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Parliamentary warning: the delay in the budget hinders the solution to the exchange rate problem
The first 2023/02/28
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Shaima Rashid
The Finance Committee warned of the repercussions of the delay in approving the federal budget for the year 2023, while the Iraqi street and Parliament are awaiting the arrival of its law at the end of this week.
A member of the Finance Committee, Jamal Cougar, said in an interview with “Al-Sabah”: There are five problems that may occur if the budget law is not legislated or delayed, first of which is the government’s inability to implement its program put forward by Prime Minister Muhammad Shia’a Al-Sudani, which is represented by projects that contain On the financial side, despite the passage of a quarter of a year of its life, while the second problem stems from the continuation of the economic depression that swept the markets due to the lack of liquidity and job opportunities created by the budget.
He added that the third problem includes the continued divergence of exchange rates, which created a problem for citizens and the government as well, due to the failure to pump large sums into the market due to the delay in approving the budget, explaining that most of the budget funds were spent in the first six months of the year, which will reduce the repercussions of the exchange rate problem. He added that remittances are the fourth problem that the government will face, as 90 percent of them are related to the import of merchants and the private sector.
As for the fifth problem, the member of the Finance Committee summarized that it is related to the fact that the failure to legislate the budget will prevent the ability of the executive authority to support the private sector, which will cause continued street pressure to create job opportunities, noting that the government was able to absorb contract employees and turn them into permanent owners, but there are graduates New recruits are required.
Edited by: Abdul Rahman Ibrahim
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