Alternatives available to overcome the financial crunch

by **Rocky** Mon 09 May 2016, 3:34 am

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Alternatives available to overcome the financial crunch

by Rocky Mon 09 May 2016, 3:34 am

Alternatives available to overcome the financial crunch

9/5/2016 0:00

[rtl]BAGHDAD - Hussein Tgb
Global stock representative in Iraq, Osama Mahmoud said that what the country suffered from the financial crisis as a result of low oil prices, came to adopt it almost entirely on the oil resources in the budget to cover the country, making him vulnerable to fluctuations in global prices.
He said in an interview for «morning» the need to benefit from this experience to ensure the non - recurrence of a mechanism in place currently in the management of thecountry 's economy, and start thinking about alternatives to diversify its sources ofincome away from the unilateralism of income.
He explained that the most important alternatives available, opening the doors ofinvestment for global companies in conjunction with the public and private sectors in infrastructure development companies to develop the sectors of services and production as the reality of deteriorating services in the country has a big role in the waste of public money allocated in the general budget and withheld its share of oil imports.
among the case of opening investment in the productive sector door, it intended to industry and agriculture and trade, the expected yields in this area is to reduce unemployment and alleviate career sag , which overwhelms the operating budget and the provision of hard currency coming out of the country for the purpose of import.
He said Mahmoud will absorb investment potentials and human resources enormous available in Iraq, as the human energies are wasted wealth in our country, while we note that China and Southeast Asian countries took advantage of the human resource in thedevelopment of economic conditions and have had what it wanted by covering the most important element in the production process , but it is the human resources and thus provided the hard currency used to attract labor from outside their own countries, and this has helped Thread in the creation of local labor skilled in the field of
production.
He pointed out that the human potential that has gained technical skills in the field ofwork by the former military manufacturing plants and laboratories of food products and plants electrical industries and construction materials added to the young graduates of colleges and universities are human resources capable of production and creativity in thefield of work, but jobs are not available to them under the administrative corruption that affects the economy of Iraq, while in other countries is a labor resource and a national treasure generate money for the budget of those countries.
so must be the fluctuation of oil prices , a lesson in practice for those in charge of thecountry 's economy to find future solutions away country about the risks of fluctuations inoil prices , and not rely on a rentier economy, and the exploitation of part of the oil imports in the revitalization of the rest of the economic sectors in Iraq.
He said that global oil prices have seen a significant decline earlier this year as a result of an oversupply in the world market, which was estimated at 2 million barrel surplus to the needs market making prices tumbling to below $ 30 per barrel to score so prices are the lowest since the first Gulf war.
He said Mahmoud reflected a big drop in prices is clearly on the economy of producing countries, the Arab Gulf States recorded a deficit in the fiscal budgets for the current year in the previous first of its kind, Iraq recorded a deficit estimated at 35 billion dinars, recorded Arabia deficit of 78 billion riyals, and borrowed Kuwait 10 billion dollars tobridge the budget deficit of
Finance.
He continued: I've paid low major producing countries , oil prices held several meetings to prevent the continued increase in the supply of oil in the global markets and held itsfirst meeting in the Qatari capital , Doha , and was followed by another meeting in theIranian capital Tehran , comprised of Russia, Venezuela, Saudi Arabia, Qatar, Iraq, and has in these two meetings to discuss the freezing of the production ceiling as it is in themonth of January ( January / 2016) in order to reduce the supply in the global market and thus push prices higher again, it was agreed to hold a meeting in Doha to install production ceiling officially, but the meeting failed before to take place in mid-April thepast, due to the Saudi side claim obliging Iran , the terms of the agreement at a time when Iran refused to freeze the ceiling of oil production being entered into the oil market since shortly after the lifting of imposed on it for more than four years of economic sanctions and the desire to regain market share
oil.
in spite of the failure to reach an agreement for major oil - producing countries to the days last registered a significant increase in oil prices surpassed the $ 45 due to therestoration of the oil market to equilibrium after the big drop, projections indicate that thecoming period will witness a rise in prices at the borders of 55 - $ 60 per barrel that this rise will continue into the next two years up to
$ 70.[/rtl]

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Alternatives available to overcome the financial crunch

Alternatives available to overcome the financial crunch

Alternatives available to overcome the financial crunch

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