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[size=36][rtl]A series of proposals to save the national economy[/rtl][/size]
Sunday, April 26, 2020
Sunday, April 26, 2020
Baghdad / Al-Sabah
The Iraqi national economy faces major challenges in light of the Corona pandemic crisis that swept the world, including Iraq, as well as the collapse of international oil prices to low levels, amid fears of a suffocating financial crisis in the country because the national economy depends on oil revenues, as economists have identified a series of proposals that can The government can resort to it to save the national economy to overcome the current crisis.
And economist Saleh Al-Hamashi says in a statement to "Al-Sabah": "The Iraqi general budget is clear, as operating expenses constitute about 79 percent while investment is 21 percent," noting that "operating expenses constitute the salaries of state employees, including the three presidencies."
He added, "The rest of the operating expenses go mostly to maintenance, energy, fuel and social benefits, so the government can dispense with some unnecessary operating expenses for some government institutions, and this will provide substantial funds to the state."
He also added, "Expenses can be reduced from investment projects and future infrastructure planned by the government and can be referred to the private sector or investment," stressing "the need to activate the private sector, whether internally or externally, activate investment in all its fields and provide protection for investors and capital." .
He pointed out that "economic crises occur when any country does not show its results directly, but appears after a period of time", noting that "during this critical period, the Iraqi government can secure salaries, needs and all of its obligations through what it possesses of money and what it possesses of State real estate and commodity stock, as well as cash stock, can be used in light of this period, with the development of a strategic plan for the period that follows. "
He added by saying: "Maybe the 2014 crisis and the 2020 crisis can give the Iraqi government or decision-makers an economic vision because the next stage will be more difficult and it has to be overcome, but for the time being, I am not afraid of the state salaries because Iraq has financial and commodity stocks as well and the Iraqi government has a lot of financial assets You can benefit from it or use it to implement its internal or external obligations. "
He stressed "the importance of reviewing the process of the new administrative, financial and accounting system so that the government can control the tax, financial and taxation system in general and provide through this money to be immediate solutions that the government can use if the crisis persists for a long time."
Al-Hamashi warned, "from resorting to external borrowing because Iraq is heavily indebted and has obligations that must be paid, but if he turns to debt for the purpose of financing investment projects, it can achieve profits such as building a power station and have positive returns after its completion or refinery for oil, so these projects can borrow for it."
He continued: "Even when donors are asked for a loan or financial aid, they ask where the money goes and how it can be returned and the time period for returning it?", Pointing to the possibility of issuing bonds, but not for a long period but for a very short period.
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