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High oil prices ended deficit in the budget of 2018 calls for the adoption of the supplementary budget and the abolition of austerity and payment of dues of suspended projects

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High oil prices ended deficit in the budget of 2018 calls for the adoption of the supplementary budget and the abolition of austerity and payment of dues of suspended projects

Post by RamblerNash on Wed Oct 10, 2018 11:22 am

High oil prices ended deficit in the budget of 2018 calls for the adoption of the supplementary budget and the abolition of austerity and payment of dues of suspended projects

10-10-2018 12:52 PM

The Euphrates -

MP for the parliamentary virtue bloc, Jamal al-Muhammadawi, called for the adoption of a supplementary budget and the abolition of the austerity measures followed by the previous fiscal policy. He said in a press statement: Iraq's budget for the year 2018 approved on the basis of the price of oil of $ 43 per barrel, while global prices have now risen to about $ 82 a barrel, which requires the start of the government and parliament to implement the draft supplementary budget law. He explained that the rise covers the real deficit in the budget of 2018 and will not need Iraq to borrow internal or external, amounting to $ 11 billion, as approved in the budget, calling on the government after the adoption of the supplementary budget to cancel its austerity measures that carried the Iraqi citizen additional burdens through the imposition of taxes and fees . He stressed the need to pay the dues of projects suspended by the previous financial policy, imposed by the circumstances of the war against terrorist groups and the decline in oil prices in the world.

For his part, announced a source familiar with the Council of Ministers re-draft the budget of 2019 to the Ministry of Finance to make some observations on them, noting that the preliminary figures to increase the investment to 37 trillion dinars, excluding the possibility of enacting a supplementary budget during the remainder of this year. A government source said oil prices had begun to rise gradually over the past four months. The source added, preferring not to be named, that the total sale of Iraq per month comes about 100 million barrels, at a price of $ 64 per barrel. He pointed out that Iraq has addressed the deficit in the current budget of 19 trillion dinars, and the evidence is not to resort to borrowing that was to be received. The source explained that the amount of not less than six trillion dinars was transferred to the Ministry of Finance for the allocation of emergency in the payment of salaries in case of any compelling circumstances, and there are previous debts must be fulfilled during the current year. He stressed that the surplus will be calculated by the end of the year, and the current budget allocated two trillion dinars to pay deductions on salaries of employees and retirees, which was raised during the current year. As for the possibility of enacting a supplementary budget, the source ruled out this, explaining that this budget can not be talked about until after the second half of the year, has entered Iraq at the time in general elections, and until now the House of Representatives did not form committees to initiate the process of legislation. He went on: The government began to discuss the budget of 2019, and returned the draft to the Ministry of Finance for comments and return within days. He said: All the figures on the draft are still preliminary and subject to amendment either by the Council of Ministers or the Council of Representatives. The source continued: "The draft raised the investment to reach 37 trillion dinars after it was in the budget of 2018 about 24 trillion.

For his part, said the legal expert Mohammed Ali, the budget law is not linked to the current government, and if not able during the remainder of its life to send its draft to the House of Representatives, the next government will complete the task. He added that the House of Representatives after the arrival of the project to him will be referred to the relevant committees, namely the Economic and Financial Committees in addition to legal in order to make legislative and technical comments.


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