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Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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After 46 days ago: 10 days to come "without salaries" and maybe "more" deepening the crisis ... The

rocky
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After 46 days ago: 10 days to come "without salaries" and maybe "more" deepening the crisis ... The  Empty After 46 days ago: 10 days to come "without salaries" and maybe "more" deepening the crisis ... The

Post by rocky on Fri 02 Oct 2020, 11:23 am


[size=30]After 46 days ago: 10 days to come "without salaries" and maybe "more" deepening the crisis ... The money is there, but "no one can access it!"


2020-10-02
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Yes Iraq - Baghdad
Today, Friday, the Parliamentary Finance Committee confirmed that the current financial deficit in Iraq is temporary, confirming that what is happening is the existence of money, but no one can access it.

The committee's rapporteur, Ahmed Al-Saffar, said in a spoiled statement, "The current deficit is a temporary and embarrassing deficit for the government and parliament, because there is a slight deficit to finance the salaries of the month of September, which the government is more than 46 days late in paying," pointing out that "in the event that the draft budget is awaited Or applying for a new loan law, the issue will be delayed by more than a week, 10 days, or maybe more, and this will lead to a lot of embarrassment.

He added that "according to the public finance literature, the Iraqi constitution and the Financial Management Law, if there is a slight deficit, the Minister of Finance has the powers to take immediate action," noting that "there are two types of debt; Real fixed debt, which is the result of a large decrease in real revenues in exchange for public expenditures, which is a permanent permanent deficit and is called fixed debt, but the current deficit in Iraq is a temporary deficit, and the debt is called a debt in public finances. Temporary treasury bills can be put forward that express the existence of revenue, but it is late income. Between the immediate public expenditures and the public revenues that may be collected in the future.

And he continued, "Iraq does not have a financial crisis because it has resources, but the state and the government cannot access them, so the current deficit in Iraq is a temporary deficit, and the debt is a debt and the deficit can be paid in the future." The government has to move the Minister of Finance to put forward bills and immediate borrowing from Iraqi banks or the central bank to pay salaries. Then the move will take place a week later when Parliament starts its sessions and the normal situation in Baghdad returns after the end of the forty-day visit.

Al-Saffar pointed out that “the draft budget was delayed sending it to the House of Representatives, and only one night remained in the Office of the Speaker of Parliament, and it was withdrawn by the government until the Finance Committee did not see it. The error and defect is the lack of monetary and financial policies in Iraq. All that exists is that they are waiting for debts and financing the operating budget.

Al-Saffar asserted that "the parliament is ready to hold any emergency session in order to solve the current crisis. It is possible to borrow immediately and then remedy the situation after a while because it is not correct that the employee waits for days without a salary and this is his only source of livelihood." As soon as possible until it is approved or resorting to a new borrowing if the government is able to obtain the approval of Parliament because the issue of debt in Iraq has become in a very dangerous range and leads the Iraqi economy to the unknown.

The Ministry of Finance asked the Iraqi government to approve the draft law on financing domestic borrowing to finance the fiscal deficit for the year 2020, with the hope of submitting it to a vote in Parliament and its legislation.
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In the document sent to the General Secretariat of the Council of Ministers, and bearing the title of the draft law on financing domestic borrowing to finance the fiscal deficit for 2020, this was justified by the withdrawal of the budget law from the House of Representatives by the government.
The Ministry of Finance indicated in a statement today that it is currently preparing a detailed road map to finance basic expenditures for the remaining three months of the current year, "We will present it soon to the esteemed parliament," explaining that "this plan includes increasing the ministry's ability to borrow internally." Once approved, we were able to start fully securing government salaries. ”
On Tuesday, the Iraqi government withdrew the 2020 budget bill from Parliament, one day after it was handed over for the purpose of discussion and approval, according to what the Parliamentary Finance Committee announced.
Earlier, the Iraqi Minister of Finance, Ali Abdul Amir Allawi, ruled out approving the general budget for 2020, confirming the trend towards borrowing. To borrow from the World Bank to address the financial crisis.
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    Current date/time is Mon 30 Nov 2020, 5:28 am