Keywords admits to "the absence of fiscal policy" and accused the institutions working for "political interests" Baaaguetha

08/15/2016 (00:01 pm)

Baghdad / Zia Hatem term

The Governor of the Central Bank on the Keywords, on Sunday, that Iraq 's oil revenues are not able to cover the salaries of state employees, the headquarters of " the absence of fiscal policy in Iraq." The accused organizations "working for political interests" obstructing the monetary policy in the country, described the Iraqi budget as "backward , " and urged the United Bank for Investment and government to "cut government spending and impose taxes and fees.

He said on the Keywords in a speech during a seminar held in the bank building entitled ( Central Bank of Iraq and the way of economic reform in the near and medium) term, and attended (range Press), said that " the economic reform process in Iraq is still at the beginning of the first stage where we note that there are institutions built and established political interests and note that it does not check the curriculum , who painted for him," stressing that "much Mangdaa facing economic reform strongly and are an obstacle to fiscal and monetary policy in Iraq."

Keywords and added that "Iraq needs a major reform of the financial policy and financial management, and the best evidence is that there is almost complete absence of fiscal policy , where today they are managed on the everyday problems the starting points and cornerstones of the individual, society and the pillars social pressures do not paint a future fiscal policy. "

He noted the central bank governor that" the Iraqi budget backward and not related financial programs and maturing the resources where it 's affecting the financial stability , "stressing" we are facing a great responsibility to address the financial crisis , where we are still counting 95% on oil revenues and 5% of local revenues must therefore be thinking develop effective plans to address this crisis. "

He said the bank 's governor that" Iraq front revenues of 95% derived from the export of oil and 5% of internal resources , "stressing that" the optimal situation is equal internal and external revenue. "

Among Keywords that" the sale of oil revenue is not stable and is able to salaries of state employees to cover revenue , "noting that" the proportion of state revenues go to the expenses of oil companies, noting that the Ministry of Finance revenue did not exceed a billion and a quarter of a billion dinars per month while the salaries of state employees amounting to four Trillions dinars per month. "

He called Keywords to" estimate the size of the problem to face the state of the economic difficulties, which requires consideration of the State combination on the basis of objectively true , "pointing out that" the central bank had to deduct 13 trillion dinars treasury transfers and fired four trillion of deposits banks reserves has to buy treasury transfers. "

He said the central bank governor that" the bank lent some projects six trillion dinars to stimulate economic situation. "

For his part, the United Bank for Investment Director Abdul Rahman al - Sheikhli said that" the subject of salaries the government controlled completely and there is no fear. "

He explained Shaykhli in an interview with (long - Presse), that" the problem of Iraq is the total oil - based , "and urged the government to" find alternatives to oil by cutting government spending and increasing the proportion of earnings through the imposition of taxes and fees. "

The Central Bank of Iraq was established independently as a bank under a law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily buying and selling currencies sessions.