Parliamentary economy: inflation rate in Iraq is unacceptable

Committee considered the economy and investment parliamentary current inflation rate in Iraq as unacceptable, calling on the government to prepare a strategy to double the economic GDP in order to improve the standard of living and Alrvahe citizen.

The member of the Committee of Economy and Investment parliamentary Abdul-Abbas the estrus, government to “draw a strategy and put laws diversity of GDP, which depends mainly on oil.” Estrus said “GDP is one of the economic criteria, and affect the per capita income and the budget and welfare measures for the citizen,” he said, adding that “revenue needed to sustainable development, such as agriculture, industry, generating profits on the citizen and the country.”

He pointed out that “Iraq’s dependence on oil in danger of crises result link this product economic crises and political in the region and the world,” warning “accreditation President on oil, because it at our peril, is linked to the global market mainly, and perhaps in any crisis we lose 80 percent of our domestic “.

The MP said the state law that “Parliament is expected from the government to prepare develop laws and the diversity of GDP or contribute to its development,” stressing the need to “find organization plans in coordination between the executive and to facilitate the preparation of parliamentary legislation law.”

As for the high rates of inflation, considered estrus current ratio as “unsatisfactory, given that the budget measure on inflation 5 percent, a rate acceptable to Iraq,” noting that “the responsibilities of the central bank is to determine the exchange rate of the dinar, and the interest rate, and the reduction of the inflation rate, in addition to managing cash reserves and a host of other tasks. ” “We want the central bank to take the reins, and work to reduce the inflation rate reasonable.”