The government’s financial advisor: The liquidity crisis is temporary and there is no cause for concern.
The government’s financial advisor, Mazhar Muhammad Saleh, reassured employees and citizens about the stability of the financial situation and the security of salaries, stressing: “The financial liquidity crisis is temporary and there is no reason to worry.”
Mohammed Saleh told the Iraqi National News Agency: “The main concern and issue currently being raised in public opinion is the monthly flow of salaries, grants, pensions and social assistance, as it is not easy for the Iraqi citizen to be cut off from them, as 40 million Iraqis are affected by the daily income.” MiddleEast news
The financial advisor affirmed: “The government of Prime Minister Ali al-Zaidi considers the citizen’s salary a strategic issue, and the citizen is the highest value in the state.”
He explained: “The economic crisis is an external crisis and not a result of Iraq’s internal policies. In addition, there is an accumulation of wrong policies inherited for more than half a century due to the problems that have befallen the country.”
He pointed out that: “What happened was due to the closure of the Strait of Hormuz, which cut off more than 90% of the budget revenues that depend on oil revenues, thus depriving the budget of the most important central financial resource that feeds its monthly flows. The problem is twofold: the regularity of the budget’s liquidity and a financial crisis that worsens over time, as the country feeds on a single financial resource, which is oil.”
He stressed: “The Al-Zidi government is keen to secure the requirements of this budget, foremost among them the bill for salaries, pensions and social assistance, which amounts to about 8 trillion Iraqi dinars, in addition to government expenses of about 2 trillion, meaning that Iraq needs 10 trillion Iraqi dinars monthly, which must be available for spending, and managing it is not a matter of control in light of the interruption of state resources.”
He continued: “There is a high level of austerity being exercised by the Ministry of Finance to reduce expenditures, maximize non-oil revenues, and reduce unnecessary and unaffordable expenditures.”
Mohammed Saleh concluded by saying, “There is no fear of a halt in employee salary payments. We assure citizens that the country’s leadership prioritizes salaries, pensions, and social assistance above all other needs. Any financial resources that become available are allocated to salaries, and any delays of a few days are temporary and will be addressed in the coming months.”
Burathanews.com