External borrowing does not represent the right choice to address the deficit and lead to negative repercussions on the national economy

by **Ponee** Wed Jul 29, 2015 10:18 am

BAGHDAD / .... The prime virtue Bloc Ammar Tohme, Wednesday, that the trend of foreign borrowing for the purpose of bridging the gap between the revenue and expenditure in the budget does not represent the best choice, but could lead to repercussions and negative effects far-reaching stability of the national economy and cumbersome for the shoulders citizen.

He said Tohme said in a statement "Eye Iraq News" received a copy of it, that in addition to the harsh conditions that accompany the external borrowing of claims action is increasing the pressure on the citizen and comply with national economic decisions vision and programs of those international institutions which may not match the economic and social reality, so The alternative set of proposals can be adopted to overcome the complications of external borrowing. "

He added that "among those proposals is to encourage Optional savings for citizens and the stimulus it calculates the fans more than the interest rate in conditions normal to ensure the feet of citizens on savings and deposit thereby contributing to the financing of State liquidity extra and be through the issuance of the national authority for the general public and interest rate the value of the bond price equal to a minimum of a hundred dollars to ensure the expansion of citizen participation, considering that this price unaffordable for the majority of people and the price of fan interest and the duration of the specific emissivity not less than one year. "

He noted that "the second Almgueth is the version of the national authority for the industrialists, traders, businessmen and the value price of the bond are motivated by the acquisition and the duration of emissivity ranging from three to four years and by encouraging interest also, and we invite industrialists, traders and Iraqi businessmen at home and abroad to contribute to the financing of the budget liquidity by Sindh National ".

He said the "third proposal is the contribution of the central bank in dealing with the financial crisis and support development through withdrawals from the reserve balance of the amount, which does not affect the stability of the local currency to be able to by those amounts of compensation for the shortfall in revenues and employ them in investment activity in the services sector public and productive sectors and to support security efforts. "

He continued, "The pressure unnecessary expenses, including the expenses allocated to furniture and non-essential goods and deputations and buy cars for the ministries as previous experiments revealed the presence of the allocations under the general headings are not necessary and does not represent a fundamental requirement of needing or important."

He concluded by saying to "activate the work of the regulatory institutions and strengthen mechanisms to bridge the guarantors of the ports on the practices of corruption and financial resources wastage of public money" .anthy / 3

http:/SOURCE