Parliamentary Finance comments on the possibility of returning the budget to parliament … and this is the fate of the 2022 budget
Parliamentary Finance comments on the possibility of returning the budget to parliament … and this is the fate of the 2022 budget
04/07/2021 12:49:21
The Parliamentary Finance Committee commented on the possibility of returning the fiscal budget law for 2021 to the House of Representatives.
Yesterday, Tuesday, the General Secretariat of the House of Representatives sent the 2021 Budget Law to the Office of the Presidency of the Republic, after the House voted, on March 31, on the law as a whole.
A member of the Finance Committee, Ahmed Hama Rashid, told {Al Furat News}, that “the 2021 budget, after its amendment by the cabinet, does not need to be returned to Parliament, and it is sufficient for the President of the Republic to ratify it.”
Regarding the fate of the 2022 budget, he said, “The 2022 budget will begin in the middle of next May.”
Rashid explained, “The economic recovery is not measured by the extent of the rise in oil prices, but is measured by the contribution of the private sector, industrial and agricultural sectors to the GDP.”
On March 31, the House of Representatives approved the federal fiscal budget for 2021, with total expenditures amounting to 129 trillion dinars (about $ 88 billion), while it recorded a deficit of 28 trillion (about $ 19 billion).
Estimated revenues from exporting crude oil were also calculated on the basis of an average price of $ 45 a barrel, and an export rate of 3.250 million barrels per day.
Iraq relies on the revenues from selling crude to cover more than 90 percent of state expenditures, which put the country in a stifling financial crisis last year, as a result of the decline in oil prices in global markets due to the Corona pandemic.
The approval of the budget comes after the lapse of 3 months of the current fiscal year, and it will be applied retroactively over the previous months.
alforatnews.com
