Iraqi parliament: the borrowing policy will lead to the collapse of the economy

Shafaq News / The Parliamentary Finance Committee expressed on Sunday its concern towards the government's financial policy and its impact on the central bank’s reserves, indicating that work is ongoing to reduce the financial borrowing amount to 12 trillion dinars.

Committee member, Naji Al-Saeedi, told Shafaq News agency, "the borrowing policy will lead to the collapse of the Iraqi economy in the coming years", adding, " the fiscal deficit financing law submitted by the government includes its need for 41 trillion dinars for the remaining three months of 2020", noting that the Finance Committee will make some amendments to the law and will work to reduce the amount of borrowing to 12 trillion dinars.

On October 11, the Cabinet Secretariat submitted the fiscal deficit financing law draft to the council of Representatives.

Last month, the government approved the fiscal budget law draft and submitted it to Parliament, before withdrawing it again to make amendments and replace it with the fiscal deficit financing law draft.