Economist: continuing low oil prices will impact directly on the State budget and would cause significant disability

Baghdad (News) … Ibrahim Al-Mashhadani confirmed Economist, that the continuing low oil prices will Add Newimpact directly on the State budget and would cause a significant deficit.

He said Al-Mashhadani (Agency alakhbarihllanbaa) Monday: continuing low oil prices will lead to Government austerity policy to resort to considerable harm to the poor in society.

He added: the federal budget for the year (2012) set barrel (85) on the basis of production of $ three million barrels to 2012, continued: If these numbers will lead to a major disaster in Iraq budget.

And between Al-Mashhadani: that low oil prices would be a threat to low overhead and implementing service projects for the State, calling: the Government should seriously consider diversifying the sources of income of the State and the first of these sources is the adoption of the law on customs tariff as quickly and without any obstacles to the implementation and revision of the Law Office of taxation.

Al-Mashhadani stressed: the need for a government development strategy based on accurate calculations in terms of objectives, mechanisms and customizations and in terms of the monitoring of implementation and the Elimination of corruption and strict exchange control and the fresh to the accounting system in Iraq to face the risk of low oil prices.

Economist: the State concerned now more than ever, developing a strategy of development through two sectors must bother by the industry that twofold and agriculture sector to strengthen the Iraqi economy.