PARLIAMENTARY WARNING OF THE REPERCUSSIONS OF DELAYING NON-OIL REVENUES ON THE IRAQI ECONOMY, 27 MARCH

 PARLIAMENTARY WARNING OF THE REPERCUSSIONS OF DELAYING NON-OIL REVENUES ON THE IRAQI ECONOMY.

The Parliamentary Economic Committee called on all ministries to expedite the payment of their non-oil revenues to the Ministry of Finance, while warning of the repercussions of continued delays on the national economy and the financial pressures that could affect the implementation of development plans.

Yasser Al-Hussaini, a member of the Economic Committee, said in an interview: “The Ministry of Finance is making exceptional efforts to ensure cash liquidity, but it faces challenges due to the delay of some ministries in transferring their non-oil revenues, which leads to confusion in government spending plans.” He pointed out that “these revenues constitute an important source for strengthening the general budget and reducing dependence on oil revenues, especially in light of global market fluctuations.”

Al-Hussaini added that “the resumption of government projects, whether investment or service, is directly linked to the availability of financial liquidity, which makes commitment to paying dues essential to ensure the continuity of work in various sectors.” He explained that “providing liquidity is not the responsibility of the Ministry of Finance alone, but rather an integrated process that requires the commitment of all government agencies to transfer their non-oil resources according to the specified deadlines.”

Al-Husseini pointed out that “cooperation between ministries on this issue contributes to reducing financial pressures and ensures the implementation of vital projects needed by citizens.”

He explained that “the government, through the Ministry of Finance, is working to take measures to facilitate the activation of non-oil revenues, including enhancing transparency in the management of public funds and monitoring non-compliant entities, with the aim of achieving the required financial balance.” He stressed that “the current phase requires everyone’s cooperation to ensure economic stability, especially with the challenges facing global markets and their impact on the local economy.”

Al-Husseini concluded his remarks by saying: “We call on all ministries and government institutions to commit to transferring financial dues according to the specified timetables, as this has a positive impact on the national economy and to ensure the continuity of services and projects that benefit citizens.”