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Sunday, March 22, 2020
Parliamentary Finance: The Global Oil Crisis "Temporary" and employees' salaries are secured for a full year
Baghdad / Omar Abdul Latif
The House Finance Committee has promised that the global crisis of low oil prices is temporary, stressing that the salaries of employees are secured for a whole year.
Committee member Dr Ahmed al-Saffar told Al-Sabah that the global crisis of low oil prices is temporary and may not last more than a month or two at most, noting that the causes are known to be the outbreak of the virus "Corona" in the world and its impact on large production plants in Japan, China and Europe, which led to a reduction in oil demand, the entry of producers war prices and flooding the market with crude oil, which led to the decline in its prices.
He said oil-exporting countries could not take further losses and could end the crisis in the next month or next.
He added that iraq is a country with central bank cash reserves and can use domestic or external reserves, as well as means related to monetary policy, open market operations, interest rate or legal reserves of banks.
He hinted that Iraq could also resort to external borrowing in case of emergency and crisis after it was blocked in last year's budget.
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