Issawi: We are planning to reduce the budget deficit by two-

[Stillw8n]

Issawi: We are planning to reduce the budget deficit by two-thirds

Finance Minister Rafie al-Issawi Iraq sought to reduce the budget deficit by two-thirds in three years by increasing oil production and strengthen the role of the private sector in the economy, expressing his hope in the economic growth accelerated to about five percent this year, and revenue growth to 95 trillion dinars over the next year .

The news agency quoted «Reuters» for al-Issawi said he is likely to decline in the deficit to five trillion dinars from the expected level for this year at 16.6 trillion dinars (14.2 billion dollars), adding «There will also be spending is verified will, eventually, to bridge the budget deficit Therefore, deficit not a concern ».

He al-Issawi, who was speaking on the sidelines of the World Economic Forum at the Dead Sea, the hope «on economic growth accelerated slightly to about five percent this year, and nine percent in the next three years», adding that »Iraq will begin to end the legacy of the adoption of economic activity State and contrary to a slowdown in the economies of the region years ».

The «will meet an expected increase in spending growth in revenues to about 95 trillion dinars next year, with the increase in oil production in the privatization will reduce pressure on public finances of the government».

He believed al-Issawi said the «main challenge today is the infrastructure destroyed and in need of more capital spending and this means opening the door to the private sector», adding that «the government plans to accelerate the pace of privatization of the industries of the State», pointing it »now offer the land to investors free of charge to encourage investment».

He »We are convinced that part of the solution in the hands of the private sector». He stressed that «the main challenge facing the Iraqi economy, still is to reduce dependence on oil to stimulate growth», referring to the «limited diversification in light of the economy’s dependence on oil, restricts growth and investment», but he also said «oil prices that exceed government estimates help to secure the financial position of the government », adding that« the price of oil is still close to $ 100 or more, and this makes us in a secure area ».

He suggested that al-Issawi «likely to result in revenue growth next year to more capital investment», referring to «a failure to approve the budget for 2012 to now».

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