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Iraqi Finance: The "Federal" decision will affect the extraction of oil and grain reserves
Shafaq News/ Today, Sunday, the Iraqi Ministry of Finance warned of the repercussions of the Federal Supreme Court's decision to determine the powers of the current government and to cancel the Food Security Law, noting that the federal decision will affect the extraction of oil and grain reserves in a difficult economic situation.
The ministry said in a statement issued by the media office and received by Shafak News Agency, that the decision issued by the Federal Supreme Court regarding the powers of the current government has important repercussions on the work of the Ministry of Finance, and in fact the court ruled that the current draft law on emergency financing proposed by the government is outside the powers of This government. This, of course, prevents this government from proposing any budget law for 2022.
The statement added, “The Ministry of Finance initiated the emergency bill with the full knowledge of the House of Representatives, and the project proposal was keen to invest the gains arising from the rise in oil prices to confront the global rise in prices of basic commodities that affected the poor in our country and to enhance our ability to confront food emergencies in the future, and to cover the cost of Crude oil production by the Ministry of Oil, to repay the Ministry of Electricity's debt on fuel imports, and to help strengthen the Ministry of Finance's financial barriers.
The finance statement stressed that such a law was necessary in the absence of the 2022 budget due to the multiple funding issues that the government faced, stressing that this draft law was in no way intended to be a substitute for a full budget, indicating that the draft law proposed by the Ministry of Finance was approved. Finance by the Council of Ministers, and submitted to the House of Representatives for consideration.
Today, the Supreme Court issued its ruling, which made the bill inapplicable, according to the statement of the Ministry of Finance, which indicated that it (the Ministry of Finance) fully respects the decisions of the highest court in the country and is working to implement them, but we must make it clear that the court’s decision will have an impact on our ability to manage Public finances in a way that would mitigate the effects of the global rise in commodity prices and to allow the government to meet the demands of the electricity sector at the beginning of the summer, in addition to the inability to meet the costs of oil extraction by the Ministry of Oil, and to build a reserve stock of grain.
And the Iraqi Finance continued: In our scattered political environment, where government formation takes months to complete, it is difficult to see how stripping the caretaker government's powers to manage crises and emergencies would serve the greater national interest.
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The ministry said in a statement issued by the media office and received by Shafak News Agency, that the decision issued by the Federal Supreme Court regarding the powers of the current government has important repercussions on the work of the Ministry of Finance, and in fact the court ruled that the current draft law on emergency financing proposed by the government is outside the powers of This government. This, of course, prevents this government from proposing any budget law for 2022.
The statement added, “The Ministry of Finance initiated the emergency bill with the full knowledge of the House of Representatives, and the project proposal was keen to invest the gains arising from the rise in oil prices to confront the global rise in prices of basic commodities that affected the poor in our country and to enhance our ability to confront food emergencies in the future, and to cover the cost of Crude oil production by the Ministry of Oil, to repay the Ministry of Electricity's debt on fuel imports, and to help strengthen the Ministry of Finance's financial barriers.
The finance statement stressed that such a law was necessary in the absence of the 2022 budget due to the multiple funding issues that the government faced, stressing that this draft law was in no way intended to be a substitute for a full budget, indicating that the draft law proposed by the Ministry of Finance was approved. Finance by the Council of Ministers, and submitted to the House of Representatives for consideration.
Today, the Supreme Court issued its ruling, which made the bill inapplicable, according to the statement of the Ministry of Finance, which indicated that it (the Ministry of Finance) fully respects the decisions of the highest court in the country and is working to implement them, but we must make it clear that the court’s decision will have an impact on our ability to manage Public finances in a way that would mitigate the effects of the global rise in commodity prices and to allow the government to meet the demands of the electricity sector at the beginning of the summer, in addition to the inability to meet the costs of oil extraction by the Ministry of Oil, and to build a reserve stock of grain.
And the Iraqi Finance continued: In our scattered political environment, where government formation takes months to complete, it is difficult to see how stripping the caretaker government's powers to manage crises and emergencies would serve the greater national interest.
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