The Iraqi government fails to make economic reforms

Shafaq News / The head of the Parliamentary Finance Committee, Ahmed Al-Saffar, has confirmed today that the approved borrowing law was conditioned by submitting a governmental reform paper.

Al-Saffar said in an interview with Shafaq news agency that "the parliament stopped external borrowing in 2019 in order to rely on internal borrowing", indicating that the parliament agreed to restructure, and develop the economy".

He added that "the circumstances that occurred, the change of the government, and the adoption of the same approach are bad indicators, because when the borrowing law went through, the government was supposed to submit reforms within 60 days," pointing out that "forty days passed, and there is no signs that any economy reform takes place".

Al-Saffar deplored the economic situation in Iraq that deprived people from its basic needs like water and electricity.

Stressing that "these needs will not be provided until the officials start taking reforms seriously. The changes must include less dependence on oil incomes, adopting productive economy policies, and providing job vacancies for citizens.

It is noteworthy that since more than 90% of the Iraqi budget incomes rely on from oil, the government announced in April that it was unable to pay salaries for employees and retirees, due to the significant drop in oil prices. Then, the parliament was obliged to legislate a law allowing the government to obtain external loan.