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The government intends to “peek” Parliament .. Alternative solutions to “rejecting internal borrowing” in the 2021 budget: resorting to citizens' money! DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

The government intends to “peek” Parliament .. Alternative solutions to “rejecting internal borrowing” in the 2021 budget: resorting to citizens' money!

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The government intends to “peek” Parliament .. Alternative solutions to “rejecting internal borrowing” in the 2021 budget: resorting to citizens' money! Empty The government intends to “peek” Parliament .. Alternative solutions to “rejecting internal borrowing” in the 2021 budget: resorting to citizens' money!

Post by claud39 on Fri Nov 20, 2020 1:29 pm

[size=30]The government intends to “peek” Parliament .. Alternative solutions to “rejecting internal borrowing” in the 2021 budget: resorting to citizens' money![/size]


2020-11-20







The government intends to “peek” Parliament .. Alternative solutions to “rejecting internal borrowing” in the 2021 budget: resorting to citizens' money! 0BAD1C9B-613B-469E-AE96-E9716EF6D0E3








Yes Iraq: Baghdad

The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, revealed that the federal government is planning to borrow from citizens and use their savings to fill the fiscal deficit in the 2021 budget, and consider this as a public debt, instead of government banks.

Saleh said in press statements regarding the draft fiscal budget bill for the next year and their features, financing and deficit, that Iraq is going through a difficult financial situation, especially since oil export revenues constitute 50% of the "moderate" and not high revenues of the country, which has lost a lot of its resources.

And that "the budget depends on 93% of oil revenues during the past years, especially as it is committed to the decisions of OPEC to reduce production, while 2020 was a year once and" lean "on the financial policy of the country and the state that tried to secure salaries until the end of the year, adding that the year 2021 may be a year of “financial discipline” to control the operating budget, and its entries and exits in a very large way, because it absorbs about 80% of fixed expenditures.

 

On the financial deficit in the budget for next year, he indicated that "its financing will be from several internal and external parties, taking into account not borrowing from government banks, especially since there is an international financial alliance that has the willingness to deal with Iraq, and it will have an impact in supporting the country and providing it financially and sustaining financial momentum." And the economic "according to his perception", pointing out that "this is a very vital and important issue, especially to obtain aid and soft foreign loans."

 

He added that the other approach of the government in filling the deficit in the budget is to seek the help of the public and borrow from the savings they have, not from the government financial apparatus and its banks, indicating: “Yes, maybe this time borrowing from the public will be a public debt.”

He pointed out that "there is no way to fill the deficit, either by improving oil prices to obtain additional revenues or resorting to borrowing."

 

Saleh assured that there is "good preparation to complete the budget, and when it is presented, everything will become clear: the deficit, sources of financing and spending, and revenues, and maximizing non-oil revenues, especially since there is a" strong "trend to take his field in this regard and not by 6% or 7%, perhaps up to 25 % This is an excellent goal and step, and once that ceiling is reached by maximizing resources, there will be improvement to face the deficit, whose size is unknown, because Parliament will also work to amend it. ”It is expected that the government will present the budget to Parliament during the next few days, but this depends on the ministries defining their revenues And its operating expenses and locations - and investment in the budget.




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