Parliamentary Finance holds two meetings on financing the fiscal deficit and securing salaries

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Parliamentary Finance holds two meetings on financing the fiscal deficit and securing salaries

Editing date: 11/10/2020 19:38 • 74 times read

http://www.alliraqnews.com/modules/news/article.php?storyid=102084

[Baghdad-Where]
The Finance Committee in the House of Representatives held, on Sunday, two separate meetings on financing the financial deficit and ways to get out of the economic crisis and securing the salaries of employees and retirees.

The committee stated in a statement, that it "held a meeting headed by Deputy Muthanna Al-Samarrai, Vice Chairman and in the presence of the committee members, a meeting in which it discussed a number of issues on its agenda, most notably the salary crisis and the financial deficit financing law."
The statement added that "the committee confirmed during the meeting held at its headquarters that the issue of securing the salaries of state employees falls within the responsibility of the government and its obligations before the citizens, and the role of Parliament in general and the Finance Committee in particular is to legislate laws that enable the government to fulfill those obligations."
He continued, "The Financial Committee made it clear that it had submitted many proposals and opinions that would bring the country out of the economic crisis that afflicts it by maximizing the state's non-oil revenues, as well as sparing the country from the negative effects of the borrowing policy that the burdens of future generations may bear." "The committee discussed the law on financing the fiscal deficit that came because of the delay in approving the draft federal budget law for the year 2020 and the continuation of oil prices at low levels."
The Financial Committee announced, in a separate statement, that it "discussed with the governor of the Central Bank ways to get out of the economic crisis and secure the salaries of employees."
The statement added, "The committee is headed by Deputy Muthanna al-Samarrai, Deputy Chairman of the Committee, and in the presence of Deputy Muhammad al-Darraji, it hosted the Governor of the Central Bank, Mustafa Ghaleb Mukhaif, and the advanced staff in the bank."
The meeting discussed, according to the statement, "the repercussions of the economic crisis that the country is going through and ways to get out of it without affecting the livelihood of citizens and the salaries of employees."
And the committee directed, "a number of questions regarding the monetary policy followed by the central bank, as well as the implications of borrowing policy on financial cash and the implications for the Iraqi economy

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Parliamentary finance marks a "shock" in the fiscal deficit financing law

• Time: 10/11/2020 23:13:51
• Read: 728 times https://alforatnews.com/news/المالية-النيابية-تؤشر-صدمة-في-قانون-تمويل-العجز-المالي

{Baghdad: Al Furat News} The Parliamentary Finance Committee indicated, on Sunday, "shock" during its discussion of the financial deficit financing law.

Committee reporter Ahmed Al-Saffar said {to Al-Furat News} that "the draft bill of financing the fiscal deficit included non-oil revenues, which were estimated at half a trillion dinars per month, equivalent to 2 trillion dinars in four months, and it does not represent less than 5% of the expected revenues from border crossings."
And he added ,    "We received a paper that represents the draft law on financing the fiscal deficit and it appears to be an alternative to the budget project from the government's point of view, and there was a mini-meeting of the committee on the merits of the project and it was found that there is a large deficit in the law that exceeded 41 trillion dinars for the next four months, and it includes sums that were carried over related to licensing contracts. Oil, Kuwait's compensation, and others. "  
Al-Saffar stressed, "There is no alternative to this paper because the government is in distress and has no ability to adhere to its simplest duties of paying salaries," stressing "the need to search for an alternative."
"The committee must link the approval to the necessity of submitting the reform paper on financial and economic reforms demanded by the Finance Ministry since last June, when the initial loan law was issued, which included 15 trillion internal dinars and 5 billion foreign dollars," he added. 
Al-Saffar explained that "the continued borrowing leads to damage to the credit disposal of the Central Bank, as well as to the continuing indebtedness of the Iraqi economy, whether at the level of local or international banks."
He noted, "The committee's support for any way out of this financial distress and the government's commitment to pay employees' salaries and other obligations."
Al-Saffar also called on the government to "expedite the presentation of the reform paper," saying, "There are reforms that can be made during months and others that require years related to restructuring the Iraqi economy and rebuilding productive economic sectors, but the reforms that we are talking about and which can be implemented within a short period are related to maximizing revenues." And pressure on government spending. "
The parliamentary finance rapporteur concluded his statement by saying, "We have attended a paper that includes the committee’s proposals, and we hope to meet with the government party to come up with a unified paper aimed at maximizing revenues, especially for those who cannot be accessed by the state."
Wafa Al-Fatlawi