Private sector incurs loss at one billion dollars and a warning from collapse

Private sector incurs loss at one billion dollars and a warning from collapse

FRIDAY, 22 AUGUST / AUGUST 2014 12:56

Private sector incurs loss at one billion dollars and a warning from collapseTwilight News / announced in Kurdistan Investors Union on Friday that the private sector in the region suffered a loss of up to one billion dollars due to risks related to security, as well as lack of adoption of the financial budget for Iraq.

The Union has warned of dire consequences that could lead to the collapse of the private sector if the government did not address the current crisis region.

The regional markets have been affected severely cut as a result of Baghdad to Kurdistan share of the state budget since the beginning of this year because of disagreements on the export of Kurdish oil and other files.

The invasion of militants Daash large areas in northern and western Iraq on the border of the Kurdistan Region has increased the impact of economic and financial crisis in Kurdistan.

A spokesman for the Federation of investors in Kurdistan Mahmoud Yassin’s “Twilight News” that the private sector, especially in the field of trade and investment in the Kurdistan Region has witnessed a noticeable decline this year.

He attributed the decline to Mahmoud causes the deterioration of the security situation in some parts of Iraq and the delay in forming the government and the failure to approve the budget in addition to the financial crisis plaguing the region.

He pointed out that the crisis worsened with the attack on Islamist militants for the disputed areas which were under the control of the Kurdish Peshmerga forces.

And between Mahmoud said that 30% of factories and plants in Iraq are present in the province of Sulaymaniyah, and most of them stopped working because of the financial crisis.

He pointed out that 2013 was one of the best years for investment as percentage of investment of $ 14 billion, but the year 2014 is considered the worst because of the decline in the ratio of investment to the lowest levels.

Mahmoud warned of further aggravation of the crisis, saying “the Kurdistan Regional Government objective to develop a plan to address the region’s economy to file it in the event of the collapse of the economy that, while there is no meaning for the existence of the Parliament and the Government.”