Investment funds chunky reduce budget deficit

6/28/2016 0:00

BAGHDAD - Hussein al - Tamimi Tgb
multiple resources such as a new direction imposed by the financial distress experienced by Iraq because of its reliance oil revenues, which prompted the government to look for new financial sources through taxes and customs fees of services provided to citizens, there is to be directed earnest towards the possibility of activating production industrial and agricultural through concessional lending for real projects lead to make the local capital cycle, thereby reducing the deficit in the federal budget.

vice economic prime Baghdad forum on behalf of Jamil Antoine said , to address the budget deficit oldest prime minister 's office at the beginning of 2015 to address the shortage and scarcity of resources financial result of falling oil prices, it issued orders to work on multiple resources and activating the role of the private sector to benefit from its capabilities and pursuant to an order Diwani formed task forces to activate these measures that will move to work in the productive sectors of industry, agriculture and banks in order to provide liquidity and reduce the dependence on oil revenues.

He added in his «morning» that many parties have worked on the issue of spending cuts partial measures were not required to reduce salaries and reduce security guards and reducing purchases of the ministries and departments level adopted
and the provinces.

He pointed out that government revenues I pointed out an increase in the collection after the new collection mechanism for the adoption of the customs and set the pricing for some services in hospitals and the book to reverse many of the departments that rely self - financing although there are objections to the no - load citizen new burdens due to low

and the role of the private sector to contribute to building the Iraqi economy and work with the Iraqi government and out of the crisis faced by the country , he said Antoine: that the private sector was unable to exercise his role decree in the Constitution, was not the level required in building a strong economy after 2003 , where he was to survey and postpone get his dues recently launched through Treasury bonds.

he said that the reactivation of the private sector role in the restoration of the Iraqi economy It requires restore confidence between the government and the private sector on top of that foot on the quick steps without delay and not to give a chance to a bureaucratic delays in its contribution to the process and trying to blackmail him to get
his rights.

He stressed the importance of restoring bridges of trust between the citizen and private banks across the Iraqi Central Bank intervened and shifted money citizen from Aktnazih savings to investment guaranteed savings, and it was the feet of the Council of Ministers on the establishment of a deposit insurance company is an important step complementary to these measures.

said Antoine: the central bank lending to investment banks , development encouraging to pay for the private sector in industrial activities, agriculture, tourism and services and the actual contribution and this requires tightening control over the exchange rate of the dollar to prevent manipulators of creating another rate price is paid by the citizens in differences in prices of

He noted that the re - deposits to banks after the extension of confidence between the two parties will work on the extension of trust between banks and can use the money to lend to the government to cover the deficit in the public budget Federal and thus revive the domestic market and the reduction of the contraction that has dominated the domestic market, and this enriches the country 's foreign debt and thus interest go to the Iraqi citizens.

He said that we have new ideas to attract money chunky in homes to banks and the labor market, pointing out that the experiment Saudi Arabia to offer 10 percent of the company 's properties giant Aramco and other companies to the private sector works to achieve liquidity and invest the money in different sectors and solving financial problems and lay the groundwork for a sound to create a solid productive economy and move away from the royalty