Shafaq News / The Parliamentary Finance Committee confirmed, on Friday that the fiscal deficit of the 2021 draft budget estimated according to financial revenues and oil prices.

"The committee will monitor oil prices and reforms in government institutions" committee member Jamal Cougar told Shafaq News agency, explaining that "these points will significantly affect the value of the fiscal deficit in the General Budget of 2021".

He added that "the important point is to correct the work process in ministries and official departments to reduce expenses and increase austerity", noting that "this will help reduce the value of the fiscal deficit in the budget".

Regarding the preparation of the budget, Cougar explained, “According to the Financial Management Law, the Ministry of Finance should start forming the 2021 draft budget”.

For its part, the Iraqi Ministry of finance Ali Abdul Amir Allawi ruled out the approval of 2020 budget and confirmed that his ministry is working on preparing the new one.

It is noteworthy that transmitting 2020 to the Iraqi parliament has been delayed due to the continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdul Mahdi.