Parliamentary Finance: Iraq reached the stage of "economic collapse" .. The real problem in the Central Bank

Parliamentary Finance: Iraq reached the stage of "economic collapse" .. The real problem in the Central Bank


08.08.2019










Baghdad Today _ Baghdad A member of the Finance Committee in Parliament, Faisal al-Issawi, on Thursday, that the country has reached the stage of economic collapse, while stressing that the real problem in .the Central Bank of Iraq 


Faisal al-Issawi, during the program presented by Dr. Nabil Jassem on the channel "Tigris" and followed (Baghdad today), that "Iraq has reached the stage of economic collapse," noting that "the reality is greater than the International Monetary ".Report

 Al-Issawi added that "the country is now in a real political and economic dilemma," stressing that "the government's actions did nothing to resolve the crisis," noting that "salaries ".increased by about 6 trillion dinars this year from last year

 He continued, "The policy of indifference in the collection of resources and unexplained spending caused a lot of problems in the real structure of the economy," pointing out that "the high spending currently caused by oil licenses and debt, at the time of the Iraqi ".government is obliged to pay 20 trillion oil companies during the next year 

He stressed a member of the Finance Committee in parliament, "the real problem in the economy, is the Central Bank of Iraq," and called on Prime Minister Adel Abdul Mahdi to "pressure and amend the bank's policies to withstand the challenge of the problems of the ".country

 A member of the Parliamentary Economic Committee, Jassem Tahmir, warned on Tuesday (7 May 2019), Prime Minister Adel Abdul-Mahdi not to fall into what he called the "trap of the International Monetary Fund", by rejecting the recommendations imposed by the Fund and .the adoption of a fiscal policy contrary to it 

Tahmir said, in an interview to (Baghdad today), "These recommendations imposed by the ".International Monetary Fund serve the interests of countries that dominate and control

 He added, "Iraq needs new economic and political financial reforms, but not conditioned by external institutions," stressing the need to "reform sagging career in the institutions of the ".Iraqi state, and support the private sector and provide appropriate conditions for investors

 He pointed out that "policies and structural austerity programs implemented by the Fund and recommended, often lead to a doubling of the number of poor people significantly and high ".unemployment 

The head of the IMF mission to Iraq, Gavin Gray, recommended last May, a number of major .reforms that Iraq must follow to reform the financial structure 

The first of these reforms is public-sector wages that can ease short-term spending" pressures through compensation measures such as setting allowances, bonuses and other .non-core wage payments, and not replacing retirees in full," Gray said 

Structural measures will be required in the medium term, based on a functional review of" the workforce and a deeper reform of the civil service once new human resource and .information management systems are in place," he said 

Gray made a second recommendation on electricity reforms, which he considered "a key factor in addressing poor quality of service and reducing high budget costs, due to modest rates of consumer tariffs, chronic non-payment of electricity bills, poor maintenance, overreliance on expensive generation sources, and losses." Throughout the generation and " .distribution process



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Deputy: International Monetary Recommendations for Iraq to reform the country's financial structure caused by !the Kurdistan region

21:39 08.08.2019





Baghdad Today _ 

Baghdad Member of the Parliamentary Committee Abdul Hadi Saadawi, on Thursday, on the recommendations of the head of the International Monetary Fund mission to Iraq Gavin Gray recent need to Baghdad "major reforms" to reform the financial structure of the country, while noting that these recommendations came because the Kurdistan region did not pay oil .revenues to Baghdad, despite its commitment to pay its dues in the budget


Saadawi said during his participation in the program presented by Dr. Nabil Jassem on the channel "Tigris" satellite, and followed (Baghdad today), "Iraq has a peculiarity in financial management is a rentier state does not depend on other sources, and the government does not have plans The real political and financial fee does not control the outlets, nor the goods and fees in many state sites, as there are no revenues outside the rent " .revenue, such as agriculture and industry

 He added, "The state pays large expenses as receivables for the Kurdistan region, without access to oil money, which made the deficit large and reached 72 trillion, a very scary figure," noting that "the report of the International Monetary Fund, which we do not know on any evidence has been adopted , Came because the region did not pay the dues of exporting oil .to Baghdad 

He pointed out that "the rate of planning deficit in the budget of 2019 amounted to 27 trillion, while the real does not exceed 10 trillion," pointing out that "the ministries of ".planning and finance did not provide the 2020 budget

 He pointed out that a member of the Parliamentary Finance Committee, that "there are funds disbursed by the government for some community groups without plans and without ".reference to the budget," explaining that "indicators say financial management is incorrect

 May 7, 2019 

The first of these reforms is public sector wages, which can alleviate short-term spending" pressures through compensation measures such as setting allowances, bonuses and other non-core wage payments, and not replacing retirees in full," Gray said. In the medium term, based on a functional review of the workforce as well as a deeper reform of the civil service ” .once new human resource and information management systems are in place 

Gray made a second recommendation on electricity reforms, which he considered "a key factor in addressing poor quality of service and reducing high budget costs, due to modest rates of consumer tariffs, chronic non-payment of electricity bills, poor maintenance and overreliance on expensive generation sources, as well as losses in All stages of generation, transmission, and distribution process, "he stressed" the importance of ensuring the " .protection of the poor and most vulnerable during this reform 



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