out of this crisis .. wondering about the secret of the absence of the private sector so far and not having a real opportunity .. urged not to leave the economic decision, however, politicians and this is a big mistake that was made in Iraq .. Indicating The drop in oil prices is not the first .. He explained that what is economic is strongly affected by what is political and that the rapid descent in oil prices resulting from the political game, and this vision must be clear for the political influential.
Mr. Governor of the Central Bank of Iraq, Dr. Ali Keywords explained that the plans, policies and forecasts and bells warning existed over the past years Vstratejah budget exist, as well as five-year development plan prepared and a national effort a huge scientific and careful planning were all sectors present in these plans .. Indicating that the political administration of the interests are caused deviation from the goals of these plans, there are a lot of political influences .. stressing the need to be independent economic decision away from the dominance of the political side .. calling to be a broad economic vision space and allows the scheme to sketch the budget and fiscal policy about science.
He Keywords that the budget deficit little impact on fiscal policy and not to create a production base and not to attract investment but on the contrary go money to invest abroad .. pointing out that the performance of the Economic Committee in the Council of Ministers is the performance of a traditional working to address some of the problems related to the work of ministries with respect to the exceptions and thus the lack of a basic channel have the power, flexibility and autonomy in the formulation of economic policy in the country.
Director of the Office of the Prime Minister Dr. Mahdi Keywords stressed that the government has taken a number of important measures, including the need to control imports Cabinet has taken a decision to form the control points to control the goods which enter through the ports of the Kurdistan region, as in other ports.
Keywords and stressed that the development of the private sector is the foundation and is sticky in the economic process by about a wider .. He pointed out that the coming days will witness the start lending to the private sector from the central bank loan.
Banking expert conciliator Hassan explained that over the years throughout the capital has not seen any addition to promoting investment has become so repulsive Iraqi environment for investment, both domestic or foreign because of the absence of motors .. He explained that all government departments work against investment because of corruption.
Economist and researcher Media Dr. Hamid Ulkipaia pointed to statements by officials that do not help the economic construction and the statements issued by senior officials show that Iraq could be up to state bankruptcy .. Indicating that is required of us is a private sector development, but the difficulty lies in dominance and acquisition sector General on the reins of life .. calling for the sale of all the factories and state-owned enterprises to the private sector to help in the development of this sector and reduce the dominance of the public sector.
He said he Ulkipaia Cali coast to the economic survival of the problem with dependence on oil but required the development fund for oil revenues to be this revenue source to borrow and development.
Legal expert Adil al-Lami, called for the pensions of the operational budget separated because they are deducted mainly from employees 'salaries ongoing .. proposal could be reviewed by the deduction of employees' salaries to be divided equally between the government and employees in the sense 15 per cent of the employee and the like borne by the government .. stressing the need to raising the tax rate on imported goods is important to reduce the proportion of imported and make way for the local product.
Financial expert Obaid shop explained that the budget strategy has not been approved in any year of the years .. Indicating that the Iraqi budget focused on the allocation of grades leads to an excess of staff and the right is that the budget is working to create jobs through projects and investments.
Director General of the Trade Bank of Iraq Hamdiya dry stressed the need to develop appropriate out of the crisis with minimal loss plans and the first plans are to get into self-sufficiency by reducing imports to the development of the national industry and to support the farmer and national industry stage .. a sign that the central bank initiative to support the private sector did not implemented so far because of improper contexts to work .. calling to find a case of cooperation between the Central Bank and the Federation of Iraqi industries to provide support for the private sector industries and the involvement of standardization and quality control to oversee the quality of these industries.
Dry he pointed to the absence of laws that protect foreign investor in Iraq, as well as the issue of the distribution of land for investment projects and that we have control of the process, not paper.
Economist Bassem Jamil Anton explained that oil is a policy and there are countries control prices through a conspiracy against the exporting countries and the problem is that we have contributed to this plot through high production ceilings that we expected to reach production of 12 million barrels per day and we Anmtlk these qualifications that enable us to achieve this it .
Anton criticized some government statements that clearly affected negatively on the value of the dinar and reduced the people's confidence in banks, which led to people resort to savings Alaktnazih amounts may reach 30 trillion dinars instead of being savings investment.
Head of Iraqi businessmen Union Reza Ragheb Blibl regretted the absence of a real trend in the state to support the private sector in spite of the great efforts that have been made to support the sector as it is not translated Central Bank initiative to support the private industrial sector .. surprising from a lack of loans to the industrial sector .. believing that the loan will not go to non-developmental sectors because of the dominance of some quarters and this is evident through the committee formed for this purpose, as some of its members have nothing to do with the case.
Invested Zainab al-Janabi .. called to think seriously to find alternatives to oil Fsharkp Microsoft annually enter the $ 350 billion, an amount that can not be any oil country achieve such profits .. adding that the issue of Iraqi hospitals are also suffering from neglect, forcing many to travel abroad for treatment This costs a lot of money did not notice her one .. criticized al-Janabi, the negative media performance that works on stir up trouble.