The parliamentary economy: The government spent $ 32 billion from the central bank to cover the war



Najib Najib, a member of the Committee on Economy and Investment Najib Najib, on Thursday, the government borrowed from the Central Bank of Iraq 32 billion dollars to cover the military needs in the war against "Daash," indicating that high oil prices and reliance on non-oil revenues will pay the government debt to the bank.

Najib said that "the financial crisis suffocating the country, as a result of the collapse of oil prices and the drainage on the war against Daqash, made the government in a difficult position and having toborrow funds from the Central Bank," noting that "the government has drawn from the Central Bank 32 billion dollars to cover bonds State Treasury".

She added that "77 billion dollars, is the Iraqi reserve funds, but the consumption brought it down to 45," noting that "the improvement of oil prices and the arrival of the barrel to $ 50, and reduce expenditures, and the adoption of the policy of raising revenue through non-oil products, Reserve funds, which are considered funds belonging to Iraqis. "

The International Monetary Fund, considered in a report released on Wednesday, that Iraq is currently facing a dual economic challenge is to compensate for material losses resulting from the war against Daqash, as well as the decline in production and oil prices, noting that the decline of Iraq's foreign exchange reserves of $ 54 billion At the end of 2015 to 45 billion at the end of 2016.