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The Iraqi government is trying to adopt borrowing instead of a genera budget, MP says

chouchou
chouchou
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The Iraqi government is trying to adopt borrowing instead of a genera budget, MP says Empty The Iraqi government is trying to adopt borrowing instead of a genera budget, MP says

Post by chouchou on Wed 04 Nov 2020, 3:18 am

Shafaq News / The financial committee in the Iraqi parliament hinted on Wednesday at the attempt of the federal government, to adopt financial borrowing as an alternative to the general budget in 2021.


Committee member Jamal Kocher told Shafaq News agency, "The government has adopted the principle of borrowing to run the current year and secure employee salaries instead of the general budget, but it is trying to do it again next year".


He added, "the Parliamentary Finance Committee will not allow the government to resort to borrowing again", stressing that, "the next year will not pass without the general budget, and there is no alternative to it", calling on the government to submit the budget bill draft to the Parliament before the end of 2020.


On September 14, the Iraqi Council of Ministers approved the federal budget bill draft for the year 2020, and submitted it to the council of Representatives, then withdrew it immediately.
The Parliamentary Economic and Investment Committee revealed, earlier, that the federal budget deficit for 2020 amounted to 45%.


Iraq has not approved the federal budget law for the current year as a result of the protests crisis that has swept the country since October 2019 and toppled the previous government.


Mustafa Al-Kadhimi's government faced difficulties in preparing the budget project at a time when the country was suffering from a stifling financial crisis, caused by the collapse of oil prices in world markets.


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