Parliamentary finance reveals a “unprecedented” deficit in the 2020 budget

Parliamentary finance reveals a “unprecedented” deficit in the 2020 budget

16/5/2020 14:54

Parliamentary finance reveals a unprecedented deficit in the 2020 budget[Baghdad-Ain]
The Parliamentary Finance Committee revealed, on Saturday, a “unprecedented” deficit in the country’s general budget for the current year 2020, noting that it is estimated at “69” trillion Iraqi dinars.
Member of the Committee, MP Haneen Al-Qaddou said in a press statement that “the cabinet is working to address the financial crisis and reduce the percentage of deficits in the public budget for the year 2020 after it has become estimated at 69 trillion dinars.”

He added that “the budget for the current year will be operational and semi-annual and different from the budgets of previous years,” noting that “the operational budget will focus on securing the salaries of employees, retirees, social welfare and ration card items.”

And the role model, “The deficit rate in the public budget will exceed 75 trillion dinars, if oil prices fall to the lowest level in the coming period.”

Members of the Parliamentary Finance Committee confirm, through previous statements to Shafaq News, that the federal budget for the current year 2020 will be discussed and approved in Parliament after Eid Al-Fitr.

The price of a barrel of oil has decreased since the outbreak of the Corona virus, which led to fears of the impact of the decrease and the lack of revenues on the Iraq budget for 2020 and affected the operational budget and salaries of government employees and retirees.

It is noteworthy that sending the federal budget 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.