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[size=36]The budget is heading for reduction due to lack of liquidity amid expectations that projects will stop[/size]
a wish | 11:54 - 04/14/2024
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Mawazine News - Baghdad
A member of the Parliamentary Finance Committee, Uday Awad, confirmed Parliament’s intention to reduce spending in the budget in order to reduce the deficit.
Awad said, in an interview followed by Mawazine News, that “the amendment to the budget law is stalled due to the high ceiling of the total budget deficit, which has reached more than 80 trillion dinars. Therefore, trends went towards reducing public spending.
He added that the ceiling for projects in the current year will be less than The year is approximately 2023, and thus it is prohibited to include any new project in the budget and limit it to ongoing projects, and this will deprive many governorates of new projects due to the financial deficit and the non-achievement of non-oil financial revenues.
He pointed out that the budget schedules and items are not fixed because oil prices and financial resources fluctuate, and numbers Employees and retirees are increasing, in addition to the creation of new job grades, which is cause for concern and portends a major economic disaster.
He stressed that there is no specific date for sending the budget to the House of Representatives, due to the lack of solutions to the financial deficit, expecting that “the Council of Ministers will send the budget to Parliament.” After the Eid holiday.”
He explained that the approval of a tripartite budget last year gave the government the authority to spend the 2023 budget, while the 2024 and 2025 budgets must be reviewed by Parliament because some projects ended last year, and there are financial variables related to the state’s will and outputs.
A member of the Parliamentary Finance Committee, Uday Awad, confirmed Parliament’s intention to reduce spending in the budget in order to reduce the deficit.
Awad said, in an interview followed by Mawazine News, that “the amendment to the budget law is stalled due to the high ceiling of the total budget deficit, which has reached more than 80 trillion dinars. Therefore, trends went towards reducing public spending.
He added that the ceiling for projects in the current year will be less than The year is approximately 2023, and thus it is prohibited to include any new project in the budget and limit it to ongoing projects, and this will deprive many governorates of new projects due to the financial deficit and the non-achievement of non-oil financial revenues.
He pointed out that the budget schedules and items are not fixed because oil prices and financial resources fluctuate, and numbers Employees and retirees are increasing, in addition to the creation of new job grades, which is cause for concern and portends a major economic disaster.
He stressed that there is no specific date for sending the budget to the House of Representatives, due to the lack of solutions to the financial deficit, expecting that “the Council of Ministers will send the budget to Parliament.” After the Eid holiday.”
He explained that the approval of a tripartite budget last year gave the government the authority to spend the 2023 budget, while the 2024 and 2025 budgets must be reviewed by Parliament because some projects ended last year, and there are financial variables related to the state’s will and outputs.
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