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Parliamentary Finance: The country's fiscal deficit is 6 trillion dinars per month DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Parliamentary Finance: The country's fiscal deficit is 6 trillion dinars per month

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Parliamentary Finance: The country's fiscal deficit is 6 trillion dinars per month Empty Parliamentary Finance: The country's fiscal deficit is 6 trillion dinars per month

Post by GirlBye Mon Oct 26, 2020 4:14 pm

This week the second reading of the approval of the government loan law will be completed

The Finance Committee in the House of Representatives confirmed, yesterday, Monday, that the amount of the monthly deficit of Iraq reaches 6 trillion dinars, indicating that the passage of the fiscal deficit financing law depends on the reduction of the value of the loan that it implies, stressing that the second reading of the project will take place during the current week.

The committee’s rapporteur, Ahmad al-Saffar, said, The House of Representatives agreed to complete the second reading of the fiscal deficit financing law during the current week.

Al-Saffar added, in an interview with The New Morning, that the government informed us that it is unable to disburse the employees’ salaries unless we complete this law, as it includes in its provisions obtaining new loans. 

He pointed out, "The amount of what is included in the law is very large for what Iraq actually needs, especially since the treasury achieves monthly revenues, even if they are low, but amounts that reduce the rates of need for new debts."

And Al-Saffar, that "the amount of 41 trillion dinars to cover the expenses of three months is very large compared to the budget for a whole year, it represents about 40% of the budget."

He stressed, "Iraq achieves about 4 trillion dinars every month through its oil resources, direct and indirect taxes, and border crossings."

Al-Saffar stressed that "Iraq needs monthly to secure its necessary expenses, including the salaries of employees and retirees, to 10 trillion dinars."

And he goes on, that "the monthly deficit according to revenue figures compared to expenditures does not exceed 6 trillion dinars, which is less than half the amount that the government wants in the loan."

Al-Saffar continues, "The second reading will go ahead, without problems, and after that we will hold direct meetings with the government to see the truth about the amounts it wants and its spending."

Al-Saffar went on to say, "The current circumstance requires the government to put in place rapid economic plans aimed at maximizing the state's resources, and not relying solely on oil revenues."

In addition, a member of the Committee, Representative Jamal Cougar, said, in a statement to "The New Morning," that "the House of Representatives will not stand in the way of the government about any action that would improve the financial and economic situation of the country."

Cougar added, "linking salaries to the enactment of the disability law should be overridden by the government and not repeat the same scenario last month when it stopped paying employees' dues for about 45 days."

He mortgaged "the House of Representatives vote on the financing of the fiscal deficit law by reducing the amount of the loan you want. As for insisting on it, we will never allow that."

Cougar concluded, "the need to hold quick meetings with officials in the Ministry of Finance to discuss the draft law and come up with a text and an amount consistent with the actual need of Iraq."

It is noteworthy that the House of Representatives is currently discussing a draft law on financing the fiscal deficit sent by the government to avoid delaying the distribution of salaries to employees, retirees and the social welfare network.

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