The Governor of the Iraqi Central Bank Ali Mohsin has confirmed that bankruptcy term is not appropriate to the current Iraqi economic situation and it is not dedicated to it.
He further added that we are confident in getting a significant financial support in the near future. He delivered these words before participating in Sulamaniyah Forum; he added that bankruptcy term is not perfect but due to the miscalculated policies might increase with the political failure. So, we should learn from our past and should not repeat our mistakes in the future. The Governor added that budget preparation in the foreign currency needs cohesion to specific global rules. There is financial sovereignty but it was badly affected by our negative political domination over the work of the Iraqi Central Bank.
Ali Mohsin further added that Iraqi government has spent more than 7 trillion Iraqi dinars since the start of 2016. He also pointed out that the distribution of more than 4 trillion Iraqi dinars has been provided for the payment of salaries of employees. He said that a large amount of government expenses are coming from external sources. He pointed out that Iraqi Central Bank should maintain the Iraqi dinar exchange rate at a certain level. He confirmed that financial capacity in Iraq is much better and we will be able to pay salaries to our state employees. He said that there are more than 30 billion U.S dollars in different accounts of Iraqi ministries. He stressed that there should be a unified account for all Iraqi ministries in order to control, manage and facilitate. He confirmed that Iraq has been suffering from critical economic crisis due to massive and continuous decline in the global oil prices since 2014.