Shafaq News / The Iraqi Finance Minister Ali Abdel Amir Allawi ruled out approving the general budget for 2020, this Sunday, confirming the resort towards external borrowing.

The National Iraqi News Agency quoted Allawi saying that, "His ministry is working on preparing for the budget for the year 2021," adding that, "we are working on borrowing from the World Bank to address the financial crisis."

The Minister of Finance pointed to the need for Iraq to "7.5 trillion dinars for operating expenses."

The council of Representatives, finished during its session last Wednesday, the first reading of the draft law on domestic and foreign borrowing to finance the fiscal deficit for the year 2020, as it voted on the form of a resolution obliging the Iraqi government to submit the Budget Law 2020 no later than the end of this month.