Najiba Najib: public spending of the Iraqi state depends on oil, not only Treasury bills

By Shaimaa Mohamed

13 hours ago

Roudao - Erbil

Confirmed member of the Committee of Economy and Investment parliamentary Najiba Najib, Sunday, that the public spending of the Iraqi state based on Treasury bonds, not oil, calling on the Iraqi government to do their constitutional duty and legal toward the Kurdistan Region.

This comes after the Iraqi Oil Ministry announced that it is looking to increase its oil production during the current year, so that it could compensate for the drop in oil prices in the global market losses.

She said Najib network Roudao media, said that "increasing the amount of oil if we look at it as a treatment vessels to increase state revenues Iraq is already followed by the Oil Ministry plan, and there is an intention to gain access to export four million barrels of oil at the end of this year."

However, she "if there is an international coming together, especially in the Organization of Petroleum Exporting Countries, if they met and made a decision to cut oil export proportion of the exporting countries, such as Iraq and Saudi Arabia, Russia, Venezuela and Russia, then it will abide by international decision better because it will help increase oil prices in global markets, and will be tributary to revenue Iraqi state. "

She explained that "on the part of Iraq, the increase in production and exports is constant, but in light of the attempts and efforts of the Petroleum Exporting Countries reached if the decision to reduce the export of oil I think that all countries and Iraq also will stick in that direction."

Najib They noted that "the Iraqi state in public spending based on the issuance of treasury bonds, and purchased by the central bank, indirectly, that the treasury bonds issued by the Ministry of Finance and purchased by banks in Iraq, and guaranteed by the Central Bank, with the approval of the International Monetary Fund, are secure monthly salaries in addition to public spending of the Iraqi state based on these bonds mainly. "

She explained that "these bonds is estimated at 7 trillion Iraqi dinars, up to the fourth month of the year 2016, and also 5 trillion from the public, which lends the state interest money, and thus a total of 12 trillion dinars, and this is followed by the Ministry of Finance plan with the Central Bank."

Najib stressed that the "reliance on oil does not exceed the quarter, a quarter of spending, Valaiard oil covers only a quarter of current spending, the Treasury is covering the public spending of the Iraqi state and bonds."

In terms of Kurdistan's share of the budget, Najib said that "the share of the Kurdistan region of 17% of actual spending, as long as the actual spending is covered by the Central Bank reserves, which is a reserve for all Iraqis must therefore on the Iraqi state to play its role and constitutional responsibility in granting the province its share of the budget. "

She pointed out that "the significant decline in oil prices, is the one who prevented the Iraqi government to increase its revenues, and the adoption of Iraq for oil in recent years has prevented enable it to rely on other sources, such as taxes, customs, and even public duties."

He wondered the MP for the Democratic Party of Kurdistan, saying: "If the Iraqi government did not constitutional, legal and historical duty in the light of the current crisis and the non-receipt of the Kurdistan Regional staff salaries in these circumstances then when will its responsibility ?, we are part of a federal Iraq, and we are fighting Daash like any other Iraqi force."