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Economy News - Baghdad
Member of Parliament's Finance Committee, Jamal Cougar, revealed the date for approving the draft general budget for the current year, in preparation for solving a major crisis.
Cougar said, "The Iraqi government obtained 15 trillion Iraqi dinars from internal borrowing, and fully satisfied it, while it was unable to obtain external borrowing of 5 billion US dollars."
He added, "Iraq's failure to obtain the amount of external borrowing put the government in a crisis. Therefore, the federal budget was submitted to Parliament for approval, so that they can borrow more from home and abroad."
Couger explained, "The general budget, after arriving in the House of Representatives, passes through 3 stages: a first reading, a second reading, then a vote according to the law on the two readings and voting within a period of time not less than two weeks, therefore in all cases the budget is delayed by Parliament at least 14 days." .
He alluded to "the reasons for Iraq not being able to obtain external borrowing," saying: "The International Monetary Fund and the World Bank, and the countries when they give loans, have harsh conditions, because they impose agendas so the Iraqi government did not agree."
A member of the Parliament's Finance Committee, a representative of the Kurdistan Islamic Union bloc, concluded, saying that "the other countries that had given loans and grants to the Iraqi state before, Iraq could not achieve its goals or objectives or the purpose of borrowing, so the conditions for external borrowing are either direct implementation or allocating funds." For certain projects, the government wants them to pay the salaries. "
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