A member of the parliamentary finance committee, Bassam Al-Gharabi, confirmed today, Thursday, that the state will face bankruptcy if the crisis continues.
Al-Gharabi stated in a press interview seen by the "News Video Agency" that "the financial crisis is temporary, but the state will face bankruptcy if the crisis continues," suggesting that "the borrowing law may extend for two or three months."
He added that "the Ministry of Finance is required to provide permanent solutions, and the financial management law prevents borrowing outside the budget," explaining that "the borrowing law will focus on external borrowing."
Al-Gharabi noted, "We need two months to obtain oil revenues if the Strait of Hormuz is reopened," considering that "mismanagement of finances by previous governments is behind the crisis."