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[size=36]Expert: Betting on oil will flood the Iraqi economy with crises[/size]
Economy | 12:39 - 04/14/2024
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Mawazine News - Baghdad
Economic researcher Ali Al-Amiri confirmed that external and internal debts and the rise in operating expenses within the budget schedules exacerbated the deficit rate and posed a serious threat to the Iraqi national economy.
Al-Amiri said in an interview followed by Mawazine News that political conflicts and competition to achieve financial gains from the budget are considered a major reason for the delay in its approval, and speeding up its approval in Parliament depends on partisan and political consensus.
He indicated that the government did not take advantage of the opportunity of high oil prices and the high financial revenues coming from them to allocate a financial portion to pay off debts and reduce their impact in order to reduce the high levels of debt owed by Iraq.
He pointed out that the appointments, which have reached tens of thousands without real planning, will be a burden on the state, and it is not possible to continue paying salaries with any possible decline in oil selling prices in global markets.
Al-Amiri stated that high levels of deficit will deplete the state’s financial resources, restrict opportunities for sustainable development, and expose the country to a debt crisis that cannot be eliminated unless it is overcome through optimal investment of state resources and reducing levels of government spending.
He stressed the importance of opening new areas for investment and multiplying sources of public income for the Iraqi state in order to overcome a major financial and economic crisis that may cost Iraq many losses at the internal and external levels.
Economic researcher Ali Al-Amiri confirmed that external and internal debts and the rise in operating expenses within the budget schedules exacerbated the deficit rate and posed a serious threat to the Iraqi national economy.
Al-Amiri said in an interview followed by Mawazine News that political conflicts and competition to achieve financial gains from the budget are considered a major reason for the delay in its approval, and speeding up its approval in Parliament depends on partisan and political consensus.
He indicated that the government did not take advantage of the opportunity of high oil prices and the high financial revenues coming from them to allocate a financial portion to pay off debts and reduce their impact in order to reduce the high levels of debt owed by Iraq.
He pointed out that the appointments, which have reached tens of thousands without real planning, will be a burden on the state, and it is not possible to continue paying salaries with any possible decline in oil selling prices in global markets.
Al-Amiri stated that high levels of deficit will deplete the state’s financial resources, restrict opportunities for sustainable development, and expose the country to a debt crisis that cannot be eliminated unless it is overcome through optimal investment of state resources and reducing levels of government spending.
He stressed the importance of opening new areas for investment and multiplying sources of public income for the Iraqi state in order to overcome a major financial and economic crisis that may cost Iraq many losses at the internal and external levels.
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