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Tishwash: The government reduces the estimated price of oil to $ 30 and cancels the 2020 budget

A parliamentary source revealed, on Monday, the government’s intention to cancel the budget of 2020 and reduce the price of speculative oil to bridge the budget deficit and pay salaries, indicating that the Minister of Finance promised to comply with the affairs of the state by law 1/12 and internal and external borrowing.

The source said in a statement to the “information” that “the Parliamentary Finance Committee met with economic figures and officials, the last of which was the Minister of Finance Ali Allawi on the general financial crisis in the country.”

He added that “Allawi stressed the futility of setting a budget for the current year, since the remainder of the year is 5 months. A law and feasibility study will be drafted during the remaining two months, meaning that the general budget will be for a period of three months, which is beneficial.”

He explained, “The government will continue to spend money and salaries through the State Administration Law 1/12, but it reduced speculative oil prices to 30 dollars instead of 56 dollars last year, as well as relying on the external and internal borrowing law to provide money and bridge the deficit.”   link

Tishwash:  An economist warns of the collapse of the private sector and calls for its rescue

On Sunday, a member of the Iraqi Economic Council, Ghadeer Al-Attar, warned of the danger of the rapid collapse of the private sector, calling on the Iraqi government to seriously contribute to supporting the vital sector and its rapid rescue.

Al-Attar said in a statement that Alsumaria News received a copy of it, “The Iraqi private sector companies are currently suffering from suffocating crises due to a pandemic.  Which struck all the joints of the work of these companies, which caused great financial losses as well as psychological anxiety and fear among the employees of these companies and their managers because of the spread of the epidemic.

Al-Attar pointed out “the need for the Iraqi government to adopt a new policy to support private sector companies with financial financing, as happened in countries France And Britain. Germany and the UAE Diameter, In order to rebuild itself, as these companies are an effective and essential shareholder within the Iraqi economy, in addition to that they also contribute directly to absorbing unemployment because of their record employment rates.

Al-Attar indicated that “private sector companies, including car trading, tourism, contracting, construction, and other companies, have proven successful experience and growing ability in cooperation with the public and mixed sectors, and after 2003 and until the present day, the private sector was the strongest present within the national economy.” link