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Fri Sep 13, 2019 11:53 am
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A surprising new forecast for the 2020 budget deficit
The Finance Committee of the Council of Representatives expected a decrease in the budget deficit in 2020.
Committee member Ahmed Mazhar al-Jubouri said in a press statement that "the Committee has been studying the budget next year for nearly a month, through continuous meetings between the Committee and the Ministry of Finance, pointing out that the projections indicate that the size of the deficit in the budget of 2020 amounted to 40 trillion dinars." After it was expected to reach more than 70 trillion.
"The government needs to create conditions to support economic reform, exploitation and reconstruction activities, focus on immediate reforms and provide the means to revive the banking sector, and revise plans in the field of agriculture," he added.
“A good financial market can support fiscal policy and its instruments, such as government bonds, which can diversify public revenues, as well as enhance investor confidence in the financial market, but not only in times of deficit,” said a member of the Parliamentary Finance Committee. It is widely used as a source of public revenue within a flexible and effective fiscal policy. "
It is noteworthy that economic concerns are raised in Iraq because of a large fiscal deficit and unprecedented history of the modern state in the fiscal budget for 2020.
The Committee to follow up the implementation of the government program, earlier rates of sharp decline in revenues of the state oil and non-oil, "warning" the possibility of a crisis Economic stifling in the country. "
The parliamentary finance committee revealed on 8 September that the federal budget deficit for 2020 reached - according to the prototype - to 72 trillion dinars "usually it" a very high number, and for the first time up the deficit in the Iraqi state to him. "
But the Central Bank of Iraq, dispelled These fears said that "the amount of the budget deficit for 2020 is not yet established as indicated by the Ministry of Finance, and that what is being circulated is just hypothetical figures and not yet settled, indicating that the upper limit of the deficit must be consistent with the new financial management law ".
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