Iraq – Al-Kaabi: The government requested internal and external borrowing to make up the shortfall (Exclusive interview)

Baghdad – Iraq 12.11.2020

On Thursday, The Iraqi parliament passed the financial shortfall of stipends for public officials after they voted on the loan act. The stipends of more than 4 million Iraqi full-time employees and those who are covered by social security were swinging between the government who tries to approve a new act allows it to borrow 8 million USD internally and the parliament who tries to lessen such amount. The vote on the act came after the devalue of the loan from 41 to 12 trillion IQDs but 20% of it should go to investments. The act also allocated 400 trillion IQDs (34 million USD) to complete Faw port in Al-Basra, southern Iraq, pay the farmers their reimbursements and purchase medicine for the Ministry of Health. Iraq, the second-largest exporter in OPEC, is suffering an economic crisis as a result of Covid-19 and a decline in oil prices.