Supplementary excluded ... Parliamentary Finance: Parliament will not debate the 2022 budget

Time: 05/06/2021 16:54:00
 
{Economic: Al Furat News} A member of the Parliamentary Finance Committee has ruled out preparing a supplementary budget for the federal budget for the current year.

Committee member Shirwan Mirza said in a press statement, "The time is not enough to prepare and approve a supplementary budget," noting that "the elections will take place next October and there is no time to prepare and approve the supplementary budget."

He added that "the date of holding the elections is in October {the tenth month}, meaning that the current parliament will not discuss the draft federal budget law for the next year as well."

The economic advisor to the Prime Minister, Mazhar Muhammad Saleh, ruled last Tuesday that there will be a supplementary budget for this year due to the delay in approving the general budget.

Saleh said in a press statement, "I do not expect that there will be a supplementary budget, because the general budget has been disrupted a lot and it was approved a short time ago, and usually the budget must be approved at the beginning of the year, in order to know whether or not the country’s budget is completed, in order to know whether or not it will be completed. No".

He added that "high oil prices do not necessarily mean that there is a supplementary budget, especially since the general budget is based on a deficit, and the price difference is better for the state to use than borrowing." Better financial revenue. "

And he indicated that "the state of the country determines this matter if there are projects that need implementation after they have been postponed and they are important, in addition to the existence of financial projects that are postponed."

On March 31, the House of Representatives approved the federal fiscal budget for 2021, with total expenditures amounting to 129 trillion dinars (about $ 88 billion), while it recorded a deficit of 28 trillion (about $ 19 billion).

Estimated revenues from exporting crude oil were also calculated on the basis of an average price of $ 45 a barrel, and an export rate of 3.250 million barrels per day.

Iraq relies on the revenues from selling crude to cover more than 90 percent of state expenditures, which put the country in a stifling financial crisis last year, as a result of the decline in oil prices in global markets due to the Corona pandemic.

The approval of the budget comes after the lapse of 3 months of the current fiscal year, and it will be applied retroactively over the previous months.

It is noteworthy that the Prime Minister, Mustafa Al-Kazemi, announced the government's intention to challenge some paragraphs of the budget to make amendments to them by Parliament, including a financial package.


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