The Iraqi Parliamentary Finance Committee revealed on Monday that the unofficial draft budget for 2015 shows that the deficit is expected to reach IQD 47 trillion.
Rapporteur of the Finance Committee Ahmed Hama Rashid said that the government will mainly depend on the revenues of taxes to resolve its crisis. He added that the price of the oil barrel in Iraq should commensurate with that of the global price so as not to negatively affect the Iraqi economy.
Rashid noted that the indicators show that the global price per oil barrel will stay below $60 till the end of June 2015. Therefore, the government has to remain attentive and rationalize spending, he added.
He underlined that the Development Fund for Iraq (DFI) has no cash so the government should not withdraw from its foreign reserves in the Central Bank of Iraq (CBI) and spend on the military file in the event that this deterioration continues.
Photo Credit: Arabianeye-Reuters
Rapporteur of the Finance Committee Ahmed Hama Rashid said that the government will mainly depend on the revenues of taxes to resolve its crisis. He added that the price of the oil barrel in Iraq should commensurate with that of the global price so as not to negatively affect the Iraqi economy.
Rashid noted that the indicators show that the global price per oil barrel will stay below $60 till the end of June 2015. Therefore, the government has to remain attentive and rationalize spending, he added.
He underlined that the Development Fund for Iraq (DFI) has no cash so the government should not withdraw from its foreign reserves in the Central Bank of Iraq (CBI) and spend on the military file in the event that this deterioration continues.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
