The parliamentary economy warns of the doubling of external debt because of the benefits ... Finance Committee reveals the "Zora" details of the Financial Management Law and announce a mechanism for debt repayment

May 11, 2019 6:39 PM  Author: alzawraapaper

Al-Zawra / Hussein Faleh: 

The Finance Committee revealed the details of the draft financial management bill, and announced the establishment of a mechanism to pay off foreign debts, warned the Committee on Economy and Investment to double the value of external debt because of the benefits of them.

A member of the Finance Committee MP Haneen al-Qado said in an interview for "Zora": The Financial Management Law, which the House intends to enact it is the financial constitution of the state because it is interested in all financial issues, in addition to the organization of financial relationship between the region and the Center. Foreign debts and the organization of investment work and the management of the treasury and relations with the State Bank, as well as he is interested in financial aspects related to the private sector, pointing out that this law was read and discussed in parliament and was supposed to legislate in early May, but there are claims by some Political blocs to hold some of the amendments to the law.

 He pointed out that the law was ready since the previous parliamentary session, but the result of social and financial development and administrative problems, which necessitated amendments to the law in line with the current Iraqi reality, indicating that the parliament if he could make this law is consistent with the directions of the financial policy of the Iraqi government it will serve the Iraqi economy

He pointed out that the Finance Committee held several workshops and discussions of the law in the presence of financial experts and economists, as well as university professors for the purpose of studying the law extensively and the status of infringement S appropriate to him, pointing out that his committee awaiting the report of the Economic Adviser to the Minister of Finance Kamal Al-Basri to put the finishing touches on the law to be ready for legislation.

The Iraqi government should develop a plan to revitalize the Iraqi economy by activating industries, agriculture, trade, investment and non-dependence on oil, because oil revenues are affected by external changes, especially as the region is currently experiencing a state of tension America and its allies on the one hand and Iran and its allies on the other. Economically, it is necessary to find alternatives to oil and not rely on external debt.


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