The Finance Committee announces the agreement to cancel the borrowing clause in the Food Security Law
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Economy News _ Baghdad
Today, Monday, the Parliamentary Finance Committee announced an agreement to cancel the borrowing paragraph in the Emergency Food Security Support Law, while setting the financial ceiling for the draft law.
Committee member Hassan Al-Kaabi said in a speech during the committee’s meeting chaired by Parliament Speaker Muhammad Al-Halbousi, that “the emergency support law for food security is required when global conditions, wars, crises, food shortages and high oil prices rise in such a rapid manner,” stressing “the right of the House of Representatives.” Representatives take into account the demand of the people from the legislative authority to preserve their resources in the ration card and to be real in its vocabulary in order to reach the citizen as required within the specified allocations.
He added, "It was agreed between the members of the Finance Committee, and after the approval of the Speaker of the House of Representatives, to cancel the internal and external borrowing paragraph in the law, which is related to granting the government the authority to borrow an amount of 20 trillion in two phases, and at a rate of 10 trillion in each stage," noting "the importance of allocating abundance to confront poverty and enable Food and strategic storage of wheat.
He stressed the need for "the current and future governments to preserve the entitlement of future generations to guarantee sovereign funds."
While committee member Ahmed al-Jubouri confirmed, "The committee will host the ministers of finance, trade and agriculture and the governor of the Central Bank, before the final vote on the emergency support law for food security and development."
He added that "the law on food security and development is not a substitute for the budget law," explaining that "the financial ceiling of the draft law is 25 trillion dinars."