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Parliament passes $18 billion emergency financing law

Without the legislation, Iraq would not have enough cash to pay public-sector employees.

Source: Iraq Oil Report

BAGHDAD – Iraq’s Parliament has passed a law authorizing new borrowing of nearly $18 billion – an emergency measure that will enable the government to pay public-sector salaries despite a dire financial crisis.

“The loan law was passed by a majority vote,” said Ahmed Haji Rashid, a member of the federal Parliament with the Komal party. “If the Parliament hadn’t passed the law, it would be blamed for the consequences of no salaries being paid this month.”

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