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[size=36]Finance minister warns that Kurds and rest of Iraq face tough year ahead[/size]
Iraqi Finance Minister Hoshyar Zebari said Thursday that his country is able to steer through a year of economic difficulties, but warned that a tough year lies ahead for the entire nation, including the Kurdistan Region.
“Iraq is expecting to export 3.6 million barrels of oil per day and we estimated the price of each barrel at $45. But because of a sharp decrease in the price of oil the country will face a huge budget deficit,” Zebari told reporters at a news conference in Baghdad.
He warned that the Kurdistan Region would also be weathering a financial crisis in 2016.
“If the Kurdistan Region leaves oil exports to Baghdad, the central government must remain committed to the region’s needs and rights,” Zebari explained.
According to Zebari, Iraq will use its non-oil revenues or possibly even borrow money from the World Bank to continue to provide government services.
He said the government had been able to pay the salaries of civil servants until now, but warned of difficulties in the current year.
“We have been able to provide monthly salaries in the past year plus all the expenses we had in the military sector,” said Zebari.
“As the oil price continues to decrease in the global market, it has direct influence on Iraq’s revenues. That is why 2016 will be a tough year for Iraqis. But we will try to support government employees and provide their salaries,” he said.
“Despite a year of huge expenses due to the war we are facing, Iraq can successfully weather the financial crisis,” he added.
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Iraqi Finance Minister Hoshyar Zebari said Thursday that his country is able to steer through a year of economic difficulties, but warned that a tough year lies ahead for the entire nation, including the Kurdistan Region.
“Iraq is expecting to export 3.6 million barrels of oil per day and we estimated the price of each barrel at $45. But because of a sharp decrease in the price of oil the country will face a huge budget deficit,” Zebari told reporters at a news conference in Baghdad.
He warned that the Kurdistan Region would also be weathering a financial crisis in 2016.
“If the Kurdistan Region leaves oil exports to Baghdad, the central government must remain committed to the region’s needs and rights,” Zebari explained.
According to Zebari, Iraq will use its non-oil revenues or possibly even borrow money from the World Bank to continue to provide government services.
He said the government had been able to pay the salaries of civil servants until now, but warned of difficulties in the current year.
“We have been able to provide monthly salaries in the past year plus all the expenses we had in the military sector,” said Zebari.
“As the oil price continues to decrease in the global market, it has direct influence on Iraq’s revenues. That is why 2016 will be a tough year for Iraqis. But we will try to support government employees and provide their salaries,” he said.
“Despite a year of huge expenses due to the war we are facing, Iraq can successfully weather the financial crisis,” he added.
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