The Iraqi Finance Minister pledges to facilitate the procedures of “petrodollar” funds

The Iraqi Finance Minister pledges to facilitate the procedures of "petrodollar" funds

side of the meeting June 25, 2021 02:44 PM

Mubasher: The Parliamentary Finance Committee in Iraq met with Finance Minister Ali Abdel Amir Allawi to discuss a number of issues, the most important of which are petrodollar funds.

Committee member Majid Al-Waeli told the Iraqi News Agency (INA), today, Friday, that the Ministry of Finance was interpreting the issue of petrodollar funds incorrectly, and this resulted in very high funds estimated at tens of trillions, according to the Iraq News Agency, “conscious.”

He added that the Finance Committee clarified the financial burden of the Petrodollar Fund within the accounts of the Committee, which is 3.5 trillion dinars, one trillion dinars is in the budget, and 2.5 trillion dinars remain allotted from oil imports, and within the accounts of the Committee that 1.5 dollars per barrel of oil is supposed To go to the petrodollars.

And Al-Waeli continued: “After this correction, the Minister of Finance expressed his willingness to reverse his decision to stop the implementation of this paragraph, and therefore it will be implemented in order for the oil-producing governorates that have oil activity to reflect on service projects and provide job opportunities and service to the citizen.” 

The committee also discussed the automation of border crossings and customs, and the minister made it clear that the file is in the process of being implemented and will provide revenues to the state.

Al-Waeli indicated that the committee discussed with the minister the appointments and their suspension, and the violations of the law in some ministries.

He explained that the ministry argues that it does not have control over the procedures, due to the lack of a clear database, and therefore it was indicated that there is an article in the budget stating that the Ministry of Finance, Planning and Communications is involved to launch government identifiers (biometric card) or a functional financial number to control the intersection of information and control the financing of government departments.

And he added: “Within our expectations, the largest funding is salaries, and it may be an increase in funding of up to 15 percent as a result of the lack of control from the ministry over this file, and therefore we expect funding to decrease and move towards real funding and the real numbers of employees by 15 percent, which is not a small amount.”

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