The Financial Committee discusses its report on the Fiscal Deficit Financing Law

by **claud39** Sat Nov 07, 2020 10:24 am

[size=32]The Financial Committee discusses its report on the Fiscal Deficit Financing Law[/size]

11/07/2020

The Financial Committee discusses its report on the Fiscal Deficit Financing Law 2020-11-07-at-14.44.54-800x445

On Saturday 7/11/2020, the Finance Committee chaired by Deputy Dr. Haitham Al-Jubouri attended a meeting in which it discussed a number of topics on its agenda.

During the meeting held at its headquarters, the Finance Committee discussed the report prepared by the committee on the terms and articles of the draft law on financing the fiscal deficit submitted by the government after its delay in sending the Federal Budget Law for the year 2020 and the continuation of crude oil prices at low levels and in order to finance the necessary public expenditures.

He stressed the Chairman of the Finance Committee d. Haytham al-Jubouri stressed the need to squeeze the amount of borrowing because it is exaggerated and burdens the state, and future generations carry large debts, as well as the concentration of borrowing within the scope of the necessary expenditures, which are the salaries of employees and retirees, procedures, contracts, the social welfare network, farmers ’dues, medicines and the ration card.

The interventions of the ladies and gentlemen of the members of the Finance Committee focused on the report and discussed ways to overcome the financial crisis through the government taking real reform steps in maximizing state revenues, such as automating customs and outlets, drying up the sources of corruption in them, collecting electricity and collecting government revenues from service wages and canceling all customs exemptions except for those issued. Including special laws.

The committee also called for the collection of government debts owed by telecommunications companies and institutions operating in Iraq, as well as not relying on borrowing policy and excessive exceeding the limits of public debt levels and burdening the Iraqi economy with debt.

The committee also called for supporting investment projects according to disbursement mechanisms that adopt fairness in distribution, after which the committee decided to raise the law to the second reading.

Media
Department House of Representatives
7-November-2020

https://ar.parliament.iq/2020/11/07/%d8%a7%d9%84%d9%84%d8%ac%d9%86%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d9%86%d8%a7%d9%82%d8%b4-%d8%aa%d9%82%d8%b1%d9%8a%d8%b1%d9%87%d8%a7-%d8%a7%d9%84%d8%ae%d8%a7%d8%b5-%d8%a8%d9%82/

by **claud39** Sat Nov 07, 2020 12:37 pm

A deputy asks ... where is the 100 billion dinars allocated to Corona spent in the fiscal deficit law?

11/07/2020

The Financial Committee discusses its report on the Fiscal Deficit Financing Law Irq-1601351790-1535917369-390x220

{Al-Furat News: Baghdad} The deputy of the Al-Nahj Parliamentary Bloc, Jamal Al-Muhammadawi, on Saturday, raised a number of observations and questions on the financial deficit financing law, including allocating a hundred billion dinars to the Corona pandemic.

Al-Muhammadawi issued a number of observations and questions in a press release followed by the Al Furat News Agency, where he indicated:

1. It is strange that the government introduced this law in order to cover the necessary borrowing and pressing and pressing exchange resources, and at the same time allocate 3.5 trillion from these borrowed funds to repay debts and allocate (1.25) trillion to pay interest on loans. It is assumed that those who go to borrow In this embarrassing way, the repayment of previous loans and their interest is postponed until the country's financial situation eases.

2. There are overlapping addresses and chapters that need clarification and a statement of the amounts and disbursement resources assigned to them. For example, the tables attached to the law mention the allocation of (132) billion dinars within the title of the Provincial Reconstruction Fund, and the allocation of (261) billion dinars in the title of Governorates Stability, the total of which equals (393) billion dinars for a period Only four months, have the southern governorates been taken into consideration as well, while they are suffering from deprivation at least from the governorates to which these additional allocations are allocated to their share in the development of regions. We ask for detailed information about the projects and their sites for which these amounts have been allocated (393) billion dinars.

3. Failure to observe the population percentage criterion in the distribution of investment allocations among governorates, so you find a governorate with fewer inhabitants than another governorate, approximately 800 thousand people, while the amount of the less populated governorate was allocated more than (7) billion dinars

4. The total expenditures allocated to cover the electricity sector amounted to more than five trillion dinars, half of which is to pay the cost of gas imported from Iran, and the rest of the amount is distributed to cover energy imports and the wages of the local investor, while the report of the Office of Financial Supervision on 9/24/2020 indicates that four trillion was spent to purchase equipment And maintenance of the national stations and converting them to work from the simple cycle to the combined cycle, it will produce (5800) megawatts, which is greater than the energy imported and purchased from the investment stations. It is spent only once, while import wages and local investor wages are paid annually with this large amount.

5. The Deficit Financing Law has allocated an amount (679) billion dinars for the cost of producing crude oil exported globally for a period of four months only, and the details of this resource have not been clarified, and whether the cost of oil production from fields that are managed other than the federal authority that do not receive the federal government Its revenues were calculated in this section of expenditures?

6. The attached schedule to the Deficit Financing Law included allocations for the Kurna pandemic program, amounting to 100 billion dinars
We demand a detailed list of the chapters and resources for which this amount is allocated?
Hazem

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