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Parliamentary Finance: The state's revenues are not sufficient to meet the needs in light of the low oil prices
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The Parliamentary Finance Committee affirmed that the federal state revenues are not sufficient to meet the needs of the country, in light of the continued decline in global oil prices.
Committee member Ahmed Hama Rashid said that the Ministry of Finance has been suffering from a lack of revenues since last January, and that the state's federal revenues from oil are not sufficient to meet the needs of the country in light of the continuing decline in international prices and cannot meet salaries and government obligations towards providing services.
He pointed out that the reason for the failure of the twenty-year budget bill to reach the House of Representatives was the result of a lack of revenue, while the government was more likely to move towards a cash reserve, or internal borrowing to provide employee salaries.
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