Ali Abdul Amir Allawi, Iraqi Finance Minister, ruled out resorting to borrowing and revealed that Iraq will have a surplus of the difference in selling oil.
In a television interview, he said: “Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars,” stressing that “in light of the current financial abundance, it is unlikely to resort to borrowing.”
He has highlighted that “Iraq has begun to feel the positive effects of changing the dollar exchange rate,” adding that “the 2021 budget is unable to cope with economic fluctuations.”
Amir Allawi pointed to “the Food Security Law” and explained that, “the law aims to address the rise in global markets.”
He also added that, “The ministry is committed to the decision of the Federal Court and that the court took its decision based on the concept of judges and away from any pressure.”.
He noted that, “The law submitted by Parliament is similar to the Food Security Law presented by the government.”
Minister has also confirmed that, “there are alternative plans in case the Security Law is not legislated in Parliament.”
