Member of the Parliamentary Finance Committee, Jamal Kojer, showed that the 3-year budget constitutes a massive monetary burden due to the deliberate deficit, which was a actual deficit, which affected government tasks and brought about the suspension of many of them.
Kocher said: “Non-oil imports are supposed to be double 17 trillion dinars, given that Iraq has uncommon assets and a strategic area, in addition to tourism, industry, agriculture, gas, and other resources.”
He brought that “overall authorities revenues for 2024, such as oil and non-oil, amount to 137 trillion dinars, whilst expenditures amount to 156 trillion dinars, which means a actual deficit of 21 trillion dinars.”
Kocher pointed out that “the 3-yr finances does now not convey any positives, as the deliberate deficit has end up a tangible reality, as the surplus continues to be spent in the course of the equal financial yr, which exacerbates the financial crisis,” indicating that “many tasks scheduled for 2024 have stopped due to the non-price of organizations’ dues, further to the errors of some new governors, which has similarly complex the financial scene.”
He harassed that “Iraq’s inner money owed amounted to eighty three trillion dinars, most of which are from government banks such as Rafidain, Rashid and TBI, which led to a decline of their function and hobby, which negatively affects the authorities.
” Kocher added, “The government wishes eight trillion dinars in keeping with month to cowl public sector salaries, and the running price range relies upon entirely on 3 events: the government, banks, and foreign investment,” ruling out “any change to the profits scale in mild of the modern monetary scenario.”
He persisted, “The government should no longer allow the release of latest projects until their complete financing is secured, as one among its programs aims to give up the document of stalled projects, but the contemporary monetary fact threatens to stop most tasks.”
regarding financial coverage, Kocher defined that “the governor of the important financial institution works within his special responsibilities, and his primary function is to manipulate financial policy and offer cash and bucks to citizens,” noting that “there may be political pressure on all nation establishments, and commercial money transfers aren’t free of suspicions of corruption and cash laundering.”
He introduced, “The vital bank’s cash reserves had been affected this year via about thirteen trillion dinars; however it does now not pose an instantaneous danger to the u . s .’s usual economy.”
concerning the Kurdistan vicinity, Kocher mentioned that “what was granted to the area in the federal budget is half of its real finances of extra than 22 trillion dinars, of which it acquired simplest eleven trillion dinars, and this become no longer a main motive for the government’s economic burden.”
He defined that “what actually stressed the government is the inclusion of 178,000 new jobs through a choice of the Council of Representatives in the 2023 budget, further to the depletion of 2024 resources within the initiatives of the preceding year, further to the Kurdistan place’s failure to deliver its monetary assets according to the agreements.”
Kocher harassed that “the salaries for 2025 are absolutely secured and there’s no difficulty about them, as the Ministry of Finance confirmed its commitment to providing them in all cases,” and he additionally indicated that “the authorities is able to comfy the essential investment to preserve the upcoming parliamentary elections.”
He pointed out that “Iraq is one of the countries maximum affected by the decline in oil fees, however decreasing the price of the dinar towards the greenback isn’t always the quality solution to confront inflation,” explaining that “the answer lies in fighting corruption, controlling resources, and reworking ministries from clients to producers that aid the country treasury.”
Kocher concluded his speech by announcing, “The printing of currency in Iraq is presently balanced, as there’s a reserve of gold and coins inside the crucial bank, which ensures the stableness of the financial market.”
