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Tishwash: The Finance Committee unveils a paragraph in the 2021 budget that provides the state treasury 5 trillion dinars

The Finance Committee in the House of Representatives revealed, on Wednesday, a paragraph in the 2021 budget that provides the state treasury with 5 trillion dinars.

Committee member Jamal Cougar said, according to government media, that “the Parliamentary Finance Committee decided in its continuous meetings to discuss the draft general budget bill to raise the price of a barrel of oil in the budget from 42 to 45 dollars and calculate it according to the specified price.”

And Cougar stated, “This approach to raising oil prices and calculating them in the budget will save the state treasury more than 5 trillion dinars.”

He added, “This also contributed to reducing the fiscal deficit in the budget law.”  link

Tishwash:  Deputy: The country’s economy is behind Iraq’s borrowing trend

Iraq’s economy is behind its borrowing drive, said Nada Shaker Joudt, a member of the parliamentary economic committee, noting that corruption and poor planning are ravaging the Iraqi economy.

“The government borrowed twice in Budgeta last year, and there is a demand for loans in the 2021 budget,” Joudat told Shafq News, adding that “the main reason for this is that Iraq’s oil-dependent economy is to finance its public budget.”

“The fall in oil prices due to the Corona pandemic has worsened the economic situation in Iraq, and the policies inside Iraq have not activated other economic sectors such as agriculture and industry, which has made Iraq’s markets open for imports, so the government is resorting to borrowing because the government does not have enough money to make things right,” he said.

“Activating the economic sectors is not an easy task and needs time to promote them again,” Joudat said, adding that “Iraq is ravaging its economy with corruption and poor planning.”

The International Monetary Fund (IMF) said Sunday that Iraq had requested emergency assistance under the long-term financing instrument to support planned economic reforms.

Iraqi Finance Minister Ali Allawi told reporters that Iraq was in talks with the IMF for a 6 billion dollar loan.   link