Advisor Abadi: three elements sought by the IMF to strengthen the budget of Iraq 2018

2017-12-10

Advisor

The financial adviser to the Prime Minister announced the appearance of Mohammed Saleh, Sunday, that the three elements sought by the IMF to strengthen the budget of Iraq 2018, while stressing that most of Iraq's debts are internal.

"The International Monetary Fund is seeking the so-called financial consolidation of three elements in the budget of 2018, which isreducing unnecessary expenses and maximize non-oil revenues and reduce the accumulation of debt," Saleh said in an interview.

Saleh added that "the three elements are difficult to achieve and therefore must be the budget installed levels of revenue and expenditure on these three principles, noting that sometimes take the budget adjustment to improve oil prices in light of the work of Shi mitigation is not true because there is a deficit in the structural budget because of the dominance of oil resources And debt on all expenses and therefore if additional revenue in the budget goes to repay debts as a burden and gives space for future borrowing for issues to put better.

Saleh pointed out that "borrowing has become a circumstance of terrorism and its purpose in defeating a supporter, but we need borrowing for development purposes and therefore should provide space in the so-called financial space, which is borrowing according to the international financial ratios, which do not exceed 60% of gross domestic product, The debt should be extinguished as much as possible and at the same time a qualitative borrowing is made for specific projects that promote employment and compensation of value added and raise rates of growth rates in GDP.

He stressed that "the debts of Iraq are mostly internal to the banks of the government and the Ministry of Finance, revealing the existence of a mechanism in the future are working in the case of payment to go to the fund to be returned to the market and the private sector and become a recovery and imports become development.

The presidency of the parliament on 3 December last, decided to refer the draft bill of the budget of 2018, to the Finance Committee, after its arrival from the Iraqi government.

burathanews.com