Iraq seeks another emergency financing law as 2020 budget stalls
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Iraq seeks another emergency financing law as 2020 budget stalls
by GirlBye Mon Sep 28, 2020 5:46 pm
Cabinet considers new borrowing legislation to fund massive deficits after political headwinds stopped attempts to pass a full 2020 budget.
Iraqi Finance Minister and Deputy Prime Minister (second from right) and other Cabinet members in a meeting Sept. 28, 2020. (Source: Iraqi Prime Minister's Media Office)
By BEN LANDO, BEN VAN HEUVELEN, AND STAFF of Iraq Oil Report
Published Monday, September 28th, 2020
Iraq's finance minister on Monday requested the Cabinet fast-track a law to cover deficit spending through the rest of 2020, effectively ending the push to approve a full budget law this year.
The stop-gap financing law is needed to cover monthly spending of about 8 trillion Iraqi dinars ($6.8 billion) on public sector salaries and other government operating expenses, according to a senior Iraqi official. Iraq has averaged less than $3 billion in oil revenues over the past six months, leaving a massive deficit.
https://www.iraqoilreport.com/news/iraq-seeks-another-emergency-financing-law-as-2020-budget-stalls-43127/?utm_source=IOR+Newsletter&utm_campaign=d23954e8f8-Email_Update&utm_medium=email&utm_term=0_f9870911e6-d23954e8f8-192913221
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