The banking system in Iraq put a miserable and high oil prices will not solve the financial crisis
Economist: The banking system in Iraq put a miserable and high oil prices will not solve the financial crisis
9/5/2016 11:48
{Baghdad} Euphrates News saw a legal expert on behalf of Jamil Antoine, said on Monday that the banking system in Iraq put a miserable, while stressing that the rise in oil prices will not solve the financial crisis in the federal budget.
He said Antoine told {Euphrates News} Today, that ” the Iraqi budget in a state of very large deficit initially exceeds 16% on the basis of the price of a barrel of oil to $ 45, only to drop a barrel of oil in the past six months , up to $ 30, led to more deficit . ” He noted that” any rise in oil prices will reduce the budget deficit and thus save Iraq from borrowing from international organizations and bonds internal and get rid of many obligations, “explaining that ” organizations are when they lend money do not give grants , but put certain conditions, such as raises fuel prices or raise prices ration card which is difficult in the current circumstances. ” he added , ” With the increase in oil prices up to $ 50 a barrel then would reduce the budget deficit and opens the way for the Iraqi government to pay the debt and ease the burden on in addition to the economic budget move to create jobs at home now , there are economic paralysis in the non – payment of government obligations of the private sector in addition to the banking system in Iraq in a desperate situation and this has exacerbated the problem, he compounded more. ” and that” when high oil prices will ease the crisis is not resolved but we have to take advantage of the run production capacities {agricultural, industrial and tourism} to reduce dependence on the proceeds of oil. ” jumped Brent crude oil prices, on Monday, to $ 46.08 per barrel. the price of WTI US mediator 45.55 dollars a barrel at 0033 GMT , up 89 cents , or two per cent from the closing price of the past. rose Brent crude 71 cents , or 1.6 percent , to $ 46.08 for the first Brmel.anthy
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