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Update 08/01/2022 - 5:24 AM
Economy News - Baghdad
On Sunday, the financial advisor to the Prime Minister, Mazhar Salih, warned of five negative effects when the budget was delayed.
Saleh said, "The alternative laws to the annual federal budget law are treatments for the minimum in the conduct of economic life in the country, such as the financial management law and its current applications or the recently adopted emergency food security law."
Saleh explained in an interview with the official news agency, "The most negative point in not passing a law on the general budget is the delay in approving new government investment projects, especially large and strategic projects, which leads to delays or shortcomings in economic growth rates."
He continued, "This shortcoming extends its negative effects to the coming years due to the faltering growth of the great national capital accumulation, and the transformation of spending into a phenomenon limited to consumption only, which is fed by imports," noting that "this leads to growing cases of stagnation and economic stumbling at the end." In the end, the levels of underemployment or crowdedness of unemployment are in all cases.
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