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 Specialists: The necessity of pressing operating expenses to support the economic sectors DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Specialists: The necessity of pressing operating expenses to support the economic sectors

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 Specialists: The necessity of pressing operating expenses to support the economic sectors Empty Specialists: The necessity of pressing operating expenses to support the economic sectors

Post by claud39 Tue Mar 10, 2020 12:23 pm

 Specialists: The necessity of pressing operating expenses to support the economic sectors


 Specialists: The necessity of pressing operating expenses to support the economic sectors 19376

Economy News _ Baghdad

The Parliamentary Finance Committee confirmed, on Tuesday, its endeavor to diversify non-oil financial revenues and reduce the percentage of the fiscal deficit in the federal budget for 2020, while specialists in the economic issue called for the necessity of pressing operational expenditures to support the productive economic sectors to support the national product.

A member of the Parliamentary Finance Committee, MP Adnan Al-Zorfi, said in a statement to Al-Sabah and seen by Al-Iqtisad News that “there are efforts by the Finance Committee to press unnecessary operating expenses in the federal budget and work to maximize the country's financial resources by allocating funds for investment projects.”

He added that "there are plans to direct the ministries and the competent departments to diversify their revenues in order to reduce the total dependence on oil revenues in the federal budget, pointing out that" oil revenues are unstable and oil prices are subject to several setbacks due to political fluctuations and the conditions the world is experiencing recently, such as the Corona virus and others. "

He pointed out that "the budget is still with the Ministry of Finance," stressing that "if it is sent to Parliament, the Finance Committee will make some amendments to it to reduce the large financial deficit in it."

He stressed the need for "the next government to turn towards developing strategic plans to reduce dependence on oil in the budget, and the trend towards supporting non-oil productive sectors to maximize the country's financial resources."

For his part, Salem al-Bayati, a specialist in economic affairs, stressed the need to pressure unnecessary operating expenses and increase allocations of productive economic sectors in the federal budget for 2020.

Al-Bayati said in a statement to "Al-Sabah" that "according to the leaks, the financial deficit of the federal budget is very large, which may exceed 49 trillion dinars, so it is necessary to work to reduce this deficit by increasing funding outlets by supporting the productive sectors, as well as by reducing expenditures Unnecessary. "

He pointed out that "the issue of supporting the productive sectors is very important at a time when oil prices are experiencing instability due to the exceptional and difficult circumstances that the world is going through", noting that "this comes through legislation supporting the national product that protects the consumer in support of the economic and product sectors" the National".

To that, the Parliamentary Finance Committee asked the Tax and Customs Authorities to send data on financial revenues to search and find ways to increase them, the most important of which is the automation of all procedures in the border outlets, while proposals have been made to reduce the budget deficit and advance the economic reality.

A statement by the Media Department of the House of Representatives received "Economy News" received a copy of it, that "the financial committee headed by the head of the committee, Haitham al-Jabouri, and the presence of its members, hosted the advanced angel in the Ministry of Finance, including the undersecretary and two general managers of accounting, public debt, tax, and customs to set rapid economic treatments at the legislative and executive level." To stop the repercussions of the decline in the financial situation of the country and the decline in global oil prices. "

The head of the committee stressed, "The committee is fully prepared within its supervisory and legislative role and harnessing all its efforts to maximize non-oil resources, in addition to submitting a number of proposals to the tax and customs authorities that contribute to increasing revenues for the purpose of reducing the budget deficit and advancing the Iraqi economic reality."

The Finance Committee called for an official letter from the Ministry of Finance to provide it with all the amounts spent outside the budget law, and the violating party bears all legal consequences for that, in addition to the necessity to invest the collection by the ministry as it is now not at the required level and because of its importance as a resource in the budget.

The Finance Committee sent an official letter to the Prime Minister and the Ministry of Finance to stop the implementation of Resolution 315 until 12/31/2019. The Ministry of Finance bears all legal consequences in the event of continuing to work with this decision.

In the same regard, the Finance Committee has indicated its reservation regarding the issuance of a resolution of 364 by the Council of Ministers, which causes tax reduction at a time when the country needs all revenue to address the budget deficit, as well as directing it to an official letter to the Cabinet on its procedures for reducing the state’s treasury’s share of the profits of oil companies From only 45 percent to 5 percent.

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