A member of the Parliamentary Finance Committee, Ahmed Hama Rashid, warned, on Wednesday, of depleting the reserves of the Central Bank, and then the Iraqi economy was affected.
Rashid said to / the information / that "the volume of cash reserves in [You must be registered and logged in to see this link.] whenever it decreases, it weakens the Iraqi currency," adding that "this will gradually weaken the price of the currency."
And he warned of "weakening the Iraqi economy in particular that [You must be registered and logged in to see this link.] needs to import, and consequently, pandemic inflation."
It is noteworthy that the committee expressed its surprise at the issuance of a book by the Ministry of Finance calling for the enactment of a law to borrow to pay the deficit in the salaries of employees, warning against mortgaging the future of [You must be registered and logged in to see this link.] by relying on borrowing. Ended 15 f
The economist and financial expert Safwan Qusay denied, today, Tuesday, that Iraq is close to declaring bankruptcy, the comment came after the news spread in this regard after the books circulated between the Ministry of Finance and the House of Representatives.
Qusay, during his speech with the program "Al-Mubasher", affirmed that Iraq possesses large reserves at the level of the central bank, indicating that there is a major failure in the process of managing the financial policy, and Qusay revealed that the government funded current expenditures at the beginning of receiving the state administration, and pointed out that the pandemic and low oil prices Urging the government to pass a law on internal borrowing to get 15 trillion dinars.
The financial and economic expert suggested that the Ministry of Finance had continued spending during the past months on items outside of compensation for employees. I know that the government will deplete the internal borrowing money very quickly. He also called on the government to take advantage of the current situation and transform the economy in Iraq from total dependence on oil to making our economy diversify.