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International Monetary Expects Iraq’s Budget Deficit of 22% money and business Economy News _ Baghdad The International Monetary Fund expected, on Monday, that Iraq's budget deficit would reach 22% of GDP. "The economy may contract by up to 10%," the fund said in a report, seen by "Al-Ektissad News", expecting that "Iraq's budget deficit will reach 22% of GDP." The fund added that "the deficit is the worst in the Middle East and North Africa." And the World Bank predicted in a previous report that "the Iraqi GDP per capita would drop to 4282 dollars, the lowest level since 2006." Number of observations 88 Date of addendum 10/26/2020
International criticism shocks the Gulf: The current economic crisis is the worst since the Great Depression Editing date: 10/13/2020 20:14 • 77 read times [Follow-up] The International Monetary Fund lowered its forecast of the real GDP in 2020 for most of the Gulf countries, warning that the economic outlook is getting worse for many emerging markets amid the Corona crisis. In its latest report on the global economic outlook, the IMF predicted today, Tuesday, a global contraction of 4.4 percent in 2020, an improvement from the 5.2 percent contraction expected in June, but said it was still the worst economic crisis since the Great Depression of the 1930s. The oil-rich Gulf states are experiencing the double shock of the Coronavirus crisis that is dampening demand in the non-oil economy, and lower oil prices, which hurt revenues this year. The International Monetary Fund revised its previous forecasts for all Gulf countries with the exception of Saudi Arabia, which is expected to witness a contraction of 5.4 percent this year, compared to previous estimates of 6.8 percent. The fund said the UAE, the second-largest economy in the Gulf, could see a 6.6 percent contraction this year, against previous expectations of a 3.5 percent decline. The largest change came in the forecasts for the Sultanate of Oman, which is expected to witness a contraction of 10 percent, and Kuwait at 8.1 percent. In April, the fund had forecast a contraction of 2.8 percent in Oman and 1.1 percent in Kuwait. The fund said Qatar's economy is expected to shrink 4.5 percent and Bahrain's economy by 4.9 percent, against expectations of a decline in April of 4.3 percent and 3.6 percent, respectively. The International Monetary Fund estimates that all Gulf economies, with the exception of Oman, are expected to return to growth next year, led by Saudi Arabia, whose GDP will grow 3.1 percent in 2021. It is expected that the economic recovery in the UAE will be slower, growing by 1.3 percent next year, while from Oman is expected to remain hostage to a slowdown with a 0.5 percent contraction.
Deep differences stand in the way of approving the draft budget 2018 House of Representatives "Internet" Economy News Baghdad: Large differences within the political blocs on the draft budget bill 2018, which will affect the economic policy of the government during the current year, according to specialists, expecting not to pass the budget in the coming days because of the intensity of the dispute between the decision-makers in the House of Representatives. The Ministry of Finance instructed all ministries during the past month to cover their needs through the use of the approved exchange mechanism, which is 112 to face the non-adoption of the draft budget for 2018. The parliamentary economic committee said that the non-adoption of the budget caused by the delay of the Council of Ministers to send a draft budget law and synchronized with the beginning of the legislative holiday. The committee member, Najeeb Najib, said in a statement to "Economy News" that the reason for delaying the Council of Ministers to send the budget law to the House of Representatives, is the high oil prices have estimated the price of a barrel of $ 43 and now sold at $ 58, which prompted the government to reduce the deficit to 13 Trillion dinars after it was 23 trillion dinars. Najib expressed her displeasure at the adoption of 12.6 percent of the province of the budget of 2018, saying at the same time that it was in accordance with the formula of "overwhelming". She added that 12.6 percent is not enough to pay salaries in general, because the region needs 889 billion dinars a month to pay, while the ratio will provide 450 billion dinars only. And on the losses resulting from the delayed adoption of the budget, the member of the Economic Committee, the losses are not large because the origin of investment expenditures set up for the establishment of service projects do not constitute more than 25% of the budget, most of which loans and some of them ratified in 2017. Noting that the sovereign expenditure took a large part of the budget of 2018 to reach 45%, as well as the availability of degrees of employment but not able to cope with unemployment. On the other hand, the Dean of the Faculty of Management and Economics, Mitham Laibi, in a statement to "Economy News" that "losses caused by delaying the adoption of the budget, will be based on the salary and salaries, because it is the first component of the budget, which weakens the investment side. He added that the delay caused by the president of the conflict between the political blocs for the purposes of electoral propaganda and try each of them to review "political muscles." "All political arguments have nothing to do with any economic fundamentals aimed at developing the Iraqi economy," he said. The federal budget estimated at 108 trillion dinars, with a deficit of 13 trillion dinars, and saw the reduction of the share of the Kurdistan region from 17% to 12.67%. "The first loser of the postponement of the budget is the Iraqi people, and the postponement of their ratification is a delay for the investment side and a semi-disruption of the operational side," said the head of the Iraqi Economists Association, Abdul Hussein al-Yasiri. He explained that it is not losses by the delay is the management of the investment side and that the budget is a law on the basis of time limits, every day delay this law is lost investment opportunity on the Iraqi economy. While more than 4 million people are employed by the private sector, many of whom depend on the budget for their work. Views 217 Date Added 06/01/2018