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2017 budget to meet its obligations with the private sector
30/10/2016 0:00
[rtl]BAGHDAD / Imad Emirate
approved the federal budget for the 2017 financial assignments amounted to 79 Trliuna and 11 billion and 21 million dinars, with a planned deficit 21 Trliuna and 659 billion and 739 million and 790 thousand dinars to cover the deficit of the internal and external borrowing and amounts retained cash in the Ministry of Finance account .
most of the financial allocations and came to the budget from oil revenues at a rate of $ 42 per barrel and oil exports amounted to 3,000,750 barrels per day.
in the economic reading the financial budget of the new year , the economic expert Ahmed Abrihi "morning" that year 's budget in 2017 is an extension of the budget in 2016, stressing that the new budget is able to fulfill its contractual obligations with private contractors, farmers and peasants to pay their dues implications for years, and although the deficit registered balancing payment and cover employees and pensioners and families of martyrs and social welfare and to continue to supplement the military effort to fight "Daesh."
fighting poverty
Abrihi he felt it was necessary the mention in paragraphs 2017 GDP rates of the budget and rates of entry of foreign investment and the contribution of domestic investment and indicators of the balance of external payments, calling on the House of Representatives to be careful in making public budget on track and deal with aspects of the overall economy of Iraq, especially the fight against poverty and reduce unemployment.
He said: the theme of the deficit in the new budget and ways of financing the deficit represents the amount of government demand is financed by borrowing or lose government funds that exchange liquidity to finance the deficit, when financed byborrowing deficit in the conditions and controls lead to a lose - oriented private sector credit , or the total requested by the same deficit it means displace resources from theprivate sector to the government sector.
sovereign funds
, according to Abrihi "accumulated deficit in the debt balance in most countries because the surplus rare case in a normal economy, and a few there are countries has accumulated surpluses of the balance of external payments and including some Gulf oil states, and to fill these gaps to be the establishment of sovereign funds is the basis of the assets of foreign currency funds. "
and: that the deficit from the outside funding does not resort to him governments usually only if accompanied by a large deficit in the balance of payments are not enough reserves to filled, meaning that borrowing from abroad is intended to avoid the lack offoreign currency.
for his part , He said the economic academic Dr. Imad al - Ani, said the 2017 budget isable to pay its employees and pensions and payments to the families of martyrs and sustain the battlefield momentum against "Daesh" and secure the benefits of farmers, but it remains an important aspect of which is that the accumulation of the deficit in thebudget year leads to economic problems may lead to the situation is critical.
He said al - Ani , the "morning" It is essential that the government put fast processors and sound first , the issue of revitalization of the private sector and proceed with
the privatization and gradual manner and the fight against financial and administrative corruption which is similar to the black holes that eat away at the body of the Iraqi economy.
He said, include reform of the Gaza operation public finance a range of actions and measures to address the imbalance in both sides of the general budget,
expenditure and revenue, so requires improving aspects of public spending and the use of optimal use of resources and reduce the size of spending technology without harming the poor class.
spending Technology
added: requires it to improve by the public revenue, particularly tax and innovation new ways to increase what means changing role of the state from the wide intervention and unlimited in the economy to perform tasks clear and more effective, indicating that therepair expenses allows the government to control the size of public spending to improve administration by restoring public spending technique.
it is intended technology public spending is the use of modern methods allocation exaggeration to
achieve a better use for that customization.
called Ani to enhance the revenue side and improve levied new means contributing tothe increase, particularly the tax and policy reform, the information own economic activities has become difficult to obtain for many reasons , notably the growing economic activities , which operate under the hidden economy.
He concluded Ani Speaking by stressing that the reform of financial sector policy and procedures must be based on the basis of which emphasize the importance of the link between fiscal policy and plans for economic development programs to alleviate poverty, and this requires preparation based the budget on the orientation general strategy linked to the nature of the role of the state in light of market mechanisms in general and therole of fiscal policy ,
particularly in the national economy.[/rtl]
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