A parliamentary committee warns of salary cuts and the withdrawal of Central Bank reserves

A parliamentary committee warns of salary cuts and the withdrawal of Central Bank reserves


A parliamentary committee warns of salary cuts and the withdrawal of Central Bank reservesBAGHDAD / Firas Majid

Confirmed the parliamentary Economic Committee that the federal government will resort to a package of measures to meet the fiscal deficit in the state budget, the most important of the withdrawal of central bank reserves and the capital of the Rafidain and Rasheed put stocks and government bonds for sale.

And warned committee member Rep. Nora Albjara of the Iraqi government of Prime Minister Nuri al-Maliki has taken a number of measures to plug the deficit in the state budget for 2014, the first of which is to reduce salaries Corporation by “zero and one per ten%”, and this ratio very little to Atsd deficit big thing, with reducing the rate of implementation of investment projects proposed by the ministries and provinces provided by the Ministry of Planning for approval to implement and maintain only the ongoing investment projects from past years.

Warned Albjara of gravity that deliberately federal government to withdraw the reserves balance in the Central Bank of Iraq and this represents a great danger for the future of Iraq and the balance of the country financial considering that there are 70 billion dollar asset reserves and about 13 tonnes of gold existing reserve after retaining the central bank Brshehadh for years, so the The government will step pull the cover of the Iraqi currency, which is a precedent in the history of Iraq, as well as to finance part of the investment projects through bank Rafidain and Rasheed government without granting encouragement of the private sector and private banks, noting that those banks have large capital estimated by 26 trillion dinars to finance housing projects with electoral propaganda.

She said the MP that the measures to be taken by the government is also to cover the deficit, put government bonds for sale in the auction of foreign currency through the Central Bank of Iraq and here lies the biggest proportion in bridging the fiscal deficit of the budget through the sale of bonds and ask to borrow from the World Bank to finance Iraq, in addition to limbering budgets government through the ministries and government departments, financial ratios and control of their budgets not to mention the lack of implementation of the ministries and provincial investment projects to run out of time after the passage of the budget approval by the expectations in the month of April next and dates of implementation of the projects run out the remaining months of the financial year.