2014 budget spending plan threatens to drain reserves of hard currency

2014 budget spending plan threatens to drain reserves of hard currency and the inflation rate will be recorded record


02.10.2014 (0:01 pm)


BAGHDAD / long-Presse

Said the International Monetary Fund that the Iraqi government if it goes forward in the implementation of its plans the spending for the year 2014, they will be recorded inflation record and drain the country's reserves of hard currency, with an eye analyst economical Australian that Iraq needs a "long list" of projects to develop it as well as projects that are needed for reconstruction.

The head of the IMF mission in Iraq, Carlos Sdralafj that "at a time when world wants to buy any quantity of oil produced by Iraq, the infrastructure, the old country in the areas of production and export of oil works to block it," pointing out that "Iraq needs to access a barrel to $ 105 at the very least to be able to balance the budget, a rate higher than any other oil-producing state. "

The Sdralafj that "the Iraqi government if it goes forward in the implementation of its plans the spending for the year 2014, they will be recorded inflation record and drain the country's reserves of hard currency," pointing to "the existence of a structural problem because the financial performance of the country depends on oil revenues and that this dependence is on the rise continuously. "In turn, said CEO of Crescent Petroleum UAE Majid Jafar, which amounts to the company's investments in oil and gas projects in the Kurdistan region of up to 1.5 billion dollars, said that" there are sites and wide are still unexplored in Iraq and that the exploration for oil and gas are considered in its early stages now, and expected that "Iraq has the largest reserves of oil and gas in the Middle East."

In the opinion of the IMF that Iraqi oil production could increase from its current level of three million barrels per day for up to five million barrels per day by 2018, and this is in line with the estimates of the International Energy Agency IEA connecting oil production to six million barrels per day by the year 2020, and ambition The Iraqi government is seeking greater access to its objective to produce nine million barrels per day by the end of the decade.


For her part, analyzed the economic Courtney Trinot from the University of Onakung Australian, in a study it published site Arap Bzenz and briefed them (range Press), said that "Iraq does not need just a long list of reconstruction projects, but also to the development of a country is one of the world's oldest civilizations and budding , "unexpected" increase in oil revenues, much of the country by the end of this decade. "and cites analyst Trinot through its" as said by Director biggest banks Iraq commercial where Hamdiya dry during the forum Iraqi banking, which was held recently in Dubai, that Iraq still need basic infrastructure , as well as the development of the reconstruction of cities to three million housing units with sophisticated industries and investments in the energy sector with the need for health institutions and services. "
The Trinot that "the growth does not mean they are in Iraq lame, but that Iraq had the highest growth rates of GDP for any economy above the rate of 50 billion dollars, and put in the IMF ahead of countries such as China, Libya, India and Qatar," indicating that "This phenomenal growth rate depends entirely on the oil left with small percentages estimated 10% confined to the scope of a small private investment currently taking place in the country."

almadapaper.net

Not really good news.