Today, 09:36 AM
Samurai: Iraq's debts exceeded the reserve and the central bank statement on his policies and his plan officially "expanded" 29 2 October / November 2015
Called on the Secretary-General of the Iraqi Islamic Party, Iyad Samarrai, the House of Representatives to hold a meeting of financial experts to discuss the central bank's policy, calling for the central bank to issue an official document shows where his policies and his plan,
as he emphasized that Iraq was of more than $ 20 billion in reserves, and its debts exceeded the reserve, noting that the state neglected the development of industry and agriculture sectors over the past ten years.
Samarrai said in an article published, "Light News" received a copy of it, on Sunday, "I followed the conference, which recently held Governor of the Central Bank (agency) on the Keywords, and I was disappointed because I did not find what reassure him, and I saw the danger signs are clear whether policies continue pursued by the central bank for what it is. "
"We demand that the Central Bank to issue an official document shows where his policies and his plan, especially since the crisis experienced by Iraq will continue to the end of the current government age at least, we do not want this government over the deportation of its financial problems and its inability to address them to the next government, and doubly wrong policies."
The al-Samarrai, said he "must prove not to the House of Representatives the ability of the central bank accountable for his lack of experts independent professionals in this area, found expert was linked to the political Bactlth makes him incapable of commitment to professional position just,"
and urged the House to "hold a meeting calls him a number financial experts to discuss the central bank policy, and there are certainly many people are ready for that, then the bank is required to amend its policies in the light of the results of this meeting. "
He continued that "the Central Bank, headed by Shabibi succeeded in strengthening the confidence of the Iraqi dinar due to strict policies on the one hand, and an increase in oil revenues on the other hand, and this was born the confidence of a relative of the Iraqi economy, which is the economy weak originally to its dependence on a single commodity is oil, and because the state neglected the development of sectors Industry and agriculture over the past ten years. "
The Secretary General of the Islamic Party, that "countries depend on a single commodity wobbling price can not build accurate forecasts around, you'll need to very large reserve to stabilize and face surprises, and can not be compared to Iraq and other countries vary their sources of income and its trade balance balanced".
And it went on: "If we reviewed the majority of oil-producing countries, we find its economy and its ability to withstand surprises much better than Iraq, for example, was the Algerian Central Bank reserves exceed $ 230 billion, and in spite of that that the Algerian government imposed a reduction of import to maintain the balance of payments policy."
Samarrai said that "I am appalled by what I found from indifference down hard currency reserves, and if he is Hin, I would therefore like to recall four things, first is that Iraq has from the reserve more than $ 20 billion since the crisis began falling oil prices,
and the second that Iraq's debts to oil companies and other convergence and perhaps exceed the current central bank reserves, "and expressed" gratitude to the State of Kuwait, which decided to postpone the deduction of 5% for 2015 and possibly Stagelha as well as for the year 2016 ".
He said the "third thing is that Iraq's imports exceed its revenues, and there on the horizon any action to address the matter, as well as loans that the government is seeking to obtain it will exacerbate the problem and increase the risk," stressing that "short on the central bank to commit to amend its policies, and is keen to maintain the reserves and selling of the dollar, but as far as revenues. "
"As the austerity policy imposed by the government on the government apparatus and projects must be accompanied by other austerity comprehensive policy through which to adjust imports in order to encourage national production of goods and services must be bold policies to achieve these goals."
Samarrai said, that "the government has refused to impose tariffs Kmarkip under the pretext of lack of control over all border crossing points, and in spite of the merits of the cause, but a sign of the government's inability to address the issue of financial problems with the Kurdistan region."
He felt "it is possible for the government and a substitute for customs tariff imposition of sales tax that went part of it to support domestic production, thus fulfilling the increasing domestic production, and the reduction of import, and relieve pressure on the cash reserves of the Central Bank,
and run more of the workforce, and to keep the business competition as a pressure to improve product quality, and provide domestically produced commodities at a reasonable price for citizens. "
At the end of his article, al-Samarrai said, "The economic file is still apparently far from the serious attention, and deep understanding of the seriousness of Malath if the gradient levels remain as they are now."