Parliamentary Finance: The global crisis, low oil prices are temporary, and employee salaries are insured for a full year

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03/23/2020 10:30

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Parliamentary Finance: The global crisis, low oil prices are temporary, and employee salaries are insured for a full year

https://almasalah.com/ar/news/189808

 

Baghdad / Obelisk: Member of Parliamentary Finance Committee, Ahmed Al-Saffar, said on Monday, 23 March 2020, that the global crisis represented by low oil prices is temporary, confirming that the salaries of employees are insured for a full year because there is a financial surplus capable of securing them.

Al-Saffar said in a statement pursued by the "obelisk", that the global crisis represented by low oil prices is temporary and may not last more than a month or two at the most, noting that its causes are known and it is an outbreak of the Corona virus, in the world and its impact on large production plants in Japan and China. And Europe, which led to lower oil demand, and producers entering a price war and flooding the market with crude oil, which led to lower prices.

He indicated that the oil exporting countries do not bear more losses and could end the crisis during the next month or the next.

He continued that keeping oil prices at their current level will not harm Iraq, as it can pay the salaries of its employees for a whole year, from the surpluses of the 2019 budget for investments and many exchange doors in other ministries, in addition to that Iraq is a country that has a cash reserve in the central bank and may be resorted to internal reserves or External, in addition to methods related to monetary policy, open market operations, the interest rate, or the legal reserve of banks.

Al-Saffar hinted that Iraq could also resort to external borrowing in the event of an emergency and crisis after it banned it in last year's budget.

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Edited March 23, 2020 by 6ly410