Min­is­te­rial Coun­cil Dis­cusses Eco­nomic Sit­u­a­tion

The Kurdish Globe - - NEWS -

The Coun­cil of Min­is­ters of the Kur­dis­tan Re­gional Govern­ment met on Sun­day, July 6, 2014. This was the sec­ond ses­sion of the eighth cab­i­net of the govern­ment headed by the Prime Min­is­ter Nechir­van Barzani.

At the be­gin­ning of the ses­sion a sum­mary of a re­port by the Econ­o­mist In­tel­li­gence Unit un­der the ti­tle “Bench­mark­ing the Kur­dis­tan Re­gion” was pre­sented. The re­port talks about the de­vel­op­ments in Kur­dis­tan in terms of po­lit­i­cal en­vi­ron­ment, sta­bil­ity and se­cu­rity, high liv­ing stan­dards, hu­man de­vel­op­ment, econ­omy, trade, com­merce, in­vest­ment and many other as­pects.

Ac­cord­ing to the re­port, the Kur­dis­tan Re­gion is ahead of many other coun­tries in the re­gion in most of the ar­eas, and in some ar­eas it reaches the level of the de­vel­oped coun­tries of the world.

The re­port reads that the poli­cies of KRG have at­tracted for­eign in­vestors and businesses to the re- gion and en­cour­aged them to come here and par­tic­i­pate in the in­vest­ment and de­vel­op­ment of all sec­tors.

Fol­low­ing that, the Min­is­ter of Fi­nance and Econ­omy pre­sented a re­port about the budget and the cur­rent fi­nan­cial prob­lems that the re­gion is suf­fer­ing from. The re­port in­cluded in­for­ma­tion about the fac­tors be­hind the prob­lems and the nec­es­sary plans of the govern­ment to face this is­sue.

KRG Fi­nance Min­is­ter sug­gested some mech­a­nisms to con­trol the fi­nan­cial prob­lems in­clud­ing mea­sures to re-or­ga­nize and re­duce ex­pen­di­tures and in­crease rev­enue sources as well.

Prime Min­is­ter Nechir­van Barzani said that be­fore any­thing else the Min­istry of Fi­nance needs to im­prove and re-or­ga­nize it­self in or­der to be able to im­ple­ment its plans and man­age the prob­lems.

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