Political sources: Iraq is facing an economic catastrophe for non-adoption of the budget

Political sources: Iraq is facing an economic catastrophe for non-adoption of the budget


Political sources-Iraq is facing an economic catastrophe for non-adoption of the budgetBaghdad / Orr News

Warned the political sources of economic disaster could hit Iraq in the coming period for the failure to approve the budget, and as revealed stop financial liquidity in the Iraqi market due to the delay, confirmed that the investment sector and services is facing a real crisis in light of the failure to pay dues operating companies and this is what threatens rigid economic and threaten the country’s social problems.

The sources said that “the delay in approving the budget, creating a major economic crisis in the Iraqi market was to stop the flow of cash estimated at approximately 30 billion dollars pass through Iraqi and foreign companies working in Iraq as a result of non-payment of dues for more than six months.” The sources pointed out that “the absence of the budget impact on the markets of different equipment in the country that rely entirely on market trade and investment processing contractors and companies that do business with government institutions in infrastructure projects, services and equipment, import and export and others.”

The sources revealed the approach of the Iraqi market from the abyss or an economic disaster as a result of the absence of the budget and the non-payment of dues of companies, forcing senior traders and Iraqi contractors associated with the projects with the government on the sale of their property own in order to pay dues discharged in the hope that they will be issued during the coming period, warning of the consequences of departure foreign companies and not to enter Iraq for fear of the effects of the inverse relationship between Iraqi politics, money and economics and business.

And the failure of the House of Representatives during the period preceding the adoption of the budget in 2014 in spite of the completion of the first reading of it, as a result of the escalation of disputes between the central government and the Kurdistan region on the export of oil region has made the Kurdistan Alliance, which is boycotting the sessions devoted to pass this law.