The Finance Committee Expects The Arrival Of The Budget Bill Next Saturday

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The Finance Committee Expects The Arrival Of The Budget Bill Next Saturday

Last updated Sep 16, 2020

The Independent… A member of the Finance Committee in the Iraqi Parliament, the representative of the Kurdistan Islamic Union bloc, Jamal Cougar, revealed the date for approving the draft general budget for the current year, in preparation for solving a "major crisis."

Cougar suggested, in a statement by its independent watchdog today, Wednesday, that "the draft federal budget law by the Iraqi Council of Ministers will arrive in Parliament today, to be studied and read in a first reading, next Saturday, September 19."

And Cougar stated, "The Iraqi government obtained 15 trillion Iraqi dinars from internal borrowing, and fulfilled it completely, while it was unable to obtain external borrowing of $ 5 billion."

He added that "Iraq's failure to obtain the amount of external borrowing plunged the government into a crisis. Therefore, the federal budget was submitted to Parliament for approval, so that they could borrow more from home and abroad."

Couger explained, “The general budget, after arriving in the House of Representatives, passes through 3 stages: a first reading, a second reading, then a vote, and according to the law, this takes place within a period of time not less than two weeks, so in all cases the budget is delayed by Parliament at least 14 days. “.

He pointed to "the reasons for Iraq not being able to obtain external borrowing," saying: "The International Monetary Fund and the World Bank, and the countries when they give loans, have harsh conditions, because they impose agendas so the Iraqi government did not agree."

A member of the Finance Committee in the Iraqi Parliament explained, “The other countries that have given loans and grants to the Iraqi state before, Iraq could not achieve its goals or objectives or the purpose of borrowing, as this has conditions for either direct implementation or allocating funds to specific projects, while the government wants to pay Salaries are in these amounts. ”

The Iraqi Council of Ministers approved, yesterday, Monday, "the draft general budget law for the current year, following a session held under the chairmanship of Council Chairman Mustafa Al-Kazemi."

Ahmed Mulla Talal, a spokesman for the Prime Minister, said in a tweet to him on Twitter, on Monday, that "the Council of Ministers, in order to organize the spending process and secure the necessary expenditures, approved the draft Federal Budget Law 2020, and sent it to the House of Representatives."

On Thursday, 25 June, the President of the Republic, Barham Salih, ratified the “Domestic and Foreign Borrowing Law to Finance the Fiscal Deficit for the Year 2020,” stressing, according to a statement issued by his office, that “approval comes to get out of the financial crisis it is going through. The country is in light of the outbreak of the Corona pandemic, and to finance the salaries of employees and retirees, and the necessary government expenditures.