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Mary B

Parliamentary Finance: The government will resort to internal and external borrowing to fill the budget deficit

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Parliamentary Finance: The government will resort to internal and external borrowing to fill the budget deficit

Haneen Al-Qudo 2
 
 

Saturday, March 21, 2020

 

Parliamentary Finance Committee confirmed that employees ’salaries are guaranteed in the Federal Budget Bill for the year 2020, while noting that the value of the fiscal deficit will reach $ 70 trillion in light of the low oil prices.

Member of the Committee Haneen Al-Qaddou said in a press statement: "The 50% decrease in oil prices naturally affected the construction of the federal budget for the year 2020, given that Iraq depends on oil imports to build federal budgets."

Al-Kiddo added: "The value of the financial deficit in the budget will reach 70 trillion dinars due to the drop in oil prices. This will push the government and the House of Representatives to rely on other non-oil imports and reduce public expenditures to fill the fiscal deficit in the budget."

He pointed out: "The government will resort to internal loans from government and private banks to fill the deficit in the federal budget," stressing: "The deficit that does not affect the payment of salaries of employees and retirees."
 
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lets speed ahead  to how this will end up -------- >   they resort to  borrowing from out side   AS ALWAYS ...

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These thieves will continue to bankrupt Iraq until a real government is in place. The crooks don’t care about draining the reserves or external borrowing as long as they continue to get their salaries. 
This new PM may have a chance to actually make a change if he can get enough support from the Sunnis and Kurds to out vote the Shites. 
First priority is to handle the economy issues then call for the immediate elections, IMHO....

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2 hours ago, jeepguy said:

they resort to borrowing......AS ALWAYS

 

Exactly right, Jeepguy. Remember the Kuwait conference to rebuild Iraq held two years ago. They were asking for $80 BILLION. Lucky nobody fell into that trap and sent checks. But I've always proposed a new national flag for Iraq is in order. The 'gimme' version. LOL.

 

  644470898_newiraqflag.jpg.f2ef41d0b6aafa0255a80a964846668f.jpg

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It is about time the world said enough is enough!!!

Politicians just this country should have a serious cut in pay.

NO work no pay.  

Thank you MaryB  :D

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If they get their borrowed money, I don't blame Iraq, I blame the banking community, who should know better. Let Iraq burn, first. Give them money only AFTER they do everything required by the American government....not before. Don't expect Iraq to act responsibly when the bankers act like twits. 

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