The need for provisions .. the government can borrow from the central bank to overcome its financial crisis

01/07/2016 12:40
Tariq Harb
legal expert
Noted legal expert Tareq Harb, the first four days of the year 2016, experienced a frightening and terrifying statements from officials and are not responsible for the financial realities of Iraq, and the financial crisis. Some have even arrived to say that the government will not be able to pay salaries of employees in the next month of April
, And as the Central Bank of Iraq has money of up to sixty billion dollars as the bank announced that on 01.05.2016 AD, on this basis we can say, "As the bank's money immunity and prevent the bank from lending to the government is the legal immunity and is not constitutional immunity so that Article 26 of the Bank Law No. (56) of 2004, to prevent the bank from lending to the government the Constitution did it rule this money is given, and therefore it is possible to amend article mentioned in the Central Bank Law by law issued by the parliament building on the draft of the government includes amending the provisions of Article (26) are includes passport government borrowing from the bank money that is no more than a quarter of the bank's money any passport to the amount that borrows the government up to 15 billion dollars, and this is a big amount that would satisfy the financial requirements of the salaries and others do not even much more than what is required , "he added," but that this amount the government will remain a foreign and benefits of loans, it is true that this amendment and this loan is considered harmful, but also by the damage the most, a lack of funds for the disbursement of salaries serves to damage the lightest, a decrease in bank money or influence in the economic level, as has been said legal rule that necessity knows no law and necessity here need to borrow from the bank and the prohibition here is the lack of borrowing and the resulting economic damage Both are evil and in evil selection says the owners of wisdom Therefore, the amendment of the Central Bank Law can be one of the solutions that protect the government from the serious financial damage The grave, which is often repeated by the pessimists in the future of Iraq. "