Scientific Symposium on Financing Fiscal Deficit in Iraq's Budget 2021
Under the patronage of Prof. Dr. Qusay Kamal Al-Din Al-Ahmadi, President of the University of Mosul, and the participation of Prof. Dr. Thaer Ahmad Saadoon Al-Samman, the Dean of the Faculty of Administration and Economics, and Assist. Prof. Dr. Wissam Nemat Al-Saadi, the Dean of the Faculty of Law at the University of Mosul,
Regional Studies Center held a joint scientific symposium entitled "Financing fiscal deficit in Iraq's budget 2021: an economic law vision". The symposium covered the financial problems facing the Iraqi government, mechanisms, and ways to achieve societal financial balances, in light of inflation and economic stagnation as a result of the reduction of the Iraqi dinar exchange rate against the US dollar, in addition to the means of financing the deficit and the proposals recommended by the symposium to be adopted by the state and taking them to rectify a crisis that could harm the poor class of society, which represents (34%), so that the percentage of those affected by the effects of inflation may be about (62%) of the population.
The symposium stressed the urgent necessity not to impose income taxes on employees, or any deductions from their salaries, to avoid a big gap in which they fall along with the effects of monetary inflation that reduced the purchasing power of cash incomes, and making real incomes drop by more than (23%) because of the inflation resulting from the reduction of the value of the Iraqi dinar, which is an immediate treatment that leads to subsequent reductions, in addition to the insufficient abundance achieved from the devaluation of the dinar in tackling the deficit in the proposed budget 2021.
Participants in the symposium agreed through the submitted papers on the necessity of treating the deficit by financial means and focusing on reducing current public and investment expenditures, instead of relying on the exchange rate, as reducing expenditures does not relate to salaries, but rather with other extravagant enrichment items, beside austerity with the expenditures of the state and the three presidencies. The deliberations focused on the proposal to delete investment expenditures from the 2021 budget as exceptional due to the coronavirus pandemic.
In conclusion, the symposium presented a set of proposals, perhaps the most prominent of which were the aforementioned, as well as other important points via the link: