With the historic collapse in oil prices ... Parliamentary finance talks about the 2020 budget and reveals its fate

05/20/2020 09:12


Baghdad today - Baghdad

The Parliamentary Finance Committee revealed, on Wednesday (May 20, 2020), the fate of the budget law for the current world, while indicating that it will be non-expanded and will depend on the provisions contained in the government programof Prime Minister Mustafa Al-Kazemi, which will be more operational than investment.

"The government will send the Federal Budget Bill for 2020 to the House of Representatives to make some amendments and discussions by the Finance Committee before it is put to a vote," Committee Rapporteur Ahmed Al-Saffar said in a press statement.

He added that "the new budget will not be expanded because it is semi-annual and will depend on the matters included in the government program, which are operational issues rather than investment, related to fighting the Corona epidemic, the security aspect, and addressing the economic crisis."

Al-Saffar stressed that "after the decline in oil prices in global markets, the state is currently moving to collect funds to cover salaries and basic necessities, including the ration card, medicines, and others," noting that "the emergency cell for financial reform formed by the Prime Minister began to prepare the Federal Budget Law for the current year."

The committee’s rapporteur stated that “the general budget will depend on two prices for the sale of oil, the first is fixed to cover salaries and the operational budget, the second is a variable that depends on the high price of oil and in the event that the financial abundance is achieved it will go towards investment aspects,” calling on the government to pay attention and focus on the operational aspects in preparing Budget for the remainder. "

Meanwhile, member of the committee, Hanin al-Qaddo, said, "Parliamentary finance does not have any details about the draft budget law that the government began preparing in the hope of sending it to parliament in the coming days," noting that "there is an expected meeting that will bring members of the Parliamentary Finance Committee with a minister Finance to discuss the economic crisis and the draft budget. "

Al-Qudo continued that "the delay in the legislation of the general budget law until the end of May may push to cancel the approval of this law in Parliament and the approval of monthly accounts or budgets with the elimination of unnecessary expenses," noting that "these measures are sufficient to secure the employees’ salary. "

And that "monthly budgets mean spending 1/12 of last year's budget 2019 until the end of the current fiscal year, and therefore do not require voting on it in the House of Representatives, it will be among the powers of the government."