Iraq reduces dependence on oil revenues to 85 percent
Release date: 2017/8/6
22:36
[Ayna-Baghdad]
The government announced on Sunday the reduction of its dependence on oil revenues in the construction of federal budgets to about 85 percent compared to 95 percent in previous budgets
The financial crisis that the country is experiencing due to the collapse of oil prices in world markets has led the government to reduce its reliance on oil revenues in the general budget of the country from 95 percent to 85 percent and compensate the difference by activating other sources government spokesman Saad al-Hadithi said in a statement. .
The current government has been obliged to adopt economic policies imposed by the financial crisis to meet the government's financial obligations towards Iraqi forces and the requirements of the war on terrorism, as well as to secure the salaries of the country's seven million employees and government spending on other sectors he added.
He pointed out that the government has pursued austerity policy and rationalization of government spending and pressure the public expenditure of the country and succeeded in reducing levels of public spending to the proportions of 50 to 60 percent than it was in the past https://www.alliraqnews.com/modules/n...?storyid=64583