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[size=36]Al-Kazemi advisor excludes Iraq's resort to borrowing in this case[/size]
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- March 28, 2021
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Baghdad/
The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, ruled out today, Sunday, that Iraq will borrow if the price of a barrel of oil reaches $ 70.
Saleh said in a press statement, "The budget stabilization fund must be available as a sovereign hedge fund against the risk of financial sustainability fluctuation or a decline in the sustainability of revenues, given that oil revenues constitute more than 92% of total public revenues in the budget."
He added, "The price of a barrel of oil should not be less than $ 70 to reach a balanced budget without resorting to borrowing to finance the annual deficit in the general budget."
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