MPs stress low reserves the Development Fund for Iraq to one-third, and warnings of financial crisis

MPs stress low reserves the Development Fund for Iraq to one-third, and warnings of financial crisis.




Author: Bian3 on: Mon 3/31/2014 9:31 

 

News Source: Baghdad / 8 report












BAGHDAD / WAP / Fares Fadel ...
Revealed the parliamentary committee for economy, low reserves the Development Fund for Iraq to a third of what it was two years ago, and warned against some members of parliament from Iraq came to a financial crisis in 2017, predicted that other deputies up economic growth in Iraq between 5-6% during the current year.




A member of the Committee for Economy and Investment parliamentary deputy Mahma Khalil told Baghdad International / WAP / that "Iraq will be exposed to a significant reduction of the reserves of Iraq Financial Development Fund for Iraq / DFI /, indicating that the remaining in the fund not to exceed four or five trillion dinars, which represents a third of the general reserve 2012. "

He added, "The economy of Iraq today yield depends according to the fluctuations of international and global oil prices," adding that "the government its strategy to address the Iraqi economy were not in accordance with the Constitution and the law and the Iraqi economy today can not be considered a free economy or a socialist, a need for logistics and laws and processors and the application of a professional on the land Indeed, support for private sector development and capital investment, especially with the presence of an army of the unemployed. "

He added that "the construction budget was based on erroneous estimates do not include the final accounts precedent and this makes us say that Iraq does not have a real budget today and how much you actually need the Iraqi state, therefore, the government's budget and the Finance Ministry have embarrassed the economic situation in Iraq."

He explained, "Every year comes the budget where the deficit is large and on this basis are covered by the amounts retained from the previous budget have and lending of external and internal today bits Ji budget deficit by more than 35 trillion dinars, and the Development Fund for Iraq / DFI / the decline has not left Iraq in the balance of the fund is four or five trillion dinars are representing one-third of what it was Mujda in 2012. "

He said "we do not work to activate the stations promising economic action, Iraq undoubtedly will pass economic crisis large," noting that "we do not expect to reach that crisis that got to the bankruptcy of the government and we wish them address gaps and uncertainty in the budget situation and the previous all budgets suffix ".



For his part, the president of the Parliamentary Finance Committee MP Haider al-Abadi, "expectations of some exposure to the Iraq crisis, cash, noting that" forecasts suggest that economic growth in Iraq during the current year will rise between 5-6%. "

He said al-Abadi told Baghdad International / WAP /, that "Iraq is one of the most ten countries (LDCs) in the world, and that Iraq hoped to be economic growth for this year between 5-6%, which is a significant growth with a decline in the economies of major countries."

"The fear for crisis cash could be in the event of continued spending quo in exchange for the lack of imports of oil is sufficient, especially in the event of continued Kurdistan region to export oil and get its imports with the deduction of part of the imports of oil rest of the provinces within the budget."

"The budget deficit is 30 trillion a defect index and the most important causes for non-delivery of oil imports for the Kurdistan Regional Government."
The Abadi said that "political must have a solid position of the events and the Kurdistan region to export oil without the deposit amounts in the state treasury and not just put up analyzes could hear from the men of the media or analysts and experts."

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