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Finance: Borrowing powers are part of the budget until the formation of the new Iraqi government
Shafaq News/ The Ministry of Finance clarified on Friday that the borrowing powers within the recent decisions are part of the budget approved by the House of Representatives to address the transitional period until the formation of the new government.
And the ministry said in a statement today, that "recently, false information has spread through irresponsible social media about the borrowing authorization granted to the Minister of Finance in accordance with the recent decisions of the Council of Ministers. The motive behind this false news is electoral propaganda only."
The statement added that "all the loans referred to in the resolution were negotiated and approved months or even two years ago and are part of the budget approved by the House of Representatives," noting that "the Minister of Finance has been authorized to make it valid during the transitional period between the elections and the new government." Just" .
The ministry indicated in its statement that "the public has the right to know why the ministry had to borrow despite the recent rise in oil prices, and this is due to the fact that the government's current expenditures from salaries, retirement and social transfers may reach approximately 6 trillion Iraqi dinars per month. This is before expenses are added other ongoing, investment expenditures, debt service at the local and international levels, and the fulfillment of arrears from previous obligations to the electricity and other sectors.”
The statement went on to say: However, everyone must realize that Iraq must abide by the decisions of the Organization of Petroleum Exporting Countries that obligate it to reduce its oil production, and the dues of licensing contracts and Kuwait war compensation, which are deducted from export revenues, must be paid.
The revenues that we get from oil exports per month are about 6.5 trillion Iraqi dinars at current prices.
The statement added that it is completely wrong to claim that the ministry is borrowing for no reason as the government is obligated to borrow to meet budget targets and maintain credit rating stability in local and international markets.
The statement continued by saying that the ministry's credit status was confirmed by all the major rating agencies, which praised the financial measures of the Ministry of Finance, the government and the Department of the Economy, and each of these ratings was published on the ministry's website for all to see and confirm the international community's support for our policies.
In its statement, the ministry noted that: Negotiable bonds to improve the work of the money market and provide safe and rewarding securities to investors and private institutions.
The ministry also confirmed in its statement that it is keen to diversify sources of funding and is working persistently to reform the tax and customs system after years of neglect.
The Ministry of Finance concluded its statement by saying: As for the unbridled accusations and allegations made by the makers of harm, we completely reject them and reserve the right to sue them for the serious harm that they inflicted on the public’s trust through their unfounded allegations.
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And the ministry said in a statement today, that "recently, false information has spread through irresponsible social media about the borrowing authorization granted to the Minister of Finance in accordance with the recent decisions of the Council of Ministers. The motive behind this false news is electoral propaganda only."
The statement added that "all the loans referred to in the resolution were negotiated and approved months or even two years ago and are part of the budget approved by the House of Representatives," noting that "the Minister of Finance has been authorized to make it valid during the transitional period between the elections and the new government." Just" .
The ministry indicated in its statement that "the public has the right to know why the ministry had to borrow despite the recent rise in oil prices, and this is due to the fact that the government's current expenditures from salaries, retirement and social transfers may reach approximately 6 trillion Iraqi dinars per month. This is before expenses are added other ongoing, investment expenditures, debt service at the local and international levels, and the fulfillment of arrears from previous obligations to the electricity and other sectors.”
The statement went on to say: However, everyone must realize that Iraq must abide by the decisions of the Organization of Petroleum Exporting Countries that obligate it to reduce its oil production, and the dues of licensing contracts and Kuwait war compensation, which are deducted from export revenues, must be paid.
The revenues that we get from oil exports per month are about 6.5 trillion Iraqi dinars at current prices.
The statement added that it is completely wrong to claim that the ministry is borrowing for no reason as the government is obligated to borrow to meet budget targets and maintain credit rating stability in local and international markets.
The statement continued by saying that the ministry's credit status was confirmed by all the major rating agencies, which praised the financial measures of the Ministry of Finance, the government and the Department of the Economy, and each of these ratings was published on the ministry's website for all to see and confirm the international community's support for our policies.
In its statement, the ministry noted that: Negotiable bonds to improve the work of the money market and provide safe and rewarding securities to investors and private institutions.
The ministry also confirmed in its statement that it is keen to diversify sources of funding and is working persistently to reform the tax and customs system after years of neglect.
The Ministry of Finance concluded its statement by saying: As for the unbridled accusations and allegations made by the makers of harm, we completely reject them and reserve the right to sue them for the serious harm that they inflicted on the public’s trust through their unfounded allegations.
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