Finance: The Financial Situation of a Stable Iraq
|August 24, 2014||Filled under Iraq News|
Iraq News –
The Finance Ministry assured citizens that the country’s financial situation is stable due to continued to pump oil exports.
As an economic expert, suggested adoption of the operating budget for 2014 with the final accounts, the Government institutions, the private sector is owed substantial amounts because the current budget legislation.
Financing Of Projects
A source in the Ministry of finance said in a statement to “morning”: some ministries and Government institutions agreed with private sector companies under contract to finance projects for the current year’s budget pending the adoption of 2014.”
He called on companies to abide by contracts with ministries and non stop projects that Iraqis need to provide services.
The source added that the budget this year has paid interest in energy, security, file services, stating that existing financial benefits will be used after the adoption of the budget, the financial situation of a stable Iraq to continue oil exports, excluding no possibility of balancing this year because next year’s budget legislation without the approval of budget for the year 2014.
He also noted that the delay in approving the budget breakdown implementation of investment projects listed by the ministries and local governments this year, but some projects submitted in previous years and because a financial allocation.
This has already finished houses in the previous parliamentary session, the first reading of the draft law on budget for the year 2014, without being able to complete the second reading of the draft because of the disruption as a result of political feuds, the quorum for the departure of the current parliamentary session, which returned to the Government.
For his part, called on former Deputy Central Bank Governor Mohammed Saleh told the appearance of “morning” to the adoption of the operational section of the budget this year with the release of final accounts and then legislation balancing the year 2015, the fact that military spending has led to the redeployment of funds from the investment budget amounts to this side, so the consumer non-investment budget devoted to unemployment and lead to a reduction in the gross national product.
Salih cautioned on the need to reduce consumer expenditure and leave some unnecessary projects in the budget next year if spending on military effort so no confusion would disrupt the development process.
The Private Sector
In turn, the administrative agent of the Ministry of health Khamees Al-Saad for “morning”: many hospitals and health institutions is owed to the private sector have become large amounts as a result of the non-adoption of the budget so far this year, leading to the managers responsible for large contract or enter into commitments with the private sector to work in their organizations, the fact that the Ministry is required to provide health services under all circumstances to save the lives of patients, at the same time asking the House to approve the budget.
He said there were problems in the 1/12 of the Ministry with the other problems in allocation as at once, as all stakeholders are granted funding, as well as to stop new projects and engagements following in the Ministry’s efforts to expand health services in areas that lack them, but that the Ministry was deeply moved as a result of the non-adoption of the annual budget equivalent to five percent of the country’s budget is not sufficient to cover all activities carried out by the Ministry, calling several times To allocate 10 percent of the State budget for the health sector in all its facets.
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