WOTS MON APR 25 22 Experts: The emergency support law revives the Iraqi economy

WOTS MON APR 25 22  Experts: The emergency support law revives the Iraqi economy To see this article in full and more go to: My FX Buddies Blog Experts: The emergency support law revives the Iraqi economy link Experts and specialists considered the emergency support law for food security and development "important" in the absence and absence of a budget during the current year 2022, stressing that it (the law) will revive the Iraqi economy, coinciding with the high selling prices of crude oil in global markets. The consultant in industrial development and investment, Amer Al-Jawahiri, told Al-Sabah: “In 2020, there was suffering in paying employees’ salaries, and a special law was issued through which the central bank was borrowed, meaning that the central bank is asking for a large amount of internal debt at the present time. To stay away from these matters in Iraq, we need a vision, strategies, policies and plans to implement those policies and not return to debt.” He added, "What is happening now from the rise in crude oil prices, and the absence of a budget, calls for investing the financial surplus, especially since expectations indicate that oil prices will remain high during the current year 2022," noting that "whether there is a budget or not, there will be an abundance Finance, and the Food Security and Development Law takes this matter into consideration and finds solutions for it." The government recently submitted a draft law on emergency support for food security and development to the House of Representatives after negotiations between the political forces faltered and there was no agreement on forming the new government, which led to the absence of a budget for the current year so far, with expectations that this will continue differences. Al-Jawahiri pointed out that there is an "indication in the text of Article 1 of the draft law (emergency support for food security and development), which stipulates that the Ministry of Finance will establish an account called Supporting Food Security and Development, Financial Precaution and Poverty Alleviation, and this account could be the nucleus of a sovereign fund, and this The nucleus can be spent through it from a special field in this account, and it can be divided into two parts, because the law will be to keep things in order in the absence of a budget,” noting that Article 3 II mentions that there are sums of money in this account that are distributed among the ongoing, suspended and lagging projects, either Paragraph 2 of Article 3 Secondly, states that sums of money should be allocated to new service projects necessary for governorates that are not organized in a region.