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In detail... Parliamentary Finance reveals the mechanism for filling the deficit in the 2024 budget
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Baghdad today - Baghdad
Today, Thursday (May 30, 2024), the Parliamentary Finance Committee revealed the mechanism for filling the financial deficit in the financial budget for the year 2024 sent from the government to the House of Representatives.
Committee member Moeen Al-Kazemi said in an interview with “Baghdad Today” that “the 2024 budget, according to the tables sent by the government to the House of Representatives, amounts to (211) trillion dinars, and the government’s oil and non-oil revenues amount to (147) trillion dinars, and this means that the deficit will be (64) trillion dinars.” One trillion dinars, and we in the Finance Committee will follow up on this issue and give our visions regarding addressing the deficit at the upper limit.”
Al-Kadhimi stated, “The government wants to address this problem by borrowing from the Central Bank of Iraq in an amount of (20) trillion dinars and from other banks in the amount of (5) trillion dinars and issuing new national bonds for (5) trillion dinars, and with a rise in oil prices, it reaches To (16) trillion dinars, and for this reason we will have multiple meetings with the relevant government agencies to find out the details of this process and how it is possible to bridge the deficit away from borrowing and reduce it.”
On Wednesday (May 22, 2024), the Parliamentary Finance Committee began holding its first meeting after receiving the 2024 budget schedules, to review the budget schedules and begin studying them for the purpose of proceeding with their approval.
Later, the Finance Committee confirmed in a statement that it held its first meeting regarding the Federal General Budget Law for the year 2024, with the aim of developing a comprehensive plan to review and analyze the budget schedules and their items after they arrive from the Prime Minister’s Office.
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The head of the Finance Committee, Atwan Al-Atwani, announced that he had received the budget tables after they arrived from the Presidency of the Council of Ministers, in preparation for discussing them and drawing up the financial policy for them, stressing the speedy completion of them before the end of the legislative term of the Council.
The statement noted that the committee decided to host the Ministers of Finance and Planning to discuss the details of the schedules, in addition to hosting those concerned to listen to opinions and proposals.
The statement continued that the committee reviewed the details received, noting the need to analyze the data contained in current and investment expenditures, as the committee agreed to prepare a summary report and present it to the House of Representatives.
Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, had previously referred the draft federal budget law for 2024 to the Finance Committee after receiving it from the Iraqi government.
The 2024 budget, according to what Prime Minister Muhammad Shiaa Al-Sudani announced, amounts to 211 trillion dinars, and employee salaries for the year 2024 amount to 62 trillion dinars, while the 2023 budget amounted to 199 trillion dinars and employee salaries amounted to 59 trillion dinars.
According to Al-Sudani, the revenues of the 2024 budget are estimated at “144 trillion and 336 billion dinars, while expenditures amount to 210 trillion and 936 billion dinars, while the deficit is 63 trillion and 599 billion dinars.”
Al-Sudani said, “The governorates’ allocations to local government programs with an investment allocation amounted to 10.633 trillion dinars in 2023, and we financed 3.333 trillion dinars, based on fundamental requests from the governorates,” adding, “The remainder of the allocation is 7.333 trillion dinars in a trust account, at the disposal of the governorate governments.”
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