What the government is doing to ease the pressure on the budget?

2016-09-21 17:33:53 | (Voice of Iraq) - Baghdad

The head of the Iraqi National Business Council, David Abdul Zayer, that was released last modified on investment law to ensure the development focus of the developer who works the first developer and investor Bmvsalin.

He Zayer, in a press statement on Wednesday, said that "first , which handles the creation of industrial infrastructure of cities or tourist, as well as residential to other major projects, which has been authorized by law to receive the land and the provision of infrastructure full cycles of the roads and bridges of various basic services, as quoted by morning newspaper.

And the division of land, Zayer said, that the lands that provide them with the infrastructure is divided and given to other investors through the first developer, eg if we want to build us a residential city to provide roads, sewer, telecommunications and water within the confines of this space is then divided space into residential land and other recreational spaces for education services and building houses of worship and the requirements so cities.

And issued Investment Law No. 13 of 2006 in order to boost economic and social development process, development and bring technical and operational expertise and human resources development and creating job opportunities for Iraqis to encourage investment and support the establishment of investment in Iraq and expansion projects and development of various economic levels , the process and the granting of privileges and exemptions for these projects , so this law was enacted .

He Zayer that the Investment Law, as amended protects the developer as well as investor and this important juncture to work for apartments and new element to attract contained in the investment law, pointing out that the new amendment granting the developer the right to grant the land to the investor under the investment license and the approval of the first developer and collection services and a portion of the amount of infrastructure that group spent to serve the new investor.

Zayer said, that in this case has investment indivisible and we can build a modern new cities a way that minimizes the costs of the investment business, where investment in major projects require large sums of money may not be strengthened by a single investor.

He said that this method enables the investor to work in a part of the project and the completion of the work assigned to him specifications defined and within the executive potentials and during the time period, indicating that these amendments get in cooperation with the local sector , which has a lot of proposals capable of advancement of the national economy because he lives to the field of labor and familiar the most important implementation of projects and determinants that prevent this requirement.

And the costs of services, among Zayer, he went positively serve the investment process and helps the implementation of infrastructure in the absence of the necessary funds on the part of the government to implement the service side, which gives the developer the land that provided them infrastructure amounts cover the capital you spent, and thus spread the cost of services All investors

He also pointed out that the developer is another important it is to manage this new city for all the requirements of the electricity, communications and security and all the logistics , according to the best methods of internationally recognized administration. Zayer and stressed the importance that Iraq abandons the idea to build a single investor of all staff of the project specialized industry city, housing, trade and education as well , but to be the responsibilities of the developer task that would distribute tasks among investors who wish to get the opportunity to work within this project.

Iraq is going through a major financial and economic crisis, due to lower global oil prices, and its impact on Iraq 's budget for the years 2015 and 2016, with a budget value for the year 2016, about 105.8 trillion dinars , or about $ 95 billion, and a projected deficit of about 24 trillion dinars , the equivalent of about 20.5 Billion dollar.

Iraq relies on the sale of oil revenues to cover about 95 percent of the country 's expenses, and the oil prices have tumbled since the year 2014 from around $ 100 per barrel to less than $ 40.