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9:38 AM ADMIN
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Baghdad/ Iraq TradeLink: Central Bank of Iraq's Governor Ali al-Alaq disclosed that Iraqi oil revenues are "not enough to cover the governmental salaries", calling the government to minimize expenditures and imposing more taxes and fees.In an economic seminar at the bank, he pointed out that 95% of Iraqi revenues are attained from oil sources and 5% from internal sources.
He pointed that the oil revenues are "not stable", disclosing that the revenues of the Iraqi Finance Ministry did not exceed 1.25 billion dollars monthly, while the governmental salaries reached to 3 billion dollars or more on a monthly bases.
On the other side, Iraqi Parliamentary Economy and Investment Commission's member Najeeba Najeeb made different statement by stating that Iraq "overpassed the financial crisis", due to the decline in oil prices.
Iraq suffered chronic financial crisis since July 2014 that obliged to reduce expenditures and resort to foreign loans.
But, MP Najeeb confessed that the crisis is still prevailing in the country.
On 11 July, 2016, Iraqi Planning Minister Salman al-Jumaili disclosed that Iraq "surpassed" the most dangerous phase of the financial crisis after the first half of this year.
He expected that the second half of this year will witness the end of Da'ish (ISIS) organization, the return of the displaced people, prospects of increasing oil prices and the results of the economic measures taken by the Iraqi government.
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