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Written by Economic news editor
Date: October 4, 2016
Iraq begins a new phase of internal and external discussions, to finance the current deficit in its budget for next year, which begins early in 2017, after approval by the Council of Ministers.
The decline in oil prices as well as the costs of the war on Daesh organize and rebuild what has caused havoc in the Iraqi cities, as well as debt trio and their benefits strongly besieging the Iraqi budget deficit and increase the burden of the circle.
And estimated the Iraqi budget , which awaits approval by the House of Representatives value, B102 trillion dinars ($ 85 billion), while total current deficit in the current year, after the implementation of austerity in expenditure, to 32 trillion dinars value ($ 26.6 billion).
And synchronization of the current fiscal deficit rise in the next draft budget, with the continuation of the war on the organization "Daesh" for the third consecutive year, while crude oil prices continue to record low levels.
Crude oil prices have fallen by 65% at the moment, what it was mid - 2014, down from $ 120 a [You must be registered and logged in to see this link.] to less than $ 47 a day.
And it stepped up Iraq's crude oil exports to provide financial liquidity needed to meet the current expenditures of the Iraqi government, which is suffering a financial crisis due to the decline in crude prices by 60% than it was mid - 2014.
Iraq relies on oil sales to provide more than 85% of the country 's financial revenue.
The Iraqi oil exports rose by 0.82% in August / last August, compared with July, to 100 000 130 thousand barrels , up from 99 million and 300 thousand barrels, according to the Iraqi Oil Ministry.
The struggling government, led by Haider al - Abadi, in order to address the fiscal deficit constitutes 30% of the total public budget through domestic borrowing of the government and foreign banks from banks and international institutions.
He says the appearance of Mohammed Saleh , the Iraqi prime minister for financial policy adviser, said that " the deficit in next year 's budget is one - third of the budget. He planned a large deficit, but .. will be used for internal borrowing through the Ministry of Finance and the Central Bank, and the outside through the International Monetary Fund. "
Saleh added that " the bulk of the borrowing process will be internal and accounted for (60% - 70%) of the borrowing process, including the issuance of remittances and treasury bonds by the Ministry of Finance and traded in the market."
The Iraqi official pointed out that " the remainder to cover the deficit would be through external borrowing, through the World Bank and the Islamic Development Bank, in addition to other sources (not specified)."
And resorted Baghdad in recent months to combat the supply of arms and equipment from different countries, in a manner of payment to "forward", also asked Kuwait for two consecutive years to postpone the repayment of about $ 4.6 billion compensation Iraqi invasion of Kuwait in 1990 because of the value of the financial crisis.
It is scheduled that Iraq receives about two billion dollars by the end of this year, the International Monetary Fund within the financial loan , which was agreed to give him to Baghdad and of $ 5.3 billion, with an interest rate of 1.5% in stages after the receipt of the first installment, amounting to $ 634 million in July last year.
According to the terms contained in the draft federal budget law, the Central Bank of Iraq will ensure the export of financial bonds worth 12 trillion dinars (about US $ 10 billion) to cover the deficit.
She said Magda Tamimi , a member of the Finance Committee in the Iraqi Parliament ", said that" a large fiscal deficit in the budget, there will be great pressure on the major State - owned banks in the country (Iraq, Al- Rasheed, Trade Bank of Iraq). "
She added that " the Iraqi Central Bank will issue bonds worth 12 trillion dinars to cover the fiscal deficit , " pointing out that " the figures in the budget is subject to change when discussed in Parliament, but that does not mean the possibility of adding other amounts of the budget within the extension."
Despite the success of Baghdad last July to get about two billion dollars from the donors ' conference held in Washington, DC, dedicated to the reconstruction of the areas liberated from the grip of the "Daesh , " but Al - Tamimi says the extent of the damage requires double the amount.
The Iraqi government has allocated in next year 's budget of 24 trillion dinars (about US $ 20 billion) to finance the oil sector projects, security, and electricity, which are at least in their annual budgets , according to a spokesman for the Iraqi Ministry of Planning Abdul - Zahra al - Hindawi investment budget.
He adds Hindawi of Anatolia, "The Ministry of Planning has 4.5 thousand ongoing project (needs to annual financial funding), and before the financial crisis, we have developed three options for continuing to work projects, is viewed as investment opportunities and the participation of the private sector, and implementation in a way payment on credit."
The Iraqi official said that " the payment on credit (borrowing) has identified mechanisms and controls consisted that the interest rate of not more than 6% per annum, and that the debt repayment starts after three years of completion of the project, and be semi - annual payment process."
Source / Anatolia
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