Al-Kaabi reveals the proposals to face the financial crisis hitting the country
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Economy News _ Baghdad
On Saturday, First Deputy Speaker of Parliament Hassan Al-Kaabi revealed proposals to face the financial crisis hitting the country.
Al-Kaabi said in a televised meeting followed by "Al-Iqtisad News", that "one of the solutions to confront the deficit is internal borrowing from local banks," noting that "most of the sums in government banks are deposits for government institutions, not citizens, and we thought to deduct ten percent of salaries for private grades to provide The amount of 200 billion dinars for the grant of thirty thousand dinars. "
He added that "the government team's plan includes internal and external borrowing, selling bonds and coupons, and reducing expenditures to cover the deficit." He pointed out that "Iraq’s reserves are more than 65 billion dollars and there is no intention to withdraw part of it and we seek a decision to reduce salaries and the proposal to save ten percent for those who earn more than a million dinars. ".
On the fiscal budget for 2020, the Deputy Speaker of Parliament said that "the team that set the budget had to reduce it in line with the drop in the oil price and the current opinion is to put a real budget, not speculative, and we need to secure salaries, the protection network, food and health security, gas, electricity and farmers' dues."
He pointed out that "the oil minister said that Iraq will not commit to reducing production by one million barrels per day according to the OPEC + agreement, but perhaps by half a million barrels."
Al-Kaabi stressed, "We have self-sufficiency of wheat and barley can be exported. We also have a plan to grow rice throughout the country and there is the possibility to distribute an additional meal, but it requires courage and the Ministry of Trade can contract with a local supplier and pay it later."
He noted that "the government routine impeded the private sector and the money of the Iraqis investing in Jordan $ 18 billion," noting that "the Kurdistan Region did not deliver the 250,000 barrels agreed upon according to last year's budget."