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Thread: 2014 budget spending to drain hard currency reserves and record inflation rate will

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    2014 budget spending to drain hard currency reserves and record inflation rate will

    2014/02/10 (00: 30 pm) - hits: 208 - number (3003)



    The 2014 budget spending plan threatens to drain hard currency reserves and record inflation rate will

    Baghdad/range press

    The IMF stressed that the Iraqi Government if it went ahead with its spending plans for the year 2014, it will record inflation and deplete the country's foreign exchange reserves, economic analyst drew Australian that Iraq needs a "long list" of projects to develop as well as projects in need of reconstruction.

    He said the IMF Mission Director in Iraq, Carlos sdralifag that "the world wishes to purchase any quantity of oil Iraq produces the old infrastructure of the country in the production and export of oil to obstruct it," pointing out that "Iraq needs access to $105 a barrel at least to be able to balance its budget, a rate higher than any oil producer."

    Sdralifag noted that "the Iraqi Government if it went ahead with its spending plans for the year 2014, it will record inflation and deplete the country's foreign currency reserves,"

    Noting "a structural problem that the financial performance of the country depends on oil revenues and that this dependence is increasing.", said CEO of UAE oil Crescent Majid Jafar, the company's investments in oil and gas projects in the Kurdistan region with 1.5 billion dollars, "there are extensive sites remain unexplored In Iraq, the oil and gas exploration was in its early stages now, predicting that "Iraq has the largest reserves of oil and gas in the Middle East."

    The International Monetary Fund IMF that Iraqi oil production could increase from the current level of three million bpd to five million bpd by 2018, and this is in line with estimates by the International Energy Agency IEA, oil production to six million bpd by 2020, with greater ambition Iraqi Government seeks access to the desired goal of producing nine million barrels per day by the end of the Decade.

    Economic analyst said Courtney trinoth of Australian welonkongh University, in a study published by the Arab beznz and site seen by (term), "Iraq needs not only a long list of construction projects, but to the development of the country is one of the oldest civilizations of the world and the budding" unexpected "rise in oil revenues in the country by the end of this decade."

    and cites the analyst trinoth during its "what Iraq's largest banks Business Director where hamdiya dry during the Iraqi banking Forum held recently in Dubai, That Iraq is still in need of basic infrastructure, as well as the development of ages cities to three million housing units with sophisticated industries and investments in the energy field with a need for health and service organizations".

    Trinoth noted that "growth does not mean it's lame, but Iraq Iraq has the highest growth rate in the gross domestic product of an economy over 50 billion dollars, the International Monetary Fund ahead of countries like China and India, Libya and Qatar", stating that "the tremendous growth that depends entirely on oil while leaving a small percentage 10% limited the scope of private investments which are currently in the country."


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    Economists rule out low world oil prices and its impact on federal budget

    Economists rule out low world oil prices and its impact on the federal budget



    10-02-2014 03:31 PM

    Baghdad (newsletter).
    Excluded Iraqi economic community caused a decline in world oil prices in the next phase does not affect Iraq's budget that is calculated on the basis of 90 dollars a barrel.

    The Economist said Hussein Allawi Star (News Agency): the 'speculation the federal budget to sell oil barrels (90) dollars to international circumstances, because projections indicate that oil prices in the world market will increase by between (1% to 2%) By 2014,' adding that depending on what is now on the world market from OPEC, due to international sanctions against Iran and the unstable security situation in Libya.

    He added: the ' average export oil assessment in 2014 and that three million and 400 thousand barrels per day, and that the question marks that maybe Iraq will not reach this figure as a result of political differences between the Government and the territory, which is supposed to last the 400 thousand barrels of oil to the Government Center.

    As for the supplementary budget pointed star: it's made up of money from the sales of surplus oil, meaning that if oil was sold for more than $90, the amount in excess of the price assessment is the supplementary budget, stating that ' there is something wrong in the financial administration of the State in terms of both the provincial government and which typically rotates such funds from investing in projects in the country'.
    /finished/h. p/


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