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Economist warns of increasing current spending and its effects on the Iraqi economy
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Warned the economist, [url=https://www.thebaghdadpost.com/ar/Story/t/131204/%D9%87%D8%B4%D8%A7%D9%85 %D8%A7%D9%84%D9%85%D9%86%D8%A7%D8%B9]Hisham al-Manna[/url] of increasing current spending because it will negatively affect the Iraqi economy, indicating that a large part of the budget goes as operating expenses of the government,.
He said that a large part of the budget goes as operating expenses for the government, noting that the IMF's warning of financial waste meant current spending, not all kinds of expenditures, pointing out: that more than 70 to 75% of the budget goes as operating expenses of the government.
He added that the IMF recognizes that these expenses are not a waste of production. He pointed out that the government sector that receives these revenues does not have a parallel contribution to the gross domestic product. Therefore, all revenues from the oil sector go to lavish and wasteful consumption,
He added that this presents the Iraqi economy to disasters in the future, especially since in the medium term oil prices are not guaranteed to remain at these levels, as a result of increasing accumulation in the oil market and increase production and competition between oil producers.
The economic expert: The decline in oil prices to low levels, and to decline more during the next 10 or 15 years, because of the emergence of multiple alternatives to oil energy, and will become the era of oil is about to end, which threatens the Iraqi economy.
The International Monetary Fund has warned that Iraq's current budget for 2019, if current spending continues as it is, it will eliminate any progress achieved by Iraq economically during the past years.
He pointed out that the expectations indicate an increase in Iraqi spending by 25% per year, unless the authorities amend their financial laws and budget items, describing the Iraqi economic situation as "facing serious challenges.
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Warned the economist, [url=https://www.thebaghdadpost.com/ar/Story/t/131204/%D9%87%D8%B4%D8%A7%D9%85 %D8%A7%D9%84%D9%85%D9%86%D8%A7%D8%B9]Hisham al-Manna[/url] of increasing current spending because it will negatively affect the Iraqi economy, indicating that a large part of the budget goes as operating expenses of the government,.
He said that a large part of the budget goes as operating expenses for the government, noting that the IMF's warning of financial waste meant current spending, not all kinds of expenditures, pointing out: that more than 70 to 75% of the budget goes as operating expenses of the government.
He added that the IMF recognizes that these expenses are not a waste of production. He pointed out that the government sector that receives these revenues does not have a parallel contribution to the gross domestic product. Therefore, all revenues from the oil sector go to lavish and wasteful consumption,
He added that this presents the Iraqi economy to disasters in the future, especially since in the medium term oil prices are not guaranteed to remain at these levels, as a result of increasing accumulation in the oil market and increase production and competition between oil producers.
The economic expert: The decline in oil prices to low levels, and to decline more during the next 10 or 15 years, because of the emergence of multiple alternatives to oil energy, and will become the era of oil is about to end, which threatens the Iraqi economy.
The International Monetary Fund has warned that Iraq's current budget for 2019, if current spending continues as it is, it will eliminate any progress achieved by Iraq economically during the past years.
He pointed out that the expectations indicate an increase in Iraqi spending by 25% per year, unless the authorities amend their financial laws and budget items, describing the Iraqi economic situation as "facing serious challenges.
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