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Shafq News/ The Parliamentary Finance Committee on Monday ruled out the federal government sending a supplementary budget for the remaining months of this year to the House of Representatives, while noting that Iraq cannot finance the investment budget for the next 10 years.
"The three-month supplementary budget, which the government is working on, will be in very limited paragraphs, and it is part of the general operational budget for 2020," committee member Jamal Cougar told Shafq News.
"The supplementary budget may be for only two months, because it needs time to approve it and be ratified by the government, the House of Representatives and the Presidency of the Republic and published in the official fact sheet," he said.
"However, we do not believe that the government will be able to prepare and send the supplementary budget to the House of Representatives," Cougar said.
Government spokesman Ahmed Mala Talal said Wednesday that the finance ministry was working on the budget for the remaining three months of the year.
On the investment budget, Cougar said that "the investment side in Iraq is an orphan who does not have any financier, as the government and political parties are interested in the large number of appointments, so the budgets that come from oil imports now and for the next 10 years will all go to the operational side."
"Countries with political conflicts and a weapon are not able to maximize their resources because the heads of the money, whether foreign or domestic, are evading investment in such an environment," he said, adding that "the lack of a stable and political security environment will not be there.
"Countries that are considering bypassing the economy and diversifying their economy should be led by competent people who do not have a militia mentality, and foreign intervention is one of the most important reasons for keeping Iraq's economy through interventions in Iraq and its economic resources and even in the formation of the government," Cougar said.
"Security, political and social stability is the point of turning a rent-a-state into a multi-resource state," Cougar said.
Iraq is one of the countries with a rentier economy, with the country relying on oil sales revenues to finance up to 95 percent of state spending.
Iraq borrowed months ago to secure the salaries of state employees following the fall in oil prices due to the Corona pandemic, which crippled the world's economies.
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