Sovereign funds .. bumpers address financial crisis

BAGHDAD Imad Alamarh- Shokran Fatlawi pursuit of urgent solutions to the financial hardship experienced by the continuous country, so I would recommend a specialist in economic affairs the importance ofestablishing a financial bumpers through sovereign funds of the wealth of the country can be through addressing the crisis and ensure future generations ' rights.
Revenue decline and said the scholar at Al - Mustansiriya University, Dr.. Osama Jabbar repairman on the sidelines of a seminar organized by the Faculty of Administration and Economics at Mustansiriya University and attended »Sabah»: The expansion in consumer spending is the product, and to cover military expenses and help the displaced, as well as the decline in industry and agriculture and livestock make the country burdened with large costs coincided with a drop Aaidat oil, which is reflected in the reduction of public expenditure, and to try to increase revenue by charging fees and taxes, adding that the foregoing forced the government to borrow from the banks through the issuance of treasury bills, borrowing from the central bank. contain the crisis and noted reformer to the need to contain the crisis , the decline of through measures and procedures for short - term and long - term, pointing to the last that is the establishment of sovereign funds to the wealth of Iraq , working as a buffer Mali and ensure future generations, by saving part of the oil revenues and invest these savings in diversified financial portfolio. He pointed to the need to restructure state - owned industries the gradual shift towards the private sector, especially in the field of non - viable industries that weigh budget expenditures, accompanied by the need to operate and activate the public sector companies and mixed with the feasibility and economic returns, which suffered damage as a result of looting and neglect, as an industry iron and steel, petrochemicals industry, laboratories , cement, building materials and electronics industries light. activate production and pointed out that the revitalization of the productive sectors in agriculture, by providing advancement of Reclamation and fertilizer and machinery projects accessories, sponsor the containment part of the crisis, as well as encouraging reverse migration and the return of displaced people from villages and rural areas to their places of origin, and to give them land and privileges and loans for the development of agricultural and livestock and transferred from consumers to producers. Musleh said that short - term measures that will contribute to the reduction of the crisis , which is to reform the tax system, through the enactment of a number of laws that help broaden the tax of blood, and the reduction of tax evasion, as well as setting new price for taxes is consistent with the estimated Altklvih citizen, taking into account the lack of burdening the poor and middle classes, so by imposing or increasing taxes on luxury goods and commodities is necessary, with the activation of the work of the tax administration and the eradication of rampant corruption which for decades, pointing out that the contribution of tax in the budget does not exceed (2 percent), while higher than the share of tax revenues in a country like Norway , more than (60 percent). finance the budget and continued saying that the diversification of the base of the Iraqi economy and the financing of the general budget in foreign currency requires a revitalization of the tourism sector, particularly tourism religious, especially as the country has religious places tell her, as much as the number of tourist arrivals to Iraq during the year (2014), nearly 10 million tourists , according to experts and specialists. He called reformer at the conclusion of his speech to strengthen and support audit and control, inspection and follow - up and promotion of efficient and fair elements devices and give them extraordinary powers to fight financial and administrative corruption rampant, calling to detect phantom projects that cost the state billions of dollars, and the reduction of open import phenomenon and the policy of flooding the market with goods and consumer goods and luxury foreign controls and deliberate plan to import to protect the local product and export promotion, because all of that sponsor support economy and expand its base.