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A former member calls on the government to take these steps to counter the collapse in oil prices

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https://www.almaalomah.com/2020/03/21/463585/

A former member calls on the government to take these steps to counter the collapse in oil prices

17:15 - 21/03/2020

The information / Baghdad ..


Masoud Haider, a former member of Parliament’s Finance Committee, revealed on Saturday several steps the government can take to overcome the financial crisis caused by low oil prices, warning that this crisis may affect the salaries of employees and state projects.

Haider told / information / that "the price of selling Iraqi oil if it falls to less than $30 a barrel, the government will not be able to cover salaries, and be forced to resort to borrowing," considering that

"borrowing needs the approval of the parliament, which will not be easy."

He added, "The government can take advantage of the cash reserve in the central bank as it happened in the previous government to cover the budget deficit," noting that

"austerity measures may be in the process of implementation related to the management of state institutions and the allocation of funds for projects."

The member of the Finance explained the prosecution, that "other options the government may resort to among them are:

studying the adjustment of the dollar exchange rate against the Iraqi dinar in the central bank, which will lead to an increase in government revenues in dinars and reduces the import and encourages the local product."

He called for "investing this crisis in focusing on non-oil revenues (levies, taxes and customs) around which there are huge corruption suspicions, as they go up to 75% of them to the pockets of the corrupt and at different levels."
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