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Iraqi Finance excludes approval of the 2020 budget and confirms the trend for external borrowing

On Sunday, Iraqi Finance Minister Ali Abdul Amir Allawi ruled out approving the general budget for 2020, confirming the trend towards external borrowing.

“His ministry is working on preparing for the budget for the year 2021,” Allawi said, adding that “we are working on borrowing from the World Bank to address the financial crisis.”

The Minister of Finance pointed to the need for Iraq to “7 trillion and a half trillion dinars for operating expenses.”

The House of Representatives, had finished during its session last Wednesday, the first reading of the draft law on domestic and external borrowing to finance the fiscal deficit for the year 2020, as the House voted on the form of a resolution that obliges the Iraqi government to send the 2020 budget law no later than the end of this month. Source