Parliamentary committee determines options to address financial distress
[Baghdad-Ain] The Parliamentary Finance Committee, today, Tuesday, outlined several options to face the financial hardship due to the drop in oil prices due to the Corona crisis.
Member of the Committee, Deputy Muhammad Sahib Al-Darraji said in a press statement that “there are measures that must be taken to face financial distress other than internal borrowing or prejudice the reserves of the Central Bank,” noting that “among these options is changing the exchange rate and stopping imports in addition to stopping the currency auction and economic measures Other. ”
Al-Daraji pointed out that “if oil prices continue to decline, there must be special budgets, including a crisis budget that is based on a price lower than the price of oil to walk salaries and health matters as well as other important matters,” noting that “this challenge must be exploited and transformed into an opportunity of Through opening the door for investment and allowing the private sector to operate. ”
He called on the government to speed up the transmission of the budget in a way that reduces the deficit by reducing costs or by changing the exchange rate.
The Parliamentary Finance Committee had confirmed earlier the importance of harnessing all efforts to maximize non-oil resources, while it made a number of proposals to the Tax and Customs Authorities that contribute to increasing revenues for the purpose of reducing the budget deficit and advancing the Iraqi economic reality.