60 billion dollars of Iraqi funds out until 2011

60 billion dollars of Iraqi funds out until 2011 





12.12.2013 0:00 

Imbalance in the balance of payments caused by 

Baghdad - Mostafa Hashemi - Farah pumice 

Called economic expert, Dr. Majid picture to take a number of actions that contribute to improving the balance of payments of the Iraqi and address imbalances in it. 

It is intended balance of payments (BOP) which is an acronym for (Balance Of Payments) as the annual statement of the total, which represents state revenues from abroad and payments to overseas and can be considered as an account that records the value of the rights and debts arising from a particular country and the outside world, and as a result of exchanges and transactions that arise between residents country and their counterparts abroad and include movement of goods, services and capital. 

Improved balance 

He added picture in a statement (morning) that the most important measures that improve the balance of the application of provisions of the constitution in relation to the distribution of income and resources to be done by experts and specialists in this field. 

He pointed to the importance of the application of the Financial Administration Act and the Public Debt Act of 2005, and specifically what it confirms to link the budget to speed up development plans and submit final accounts in addition to the imposition of censorship on the projects that are approved. 

And the balance of payments of great importance because it is through the study of vocabulary reflects our degree of economic progress in this country, and we can determine its financial position for the outside world, so it is often asked the International Monetary Fund of all its members to provide roof balance of payments annually to the fact that the balance of the most important influences accuracy in Center referee outer member. 

Restructuring of the public sector 

And the importance of finding a basic foundation of legislation for the development of the private sector of the importance of its role in economic development, pointing out the need to study the issue of restructuring the public sector and the study of the strategy to reduce unemployment. 

And the preparation of the balance of payments on the principle of double-entry, making it from an accounting point of balanced either side creditor (positive) thereunder all transactions that you get the state from which the revenues from the outside world, and by the debtor involving underneath all transactions that result in the state from which the payments world the outside. 

Payments source of export growth 

He drew the picture that the volume of imports in 2012 exceeded 74 billion dollars while the oil revenues of more than 94 billion dollars is evidence that the source of the payments is exports versus imports constitute mostly consumer goods, adding that the imbalance is clear in the balance of payments was due to the absence of visions the obvious economic development process as well as the absence of production and the degradation of agriculture Born case of the Iraqi capital flight abroad and depriving the country of the national investment despite the presence of a huge amount of them. He pointed out that about 60 billion dollars is too much money for the year 2011, which left the country. 

Structural imbalance 

For his part, Head of the Department of Economics at the University of Mustansiriya Dr. Qusay al-Jabri said the balance of payments Iraqi suffers from structural imbalance, regardless of previous years and the subsequent, defining it as a log My Account includes a set of accounts, including the current account and the account movements monetary gold transfers from one party and the other . 

He's (morning) that this imbalance is due to the trade imbalance, especially as the country's exports, mostly oil and imports a variety of goods and services, so it's not easy to improve the balance of payments during the short term, because he suffers from structural imbalances in the Iraqi economy namely that the economic sectors is able to achieve high levels of production, attributing this for several reasons, including low investment because of the security situation, as well as the problems of power outages and other obstacles are all led to the deterioration of the investment climate and thus not achieve satisfactory levels of production in the non-oil sectors. 

Investment climate 

He predicted the inability of the country to achieve a balance in the economic sectors during the short term, because of the deterioration of the investment climate, which prevents the local private sector and foreign lead its full role in the production process, especially as the Iraqi investors prefer to invest abroad for the convenience of the investment climate, either foreign is not willing to invest in Iraq, except in the oil sectors. 

System measures 

He believed that the country needs a system of measures to improve the investment climate, which has to be to start building a strategy for national peace, as well as measures complementary legislative, legal, and most important amendment of the law of investment, in addition to rewriting the subject of a single window, which constitute the upheaval to the foreign investor. 

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