Minister of Finance: 150 billion dinars is the estimated cost of compulsory service

[size=52]Minister of Finance: 150 billion dinars is the estimated cost of compulsory service[/size]

[size=45]Finance Minister Ali Abdul-Amir Allawi considered the decision to change the exchange rate in Al-Hakim, estimating the sums smuggled out of Iraq during the era of the previous regime at $200 billion. He expected to submit the draft budget to the government next month, estimating the cost of implementing the conscription law at 150 billion dinars.[/size]
[size=45]Allawi said in a dialogue session with a number of journalists and media professionals, which was attended by (Al-Mada), that "the money that escaped outside Iraq during the period of the former regime is estimated at $200 billion as a result of corruption and exploitation," pointing to "dialogues with neighboring countries to recover these large sums."[/size]
[size=45]He added, "The fiscal and monetary policy during the life of the current government went through several stages, including the obligations of the previous government that were given to large segments of society."[/size]
[size=45]Allawi indicated, "This later reflected financially on our economic situation, as well as the crisis of the Corona pandemic and the collapse of oil prices globally." He pointed out, "The current government entered May 2020, without any financial valve, through the amounts in it, which amount to only one trillion dinars, at a time when we are facing the Corona crisis, unemployment with a sharp drop in oil prices."[/size]
[size=45]Allawi stated, "Among the stages that the current government has gone through is the relative recovery in oil prices at the beginning of the summer of last year, followed by government measures to control expenditures, among the many commitments that were given by previous governments."[/size]
[size=45]He noted, "The process of changing the exchange rate was not easy despite the many objections, but it has proven at the present time that our decision was wise."[/size]
[size=45]Allawi stated, "The end of the year 2020 witnessed a process of deep reforms to the economic reality, and before that, reforming the government's performance in the economy," stressing that "the fiscal and monetary policy of this government depends on the reform approach, and it must continue to do so without stopping." And he added, “The monetary and fiscal policy is trying to achieve a balance between oil and non-oil resources,” and he believed that “changing this equation needs more time, maximizing resources from other sources requires many measures, including reforming institutions, the system itself, changing the tax and customs mechanism, and justice in Dealing with the citizen. Allawi spoke about "economic conditions that Iraq went through, which we were able to overcome safely, but the situation is still sensitive and requires continued accountability, oversight and control."[/size]
[size=45]He pointed out, "There is a convergence between fiscal and monetary policy by taking into account all monetary effects if we implement any kind of measures."[/size]
[size=45]Regarding the Federal Budget Law for 2022, Allawi replied, "The ministry is in the final stages of preparing the budget, after we held 24 to 25 meetings of the Strategic Committee, but he ruled out presenting it during the current electoral cycle, but rather it will be presented to the next parliament."[/size]
[size=45]However, Allawi stated that "the presentation of the project to the Council of Ministers will be within the next month."[/size]
[size=45]He promised, "The increase in the exchange rate has significant effects that we have felt on the Iraqi economy through investment and the entry of goods and other things." He pointed out that "the price of oil in the next federal budget will be (50) dollars, compared to current prices," expressing his expectation that "the problems of the oil price will be less severe than the situation in previous years."[/size]
[size=45]As for the number of employees in Iraq, Allawi replied that he is not against employment, explaining that "the main problem we have is the loss of productivity in the government job," noting that "most of the salaries go to security institutions."[/size]
[size=45]He continues, that "the rest of the state institutions enjoy poor production compared to the salaries that are given to their employees."[/size]
[size=45]Allawi promised "Basmayah's project is complicated," adding that "the Korean company assigned to it is demanding sums of money, but it has obligations that it has not yet fulfilled."[/size]
[size=45]He added, "The project is progressing without stopping due to its support by government banks," believing that "the new financial structure of the project and the amounts we have allocated to the banks to purchase these apartments will give a great boost to the project, and perhaps its completion." In response to a question by (Al-Mada) about the compulsory service law, Allawi replied that "the government has not discussed the project until the moment, despite its presentation, but there are different opinions about it." And he added, "The government does not know the positions of the political currents and parties within the House of Representatives, if we pass the project within the Council of Ministers." Allawi indicated, "A meeting was held recently with representatives of the Ministry of Defense, which was devoted to discussing the financial aspects and the cost of approving the law." The Ministry of Defense had submitted a detailed report on the conscription law and assigned it to the Ministry of Finance in a meeting held last Wednesday.[/size]
[size=45]Allawi continues, "The Ministry of Defense spoke in this meeting about the inclusion of 10,000 people after the passage of the law, which will include a license to pay the financial allowance to the individuals and those covered."[/size]
[size=45]He revealed, "A financial estimate for implementing the law on the ground is 150 billion dinars, because we will be in front of salaries and livelihoods distributed to individuals."[/size]
[size=45]As for his questioning, Allawi said, “There are seven requests submitted to the House of Representatives earlier, and I do not know of any new orientation, and I will deal with any request submitted, but I do not necessarily have to attend.”[/size]
[size=45]Regarding the work of the Iraqi-Saudi Coordination Council and the possibility of linking electricity with the Arab Gulf states, Allawi replied, “This project is important in terms of diversification through linking with the Gulf system,” adding that “this project; Expensive because we need $500 million.” He finds, "The World Bank is supposed to contribute to supporting and financing this project," and counted "the decision in this regard is a political, strategic, and economic decision," noting that "the Iraqi government is still communicating with all parties to complete it, but it is not yet complete."[/size]
[size=45]Allawi went on to say that "Iraq sent all the requirements for building the stadium that was donated by Saudi Arabia, but the choice of a site for it in Basmaya has not yet been decided."[/size]
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