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"Finance" defines one way to impose compulsory savings on salaries in Iraq
04/20/2020 08:03:44
Shafaq News / The Parliamentary Finance Committee expressed on Monday its refusal of the government to resort to compulsory saving and prejudice the salaries of employees, noting that this matter is not implemented except with the approval of Parliament.
The committee's rapporteur, Ahmed Al-Saffar Shafaq News, said, "The government does not have the ability to implement the compulsory savings proposal and prejudice the salaries of employees without referring to the House of Representatives," noting that "such a proposal needs to be studied and approved by Parliament before its implementation."
He added that "there are other means before the government that can be used to avoid the crisis, which are borrowing and internal loans from the central bank, banks, pension fund and financial abundance in the general budget law."
Al-Saffar pointed out that "it is possible through this approach to solve the economic crisis and problem in the country," stressing that "the employee's salary is not sufficient for the head of the month, and by this the government cannot prejudice the salaries of employees."
And increased talk in the recent days about the fate of salaries of employees and retirees in Iraq, which is estimated at millions after oil prices fell to low levels after a decrease in demand for it due to the outbreak of the Corona virus in most countries of the world.
Iraq’s economy is classified as a rentier economy, as it depends more than 90% of its imports on its oil and gas exports. Economists have previously warned against following this policy, but successive governments have ruled the country after 2003, unable to find appropriate solutions to multiple resources.
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