The department of financial and banking sciences at the college of administration of economics has organized a workshop entitled (The Impact of Financial Discipline on the Economic Cycle) presented by the Assist. Prof. Dr. Bassim Khamis Obeid in which he talked about the fiscal discipline represents the operational and privatization efficiency of financial resources within the limits of government tunnels planned according to economic priorities and public financial sustainability for the sake of stimulating economic growth, strengthening the foundations of economic development through the rationalization of government tunnels involving the private sector in achieving the required economic development.
Then he stressed the importance and role of the fiscal discipline tools adopted by the government in order to reduce the size of the budget deficit and public debt via traditional fiscal policy instruments such as increasing taxes and reducing expenditures, in addition to the financial rules used by the State under the budget balance base, wither in expenditure or taxes. Dr. Bassim Khamis explained that Iraq desperately needs to achieve fiscal discipline, which leads to preparing the foundations for a stable and predictable economic environment, but that successive governments continue to spend more than sustain financing and thus deficits and resort to borrowing.
