The government borrowing from the central - Entries - Tariq Harb



January 6, 2016

The government borrowing from the central - Entries - Tariq Harb

The first four days of 2016 saw a frightening and terrifying remarks fired 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 The bank also announced that on 01.05.2016 and as bank 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) in 2004 to prevent the bank from lending to the government the Constitution did not respond the rule of this money 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 arrive the amount that the government borrows 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 and prevents the government from foreign loans and their benefits 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 salaries serves to damage the lightest, a decrease in bank money or influence in the economic level as a legal rule has been said 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, so the Amendment central bank law can be a solution that saves the government of dangerous and serious financial damage that is often repeated by the pessimists in the future of Iraq.

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