Finance Committee will not receive 2020 Budget with Massive Fiscal Deficit

The Iraqi Parliamentary Finance Committee has decided not to receive the 2020 budget from the government if it contains a large fiscal deficit. The Committee is continuously managing meetings with the Iraqi Finance Ministry in order to discuss ways reducing the budget deficit and dependence on non-oil revenues. The Chairman of the Committee, Haitham al-Jubouri issued a press statement that the budget for the coming year is still in the stages of preparation by the concerned government authorities. He added that “The government is concerned with finding solutions to fill the budget deficit other than oil revenues”. He also mentioned that he is unable to predict things unless the budget reaches the dome of the Iraqi House of Representatives”.

Finance Committee will not receive 2020 Budget with Massive Fiscal Deficit

A member of the Committee, Ahmed Mazhar al-Jubouri also said the Committee has already suspended debt in the budget of 2019, especially foreign debts. It was a time when there was an obligation to continue the debt as it was present during the war on the ISIS terrorist groups. He also added that the foreign debts amounted to 125 billion U.S dollars. Al-Jubouri pointed out that its survival portends a threat to the economic future of Iraq. He added that 20 debt clauses will be in the budget of 2020, after the Committee held with the Ministry of Finance five meetings during the past month, as part of these debts were loans imposed on Iraq by the World Bank. He pointed out at the same time about the research to continue finding solutions to fill the budget deficit next year”.

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