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Parliamentary Finance: Lower oil price will push the government to borrow abroad

rocky
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Finance - Parliamentary Finance: Lower oil price will push the government to borrow abroad Empty Parliamentary Finance: Lower oil price will push the government to borrow abroad

Post by rocky on Wed 28 Aug 2019, 2:19 pm


Parliamentary Finance: Lower oil price will push the government to borrow abroad

15:41 - 28/08/2019



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BAGHDAD (Reuters) - A drop in the sale price of a barrel of oil will prompt the Iraqi government to borrow abroad during the preparation of the federal budget bill for 2020, the parliamentary finance committee said on Wednesday.
Committee member Hanin Kaddou said in a statement to the information, that "the decline in the sale price of a barrel of oil below $ 50 will push the government towards external borrowing to address the expected deficit," pointing out that "the government is still determined to adopt the sale price of oil barrel $ 56 within the 2020 budget ”.
He added that "the adoption of the price of 56 dollars will put the country in front of a serious financial crisis in light of the decline in oil prices globally," noting that "Parliament will go to reduce the price to 46 dollars to avoid the risk of fiscal deficit and high external debt of [You must be registered and logged in to see this link.]  ."
Oil expert Hamza al-Jawaheri predicted last week that world oil prices would fall below $ 50 per barrel, while the government warned against the adoption of $ 56 to sell a barrel of oil in the draft federal budget law for 2020.


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rocky
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Finance - Parliamentary Finance: Lower oil price will push the government to borrow abroad Empty Parliamentary Finance: We will prevent the government from borrowing abroad in the 2020 budget

Post by rocky on Wed 28 Aug 2019, 2:20 pm


Parliamentary Finance: We will prevent the government from borrowing abroad in the 2020 budget

19:32 - 28/08/2019
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The parliamentary Finance Committee announced on Wednesday its intention to include a 2020 budget clause prohibiting the government from borrowing abroad and fill the deficit through surplus oil and internal borrowing.
The Committee's Rapporteur Ahmed al-Saffar told the / information / that "external loans to [You must be registered and logged in to see this link.] exceeded the 124 billion dollars in addition to the benefits, which makes it difficult to add any new loans during the coming years."
He explained that "the Committee decided to include in the 2020 budget a paragraph obliging the government to prevent external borrowing from all global banks with the continuation of repayments of previous debt payments."
He added that "the full deficit can not be paid in full budget 2020," pointing out that "part of it will be paid through financial bonds and internal borrowing and domestic imports and surplus high oil prices."
Earlier, the Parliamentary Finance Committee announced that the deficit in the budget of 2020 reached more than 72 trillion dinars.


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