Baghdad Today

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With a value of 21 trillion dinars to pay salaries and expenses … An early date for the passage of the borrowing law

Predicted a member of the parliamentary economic committee Ali al – Lami, Sunday (November 8, 2020 “, to pass a law to borrow this week, as he pointed out that expenditures will be reduced to up to 21 trillion dinars instead of 41 required from the government.

Al – Lami said in an interview (Baghdad Today), “The borrowing law will be passed in next Thursday’s session for a vote, but the law contains many paragraphs that need to be amended.”

He added, “An expanded meeting was held between the financial and economic committees with the aim of reducing the volume of loans, which we consider exaggerated.”

Al-Lami added, “The amounts of expenditures will be compressed from 41 to 21 trillion dinars, and despite this reduction, it is still harmful to the national economy.”

Earlier, the Finance Committee held a meeting, on Sunday (November 8, 2020), to discuss the fiscal deficit financing law presented by the government after it was delayed by sending the federal budget law for 2020 according to a parliamentary statement.

The head of the Finance Committee, MP Haitham Al-Jubouri, stressed during the meeting, according to a statement by the media department of the Council, on the importance of the government continuing to pressure the amount of borrowing and limiting it to the necessary expenditures such as salaries of employees and retirees, social welfare network dues and farmers, medicines to confront the Corona pandemic and the ration card, as well as allocating an amount of the loan. For investment projects for the purpose of advancing the Iraqi economy and providing job opportunities for unemployed youth.

During the meeting, members of the Finance Committee reviewed, “the data and tables provided by the Ministry of Finance, which included details of the amount of borrowing mentioned in the Fiscal Deficit Financing Law, as well as discussing the white paper presented by the government regarding reforms to the Iraqi economy.”

The Finance Committee stated that it “formed a sub-committee specialized in preparing a paper for economic and financial reform that included the committee’s visions and ideas on maximizing non-oil state revenues, diversifying the Iraqi economy, reviewing the monetary policy and the currency selling window, as well as taking actual measures towards customs automation to eliminate corruption hotspots and collect Electricity.”

The Finance Committee decided according to the statement. Source