Consensus on the importance of investing in gas for economic crisis
By: wab1 Date: Sunday, 03-01-2016 11:21 pm

/Continue/Baghdad newsletter
Pool media that Iraq was the first oil crisis affected

And falling prices during the past year. And confirmed the existence of the opportunity to save it from economic crisis, despite the difficult circumstances which was and still is, specifically from both security and economy, through investment in natural gas. Iraqi officials saw the possibility of recovery of resources and economic performance and recovery cycle with the first gas shipment to be issued abroad.

And experts said that the export of Iraqi gas to Kuwait, might be a step in the right direction instead of wasting this wealth by burning them in Stirrups, and the estimated $ 1 billion annually. And expect to see economic improvement this year, if Iraq and Kuwait Agreement Act to export Iraqi gas, if the oil Ministry to open other niches to export gas.

He considered the decision of the parliamentary Finance Committee, Ahmed Al-Haj Rashid, is difficult to achieve the planned budget for the current year of projected imports 84 trillion Iraqi dinars ($ 70 billion) and $ 45 a barrel. He explained that $ 1 per barrel decline will increase $ 1 billion deficit.

It believed that the economic crisis facing Iraq "will increase this year and turn from recession to depression, and is a critical stage in a country's economy, pointing to the possibility of securing a quarter only budget amounting to 105 trillion dinars, based on current prices.

Speaking spokesperson of the Ministry of planning and development cooperation Abdul Zahra Hindawi operating indicators, labour and poverty, pointing out that "unemployment rates rose in a clear poverty rates exceeded 22 percent after 2013 dropped to 19 percent. Hindawi confirmed that "safety distance between us and the abyss is still good, and you can change the path by current and future processors that can be resorted to, away from bickering back and and political differences that destabilized Iraq many important opportunities."

He pointed to infrastructure rehabilitation project launched in 2010 at a cost of $ 74 billion, "the conditions were very favorable day as foreign companies were competing for an investment opportunity, but political conflicts unseated." "No chance for us not to get loans to ensure the continued development of wheel rotation", pointing to "internal loan as less weight on the economy if their economic impact is less than that of Foreign Affairs, for it is the transfer of purchasing power from the Government."

Hindawi suggested that "go around this type of government borrowing through the creation of a special bank borrowing, be done through deposit of citizens savings from money or jewels to the Bank in return for attractive interest may reach 12 percent, to encourage demand for lending." He explained that this mechanism "a culture deposit in banks, there are big cash block might reach 30 trillion dinars deposited in coffers of families, by theft or combustion, and this is due to the lack of confidence of citizens or uttered the Iraqi banking sector."

And economic expert said Akram Aziz, the Iraqi economy "based on finite resource resource is oil," and invited the concerned to "find other ways, including customization, meaning giving more space for the private sector to benefit from the property sector. But it warned that the goal of "liquidation of the property of the public sector", "pause the task about this proposal and the need to make workers in factories and plants in partners put stocks and bonds for plants".

The President stressed agricultural associations Hussein Al-Tamimi, the importance of the governmental endeavours aimed at "activating non-oil production facilities which can contribute to support the country's financial budgets, especially after the decline in world oil prices. He noted that "the large sectors of agriculture need laws to promote, with the adoption of the law of the land," "standardization of inactivated in Parliament for three sessions, and is of important laws that enable the farmer to work and production." And does not neglect the importance of activating the product Protection Act, pointing out "the losses suffered by the farmer, especially in the area of vegetables, due to allow the entry of food from neighboring countries."