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Government measures to address the economic crisis in the country

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Government measures to address the economic crisis in the country


9/11/2015 0:00

BAGHDAD - Alaa al-Tai
said the economic and financial adviser to the prime minister appearance of Mohammed Saleh government has taken proactive measures in the face of the cash crisis and bridging the deficit in next year's budget in 2016 through external borrowing as stated in the Federal Budget Law.
As stressed that the door is open for Iraq to borrow across multiple including financial institutions IMF and the World Bank Fund, stressed that the country is facing is a problem in the oil flows and financial distress, but on the other hand have a high wealth «not bankrupt».
Saleh said in an interview for «morning»: that «the government has taken proactive measures to address the current deficit through borrowing External as stated in the draft federal budget for 2016 and the current 2015 », adding that« Iraq could borrow from the multilateral financial institutions including the International Monetary Fund and the World Bank, in addition to the funds states rely Monetary Fund standards and give a financial boost to Iraq, as the bank can International borrowing from the financial markets and be Cafla and guarantor of Iraq and a few reasonable interest rate ».
Saleh continued that« there are two types of the first interest rate of 2 percent if 100 percent guarantee, and the other type in case of partial guarantee the interest is less than the proportion of financial markets 6-7 percent instead from 11 percent », adding that« the government's drive in the external borrowing would be through employment in the investment budget and private sectors (energy, oil and infrastructure of the ruling) will not be operating budget or salaries and wages ».
He attributed the favor, however, that« employment of money in the oil and energy sectors means the collection of returns and financial resources of the state so it will be a priority », also stressed that the state launched 6 trillion of loans through the central bank, an amount« very significant »seek guidance to the private sector to contribute to the operation of state-owned enterprises and rehabilitation in accordance with the market rules and mechanisms to share.
and between Economic and financial advisor to the prime minister that «the State plants and factories governmental parked, for example batteries plant which can be used in the private sector to run on that is funded by the loans, meaning that the state is heading towards activating the partnership between the public and private sectors and the rehabilitation of state-owned enterprises guarantees, and this create a post and sectors mixed or Musataha rent for many years for the industrial companies followed by the agricultural and service and oil companies and other ».
Salih stressed the launch of industrial and agricultural economic development process, adding that« the government has a vision Ptashiq state-owned enterprises with the private sector within the current lending program, a move that would give a strong impetus to stimulate the private sector and the Iraqi economy, in addition to the agricultural sector and agricultural crops development », indicating that if the government went from now to activate it will be given the results and revenues during the six months.
He said the economic and financial adviser to the prime minister said Iraq has a problem in oil flows, adding,« but have a high wealth and not bankrupt, but facing financial hardship cash ».
He praised government adviser on the role of the Central Bank of the coordinating higher to support the monetary policy of the country, stressing that it has provided liquidity up to 11 trillion dinars to banks for government lending for the current year while maintaining and monitoring the reserve until the situation is safe from economically and keeps the dinar.
and see the economic and financial adviser to the prime minister that the launch of the 6 trillion loan will contribute to the development of the economy and move the market economy in accordance with the guarantees and the basis of common data being linked with the rest of the banks, which will make the money in the safe and do not go to speculators or smugglers are limited Investors and the true pioneers of the market.

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