Attention to tourism and moving production highlighted the means of financial reform

Attention to tourism and moving production highlighted the means of financial reform

10/11/2017 0:00

The budget deficit appears when expenses exceed the total public revenues

BAGHDAD / Imad Emirate

Reform of the public finance sector, the process includes a set of procedures and measures needed to address the shortcomings in both sides of the budget, expenditure and income, so that the state is working to improve aspects of public spending and the use of new technology attempt to optimize the use of resources and reduce the size of spending unjustified without harming the poor class; what It calls for the diversification of revenue and reduce dependence on world oil prices to finance the general budget; this requires - according to specialists - to do a variety of tasks and more effectively.

Structuring revenue

academic economist , Dr. Imad al - Ani confirmed the "morning" the need to restructure the public revenues being dependent only on oil revenues, and think about the strategy clear to activate other productive sectors that can provide government revenues and private agricultural sectors and Alsnaaa.obin al - Ani said the main problems faced by budget in Iraq, lies in government spending , which requires to be more disciplined and achieve the desired goals, Maidao to use a special technique to control spending and directed optimally in order to obtain higher productivity of public spending in terms of financial and economic returns and only Social.

He said al - Ani said the impact of external shocks on economic activity created pressure on public revenues, particularly changes that affect world oil prices , with consequent instability of revenues that constitute oil revenues greater part of them, as well as the crises that afflict the world economy , such as the recent global financial crisis. Aspects of the reform pointed Ani that the reform of the financial sector contributes to the reduction of the budget deficit by starting to exploit the available mineral resources and natural gas in order to achieve greater revenue, especially noting the need to raise the level of public property administration of the state in terms of efficiency and Ulkipah.oohar that the establishment of free zones and exploitation the geographical location of Iraq and pay more attention to religious tourism, and management of public institutions and companies in accordance with the economic fundamentals of modern accounting standards and supply the government 's share of surplus profits first Powell is the most prominent means of reform of the public finance system. The general budget document containing the estimate of government expenditures and estimate the revenue needed to finance them and their sources for the year to come to achieve specific economic goals and social, in accordance with the policies or economic plans embody the philosophy of the state in managing the economy, after being approved by the legislature. The economic d academic. Qusay al - Jabri has said the "morning" the importance of the general budget for the citizens they show projects and services to be provided by the state and the means of distribution of wealth to society. Jabri and hinted that it represents the work program of the executive branch for the year to come, as well as being a monitoring tool for legislative authority over the work of the executive branch in terms of the legality of spending money on according to the customizations and verify the efficiency and effectiveness of this spending. Jabri between he can government budget to work on the distribution of output between consumption and investment, and affect the economic objectives by providing an incentive to increase production or decrease in certain economic sectors, through direct allocations towards priority sectors according the economic policies adopted. He added that the general budget aims to reduce volatility and achieve economic stability through the so - called items in the budget structure of automatic stability, as well as the possibility of use as effective in correcting the structural imbalances in the balance of payments. It shows the general budget deficit when total expenditure exceeds the total general revenue in a given year, while the surplus is achieved when the opposite happens. Moderate budget and continued if equal public revenues with public expenditures would then be a balanced budget, and should balance its expenditures and revenues the government, in the light of the financing options available to them, such as finance by issuing government bonds or financing by issuing cash .ocd Jabri said the budget deficit is determined by factors of economic variables requires based on the economic file , taking them into account when fiscal policies to achieve internal and external balance fee, stressing the need to diversify the sources of income even Econ Iraqi economy dependent on fluctuations in crude oil prices and policy affecting the market Global oil by stimulating the export subsidy policy and the trend towards investment in the real sector. Called Gabri to provide an enabling environment to attract foreign investment through the enactment of appropriate legislation and laws to stimulate foreign investment, and to provide adequate guarantees through the adoption of the style of partnership between foreign investors and domestic investors, while retaining the Iraqi identity and to activate the role of the national capital to integrate with foreign capital in order to achieve growth rates are high, and the privatization of loss - making projects that are a burden on the Iraqi budget, support for the private sector to increase its contribution to the gross domestic product ( GDP ) .