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2017 balance between austerity and fiscal discipline
8/12/2016 0:00
[rtl]BAGHDAD / Imad emirate
raised the issue of the budget in 2017 in Iraq controversy among the public and interested parties and specialists about what next year 's budget is the budget andwhether war or peace and reconstruction in the budget?
And apparently the prevailing view
among the general citizens it austerity privilege budget, because of his campaign with it from the tax deductions from employees and pensions, as well as the existence ofpressure to the terms of government expenditures in most aspects of public spending (except military and security), which reached the customizations ratio has about 22 percent , a record high in more than ten years, because of the difficult conditions and theminute that passes by Iraq.
Economic academic Dr. Amr Hisham Al - Mustansiriya of the Center for Arab and International Studies confirmed »Sabah» need to focus on the part of public expenditure and control through the (fiscal discipline) and not indiscriminate austerity in reaction to the decline in oil revenue.
Economic plan
and draw Hisham that the pattern of the new budget year could be the beginning of the fiscal discipline path in the mind and behavior of decision - makers in the government, especially in light of the global outlook , which suggests the possibility of higher oil prices to levels achieved breakeven Iraqi general budget, which calls for taking fiscal discipline behavior of both the economic and the Iraqi charge scheme, rather than austerity measures is studied to overcome the current financial crisis.
It is intended to fiscal discipline is that the total public expenditure does not go up theallowable limit, or that does not exceed the fiscal deficit of the public budget a certain percentage of gross domestic product.
He explained Hisham that the public budget is an estimate potentially for the expenses of the government and its revenue during the period to come is one year, either in the case of Iraq , which depends on oil prices in determining public revenues is closer to thepredictions and surprises that brook to be unpleasant , as in the extended years between 2004.2008 and between 2011.2014 or be shocking , as in the past two years.
Credibility and transparency
and added that what Iraq needs , whether in times of ease , or financial hardship is fiscal discipline, in order to further the principles of credibility and transparency of the public budget, as well as other traditional principles known in the science of financial economics.
He noted that the realization of the principle of fiscal discipline requires lifting paragraphs privileges and social benefits retroactively, as well as the existence of a presidential rings redundant in the structure of heaving the Iraqi state originally these episodes outside theconstitutional framework, at a time when increasing deductions of civilians and retired staff or increase real estate income tax rate from the place where 10 to 12 percent willreflect negatively on the overall level of rents and the possible transfer of the burden or part of landlords to tenants.
Hisham stressed the need to work to fiscal discipline, rather than the continuation of austerity, being a push expenses automatically and promotes the activation of production in all sectors, as it would limit the accumulation of entitlements and local farmers to contractors.
The budget deficit
and pointed to the need for projects to be delivered by local contractors active and economically feasible.
Therefore, the federal budget for 2017, which included a deficit beyond the 20 trillion dinars (though this figure does not give sufficient economic connotation absolute his image).[/rtl]
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