Shafaq News / The Parliamentary Economy and Investment Committee urged on Thursday the Iraqi government to implement recommendations and decisions to avoid the country risks of a looming global economic crisis after the collapse of oil prices and the spread of a virus in most countries of the world.

The committee said in a statement today that it is deeply concerned with the low prices of oil sales and requests the government to take the necessary precautions to face a looming global economic crisis on the horizon, which will have a strong impact on the Iraqi economy in light of the deficit and debt burdened by the state's general budget.

The committee asked the government to take a number of measures and decisions through which it can manage the financial crisis, as follows: -

1 - Stopping investment spending and reducing operational spending in all aspects of government activity immediately.

2- Agree with the creditors to postpone the payment of Iraq's external and internal debts until the financial situation improves.

3- Obtaining state debts on mobile phone companies and telecommunications companies.

4- Stop the payment of amounts to the investors of the electricity sector.

5- Work to enhance government imports and supply the treasury with the region's value of crude oil exports and border crossings.

6- Review the exchange rates from the Central Bank of Iraq to ensure prices that do not affect the citizen and at the same time secure the salaries of state employees.

7- Form a supreme committee to impose the management of Iraqi treasury funds and to follow up the ministries, agencies and institutions that are lagging behind in paying the money obligated to collect them for the public treasury.

8- Any other measures that the government deems necessary to maintain the hard currency and prevent wastage in spending.