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Economist: The government chose shock measures in its reforms for a reason related to previous governments

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Economist: The government chose shock measures in its reforms for a reason related to previous governments

832 economy   2020/12/24 16:48  Baghdad Today- Follow-up

The economic expert, Bassem Antoine, said, Thursday (December 24, 2020), that the economic crisis the country is going through came as a result of the mistakes of previous governments in managing the financial file.

"The current government inherited mistakes from previous governments, which led to a major economic crisis that the country is going through at the present time," Antoine said in a televised statement followed by (Baghdad Today).

He added, "The current government has chosen shock measures to solve the economic problems, and this has resulted in many problems, including the impact on the standard of living of the individual and the employees' salaries are affected by that."

He continued, "The government could have implemented reform in other ways, as stated in the white paper that I submitted, in which the reform process came for a period of 5 years."

He continued that "the new budget caused a loss of merchants and many owners of capital, as the deficit in it exceeded 63 trillion dinars."

The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, spoke on Tuesday (December 22, 2020) about the most prominent observations on the draft 2021 budget law, and while he indicated that the budget is inconsistent with the country's economic reality, he suggested returning the bill to the government.

Ahmed Al-Saffar said, in a televised interview, followed by (Baghdad Today): "Until now, the 2021 draft budget has not been sent to Parliament, which will take 4-5 days to study the project legally, after which the project will be transferred to the Finance Committee and we may use our powers to reduce spending."

Al-Saffar added, "This budget is inconsistent with the financial and economic situation in which the country is running, because it has high spending of 150 trillion dinars, according to the leaked version, which is very exaggerated," noting that

"most of the paragraphs of the leaked draft are confirmed today that they are the same final draft."

And he continued, "The price of a barrel of oil on which the budget was built is illogical because it was $42 while the current price of a barrel was $52," explaining that

"the reduction in the exchange rate of the dinar is supposed to be supported by a competitive local product, which is not there, and thus the prices of imported goods have risen." Covering the entire market."

The reporter of the Finance Committee in Parliament confirmed that “the 2021 draft budget, and in case it does not comply with the government program and the economic reality, will be returned to the government,” indicating that

“we need 30-45 days to study and approve the project if there are no internal and external political interference, and it may disrupt it. More".

He suggested that "Parliament will not accept the passage of more loans in the 2021 budget," reiterating his call for the need to "reduce public spending and raise the price of a barrel of oil in the budget, because every dollar can add one trillion dinars annually."

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