Experts downplay the impact of lower oil prices in the Iraqi economy
BAGHDAD - Hussein Tgb - thank Fatlawi represented in crude oil prices in global markets, the focus of discussion for the seminar Institute of progress for Development Studies and its impact on the Iraqi economy, as participants stood on a mechanism to provide financial resources to the federal budget, especially that some opinions went toward reducing the effects of the decline in oil prices the reality of spending within the budget.
MP Mehdi al-Hafez said (morning): The seminar discussed topics in very important for the future of Iraq is carried at crude oil prices, the federal budget, as well as deal with its impact in raising the financial revenues of the federal government of the Kurdistan region and the need to discuss it seriously. Hafiz said also that any defect that affects the oil sector leads to economic problems pitiful. production capacities axis talk at the symposium seemed economist Dr. Ahmed Abrihi which indicated that some oil-producing countries began in the period between 2011 and 2014 to raise production capacity at a time when Iraq was unable to building energies productivity dramatically, pointing out that most of the global demand spearheaded by emerging countries in East Asia, and wondered about the future price of crude oil.
Abrihi extending Speaking to resume pumping oil Kirkuk towards Ceyhan card ranging from (250-280) million barrels, as well as 150 000 barrels per day added to the amounts of other Iraqi fields reduces the impact of low oil prices in world markets in the Iraqi economy.
Resource Management and demanded the Ministry of Finance managed wisely the resources of the country, pointing to the possibility of covering the necessities of the state of the accrued revenue, through the exported quantities and to be able to cover salaries and brimming with an amount of 34 trillion dinars can invest in several areas.
Abrihi said Recommend to review the expenditure on partial level, not the level of the Ministry to move away from the different influences, indicating the importance of a review of expenses at the district level, pointing to the importance to create the bourse platform to deal with government bonds This is a risk-free leads us to offer long-term bonds contribute to provide the necessary financial resources to finance development. strategic stocks either economist Hamza jeweler pointed out that stockpiling strategic to the United States and some countries was one of the reasons for the decline in crude oil prices, where this enough inventories to meet the need those countries for several months, indicating that the launch quantities of inventories to world markets has led to a reduction in oil prices for the purchase of new quantities at low prices. jeweler did not go with the view, which is expected to continue falling oil prices to their lowest levels, citing that the shale oil produced by the United States of America costs range between 70. $ 100 per barrel, adding that this type of oils mines stopped needs to be a significant cost to bring it back into production as well as the need to three years to be revived, and this is not possible for the economy of the United States. oil deposits and pointed out that Iraq has large oil deposits that can cover a large proportion of global demand and a lot of unexplored geological structures, indicating that the exploration operations require significant financial costs must be planned by the central government intervention Alathadah.
ovi economic expert d. Akram Abdul Aziz stressed the importance of the central planning considerations that people need a sense of citizenship, pointing out that the citizen is the loser in all circumstances, wondering about the incentives for people who put their money to Sndhat.ama economist Bassem Jamil has gone toward the creation of trust between the citizen and the banks for which they must activate their capacity to lend, especially as the central bank demands a bigger role in this Ganb.makda that the private sector goes his money abroad, despite low interest rates, but finds safe environment, which requires the return of capital through the creation of a favorable environment for it .
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