Ministerial Council Discusses Economic Situation
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.