Baghdad The Parliamentary Finance Committee announced that the law on financing the fiscal deficit will be presented on the agenda during the forthcoming sessions of Parliament.
The committee’s rapporteur, Ahmad al-Saffar stated in a statement to the National Iraqi News Agency that “the Finance Deficit Financing Law grants the Minister of Finance the powers of internal and external borrowing to bridge the deficit for the remaining three months of the current year 2020.”
He added that “the draft law on financing the fiscal deficit will be a substitute for the federal budget law 2020, which the government recently withdrew from Parliament,” noting that “the law will regulate the process of paying the salaries of state employees until the end of this year.”
He explained that “the House of Representatives can reject the law or approve it in principle after it is presented in the agenda for the first reading,” suggesting the possibility of passing the law after agreeing to distribute multiple constituencies to complete the new election law.
The House of Representatives had formally received, the week before last, the law on financing the fiscal deficit (borrowing) for the remaining months of the current year 2020, after which it also received the so-called white paper for economic reforms.
Source: National Iraqi News Agency