Home
Parliamentary Finance: External Borrowing Is Subject to Parliamentary Approval
[You must be registered and logged in to see this image.]
Tuesday 21 April 2020 - 09:17
Parliamentary Finance: External Borrowing Is Subject to Parliamentary Approval
Baghdad - Waaa - Hendrin Makki
The parliamentary finance committee said Tuesday that the government's approach to foreign borrowing needs the approval of the House of Representatives.
"The government cannot resort to external borrowing without obtaining the approval of the House of Representatives," said Mp Ahmed al-Saffar, a member of the committee, adding that "parliament has already voted to ban borrowing from abroad until iraq's old debts are repaid."
"Foreign loans have a very high financial interest rate, especially since most loans are used for consumption rather than investment, which means that the government is unable to return them for repayment," he said.
"The state's financial spending reached a high level last month because of some measures taken by the government," he said, adding that "salaries need about $3.5 billion a month, while oil sales per month do not exceed two and a half billion dollars."
"The government can resort to internal borrowing from banks and giant companies to meet financial expenses in the current crisis," he said, adding that "in a period of crisis, the great powers are putting bonds at good interest rates on the market and then buying them back when the crisis ends."
Earlier, the House Finance Committee announced that there were internal options away from foreign borrowing.
"There are solutions that can be offered that can dispense with external loans to overcome the low oil prices," Said Haitham al-Jubouri, chairman of the Finance Committee, told The Iraqi News Agency (AAP), adding that "the ideas put forward include the activation of customs and the issue of levies, as well as the possibility of utilizing the revolving accounts of some departments in banks."
"The preference is to go in the direction of internal borrowing because it is government funds," he said.
Al-Jubouri stressed the need to "not affect the liquidity available to banks, especially since the economic movement in the country depends on it."
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
Tuesday 21 April 2020 - 09:17
Parliamentary Finance: External Borrowing Is Subject to Parliamentary Approval
Baghdad - Waaa - Hendrin Makki
The parliamentary finance committee said Tuesday that the government's approach to foreign borrowing needs the approval of the House of Representatives.
"The government cannot resort to external borrowing without obtaining the approval of the House of Representatives," said Mp Ahmed al-Saffar, a member of the committee, adding that "parliament has already voted to ban borrowing from abroad until iraq's old debts are repaid."
"Foreign loans have a very high financial interest rate, especially since most loans are used for consumption rather than investment, which means that the government is unable to return them for repayment," he said.
"The state's financial spending reached a high level last month because of some measures taken by the government," he said, adding that "salaries need about $3.5 billion a month, while oil sales per month do not exceed two and a half billion dollars."
"The government can resort to internal borrowing from banks and giant companies to meet financial expenses in the current crisis," he said, adding that "in a period of crisis, the great powers are putting bonds at good interest rates on the market and then buying them back when the crisis ends."
Earlier, the House Finance Committee announced that there were internal options away from foreign borrowing.
"There are solutions that can be offered that can dispense with external loans to overcome the low oil prices," Said Haitham al-Jubouri, chairman of the Finance Committee, told The Iraqi News Agency (AAP), adding that "the ideas put forward include the activation of customs and the issue of levies, as well as the possibility of utilizing the revolving accounts of some departments in banks."
"The preference is to go in the direction of internal borrowing because it is government funds," he said.
Al-Jubouri stressed the need to "not affect the liquidity available to banks, especially since the economic movement in the country depends on it."
[You must be registered and logged in to see this link.]
» Prime Minister's Advisor: We will see the dollar fall on the black market soon
» The Sunni blocs are resolute. The presidency of the Council is ours, away from Al-Halbousi
» Al-Sudani discusses with a workers’ organization his government’s steps in this field
» Parliament holds its session in the presence of 170 deputies
» In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “i
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
» The Iraqi Parliament votes to add an item to elect a president to its agenda
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
» Al-Sudani: It is necessary to attract women to work as a productive energy that cannot be disrupted
» Zebari regarding targeting the Kormor field: a systematic attack on the economy of Kurdistan
» Saudi Arabia tops, and this is Iraq's rank... a list of major suppliers of crude oil to South Korea
» With a value of 125 million dollars.. Iraq is at the forefront of countries importing Iranian textil
» More than a billion dollars in sales from the Iraqi Central Bank within a week
» Al-Sudani stresses the need for the expertise of the International Labor Organization to legislate a
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
» The path to development is the criterion between true patriotism and political clowning.
» The file of the Presidency of Parliament is on the state administration table... this evening
» Director General of the International Labor Organization: Many challenges in the world of work and t
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
» Prime Minister: Our government has provided great support for the success of the activities, program
» Al-Asadi: Iraq places the social protection file among its priorities
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
» Prime Minister: Our government has provided great support for the success of the activities, program
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
» OPEC Secretary General: The end of oil is not on the horizon
» Closing a number of unlicensed offices and companies south of Baghdad
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
» Mr. Al-Sadr supports the position of American university students
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
» Soon.. 3 new hospitals will open in Baghdad
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
» Al-Sudani: The development road project will provide many job opportunities
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
» The head of the Integrity Commission announces the holding of an international Interpol conference i
» Planning: Iraqi companies are not efficient in conducting the population census
» utube MM&C 4/24/24 Support - USA- Turkey - Timing- Currency Value - Tabled
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
» Iraq's oil exports rise despite OPEC+ cuts
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
» Al-Araji emphasizes working to strengthen national identity
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
» Iraq is talking about producing one million additional liters of gasoline
» The Council of Ministers approves the implementation of the Baghdad Metro project
» Minister of Commerce: We formed a joint economic committee with Türkiye
» Resources: Government measures have contributed to improving the water situation in Iraq
» Parliamentary Finance: Baghdad will continue to send salaries to the region’s employees until settle
» A parliamentarian describes the corruption of Iraqi ports as “ghouls” and reveals the involvement of
» Obelisk Hour: Basra is the subject of political conflict and ambiguity over the fate of the funds al
» Turkmen leader: An agreement on the local government of Kirkuk is near
» Anbar calls for the operation of its factories despite financial obstacles
» Turki: The crisis of the Presidency of Parliament prompted the Sunnis to amend the Council’s interna
» The Agriculture Committee confirms the existence of Iraqi-Turkish-Iranian discussions on water
» Resources diagnose the challenges facing the water file in Iraq
» Parliament pledges to the Interior Ministry: We will transfer money to buy weapons from citizens
» Al-Issawi is the closest.. Parliament sets the date for deciding the choice of the new president
» Deputy: Iraq's investments have risen and need a comprehensive review of previous years
» Iraqis consume 7 billion eggs annually and import about $900 million
» The Iranian role complicates attempts at open cooperation between Iraq and Turkey. Turkey is trying
» Move in Iran to obtain $242 billion from Iraq in compensation for the eight-year war
» 12 decisions from the Council of Ministers regarding the Baghdad Metro and Najaf-Karbala train proje
» Sudanese Advisor: The path to development has begun... the Baka and the militias “we silence them wi