Parliamentary Finance: Unnecessary Spending The Real Impact on the Budget

Parliamentary Finance: Unnecessary Spending The Real Impact on the Budget


Thursday, March 12, 2020 - 08:53

Parliamentary Finance: Unnecessary Spending The Real Impact on the Budget
Baghdad - Waaa- Hazem Al-Akili

The parliamentary finance committee confirmed thursday that the real impact on the budget is unnecessary spending, not the fall in oil prices.

"The real impact on the budget is the unnecessary spending issued by the government, and a number of ministries that have exceeded the spending powers and represent the real threat to the budget," Abdul Hadi al-Saadawi, a member of the parliamentary finance committee, told The Iraqi News Agency (INA).

"Employees' salaries are a red line even if there is a drop in oil prices," he said, adding that "the rate of low oil prices is not expected to continue."

He added that "the fall in oil prices does not directly affect the budget," calling for "the emphasis on monitoring the file of border crossings in support of state resources, in addition to dealing with the Kurdistan Region and not spending any amounts, especially since any amounts spent after the date of 1-1 are illegal even if salaries Special".

"Large amounts are spent on the territory and its export of oil in exchange for not handing over export imports to the central government to be included in the state budget," he said.

Earlier, Prime Minister Adel Abdul Mahdi said Iraq faces significant but far-reaching challenges, while noting that what Iraq is going through does not cause panic and collapse.

"The crises that Iraq is currently going through are cause for concern, not panic or collapse, because Iraq has always faced great challenges, but it has been able to Get over it."

"We need an optimistic spirit and to stay away from the negatives to overcome the crisis, which Iraq is going through, because the collapse in oil prices does not mean that it has become bankrupt, but it means that there is a crisis that needs to be addressed," he said.

"Iraq has a lot of money, estimated at $30 billion in markets, which can be recovered to banks to reduce the deficit, and support investment budgets, and the oil imports we provide will be enough for our operating budgets if they are guided and withdrawn to reduce the deficit," he said. Oil will be enough for our operational budget if guided."

On the crisis of the collapse of oil prices, Abdul Mahdi commented: "Current oil prices may reduce Iraq's imports by $35 billion, and this may lead to a crisis, but it does not mean that Iraq has become bankrupt, especially since the economy of Iraq is ranked 34th in the world, which is an advanced stage and there is a lot behind us. from countries economically."

"The current crisis may last months, but it will take no longer, because it is an economic war, and those who resist are the low-cost oil quotas," he said.

On the investment budget, Abdul Mahdi said that "there is a continuous overrun on investment budgets in the country, as there are about 6,000 projects in Iraq, and this must be monitored and reduced."

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