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Friday, September 11, 2020 12:05 PM
Deputy warns of the risk of a "collapse" in the Iraqi economy
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Deputy Abdul Hadi Mohan Al-Saadawi warned of the danger of a "collapse" in the Iraqi economy, suggesting that the federal budget would not be passed for the remaining months of this year, in the event that it included a government desire to borrow 27 trillion dinars.
Al-Saadawi said in a press statement, "What was rumored in the Council of Ministers about the existence of a budget for the remaining three months of this year, an attempt by the government to obtain borrowing with legal cover," indicating that "Parliament previously voted on the internal and external borrowing law, and today the government is also calling for borrowing and this It will lead to the collapse of the country's financial policy and the Iraqi economy will collapse completely. "
Al-Saadawi added, "The amounts set by the government in the remaining budget for the current year amounted to about 27 trillion dinars, which is a very large amount in the issue of borrowing, especially that we owe nearly 160 billion dollars to international and domestic banks," pointing out that "Iraq will not be able to advance its reality." The economy will become a state that is floundering politically and financially and depends on paying international banks' dues. "
He continued, "The government should not resort to internal and external borrowing, and that its operational budget be based only on oil and non-oil resources," stressing that "in the event that the government brings a budget to parliament in which it is borrowed 27 trillion dinars, I think that parliament will refuse to vote on it, in addition to that." The Financial Administration Law in force requires the government at this date to send the budget for the next year, not the current one.
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Deputy Abdul Hadi Mohan Al-Saadawi warned of the danger of a "collapse" in the Iraqi economy, suggesting that the federal budget would not be passed for the remaining months of this year, in the event that it included a government desire to borrow 27 trillion dinars.
Al-Saadawi said in a press statement, "What was rumored in the Council of Ministers about the existence of a budget for the remaining three months of this year, an attempt by the government to obtain borrowing with legal cover," indicating that "Parliament previously voted on the internal and external borrowing law, and today the government is also calling for borrowing and this It will lead to the collapse of the country's financial policy and the Iraqi economy will collapse completely. "
Al-Saadawi added, "The amounts set by the government in the remaining budget for the current year amounted to about 27 trillion dinars, which is a very large amount in the issue of borrowing, especially that we owe nearly 160 billion dollars to international and domestic banks," pointing out that "Iraq will not be able to advance its reality." The economy will become a state that is floundering politically and financially and depends on paying international banks' dues. "
He continued, "The government should not resort to internal and external borrowing, and that its operational budget be based only on oil and non-oil resources," stressing that "in the event that the government brings a budget to parliament in which it is borrowed 27 trillion dinars, I think that parliament will refuse to vote on it, in addition to that." The Financial Administration Law in force requires the government at this date to send the budget for the next year, not the current one.
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