The Economic Adviser to the Iraqi Prime Minister Haider Al Abadi, Muhammad Saleh issued a statement on Friday that the Iraq is experiencing severe economic crisis.
He also stressed that a number of oil exporting countries have been experienced heavy economic crisis due to downfall in the global oil prices. He also pointed out that the Financial Action Task Force will guide this year’s federal budget 2016 in order to control the distribution of funds allocated in the Iraqi federal budget 2016. It would provide an ease to decrease the financial distress to manage all available resources of oil and necessary borrowing permitted by the federal budget 2016.
He further added that amount of expenditures will be distributed according to priorities, especially at the time when Iraqi government is spending a large amount on the fight against terrorism and Daash organization. It is considered at the top priority because it is directly concerned to the lives of Iraqi citizens. He pointed out that Iraqi citizens will not be a financial crisis sufferer, but a little amount of economic crisis will pass among all Iraqi citizens. Iraqi citizens should participate to decrease the financial problems in the country such as paying for electricity fees and other necessary tasks.