Parliamentary Finance: The government will resort to internal and external borrowing to fill the budget deficit
Parliamentary Finance Committee confirmed that employees ’salaries are guaranteed in the Federal Budget Bill for the year 2020, while noting that the value of the fiscal deficit will reach $ 70 trillion in light of the low oil prices.
Member of the Committee Haneen Al-Qaddou said in a press statement: "The 50% decrease in oil prices naturally affected the construction of the federal budget for the year 2020, given that [You must be registered and logged in to see this link.] depends on oil imports to build federal budgets."
Al-Kiddo added: "The value of the financial deficit in the budget will reach 70 trillion dinars due to the drop in oil prices. This will push 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."
He pointed out: "The government will resort to internal loans from government and private banks to fill the deficit in the federal budget," stressing: "The deficit that does not affect the payment of salaries of employees and retirees."