Baghdad Member of the Parliamentary Finance Committee, Jamal Kougar, suggested approving the state’s federal budget for the current year before Eid Al-Fitr, noting at the same time that there is a “serious deficit” in it.

Kougar said in a statement: “The budget may be approved before Eid Al-Fitr, stressing that Parliament does not have the authority to add the salary scale to the budget, indicating that the budget deficit is “dangerous” and the government may resort to borrowing.

Economic expert Manar Al-Obeidi predicted in a statement today that the deficit in the state’s general budget would reach 90 trillion dinars in the event that the revenues were not fully achieved as planned, indicating that the drop in oil prices by one dollar costs the state 1.5 trillion dinars annually.

It is noteworthy that the Council of Ministers approved, on March 13, the draft budget law for the next three years, with a value of about 200 trillion dinars, which is the largest in the history of Iraq./ End

Source: National Iraqi News Agency