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The Minister of Finance and the Governor of the Central Bank stress the need to expedite the framing of immediate solutions to remedy the financial situation

Minister of Finance, Fouad Hussein, stressed today, Monday, the need to speed up framing immediate solutions to remedy the financial situation.

The media office of the Minister of Finance said in a statement that “Fuad Hussein, Deputy Prime Minister for Economic Affairs and the Minister of Finance, today, May 4, presided over an expanded supplementary meeting in the presence of Ali Al-Alaq, Governor of the Central Bank, Undersecretary of the Ministry of Planning, directors of Rafidain and Rashid Banks and the Iraqi Trade Bank. The meeting was also attended by general managers of the departments Budget, taxes, customs, retirement and public debt in order to complete government efforts in examining mechanisms to improve the economic and financial situation in order to secure the needs of the country, especially in advance of the preparation for May’s allocations in light of the continuing low prices of Aft.”

The statement clarified that “the current cash deposit deposited by the government has been studied in banks and entities that generate annual profits and how to restructure these funds and use them to bridge the current shortfall to secure the salaries of Iraqi state employees.”

He added: “The meeting also discussed the government’s obligations to pay internal debts.” And the Ministry of Foreign Affairs, in addition to the need to finance some governmental institutions, given the privacy of their work.

And he explained that “in another axis of the meeting, they discussed how to provide legal cover or urgent legislative decision to secure the cash liquidity required for the future, whether by internal or external borrowing to fill the shortfall in the financing process.”

The Minister of Finance, and the Governor of the Central Bank, stressed “the need to overcome all obstacles and expedite the framing of immediate solutions to remedy the financial situation in the country, as the meeting reached the possibility of walking and advancing through internal solutions at the present time, provided that the government will consider other options in the coming months.” Source