Basri: The government is keen to be the debt of public interest

Basri: The government is keen to be the debt of public interest

 

5/16/2017 0:00

Baghdad / Suha Shaykhli
Confirms specialists that external debt benefits if they invested in the same positive returns projects, such as providing services to citizens, either if they do not invest and go for the salaries and wages are a problem requiring serious treatments to get rid of them, so the government administration has developed visions of knowledge serious through cooperation with local and foreign experts to repair the economic situation, and the required citizen to understand the situation and cooperate with the government. President of the Economic Reform Institute d. Kamal Al- Basri said the debt realized as a result of the accumulation of fiscal policy, which is not a bad sign of economic performance, since there are no country in debt - free world, noting in an interview with the "morning" that the debt be very desirable when they are in the form of loans used for investment purposes and structures infrastructure.
Basri said the government is keen that the debts of public interest, the debt is to be the state 's keenness on the face of weak financial liquidity for the purposes of the development of society  
and the economy.
He stressed that Iraq 's debt now exceeds $ 60 billion, explaining that there are bad factors derived from several financial management.
He continued: The oil revenues are called (plain capital gain) , considering that the process of obtaining them is not productive is difficult and expensive, and the easy marketing easy and revenue process and we have about 1 percent of the workforce in Iraq , forces that produce more than 50 percent of gross domestic product, the cost of oil is $ 10 per barrel while already selling more than one hundred dollars per barrel, and when money is easy , it is easy spending because it does not require all the precision required in the spending.
He pointed out that the economic feasibility held by various institutions for projects does not lend itself the level required, because the money was previously available in large quantities and in the absence of economic feasibility can not determine the priorities of projects and this phenomenon is not only in Iraq but in all rich countries  with
oil.
And confirms the visual that Iraq is not alone affected by the decline in oil prices and even Norway , which the per capita share where GDP is higher than all countries are now suffering from the scarcity of cash, and in Iraq, 90 percent of revenue is oil and other ten are the duties and taxes people are paid to the government taxes we are in the absence of either holding it accountable social contract and the tax should be the role of government more  
effective.
He pointed out that Iraq 's debt was $ 140 billion came the Paris Convention , lowered debt by 80 percent in 2004 , except some countries which refused, while the friendly countries cooperated to reduce its debt.
The Iraqi government has worked to meet the requirements of the Paris Club to pay off the remaining 20 percent on the debt and there is a timetable for repayment, referring to the resort several countries to cancel all its support to its citizens and reduced its budget note that the volume of oil exports per day 10-11 million barrels.
And high interest debt annually between the visual that this general state of global does not include Iraq , stressing only that we have loans with the International Monetary Fund have not been fully paid, but on the parts because the fund hopes the government implement the necessary reforms before paying the full amounts.
Among the conditions is the reform of the economic situation and reform of banks or state - owned public companies and making them profitable , a reform for the benefit of the citizen and aims to minimize losses and wastage.

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