Economic changes in the Middle East and North Africa

8/8/2016 0:00

BAGHDAD - Imad emirate Shokran Fatlawi

between a report prepared by the World Bank on oil prices, said the changes in oil prices will have implications for the Middle East and North African countries.

According to the report, titled «oil prices .. Where to?» That oil producers in the region are seeking strive to overcome the decline in oil prices a few years ago, crude revenues are taken to decline for the third consecutive year, with the increase in the budget deficit and debt.

at the same time, facing many countries including Iraq, Syria, Yemen and Libya, the devastating effects of wars and crises of forced displacement, leading to the intensification of pressure on their budgets , which are already suffering from
lack of resources.

According to the report that the fiscal balances in oil - exporting region countries, including the Gulf cooperation Council ( GCC ) have lost $ 157 billion in oil revenue last year and is expected to lose $ 100 billion again this year.

in the year 2015 , Saudi Arabia exhausted $ 178 billion of foreign reserves, followed by Algeria $ 28 billion and Iraq $ 27 billion. belt - tightening in talking about the report show, Shanta Devarajan , chief economist for the Middle East and North Africa at the World Bank «with continued low oil prices , the rate of said, the region 's governments tighten the belt, and the application of some bold actions expected that the old social contract, change, where the state provides support for fuel and food, and health care services and education free, subsidies and public sector jobs for a new contract in which the state encourages job creation in the private sector and enable citizen to the consumer Pachtaarath.

» provide funding to that said the scholar d. Abdul Karim Jaber Hnjar of the Faculty of Administration and Economics at the University of Qadisiyah, the International Bank for Reconstruction and Development seeks to achieve two objectives provide funding for the rebuilding of the World War II destroyed the productive and infrastructure projects in Western European countries, and assistance in the development of developing countries by providing financing investment in an entrepreneurial productivity.

He Hnjar in an interview with «morning» that the bank put pressure on the borrowing governments to increase tax breaks on foreign investment, to increase production for export for the benefit mainly on companies that dominate the trade international.

He noted that the bank international acts as an intermediary for the flow of money abroad with the use of taxpayers ' money in countries with the developed members to ensure the safety of what sells the bonds by channeling investment into transportation, communication and provision of aid to the multinational certain companies operating primarily in the sector of mining.

development policies explained oversees the bank the international financial system management development policy, investment and structural reform of the member states and also cares creditworthy because it relies on borrowing from capital markets, and works consciously and determination to use its financial strength to help the international private capital into expansion and quest to cover every corner of the underdeveloped world in ways that are different.

He said the World Bank 's lending to governments that refuse to renounce international debt or nationalize foreign property and opposed the minimum wage and anti - union activity and all measures aimed at increasing the share of workers in the income laws of national security .

Among Hnjar bank aims to be the purchase of open international bidding , which is usually a major multiple companies for the benefit of citizenship.

Concessional loans and stressed that the financial credit was provided by international credit institution are the three one World Bank elements of the International Bank for Reconstruction and Development International credit institution the International Finance Corporation , the address from which the demand of third world countries regarding the provision of soft loans, and since the credit facilitator provided by the institution 's biggest value of non - concessional loans from the international Bank for reconstruction started and reconstruction, the degree of competition and political maneuvering revolves around civil or authority to get these credits.

he concluded Dr . Abdul Karim, there are two criteria are essential for these powers are, be a GDP per capita below the $ 730 level , and not be the country a financial solvency to qualify for loans according to the World Bank conditions, and the caliber second to be a good economic performance , a requirement for all of the bank 's loans and credits Enterprise .