Government extravagance and unimportant projects threaten a huge fiscal deficit in Iraq
According to parliamentary reports, a large lavishness by the government and openness to employment and unimportant projects, threatening a huge fiscal deficit will be the first of its kind in [You must be registered and logged in to see this link.] since 2003.
The deputies pointed out that there is a decline in the country's financial oil and non-oil revenues this year, warning of a severe financial crisis that will hit [You must be registered and logged in to see this link.] and must work on a comprehensive review of the spending plan in the country.
For his part, a member of the Finance Committee in Parliament, Anaam Al-Khuzaie, that there is a sharp decline in revenues of the state oil and non-oil.
She warned of the possibility of "a severe economic crisis, in the country, contrary to what is stated in the government program, which focused on the fourth axis of maximizing non-oil revenues and monitoring public debt to ensure that it remains within the limits of financial sustainability.
The decline in oil revenues and the recent customs agreements with Iran caused huge losses to the current public budget, especially with the granting of this country customs exemptions and the abolition of entry fees, which led to a significant decline in non-oil revenues.
`` Official figures indicate a decline in non-oil revenues from 8.6 trillion dinars in August 2018 to about 3 trillion dinars in August of 2019 (one trillion Iraqi dinars = 800 million dollars).
Faleh al-Khazali, a member of parliament, the Alliance of the "conquest", said that this year [You must be registered and logged in to see this link.] accounted for oil from the total financial imports of the vast majority, so the government in general needs a revolution to revive several sectors and reduce imports and achieve sufficiency in several areas otherwise the crisis will occur.
"Encouraging investment, revitalizing the industrial sector, reviving agriculture, reducing spending on unimportant areas and fighting corruption in real terms is what the state urgently needs this year," he said.
He continued: so far the government program has been implemented only about 40 per cent, and meetings are continuing with the government and discuss with it the budget 2020 to strengthen it.
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