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Finance: Oil imports are less than 50% of government expenditures ... and there is no option but to borrow

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Post by GirlBye Fri Oct 30, 2020 11:26 am

The Independent .. The Ministry of Finance confirmed that "the current government revenues, in light of low oil prices and Iraq's commitment to OPEC decisions related to reducing oil production, are insufficient to meet the government's current expenditures." Indicating that “at the present time, monthly oil revenues are less than 50% of the government's current expenditures. We expect this situation to continue in the near future. ”

The ministry said in a statement from the minister's office in response to the statements and inquiries raised regarding the delay in paying the salaries of October, following the delay in paying the salaries of the month of September. In order to "address structural imbalances in public finances," it embarked on a three-pronged program to address short, medium and long-term issues affecting the Iraqi economy.

She pointed out that for the very short period, between now and the end of 2020, she sees no choice but to resort to short-term loans from government banks, which will then be deducted from the central bank. Emphasizing that "all other options, such as increasing revenues from customs or taxes or levies from the electricity sector, are simply not possible in the short term."

She added, "Despite the need to rationalize and activate the generation of other non-oil revenues, such measures will not compensate, in the short term, for the shortfall in oil revenues, given the structure of our economy." She noted that all other procedures related to public sector payroll management require "legislative approval before they are translated into spending cuts or revenue generation."

Regarding the important issues that have been raised in the past few days, the statement stated that the ministry does not seek to increase the public debt unless it is necessary and its service is sustainable. Indicating that Iraq's debt at the present time is not excessive compared to the size of its economy.
 
The statement indicated that public indebtedness in the world has grown tremendously during the past twelve months, to address the negative consequences of the Corona pandemic. Globally, public debt as a percentage of GDP is close to 100%. While in Iraq it is still less than 75% of GDP. However, the Ministry of Finance recognizes the need to be prudent in the manner in which the fiscal deficit is financed.

He added that the Ministry of Finance was open and transparent regarding the state of public finances and issued accurate and timely information when requested by the House of Representatives, stressing the ministry’s awareness of the concerns that could arise as a result of delay in fulfilling government spending obligations.

He indicated that the situation today is fundamentally different from previous periods, when the public finances were under pressure as a result of low oil revenues. Not only has public spending grown rapidly in the past five years, but the decline in oil production and prices has been longer and deeper than in previous periods, in light of a difficult global economy.

The statement indicated that the Ministry of Finance asked the House of Representatives to authorize it to borrow 41 trillion dinars for the remainder of the current year to meet the deficit in financing salaries and retirement payments, dues in 19 and 20, other expenditures and investment projects.

He continued by noting that the ministry is planning to introduce major reforms affecting public finances in the 2021 budget. If it is approved by the Council of Ministers and the House of Representatives, expressing its belief that it will form the basis for addressing the economy issues in the medium term and rationalizing public finances during the period from 2021 to 2023.

The statement stressed that the Ministry of Finance played a key role in leading the team that developed the white paper. These aim to analyze structural problems affecting the Iraqi economy and provide detailed solutions to solve them. This reform program also aims to reorient the axes of the Iraqi economy. The reform program will require a great deal of legislative and institutional work and cannot be implemented without the support of Parliament.

https://mustaqila.com/%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%88%D8%A7%D8%B1%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%AA%D9%82%D9%84-%D8%B9%D9%86-50-%D9%85%D9%86-%D9%86%D9%81%D9%82%D8%A7%D8%AA-%D8%A7/
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