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Parliamentary Finance: The fiscal deficit in Iraq is temporary
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Economy News - Baghdad
The Parliamentary Finance Committee confirmed, on Friday, that the current financial deficit in Iraq is temporary.
Committee rapporteur, Ahmad Al-Saffar, said, "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 September, which the government was more than 46 days late in paying."
He added that "in the event of waiting for the submission of the draft budget or the submission of 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 pointed out 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," pointing out that there are "two types of debt; a real fixed debt which results from a significant decrease in real revenues versus public expenditures, which is a deficit Continuous, permanent, and it is called fixed debt, but the current deficit in Iraq is a temporary deficit, and the debt is called a debt in the public finances. Temporary treasury bills can be put forward that express the existence of revenue but is delayed. There is a time mismatch between immediate public expenditures and public revenues that may be collected in the future.
He added that "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 that can be paid in the future."
He pointed out that, "in order to get out of this great distress and embarrassment for the government, the Minister of Finance should move to offering bills and immediate borrowing from Iraqi banks or from the Central Bank to pay salaries, and then the move will take place a week later when Parliament begins 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it to the House of Representatives, and there was only one night remaining in the Parliament's Office and it was withdrawn by the government until the Finance Committee did not see it. I do not know the reasons behind the withdrawal of the project and this embarrassment to the House of Representatives by the Ministry of Finance is never acceptable because 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. "
He added, "The House of Representatives is ready to hold any emergency session in order to solve the current crisis, and 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 salary and this is his only source of income," noting that "there are two solutions, either to present the draft budget as soon as possible." Possible time until it is approved or resorting to 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 domain and leads the Iraqi economy to the unknown. "
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