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Economy News - Baghdad
Today, Wednesday, the Iraqi Political Economic Center revealed the repercussions and impact of delaying the approval of the 2022 budget on the Iraqi economic situation in general.
Wissam Hadmal Al-Helou, director of the center, said, "The economic situation in Iraq suffers from a number of economic problems, and the delay in approving the budget until now due to the political blockage between the political blocs, and it will reflect negatively on the life of the Iraqi citizen."
Al-Hilu explained, "Law 121 currently followed by the Iraqi government is a business case only and is no longer sufficient to manage the Iraqi state's expenses because building the 2021 budget was based on the price of a barrel of oil set at 45 dollars, and today oil prices have reached more than 100 dollars, and according to the data, the Prices are on the rise and fluctuations due to the Russian-Ukrainian war.
He added, "The global economic circumstance requires Iraq to create a new economic mechanism and legislate new economic laws in line with the current economic and political events in the world in order to achieve sound economic security enhanced by government economic committees and with the participation of Iraqi private sector institutions and a number of experts and specialists in the economic field on That the committees be real, not formal, ineffective and not influential in the government decision, and the tasks of the committees are to follow up and monitor global markets and economic variables and come up with studied economic proposals that work to alleviate the burden of the Iraqi citizen.
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