Iraqi Dinar 123 News:– The Iraqi 95 percent economic system is dependent on its oil and new Iraqi budget should be prepared according to the oil price situation and export ability of the country. The Iraqi government needs other income resources and should focus on non-oil sectors in order to enhance the national wealth and boost up its economy. So, keep in mind all these factors and adopt some positive strategies prior to finalize the next year’s budget 2016. It means a perfect budget would enable to drive Iraqi economy on a positive direction. Most of the OPEC members in the Middle East countries depend on their revenues of oil exports and this sidelining will be exposed to crises in their economic deficits that would also reflect a negative impact on their budgets. It will also affect on their relationship to their international accounts and policies.
These factors indicating that any budget would be enduringly susceptible to the oil price devastation. It would disturb all planning that can be made to handle the expected international crises. It will be directly affect the economic situation with increase in deficit. When we talk about the explanation of expenses, adjusting the U.S dollar exchange rate and issuance of sovereign bonds are not too much to meet the critical situations. But, the implementation of an extensive political reform structure and handling the corruption in the institutions of the country would be more helpful in order to stabilize and improve the economy of the country. The budget should not be reviewed for political aspiration; it would frequently put economic efforts into a deep trouble.