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Hussein: low global oil prices have a positive impact on the Syrian economy

Dr. Mohammed Hussein Minister of Finance said that the decline in global oil prices have a positive impact on Syria because the Syrian economy, imports more than exports of oil.



Hussein said during the parliament session convened to discuss the follow-up to the budget bill for the state in 2009 that the decline in global oil prices also had negative effects on the budget, which “could bring significant deficit does not include all the deficits in the economic sector and a committee was formed to study the development of derivatives Oil in an integrated manner. ”

The world oil prices recorded significant reductions affected by the global financial crisis, Eng.Sufian Allao Minister of Oil and Mineral Resources said “The impact would be by this decline and fluctuation.”

Hussein said that Syria “has not felt the effects of the global financial crisis have yet to take action to address the effects of which caused a recession in the global economy”, noting that the Syrian foreign debt is the less in the world, with up to 13% of the gross domestic product at the beginning of the year 2008 amounted to 5.3 billion dollars. ”

He noted he was “not in Plan of the Ministry of Finance to impose new taxes to cover the deficit or other resources to ensure we fill our needs from taxation.”



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