Finance Committee: the lack of sufficient cash flow behind the delayed salaries

07/03/2015


BAGHDAD / JD / .. the parliamentary finance committee Ezzat, the reason for the delay in salary payments for the month of February to the lack of sufficient cash flow to the Federal Government, while ruling out exposure Iraq filed for bankruptcy in the event of continued decline in global oil prices.

A member of the committee MP Masood Mirza told / BD /: that there is weakness in the cash, especially after the sudden drop in oil prices in international markets, and this does not mean that Iraq is bankrupt or will be subjected to the bankruptcy because he had a large cash reserves, either in hard currency or gold, in addition to the wealth natural, as well as borrowing from domestic and foreign banks if necessary.

He added that the main reason for the delay in state employees' salaries for the month of February, the exchange is due to the lack of sufficient cash flow to the Ministry of Finance that has been delayed in part, because very few state revenues and large expenditures due to the war on "terrorism," likely Thsa financial situation of the country during the months the next, especially after the application of the austerity policy on certain financial expenses.


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