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Iraq seeks another emergency financing law as 2020 budget stalls

Cabinet considers new borrowing legislation to fund massive deficits after political headwinds stopped attempts to pass a complete 2020 budget.

Iraq seeks another emergency financing law as 2020 budget stalls

Iraqi Financing Minister and Deputy Prime Minister (second from right)and other Cabinet members in a meeting Sept. 28, 2020

.( Source: Iraqi Prime Minister’s Media Workplace)By Ben Lando, Ben Van Heuvelen, and Staff of Iraq Oil Report
Published Monday, September 28th, 2020

Iraq’s finance minister on Monday requested the Cabinet fast-track a law to cover budget deficit through the rest of 2020, efficiently ending the push to approve a full spending plan law this year.The stop-gap financing law is required to cover month-to-month costs of about 8 trillion Iraqi dinars ($6.8 billion)on public sector incomes and other government operating costs, according to a senior Iraqi authorities. Iraq has averaged less than$3 billion in oil profits over the past 6 months, leaving a huge deficit. This material is for signed up users.

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