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Economists: The 2018 budget lacks planning like its predecessors
Baghdad / Fadia Al-Jawari
Economists: The 2018 budget lacks planning like its predecessors
Baghdad / Fadia Al-Jawari
A number of specialists in the economy noted that Iraq's budgets for previous years and the next year (2018) lacked strategic planning, had no goals and visions to maximize state resources, and did not include expectations for unemployment, inflation and poverty.
This came in a seminar organized by "Group Towards Economic Leadership" in cooperation with the Association of Iraqi Private Banks, entitled "Solutions to address the budget deficit for the fiscal year 2018". While praising the Prime Minister's Advisor for Finance d. In his speech to the symposium, Mohammed Saleh said that "in the context of public opinion looking at the country's financial future," the public budgets of the Republic of Iraq for the last 10 years have been built on a default deficit that is automatically covered when there is a surplus in oil revenues. And sometimes a real deficit when there is a real deficit in oil rent.
Saleh added that "in order to achieve the financial strengthening, which means the ability to address the deficit of revenue and the accumulation of debt, we need a financial stabilizer is effective management of financial strengthening, which in turn affects the financial sustainability, which means the government to maintain its revenues and expenditures in a coherent rather than the so-called financial control" "The financial stabilizer is a process aimed at addressing the shortfall in revenue and the accumulation of debt at the same time," he said. "In the past 10 years, we have been addressing default and actual deficits. We have not addressed the structural deficit, the financial stabilizer is balancing, Difficult, and we in recent years we have used in an easy balance, when we created Mtbaeida situation between revenues and expenditures, but financial sustainability requires coherence between income and expenditure to achieve financial sustainability ".onoh Saleh to suffering from" the issuance of laws and the actions of finance from outside the general budget ... And therefore accumulated in the public budget advances and overdraft estimated at 125 trillion Iraqi dinars with weak transparency, "and said:" The current problem is the financial stabilizer fragile under the stage of actual deficit, in light of the loss of development resources because of current expenditures the government resorted to other operations outside the budget But the sovereign guarantees are also part of the vulnerability and add to the financial burden, which increases the debt and reduces financial strengthening and weak financial sustainability. "For his part, said the Director General of the Department of Financial Operations and Debt Management of the Central Bank of Iraq, Dr. Mahmoud Dagher, during his presentation His research paper (budget) J constructed investment: size and quality) that the 2018 draft budget, in which spending is within the size of 80 trillion dinars and oil revenues, which assumes that the barrel price of $ 43, including the Kurdistan region's exports, and financing of non-oil revenues of 12 trillion dinars "
The Assistant Secretary-General of the Council of Ministers previously, Obeid Mahal, in his paper (ways to promote non-oil revenues to be the first source in the financing of the budget) that "the investment budgets for the years 2015 / 2016/2017 included deficit, and there is unjustified exaggeration in the size of the deficit, The budget deficit was calculated at 20 trillion Iraqi dinars, and the end of the year deficit was 9 trillion Iraqi dinars, and that "in 2016 was a deficit of 26 trillion and in 2017 was 21 trillion and until today has not achieved internal borrowing.
Ebeid pointed to the need to improve the financial situation of the state through the issuance of bonds at the beginning of the financial year and in the seventh month of the same year and away from the excessive deficit, and stressed the need to pay attention to "the investment aspect in raising the growth rate, and the Ministry of Planning to develop projects to achieve a feasibility study and identify The cost of the project and this does not exist, pointing to the existence of funds but projects do not meet the conditions of universal implementation.
For his part, said the academic in the Faculty of Management and Economics University of Mustansiriya d. "The preliminary draft of the budget for the fiscal year 2018 includes a change in the figures for the old version of the same year. The alternatives to Kirkuk oil, how to discharge it and the exchange rate of the dollar against the dinar were not mentioned. "He pointed out that" there is a decline in investment expenditures, which are covered from the budget and the other part of those investment expenses are covered by loans, did not shed light on what these loans, whether external or internal loans. "
He pointed out that "the budget does not include the expectations of Iraq, in terms of unemployment, inflation and poverty, and partnership with the private sector appeared in a simplified budget, and this is not true, as indicators of partnership with the private sector must be broader and bear the risks, which requires the formation of a partnership unit of the presidency Minister of Finance and pointed out that the private sector being an important partner in the state, "stressing the need to develop the laws of sustainability and not separate paragraphs, and all countries develop the laws of the sustainability of rentier countries."
For his part, said a spokesman for the Ministry of Planning Abdul-Zahra al-Hindawi, Financing and do not talk about investment And does not talk about ways to develop the budget, "noting that the year (2014) there were 6 thousand investment projects, a large part of them without economic feasibility and all budgets from 2015 until now, did not develop a plan for the operation of these projects and completion.
For his part, the economic expert Majid al-Suri, during the symposium on "the need to pay attention to not neglect the private sector being a partner in the economic process and has sufficient funds must be attracted by the state to complete projects and employment of labor, pointing out that the budget did not mention the revenues of gas, 2014, there were unregistered advances and the value of 136 trillion dinars, and in 2015 decreased those advances significantly, noting that "indirect taxes is not a solution, but the development of industry and agriculture and the transformation of the country from Rei to the variety and control of borders is the solution to get out of the financial crisis.
