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Baghdad - Conscious - Nassar Al-Hajj
Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is currently one of the countries with moderate prices compared to countries in the world, according to International Monetary Fund data, while revealing the percentage of support in the budget.
Salih told the Iraqi News Agency (INA): "The support in the federal general budget, which is approximately 13% of the gross domestic product, will remain. It is the important control factor that fiscal policy assumes in fighting inflationary activities resulting from government spending, which constitutes about 50% of GDP." the country's gross domestic product as well.
He added, "The subsidy mainly consists of the stability of originally subsidized fuel prices, electricity and all other basic government services, and it is no secret the important and fundamental role that monetary policy will play in controlling liquidity levels by using its quantitative and price operational objectives in controlling aggregate spending pressures or effective demand, whether by performance." The stable exchange rate and the role of the foreign currency window in absorbing demand in the Iraqi dinar or by using financial tools launched by the central bank when needed by using the interest tool to control the money supply and target its growth degrees in the range required to stabilize the general level of prices.
He pointed out, "The combined role of monetary and fiscal policies will undoubtedly work in addressing potential inflationary pressures resulting from aggregate demand or aggregate spending in the economy, as public budget spending is the main source of demand or spending."
And Saleh added, "According to the International Monetary Fund's data, Iraq is currently one of the moderate-priced countries compared to other countries in the world."
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