Reports of the next budget indicate the escalation of the deficit to 72 trillion dinars

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[size=52]Reports of the next budget indicate the escalation of the deficit to 72 trillion dinars[/size]

[size=45]Baghdad / Mohammed Sabah
[size=45]Initial reports prepared by the Ministry of Finance to prepare the Federal Budget Law (Program and Performance Budget) for the year 2020 were a major shock to Adel Abdul Mahdi's government when it produced a very high deficit ratio.[/size]
[size=45]The Finance Committee in the House of Representatives, the budget being prepared by government agencies, "it is the worst in history and represents a setback in the economic reality."[/size]
[size=45]It also held meetings and meetings with the Ministry of Finance and Oil and the Central Bank to study several options to get out of this impasse, while ideas were raised about selling a number of state properties, dealing with the security services in the security services, increasing or lowering the dinar exchange rate.[/size]
[size=45]The Ministry of Finance partially abandoned the regulations of the items adopted in the preparation of the federal budget in the Iraqi state over the past years and adopted the system of "balance programs and performance."[/size]
[size=45]A source familiar with the "Reports that have reached indicate an increase in the federal budget deficit for 2020 to 72 trillion dinars."[/size]
[size=45]The source, who declined to be identified, said: "The reasons for the increase in the budget deficit next year are due to the addition of (30) thousand elements to the popular mobilization and the issue of fixing contracts, daily wages in all ministries and the return of the separation of the security services."[/size]
[size=45]It shows that "this addition contains salaries and allocations contributed to the increase in the operating budget in an abnormal manner, as well as the movements carried out by the House of Representatives on the budget of 2019, which affected some ministries .. The latter insisted on compensation in the budget next year.[/size]
[size=45]The source pointed out that "a delegation from the government and the Ministry of Finance discussed with the Central Bank to reduce this deficit through the resort to several options, including activating the collection and increase taxes and address the space in the security services, and employees of self-financing companies, and increase or decrease the dollar exchange rate to serve the federal budget, As well as the possibility of selling some state properties. "[/size]
[size=45]"The government is also studying a range of ideas, such as transforming some of the government sectors into private ones, as well as addressing the problems of border crossings."[/size]
[size=45]The Finance Committee in the House of Representatives has formed a mini-committee to follow up the implementation of the strategy of the federal budget law, composed of each of the deputies Adnan al-Zerafi, Faisal Al-Issawi, Jamal Couger who began the participation of the Ministry of Finance draft budget law for 2020.[/size]
[size=45]A member of the Finance Committee in the House of Representatives Abdul Hadi al-Saadawi said in a statement (range) that "the federal budget for 2020 is being prepared by government agencies will be the worst in the history of Iraq," adding that the initial reports talk about "a significant increase in the expected deficit up To 72 trillion dinars. "[/size]
[size=45]"This is the first time in the budgets of Iraq, where a major setback in the proportions of deficit," noting that "this decline caused by the current government, which followed a financial policy will not take into account planning or knowledge in the disbursement of funds."[/size]
[size=45]The total deficit of the federal budget for 2019, voted by the House of Representatives in January last (27.5) trillion dinars (23 billion dollars), while estimated revenues (106 trillion dinars) (88.5 billion dollars), and expenditures (133 trillion dinars) ($ 111.5 billion).[/size]
[size=45]The MP believes that a coalition of law that "things are going to worse .. The government may declare its inability to provide all the necessary services in the budget in 2020," pointing out that "a lot of money spent by the current government as allocations and privileges of some ministries without recourse To the State Treasury. "[/size]
[size=45]The Ministry of Finance announced in a statement last month that "the date of lifting the draft federal budget law for 2020 to the Council of Ministers will be in September next," noting that "focused on the foundations and directives, which reflect the priorities necessary ministries and institutions and provinces in the preparation of the budget."[/size]
[size=45]The Finance Committee in the House of Representatives, after the adoption of the budget law of 2019 deliberately conceal the detailed budgets of most of its ministries and sub-departments. She said parliament voted on the draft budget bill without having access to the tables of expenses that the government refrained from providing to parliament.[/size]
[size=45]In contrast, a deputy in the parliament, saying that "the features of the budget next year is not yet clear." He revealed "the application of a system or method in the preparation of the new budget law."[/size]
[size=45]The MP, who preferred not to be identified in a statement to (the extent) that "the new system or method followed in the preparation of the federal budget law for next year (budget programs and performance) is based on the allocation of funds for ministerial projects and programs that require the final disclosure of the productivity of these projects Programs and funds allocated to them. "[/size]
[size=45]The MP pointed out that "the balance of programs and performance requires the improvement and development of the performance of state employees because they are not accustomed to the work of this new budget that will change the form and content," stressing that "this shift in these systems will reduce the scourge of corruption and manipulation of public money.[/size]
[size=45]The system for the preparation of the articles' budget law pays primary attention to the establishment of expenditure and revenue estimates in the schedules for regulating the disbursement process, and is divided into more detailed paragraphs such as contracts, commodities, goods, services, maintenance and purchase of furniture.[/size]
[size=45]The MP adds that "balancing the items gives the Minister the freedom to dispose of public money through the tabs in the budget as the purchase of furniture, and the innovations and maintenance that can not be the concerned authorities to verify the mechanism of disbursement of these funds."[/size]
[size=45]He added that "the funds in the new budget will be specific and allocated and the minister is charged with giving results on these funds and disbursements," explaining that "balancing items contain a lot of details and branches."[/size]
[size=45]He pointed out that "these projects that will be allocated funds will be the minister is obliged to provide a full vision for implementation after the end of each budget," noting that "the implementation of the new budget will be on the Ministries of Education and Health as a first stage and then come the other ministries successively.[/size]


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Yep..

Nice...

August 18, 2019 end for the year 2019
August 19, 2019 starts the Iraq new year 2020.
So the 2020 budget goes into implementation very soon.