The member of the Federation of Businessmen, Hassan Ziadi, said in his intervention that "the budget of 2018 neglected the insurance sector, where there are 33 insurance companies, 2 of them government and 30 insurance companies belonging to the private sector, indicating that the private sector can manage insurance in Iraq, Estimated billion dollars annually, because of the lack of insurance, Ziadi, stressed that the border crossings refuse to deal with insurance companies, and to secure the needs of the state mandatory and its property is not insured contrary to the countries of the world.
Saleh added that "in order to achieve the financial strengthening, which means the ability to address the deficit of revenue and the accumulation of debt, we need a financial stabilizer is effective management of financial strengthening, which in turn affects the financial sustainability, which means the government to maintain its revenues and expenditures in a coherent rather than the so-called financial control" "The financial stabilizer is a process aimed at addressing the shortfall in revenue and the accumulation of debt at the same time," he said. "In the past 10 years, we have been addressing default and actual deficits. We have not addressed the structural deficit, the financial stabilizer is balancing, Difficult, and we in recent years we have used in an easy balance, when we created Mtbaeida situation between revenues and expenditures, but financial sustainability requires coherence between income and expenditure to achieve financial sustainability ".onoh Saleh to suffering from" the issuance of laws and the actions of finance from outside the general budget ... And therefore accumulated in the public budget advances and overdraft estimated at 125 trillion Iraqi dinars with weak transparency, "and said:" The current problem is the financial stabilizer fragile under the stage of actual deficit, in light of the loss of development resources because of current expenditures the government resorted to other operations outside the budget But the sovereign guarantees are also part of the vulnerability and add to the financial burden, which increases the debt and reduces financial strengthening and weak financial sustainability. "For his part, said the Director General of the Department of Financial Operations and Debt Management of the Central Bank of Iraq, Dr. Mahmoud Dagher, during his presentation His research paper (budget) J constructed investment: size and quality) that the 2018 draft budget, in which spending is within the size of 80 trillion dinars and oil revenues, which assumes that the barrel price of $ 43, including the Kurdistan region's exports, and financing of non-oil revenues of 12 trillion dinars "
The Assistant Secretary-General of the Council of Ministers previously, Obeid Mahal, in his paper (ways to promote non-oil revenues to be the first source in the financing of the budget) that "the investment budgets for the years 2015 / 2016/2017 included deficit, and there is unjustified exaggeration in the size of the deficit, The budget deficit was calculated at 20 trillion Iraqi dinars, and the end of the year deficit was 9 trillion Iraqi dinars, and that "in 2016 was a deficit of 26 trillion and in 2017 was 21 trillion and until today has not achieved internal borrowing.
Ebeid pointed to the need to improve the financial situation of the state through the issuance of bonds at the beginning of the financial year and in the seventh month of the same year and away from the excessive deficit, and stressed the need to pay attention to "the investment aspect in raising the growth rate, and the Ministry of Planning to develop projects to achieve a feasibility study and identify The cost of the project and this does not exist, pointing to the existence of funds but projects do not meet the conditions of universal implementation.
For his part, said the academic in the Faculty of Management and Economics University of Mustansiriya d. "The preliminary draft of the budget for the fiscal year 2018 includes a change in the figures for the old version of the same year. The alternatives to Kirkuk oil, how to discharge it and the exchange rate of the dollar against the dinar were not mentioned. "He pointed out that" there is a decline in investment expenditures, which are covered from the budget and the other part of those investment expenses are covered by loans, did not shed light on what these loans, whether external or internal loans. "
He pointed out that "the budget does not include the expectations of Iraq, in terms of unemployment, inflation and poverty, and partnership with the private sector appeared in a simplified budget, and this is not true, as indicators of partnership with the private sector must be broader and bear the risks, which requires the formation of a partnership unit of the presidency Minister of Finance and pointed out that the private sector being an important partner in the state, "stressing the need to develop the laws of sustainability and not separate paragraphs, and all countries develop the laws of the sustainability of rentier countries."
For his part, said a spokesman for the Ministry of Planning Abdul-Zahra al-Hindawi, Financing and do not talk about investment And does not talk about ways to develop the budget, "noting that the year (2014) there were 6 thousand investment projects, a large part of them without economic feasibility and all budgets from 2015 until now, did not develop a plan for the operation of these projects and completion.
For his part, the economic expert Majid al-Suri, during the symposium on "the need to pay attention to not neglect the private sector being a partner in the economic process and has sufficient funds must be attracted by the state to complete projects and employment of labor, pointing out that the budget did not mention the revenues of gas, 2014, there were unregistered advances and the value of 136 trillion dinars, and in 2015 decreased those advances significantly, noting that "indirect taxes is not a solution, but the development of industry and agriculture and the transformation of the country from Rei to the variety and control of borders is the solution to get out of the financial crisis.
The member of the Federation of Businessmen, Hassan Ziadi, said in his intervention that "the budget of 2018 neglected the insurance sector, where there are 33 insurance companies, 2 of them government and 30 insurance companies belonging to the private sector, indicating that the private sector can manage insurance in Iraq, Estimated billion dollars annually, because of the lack of insurance, Ziadi, stressed that the border crossings refuse to deal with insurance companies, and to secure the needs of the state mandatory and its property is not insured contrary to the countries of the world.
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