Al-Naimi: The 2020 budget needs to cut investment expenditures according to the Chinese agreement
Economist Osama Al-Nuaimi revealed on Tuesday that the [url=https://www.thebaghdadpost.com/ar/Story/t/119212/%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9 2020][size=13]2020 budget[/url] will need substantial adjustments in terms of investment expenditures, pointing out that the budget deficit will decrease significantly after going to refer many projects and include them in the Chinese agreement.
Al-Naimi said in a statement, "The budget deficit, according to the latest available information, will reach 27 trillion dinars, but this deficit may be much less than this number with the start of implementing the economic agreement with China."
He added that "the budget of 2020, despite the government's inability to send it to parliament, it is the government of Abdul Mahdi must make fundamental amendments to the budget, especially investment, in order to reduce the amounts allocated to projects, after a letter was sent to ministries and governorates regarding clarification of what they need from projects Therefore, local governments and ministries will dispense with some project funds for implementation by Chinese companies in accordance with the agreement between the two countries.
Al-Naimi pointed out that "Iraq can rely 60% on the surplus oil production to contract with other countries, especially Russia, to supply arms and set up factories to manufacture equipment inside Iraq through oil, while the investment budget funds remain inside Iraq, which is used to attract international expertise to develop Iraqi capabilities." In all fields, especially the pharmaceutical industries. ”
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