Member of Parliamentary Finance: The Borrowing Law covers 3-month salaries, and June salaries can be distributed now
Member of Parliamentary Finance: The Borrowing Law covers 3-month salaries, and June salaries can be distributed now
06/25/2020 09:51
Baghdad Today – Follow-up
The member of the Parliamentary Finance Committee, Siham Al-Aqili, confirmed on Thursday (25 June 2020) that the domestic and external borrowing law entered into force in order to provide the salaries for the month of June.
Al-Aqili said in a press statement, “The law of local and external borrowing entered into force immediately upon its approval by the House of Representatives, and there is a paragraph added that allows the government to borrow once it is approved by Parliament,” stressing that “the salaries of the month of June are dependent on the passage of this law.”
She added that “the government will go directly to the central bank to prepare the loan through the use of the Rafidain and Rashid banks,” noting that “the internal loan will be to pay salaries and external to investment projects.”
She explained that “local borrowing, which is limited to (15) trillion dinars, will be for three months to pay salaries during this period,” explaining that “we are betting on high oil prices during the next three months with the implementation of the economic reform law.”
Al-Aqili continued, “The government will need about five trillion per month to pay salaries that it will save from borrowing.”
The House of Representatives voted yesterday, Thursday, in its sixth session of the fourth parliamentary session for the second legislative year of the second legislative term, which was held under the chairmanship of Speaker Muhammad Al-Halbousi 2020 and in the presence of 168 Deputy, on the draft domestic and foreign borrowing bill to finance the fiscal deficit of 2020.
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