Economists call for financial reform facing challenges

[DWS112]

Economists call for financial reform facing challenges

 

Sunday 15 March 2020

 
The national economy is exposed from time to time to tremors that affect the revenues of the public budget, and today we live in a situation of sharp decline in global oil prices as a result of the lack of agreement to reduce production, between OPEC countries and the oil producing countries outside the organization led by the Russian Federation, as well as the repercussions of the Corona virus, which affected The effectiveness of the entire global economy.

 

Financial reform
Professor of Public Finance at the College of Administration and Economics at Baghdad University, Imad Al-Ani, said: "To address the current financial conditions properly, requires pursuing 👉 a policy of financial reform in a serious way, and by activating the tools of this reform, 👈 which is diversifying public revenues and controlling expenditures."

He added: "The financial reform process is one of the most important major steps for economic reform, especially in the Iraqi economy, as this process constitutes the main driving force for bringing about comprehensive economic and social reform as it is a basic and necessary requirement to build a society on sound foundations that focus on private economic activity and give it an opportunity to participate in Building Iraqi society. "

 
General revenue
Al-Ani focused on "the necessity of reforming the public revenue side, improving its collection and creating new ways to increase it. The most important paragraph in this aspect focuses on reforming the tax administration and its policies."
He continued: "It is important to emphasize that the policy of reforming the financial sector requires emphasizing the importance of linking financial policy and plans for economic development programs to reduce poverty, and this requires making the process of preparing the public budget based on general strategic directions linked in terms of the nature of the state's role in light of Market mechanisms in general and the role of financial policy in particular in managing the national economy.

 
Oil revenue
He pointed out, "There is a great distortion in the structure of public revenues, as it depends primarily on oil revenue and the survival of the unilateral budget structure for its dependence on oil revenues. Here, a clear strategy must be adopted to revitalize the industrial, agricultural and service production sectors, which can supply the general budget with diversified revenues." Enhances the capacity of the economy the National".

 
Rationalization of spending
He said: "Government spending represents a significant proportion of the total demand, and that trying to reduce and rationalize this spending will lead to the liberation of the government from large burdens that have been confusing its financial and economic activity and its role in providing public services and the level of satisfaction for public needs, in addition to that process leads to a reduction The public budget deficit, and thus the government can partially eliminate the size of the public debt, and the parameters of rationalization in government spending can be drawn through partial and gradual disposal of economic support borne by the government due to the existence of productive units in the public sector that do not operate according to standards or foundations Economic, making it an obstacle to any progress economic".

 He continued: "This will be through certain means, the most prominent of which is the liquidation of these units originally or selling them to the private sector, and this is done on a selective basis and working to manage them on economic grounds in order to achieve real profit, reducing the government’s entry into investment projects that the local private or foreign or joint private sector can It performs it, and that the role of public investment, that is, the government, is restricted to the areas related to building pivotal structures.

[Laid Back]

Basra light crude oil today’s price $43.25 per barrel

2020 budget calculations $56 per barrel 

External debt $23 billion dollars 

Internal debt 41 trillion IQD 

Corona virus

State of emergency 

 

They need a financial reform ASAP to prevent an economic catastrophe.

 

[gregp]

9 minutes ago, Laid Back said:

Basra light crude oil today’s price $43.25 per barrel

2020 budget calculations $56 per barrel 

External debt $23 billion dollars 

Internal debt 41 trillion IQD 

Corona virus

State of emergency 

 

They need a financial reform ASAP to prevent an economic catastrophe.

 

Agreed.  
Abdul Mahdi being granted exceptional powers today. 
Trumps deadline on currency manipulation April 6th. (I believe).

=RV

[Synopsis]

YOWZAH!!!

 

 

https://quotes.ino.com/charting/?s=NYMEX_CL.J20

 

https://quotes.ino.com/charting/?s=NYMEX_CL.J20

 

 

https://quotes.ino.com/charting/?s=INDEX_DJI

 

Go Moola Nova!

[gregp]

Kim Clement mentioned 20,000 when speaking about the Dinar. Weez almost there!  A GCR is seriously looking possible.
No drinking cool aid intended. 
Thanks!!

[Laid Back]

19 minutes ago, gregp said:

Agreed.  
Abdul Mahdi being granted exceptional powers today. 
Trumps deadline on currency manipulation April 6th. (I believe).

=RV

Thanks for your input gregp,

coronavirus fear will go down in history as one of the biggest fraud to manipulate economies... just my opinion 

Go RV

[horsesoldier]

49 minutes ago, Laid Back said:

Thanks for your input gregp,

coronavirus fear will go down in history as one of the biggest fraud to manipulate economies... just my opinion 

Go RV

 

You are not alone with your opinion on this subject. 

[64jaguar]

1 hour ago, Laid Back said:

Thanks for your input gregp,

coronavirus fear will go down in history as one of the biggest fraud to manipulate economies... just my opinion 

Go RV

 Thanks Laid Back.... My opinion exactly as well. And I might add, here in the U.S. another attack on our President..

 

GO RV!!

[Laid Back]

7 hours ago, horsesoldier said:

 

You are not alone with your opinion on this subject. 

Thanks for your input horsesoldier,

6 hours ago, 64jaguar said:

 Thanks Laid Back.... My opinion exactly as well. And I might add, here in the U.S. another attack on our President..

 

GO RV!!

Agree with your comment 64jaguar.

[Ziggy]

15 hours ago, Laid Back said:

Thanks for your input gregp,

coronavirus fear will go down in history as one of the biggest fraud to manipulate economies... just my opinion 

Go RV

100 % agree with your statement Laid Back!!! Couldn’t agree more. 

[gregp]

15 hours ago, Laid Back said:

Thanks for your input gregp,

coronavirus fear will go down in history as one of the biggest fraud to manipulate economies... just my opinion 

Go RV

I was at the VA hospital in Muskogee. It was a revolving door of flu patients. Zero corona. 

14 hours ago, horsesoldier said:

 

You are not alone with your opinion on this subject. 

Back atcha Horse Dude!