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Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Parliamentary Finance: The Fiscal Deficit May Reach 70 Trillion Dinars With Low Oil Prices

rocky
rocky
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Join date : 2012-12-21

parliamentary - Parliamentary Finance: The Fiscal Deficit May Reach 70 Trillion Dinars With Low Oil Prices Empty Parliamentary Finance: The Fiscal Deficit May Reach 70 Trillion Dinars With Low Oil Prices

Post by rocky on Fri 20 Mar 2020, 3:12 am

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[size=40]Parliamentary Finance: The Fiscal Deficit May Reach 70 Trillion Dinars With Low Oil Prices
[You must be registered and logged in to see this link.]  On 3/20/2020 - 10:39 AM  8[/size]
The Parliamentary Finance Committee revealed, Friday, the insurance of the salaries of employees in the draft federal budget law for the year 2020, while pointing out that the value of the financial deficit will reach 70 trillion dinars in light of low oil prices.
Committee member Haneen Qadu said in a statement that Al-Ahed News received, a copy of it, that "the 50% drop in oil prices naturally affected the construction of the federal budget for the year 2020, given that Iraq depends on oil imports to build federal budgets."
He added that "the value of the financial deficit in the budget will reach 70 trillion dinars due to the drop in oil prices, this will prompt the government and the House of Representatives to rely on other non-oil imports and reduce public expenditures to fill the fiscal deficit in the budget."
Qiddo pointed out that "the government will resort to internal loans from government and private banks to fill the deficit in the federal budget," stressing that "the deficit that does not affect the payment of salaries of employees and retirees."


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rocky
rocky
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Posts : 189380
Join date : 2012-12-21

parliamentary - Parliamentary Finance: The Fiscal Deficit May Reach 70 Trillion Dinars With Low Oil Prices Empty Parliamentary finance reveals the fate of salaries and confirms: the budget deficit will reach 70 tr

Post by rocky on Fri 20 Mar 2020, 3:14 am

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 Parliamentary finance reveals the fate of salaries and confirms: the budget deficit will reach 70 trillion dinars[You must be registered and logged in to see this link.]
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On Friday, the Parliamentary Finance Committee revealed that employees ’salaries are to be secured in the draft federal budget law for the year 2020, while noting that the value of the financial deficit will reach $ 70 in light of the drop in oil prices.
Committee member Hanin Qaddo said in press statements, "The 50% drop in oil prices naturally affected the building of the federal budget for 2020, given that Iraq relied on oil imports to build federal budgets."
He added that "the value of the financial deficit in the budget will reach 70 trillion dinars due to the low oil prices, this will prompt the government and the House of Representatives to rely on other non-oil imports and reduce public expenditures to fill the fiscal deficit in the budget."
Qiddo pointed out that "the government will resort to internal loans from government and private banks to fill the deficit in the federal budget," stressing that "the deficit incurred does not affect the payment of salaries of employees and retirees."
The federal budget in Iraq depends mainly on the export of oil, and the price of a barrel of oil in the budget is usually set between forty to fifty dollars, but because of the fears of the Corona virus, global oil prices have fallen below 30 dollars a barrel.

    Current date/time is Sat 26 Sep 2020, 7:23 am