Shafaq News / The Parliamentary Finance Committee revealed on Saturday, “unprecedented" deficit in the country's general budget for 2020, noting that it is estimated at "69" trillion Iraqi dinars.
"The cabinet is working to address the financial crisis and reduce the deficit in the general budget for 2020 estimated at 69 trillion dinars,” Member of the Committee, MP Haneen Al-Qaddo told Shafaq News Agency.
"2020 budget will be operational , semi-annual and different from the budgets of previous years," noting that "the operational budget will focus on securing the salaries of employees, retirees, social welfare and ration card items."
"The deficit percentage in the public budget will exceed 75 trillion dinars, if oil prices fall to the lowest level in the coming period,” he reported.
Members of the Parliamentary Finance Committee confirm, through previous statements to Shafaq News agency, that the federal budget for 2020 will be discussed and approved in Parliament after Eid Al-Fitr.
The price of a barrel of oil has reduced since the outbreak of Corona virus, which led to concerns of the impact of the decrease and the lack of revenues on the Iraq budget for 2020 and affected the operational budget and salaries of government employees and retirees.
It is noteworthy that sending the federal budget by the government to the Iraqi parliament has been delayed due to continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdul-Mahdi and its transformation into a caretaker government that is not empowered to send the draft budget to the parliament.