Abadi ambassadors for the industry: the current situation an opportunity to restructu
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    Abadi ambassadors for the industry: the current situation an opportunity to restructu

    Abadi ambassadors for the industry: the current situation an opportunity to restructure the Iraqi economy

    02/09/2016 12:01:00 am

    Stressed Prime Minister Haider al-Abadi, on Monday, the government began the basic needs for reform in order to build a state of institutions, and expressed as ambassadors of the major industrialized nations (G7) to support their country of Iraq in finance its crisis, economists criticized the government's steps to cope with the rapid collapse of the local economy, describing its b "blundering" and ill-considered.
    Ebadi said the Office in a statement received "long", a copy of the "Prime Minister Haider al-Abadi met in his office Sunday, the ambassadors of major industrialized nations (G7) with UN representative Jan Kubiš," noting that "the ambassadors of the countries expressed their full support of their countries for Iraq in the financial crisis as a result of the collapse of oil prices and find ways and alternatives and solutions to overcome them and to provide the gravity of the Iraqi economy. "

    Abadi said that "the ambassadors reiterated their position on support for Iraq in its war against terrorism," adding, "They have expressed their blessing to the victories achieved on the terrorist gangs."
    "The ambassadors expressed their support for the reforms carried out by al-Abadi and support her through the advent of experiences of Iraq and training Iraqi cadres."
    For his part, al-Abadi confirmed according to the statement, that "Iraq is passing through these challenges and difficult circumstances and that is an opportunity to restructure the Iraqi economy more efficient through the multiplicity of its resources in a way," he said, adding "we started the basic needs for reform in order to build a state of institutions is not a goal of crossing the crisis only but to build a healthy economy as well, going by the Iraqi state. "

    In turn, an economist Abbas Ibrahim al-Bahadli said in an interview for the "long", "The Iraqi government issued a flop and economic decisions are useless to overcome the severe financial Haunted as a result of falling oil prices to below the $ 30."
    He added that "austerity, which the government submitted the slogan did not apply only to certain categories of employees and retirees who are owners of limited income, without focusing on reducing the enormous expenses of the institutions and ministries of various state and salaries of its senior officials."

    Bahadli explained that "the first steps that the government should focus on implementation track billions of dollars stolen by Authority officials over the previous 10 years, which is equal to the budgets of the next three years without the need to finance oil resources."
    He said the "leveraged operations and internal and external borrowing does not enable the government to pass the financial crisis without setting realistic plans to restructure its institutions and reduce the number of ministries in line with their limited resources."

    Bahadli stressed that "the government's inability to provide monthly salaries and the inability to schedule and the decline of basic services provided to citizens shows the extent of the crisis faced by the country as a result of a lack of funds to the treasury
    For his part, economist said Bassem Jamil Antoine in an interview for the "long", "The government has developed many strategic plans to cope with the rapid collapse of the Iraqi economy caused by the decline in world oil prices, together with a group of experts and specialists in economic affairs."

    He added that "more than a year and a half of life of the government and did not notice the passage of the ordinary citizen of any real change and realistic direction of the application of those plans on the ground, causing a major disappointment to the public, which carry the bulk of the repercussions of the current financial crisis."

    Antoine explained that "the lesson is that there is a real will to change the local economy from the yield economy depends on declining oil resources to an open market economy, which relies on the private sector as a major partner in building the Iraqi economy."
    He stressed that "the failure to combat the massive financial corruption that is nestling in the joints of the state, but to work on implanting several ways to turn the country into a booty shared resources by corrupt officials without an effective legal deterrent by the government."

    He said the "vision of the federal government lacks the quick action to counter the economic crisis has made the local economy in debts and loans accumulated spiral."
    Antoine pointed to the need to "re-examine your state executive and economic commensurate with market changes and adapt to the government's limited resources without extravagant squandering money in several directions not yielded significant domestic product."

    It is noteworthy that Iraq live under a severe financial crisis due to the deficit in the state budget as a result of the sharp and continuous decline in world oil prices, which amounted to less than $ 30 per barrel, where Iraq will depend on the general budget on oil revenues by 95%.

    Last edited by MadDScout; 02-09-2016 at 10:52 AM.

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