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Economist: The banking system in Iraq put a miserable and high oil prices will not solve the financi

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rocky
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Economist: The banking system in Iraq put a miserable and high oil prices will not solve the financi

Post by rocky on Tue 10 May 2016, 4:52 pm

Economist: The banking system in Iraq put a miserable and high oil prices will not solve the financial crisis




History of edits:: 2016/5/9 11:48 

{Baghdad} Euphrates News saw a legal expert on behalf of Jamil Antoine, said on Monday that the banking system in Iraq put a miserable, while stressing that the rise in oil prices will not solve the financial crisis in the federal budget.

He said Antoine told {Euphrates News} Today, that "the Iraqi budget in a state of very large deficit initially exceeds 16% on the basis of the price of a barrel of oil to $ 45, only to drop a barrel of oil in the past six months, up to $ 30, led to more deficit ".

He pointed out that "any rise in oil prices will reduce the budget deficit and thus save Iraq from borrowing from international organizations and bonds internal and get rid of many obligations," explaining that "organizations are when they lend money do not give grants, but put certain conditions, such as raises fuel prices or raise the ration card prices It is difficult in the current circumstances. "

He continued, "With the increase in oil prices up to $ 50 a barrel then would reduce the budget deficit and opens the way for the Iraqi government to pay the debt and ease the burden on in addition to the economic budget move to create jobs at home now, there are economic paralysis in the private sector and non-payment of the government's commitments in addition to the the banking system in Iraq in desperate situation and this has exacerbated the problem and held over. "

And that "when high oil prices will ease the crisis is not resolved but we have to take advantage of the run production capacities {agricultural, industrial and tourism} to reduce dependence on oil proceeds."

It jumped Brent crude oil prices, on Monday, to $ 46.08 per barrel.

The price of WTI US median of $ 45.55 a barrel at 0033 GMT, up 89 cents, or two per cent from the previous closing price.

The price of Brent crude rose 71 cents, or 1.6 percent, to $ 46.08 for the first Brmel.anthy


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