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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    An invitation to meet the fluctuations in oil prices

    rocky
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    • Post n°1

    An invitation to meet the fluctuations in oil prices Empty An invitation to meet the fluctuations in oil prices

    Post by rocky Tue Jan 28, 2014 6:58 pm

    An invitation to meet the fluctuations in oil prices



    1/29/2014 0:00

    BAGHDAD - Mustafa al-Hashemi
    Called for an economist to cut government expenditures and taking the necessary precautions and find alternatives that Iraq was able to cope with fluctuations in world oil prices, the International Monetary Fund warned of the decline and its effects, which may be reflected on the financing plan for the budget this year.
    He said economic expert, Dr. Majid picture that Iraq do the process of economic development for the purpose of diversifying the fiscal revenue of the budget and reduce the proportion of the country's dependence on oil revenues, pointing out that the world is affected by the conflicts existing economic between China and the United States, which plays a prominent role in determining the global prices of both gold The dollar and oil. predicted Suri drop in oil prices to 50 percent, or maybe more, what makes it imperative for the government to take preventive measures, such as reducing costs and finding effective alternatives to minimize the effects of fluctuations in oil prices on the current year budget.
    Indicating that it should reduce dependence on oil exports from Iraq to be able to control the prices of goods and services that are imported which exceeded the amount of imports in 2012 exceeded 75 billion dollars. Carlo Sdraljevic head of the IMF mission to Iraq, he said: that the fiscal policy is heavily dependent on oil revenues and saw that this dependence is growing. He said in a press statement that this trend is worrying because the price of oil, which achieves a balance between revenues and expenses on the rise a few years ago.
    Sdraljevic pointed to the lack of flexibility in spending, noting that there are many aspects of current expenditure and when they do not find him the government sufficient revenues to end up by reducing investment and this in turn affects negatively on growth in the long term - he said -.
    Sdraljevic also said: that Iraq must ensure the independence of the central bank and the government's policy to keep the Reserve Bank's management is separate from the Development Fund for Iraq.
    He said the reserves of the Development Fund for Iraq, which is used by the government for public investment projects amounted to 6.5 billion dollars at the end of 2013 from 18.5 billion dollars in 2012.
    The IMF estimated in October that Iraq, which relies on crude oil exports to reap about 93 percent of government revenues he needs an average oil price of 106.1 dollars in 2013 to adjust the budget, up from $ 95 a barrel in 2011, due to increased expenses.
    But Brent crude is currently hovering around $ 107 per barrel is expected to decline gradually in the next two years to $ 103 in 2014 and $ 100 in 2015, with supplies continue to enjoy a good market in light of the oil shale boom in the United States and increase the production of Iraq.
    The IMF estimated that the budget of Iraq turned into a deficit of 0.7 Palmihmn GDP last year, the first since 2010, compared with a surplus of 4.1 percent in 2012.

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