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[size=36]The 2020 budget deficit rises to 51 trillion dinars and measures to reduce it[/size]
Economy | 08:58 - 07/03/2020
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Baghdad - Mawazine News
, The Finance Committee confirmed in the House of Representatives, on Saturday, its efforts to reduce the deficit in the state's general budget 2020 by maximizing resources and reducing unnecessary expenses.
"We are still waiting for the formation of the full government to send the budget to parliament after its study and to lay out its priority plans and programs that are different from the plans of the government," said Haneen al-Qaddo, a member of the committee.
He added, "Accelerating the formation of the government will support the study and classification of the various items in the budget and give specific and special priorities to the demands of the demonstrators and the provision of services", noting that "the estimated deficit in the budget amounted to 51 million dinars."
He stressed, "This does not mean failure to fulfill the commitment of the salaries of employees who have bonuses, but rather we will maintain the continuity of work in accordance with the legal controls."
“The committee will resort to reducing the budget deficit through internal borrowing and by reducing unnecessary internal expenses by reducing the social benefits for the ministers that have been allocated, especially in relation to rehabilitating the residential houses that may cost billions of dinars,” he said.
He pointed out that "working to maximize imports to reduce the percentage of deficit comes through industry, agriculture, and border ports in the Kurdistan region and the rest of the other Iraqi border outlets, and activating customs tariffs and collecting water and electricity, which reduces the deficit to approximately 25 trillion dinars."
A member of the Parliamentary Finance Committee affirmed, “We need to develop a strategy to address the deficit and how to maximize resources for the treasury,” noting that “as the Kurdistan Region is entitled to enjoy the goods of Iraq, all the southern, central and western regions have the right to enjoy the same level of these options.” End 29 / A 43
, The Finance Committee confirmed in the House of Representatives, on Saturday, its efforts to reduce the deficit in the state's general budget 2020 by maximizing resources and reducing unnecessary expenses.
"We are still waiting for the formation of the full government to send the budget to parliament after its study and to lay out its priority plans and programs that are different from the plans of the government," said Haneen al-Qaddo, a member of the committee.
He added, "Accelerating the formation of the government will support the study and classification of the various items in the budget and give specific and special priorities to the demands of the demonstrators and the provision of services", noting that "the estimated deficit in the budget amounted to 51 million dinars."
He stressed, "This does not mean failure to fulfill the commitment of the salaries of employees who have bonuses, but rather we will maintain the continuity of work in accordance with the legal controls."
“The committee will resort to reducing the budget deficit through internal borrowing and by reducing unnecessary internal expenses by reducing the social benefits for the ministers that have been allocated, especially in relation to rehabilitating the residential houses that may cost billions of dinars,” he said.
He pointed out that "working to maximize imports to reduce the percentage of deficit comes through industry, agriculture, and border ports in the Kurdistan region and the rest of the other Iraqi border outlets, and activating customs tariffs and collecting water and electricity, which reduces the deficit to approximately 25 trillion dinars."
A member of the Parliamentary Finance Committee affirmed, “We need to develop a strategy to address the deficit and how to maximize resources for the treasury,” noting that “as the Kurdistan Region is entitled to enjoy the goods of Iraq, all the southern, central and western regions have the right to enjoy the same level of these options.” End 29 / A 43
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