Mahal: Adoption of austerity policy will not affect the operating budget

by day dreamer Sun 02 Nov 2014, 7:12 pm

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Mahal: Adoption of austerity policy will not affect the operating budget

by day dreamer Sun 02 Nov 2014, 7:12 pm

Mahal: Adoption of austerity policy will not affect the operating budget

3/11/2014 0:00

Will be approved during the current month
BAGHDAD - morning - Alaa al-Tai
Deputy Secretary General of the Council of Ministers for Administrative and Financial Affairs Mohammed Obaid shop in a statement singled out the "morning", the Higher Ministerial Committee is working on measures to tackle the budget deficit and reduce it to less than 20 percent, along with the development of treatments for the completion of the project a real budget for 2014 and sent to the House of Representatives middle of this month for a vote, while the Chairman of the Interim Finance Committee Magda Tamimi indicated that the government would deport some of the paragraphs of which the salary scale application and grant students and armament expenses to the next year in line with the austerity policy adopted to confront the crisis.
He replaced: The current year will see the adoption of a separate real budget for the budget year 2015, although the bulk of the budget in 2014 spent exaggeration will not numbers are speculative, but is a real plus with the remainder of the fiscal year and will be displayed in the Council of Ministers next week for approval and then forwarded to the House of Representatives for a vote.
He continued: the federal budget for the current year will go and will be subject to the policy of pressure tunnels or "austerity" that have been adopted to address the deficit imposed by the financial crisis caused by falling oil price and lower quantity of oil exports as a result of the fall of some areas, however, "Daash" as well as the high volume of expenses imposed by the security conditions.
And the Assistant Secretary General of the Council of Ministers, that the current week will hold ministerial committee meetings for the completion of the final report and reduce the deficit by taking measures and the adoption of austerity and pressure unnecessary expenditure policy, pointing out that the treatment of the budget remaining deficit will be through the adoption of internal loans or special drawing rights in addition to the some disbursements, which will be reduced in accordance with the policy of retrenchment.
He stressed that the Prime Minister, Dr. Abadi face the need to address the issue in a practical and realistic and doing things according to the logical processors to cross the financial crisis, and the committee in charge of working professionally to resolve the budget, which is delayed approving the project.
He assured the shop staff working in the state that the financial crisis experienced by the country will not affect the operating budget while will be the adoption of the austerity policy to include other areas of unnecessary, pointing out that the Council of Ministers is considering several ways to expand Iraq's financial resources and keep the focus on oil imports, which accounted for accounted for 95 percent of the total general federal budget for the country to cope with the financial crisis and low sale prices of a barrel of oil and include tax and Alkmarki activation system.
He pointed out that the activation of the tax system would not include basic foodstuffs except sales tax on furniture, cars, noting that those sources should you do and taught in a scientific manner to ensure equity in the distribution of income.
He predicted that replace the 2015 budget year to be ready by November this month to be sent to the House of Representatives voted on and will be an independent budget and will be prepared in accordance with the policy of retrenchment to cope with the current crisis.
For its part, revealed the head of the interim parliamentary Finance Committee Magda al-Tamimi, in her "morning" on the priorities that are looking forward to be adopted in the preparation of next year's budget in 2015 belong to the employees' salaries and armament that were deported, some by the government to the next year's budget, pointing out that paragraphs stage application is handed staff salaries and bonus elementary pupils and dues reinforcement of interior and defense as the current year will be the adoption of austerity system to overcome the crisis and to address the deficit.
Tamimi called on the government to send the budget year 2015 to the House of Representatives as soon as possible to avoid a repeat delay and disrupt development projects and approval by 31 of the errors this November.
Tamimi indicated that the delay in sending the current year's budget has led to disruption of development and investment projects, stressing that the current crisis caused by the decline in the sale of a barrel of oil prices require to take the necessary measures and the announcement of the austerity policy and the inclusion of paragraphs unnecessary Kalaivadat, furniture and other luxury expenses.
Tamimi and followed it does not need to be modified expenses and restructure the budget and the work methodology of time management and the adoption of a logical estimates and develop alternatives to address the volatility of lower oil prices and falling export to the fact that Iraq's budget is heavily dependent on oil exports, which are the revenues of Iraq the financial basis of the source rate.
Tamimi and pointed to it against the opinions that call for external borrowing to address the budget deficit while the problem can be solved through domestic borrowing and follow the austerity and pressure spending policy, pointing out that the spending pressure that can serve us in finding a successful mechanism and program logical for the budgets of the coming years and be this crisis, a real breakthrough towards development.
Tamimi said that the current year's budget amounted to 137.88 trillion dinars deficit of 27.6 trillion which is to be the deficit of the Special Drawing Rights of the International Monetary Fund financing and there are (2) trillion of remittances Alkhoznip and pension fund interest rate is 7 percent, and a trillion is one of the remittances Alkhoznip each of the bank Rafidain and Rasheed.

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