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Mazhar Saleh: A Practical Vision to Address Poverty and Unemployment
Iraq 04/08/2023
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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, warned that unemployment is the most dangerous factor associated with spreading poverty and depleting budget resources, indicating that it accompanies a decline in overall annual economic growth and investment activity.
Salih told the Iraqi News Agency (INA): "There is a difficult equation in the public finances of our country, between the philosophy and principles of defending living life and the necessities of life that are occupied by the social spending side of the public budget (due to the growing poverty area, which has reached no less than 25 percent). percent of the country's total population).
He added, "Social protection expenditures directed to addressing the conditions of families living below the poverty line and the fragility of society, are supported at the same time by food basket projects within the priorities of food security for the majority of society's segments that need real income support."
And he continued, "All these needs and meeting their high expenditures in the public budget are directly or indirectly linked to the disturbance in the stability of the standard of living that threatens it (annual inflation in the general level of prices), as all social expenditures and expenditures supportive of price stability, ensuring stable incomes and maintaining the standard of living are calculated." At the minimum, within the (support) clause in the composition of the general budget allocations, which today take a percentage of no less than 13% of the GDP.
to Iraq."
And he added, "As the subsidy clause is at the same time directly linked to policies to combat poverty and mitigate the effects of inflation on real incomes, as the degree of support allocations to support the poor segments of society rises with the degree of inflation rates mentioned and the deterioration of living standards."
He pointed out that "there is an important paradox that states that the annual (deficit) ratio in the public budget to the gross domestic product doubles with inflation to reach 23%, which means that price inflation and the erosion of real income (and the resulting decline in economic life and the accumulation of poverty) Destitution, disease and their hardships across generations) has become a difficult constraint in the country's financial equation, as annual inflation is also fundamentally linked to the sustainability of subsidy levels and then the sustainability of deficit levels that go to meet investment spending needs as well, which is a three-pillar syndrome (inflation, subsidy, and deficit). .
And he added, “Based on the foregoing, the difficult (negative) financial constraint cannot be removed except by advancing investment expenditures related to economic development that help accelerate growth rates or what is called (economy accelerators),” noting that “economic acceleration is the lever and the most important saving variable.” For economic prosperity and improving the standard of living by providing permanent job opportunities and eliminating poverty and its main source (unemployment), the latter of which reached approximately 16% of the total labor force, according to official data.
He pointed out that "unemployment is often associated with a decline in the growth of investment activity and a decline in overall annual economic growth, and it is one of the most dangerous factors associated with spreading poverty and depleting budget resources through the increase in the consumer subsidy clause, which prompted the government approach to see a process based on the adoption of (development funds). ), in order to provide sufficient sustainability for investment spending and break the difficult (negative) financial equation of poverty and unemployment by ensuring development goals, job creation, stability of life and progress.
the economist".
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