Abdul-Mahdi submit proposals to ease the financial crisis

Direction Press / Baghdad

Proposed oil minister, Adel Abdul-Mahdi, Sunday, economic trends to ease the financial crisis package, stressing the possibility of providing financial liquidity of the country.

Said Abdul-Mahdi said in a statement received "direction Press" a copy of "the country's budget liquidity crisis, like many countries .. But the country's reasonable possibilities allow to ease the crisis, and these are some trends executable immediately, and there are other require some actions, including the conditions Central Bank continue to be under reassuring and despite falling reserves but has reserves of more than $ 50 billion .. For comparison only, it has been the reserve in mid-2003 non-existent almost .. oil and imports less than 20% of what it is today, despite lower prices .. and foreign debt exceeds 120 billion dollars, and the interior at the top levels, and imports plunging markets. Although the Reserve Bank is not the property of the government, but it represents a guarantee to move the economy, through the monetary instruments and exchange and interest rates, banks and secondary markets to help the government. "

He continued that "state institutions have deposited financial accounts in banks tens of trillions of dinars. The money belonging mainly to the ministries and companies .. But some of this money, can contribute to the establishment of funds and portfolios help generate more currency that helps to improve the liquidity of the state vital pumping in economic activities.

He pointed to the possession of citizens banknotes ranging from 30-40 trillion dinars .. The money, of course, are the property of the citizens .. and did not enter the economic cycle or banks, it is a process of hoarding, and the freezing of funds. It is known that saving sense Economic must be equivalent to investment .. and therefore can lure trillions of dinars to enter the session and the transition to a productive money, invested all its consequences on the liquidity and other economic aspects .. and will be considered a real transition from the cash economy reform Cash Economy to the banking sector, which is Imad modern economies and development lever.

He stressed that the state owns the assets of tens and hundreds of trillions of dinars from in-kind assets, and real estate assets, and land and plants are idle, and buildings experience and assets of the neglected, and the investments lost to ill departments, investment and opportunities for successful, the activities of the economy move and lift the burden of the state large burdens, and provide a quick and direct Saullac, and reforms economic seriousness. Can fiscal policy of tax and other help in providing more resources for the State of intelligent measures do not strain the citizen, the economy and the movement of Al-Ahli.

He said the "levels of inflation not exceeding 2% and the debt is high .. Iraq has oil wealth .. large reserves .. natural resources .. and investment opportunities for large .. These are all the temptations of an attractive, to lend Iraq and give him the necessary different forms facilities. Religion is not a defect or a shortage, it is economically, the need if they face in investment trends and possessed the capacity to pay. Indeed, Iraq has always met its obligations when he was in the toughest conditions .. So the World Bank to agree to give Iraq recently did not hesitate a loan of $ 1.2 billion on easy terms, on condition stop burning gas and stave off the collapse of the Mosul Dam, and all these things are in the end, for the benefit of the economy and the country. "

Abdul-Mahdi, "What is said today at the Treasury, nevertheless Dafh- not more than it was in the Treasury at the beginning of 2015 .. nevertheless managed to Iraq in crossing safely despite a lot of difficulties, and the war against" Daash "and the destruction of many of the facilities, including the refinery," Peggy ".. and recorded this thing of Finance and the central and prime minister .. It cut unnecessary expenditures, and spent only 63% of the budget of 2015, as well as by increasing production of oil and exports than planned, which offset the rate of loss due to falling prices .. and achieved a net oil resources of $ 43.046 billion, driven by the full benefits of which the oil companies, that will be certainty (receivables) in 2016 lower than in 2015 ".

He concluded by saying that "the concern of the state and citizens project .. and must inform the public on the facts no matter how harsh .. but panic and launch rumors and lies and scaring people is harmful work. The solutions will not provide a full and final solution, but it will help to relieve the pressure. And resolve the issue of liquidity remains less complicated than resolving the issue of the economy as a whole .. This is the best opportunity to make radical reforms, reduce the country's dependence on oil and launches .. movement in the market economy and enliven the real in different sectors. "