Iraqi Parliament Waiting for Revised Budget

Iraqi Dinar 123 News:– The Iraqi Parliamentary Legal Committee said that Iraqi government has not yet delivered the budget for the financial year 2016 to the House of Representatives. A member of the legal committee, MP Hassan Turan issued a press statement the Iraqi government has not delivered amended budget 2016 to the House of Representatives. The Iraqi Parliament is waiting to receive the altered version of the draft budget in the Iraqi Parliament in the next couple of days. He also indicated that these alterations will be added in our agenda for discussion in the next session of the House of Representatives. He further explained that it is according to the procedures that the Iraqi Parliament needs final alterations by the government and law makers as it is considered the most essential part of the law.

He added that consideration regarding the budget 2016 involve the fact that estimated deficit is too large and the expected solution for the deficit of 23 trillion Iraqi dinars to be borrowed from other external sources. We should reconsider to set the price and amount of Iraqi export oil per barrel. He pointed out that Iraqi House of Representatives is still waiting to receive modified budget draft law, and then we will be able to see the final amount of the borrowing. We hope that Iraqi government is looking to reduce the budget deficit in their modification. A number of economic and financial specialists believe that federal budget 2016 would deal with the available revenues and it is not essential to consider the economic reality of Iraqi budget as it faced crisis after a massive decline in the global oil prices.

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