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[size=36]Iraq faces an unprecedented budget crisis next year .. Parliamentary reveals the reasons[/size]
Political | 02:17 - 04/09/2019
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BAGHDAD -
Iraq is likely to face a fiscal deficit in the coming year 2020, but many indicators and estimates of deputies in parliament, show that it will be the worst in nearly 16 years in light of the decline in resources, and the high cost of debt and war.
"Iraq could face an unprecedented budget crisis next year," a lawmaker said. "Work started early this year to discuss government measures and what to do with a deficit expected to be catastrophic if oil prices fall below current levels or tensions in the Strait of Hormuz lead To the fluctuation of oil exports through Basra, through which 90 per cent of Iraqi crude is exported. "
He added, "The government is a major cause of the deficit expected to be recorded during the next year, and parliament bears a large part of the responsibility."
He explained that "the government did not get one dollar of oil export revenues by the Kurdistan region despite the agreement concluded with Erbil early this year, but the federal government paid a few billion to the region within its share of the state budget."
"The government has also opened the door for tens of thousands of security forces and the army to return to work, employ others wholesale, convert temporary contracts to fixed, and allocate funds for projects that could have been postponed."
He pointed out that "Iraq is on a date with the repayment of loans to many countries and foreign banks in the past periods, as some press for the collection of funds, including the United States, Iran, China and France, pointing out that these debts were directed to buy weapons and combat equipment for Iraqi soldiers during the war on Terrorism. "
The MP said that "the second government of Nuri al-Maliki (2010-2014) flooded the country with bad loans, and increased the previous government headed by Haider al-Abadi, which was compelled by the expansion of fighting with ISIS, and the need for weapons to increase the size of debt."
According to the parliamentarian himself, "the current data confirms that the deficit may reach $ 30 billion if the government is unable to carry out rapid reforms."
Iraq is likely to face a fiscal deficit in the coming year 2020, but many indicators and estimates of deputies in parliament, show that it will be the worst in nearly 16 years in light of the decline in resources, and the high cost of debt and war.
"Iraq could face an unprecedented budget crisis next year," a lawmaker said. "Work started early this year to discuss government measures and what to do with a deficit expected to be catastrophic if oil prices fall below current levels or tensions in the Strait of Hormuz lead To the fluctuation of oil exports through Basra, through which 90 per cent of Iraqi crude is exported. "
He added, "The government is a major cause of the deficit expected to be recorded during the next year, and parliament bears a large part of the responsibility."
He explained that "the government did not get one dollar of oil export revenues by the Kurdistan region despite the agreement concluded with Erbil early this year, but the federal government paid a few billion to the region within its share of the state budget."
"The government has also opened the door for tens of thousands of security forces and the army to return to work, employ others wholesale, convert temporary contracts to fixed, and allocate funds for projects that could have been postponed."
He pointed out that "Iraq is on a date with the repayment of loans to many countries and foreign banks in the past periods, as some press for the collection of funds, including the United States, Iran, China and France, pointing out that these debts were directed to buy weapons and combat equipment for Iraqi soldiers during the war on Terrorism. "
The MP said that "the second government of Nuri al-Maliki (2010-2014) flooded the country with bad loans, and increased the previous government headed by Haider al-Abadi, which was compelled by the expansion of fighting with ISIS, and the need for weapons to increase the size of debt."
According to the parliamentarian himself, "the current data confirms that the deficit may reach $ 30 billion if the government is unable to carry out rapid reforms."
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