“Finance” puts a mechanism to determine the deficit in the budget of 2021 in Iraq

“Finance” puts a mechanism to determine the deficit in the budget of 2021 in Iraq

7/18/2020 11:32

Finance puts a mechanism to determine the deficit in the budget of 2021 in Iraq[Baghdad_Eye]
The Parliamentary Finance Committee confirmed, on Friday, that the fiscal deficit of the draft budget law for the year 2021 is estimated according to financial revenues and oil prices.
“The committee will monitor oil prices, reform processes for government departments and institutions, and maximize resources,” said committee member Jamal Cougar, explaining that “these three points will significantly affect the value of the fiscal deficit in the General Budget Law of 2021″.

He added that “the important and final point is to correct the process of structuring ministries, departments and institutions in reducing expenses and increasing austerity”, pointing out that “this will help reduce the value of the fiscal deficit in the budget.”

Cougar noted that “the fiscal deficit is estimated according to financial revenues and oil prices during the coming period.”

And regarding the preparation of the budget, between Cougar, that “according to the Financial Management Law, the Ministry of Finance should direct the preparation and construction of the draft general budget for the year 2021″.

And the Iraqi Finance Minister Ali Abdel Amir Allawi, earlier, ruled out the approval of the general budget for 2020 and confirmed his ministry is working on preparing for the budget in 2021.

It is noteworthy that the transmission of the federal budget for the year 2020 by the government to the Iraqi parliament has been delayed due to the continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdul-Mahdi and its transformation into a caretaker government that is not empowered to send the draft budget budget to the parliament .

alliraqnews.com