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The Finance Ministry reveals a proposal to change the price of a barrel of oil from a dollar to a dinar
2021-03-31 04:30
Shafaq News / The Parliamentary Finance Committee revealed, on Wednesday, a proposal to change the price of a barrel of oil from the dollar to the Iraqi dinar in the federal budget law for 2021.
Committee member Muhammad al-Shabaki told Shafaq News, "There is a proposal to change the price of a barrel of oil in the budget law, and it is calculated in Iraqi dinars instead of dollars, as it was in previous budgets."
He added that "changing the price of a barrel of oil does not constitute an obstacle to operational and investment expenditures in the budget law, and that changes the price of a barrel of oil from $ 45 to 65 thousand Iraqi dinars."
"This proposal is the best, according to the constitution, to preserve the Iraqi currency," Al-Shibki said, noting that "the Ministry of Finance confirmed that there is no technical obstacle to changing the price of a barrel of oil from the dollar to the Iraqi dinar."
And the House of Representatives failed in a session held on Sunday, which lasted for hours late at night, to vote on the draft federal budget bill for 2021, and another session is scheduled to be held this afternoon.
The budget allocations are estimated at 130 trillion Iraqi dinars (about $ 89.6 billion).
Iraq relies on oil sales revenues to finance about 95 percent of state expenditures, and is suffering from a stifling financial crisis, as a result of the decline in crude prices under pressure from the Corona pandemic.
Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to the low oil prices and the outbreak of the Corona virus.
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2021-03-31 04:30
Shafaq News / The Parliamentary Finance Committee revealed, on Wednesday, a proposal to change the price of a barrel of oil from the dollar to the Iraqi dinar in the federal budget law for 2021.
Committee member Muhammad al-Shabaki told Shafaq News, "There is a proposal to change the price of a barrel of oil in the budget law, and it is calculated in Iraqi dinars instead of dollars, as it was in previous budgets."
He added that "changing the price of a barrel of oil does not constitute an obstacle to operational and investment expenditures in the budget law, and that changes the price of a barrel of oil from $ 45 to 65 thousand Iraqi dinars."
"This proposal is the best, according to the constitution, to preserve the Iraqi currency," Al-Shibki said, noting that "the Ministry of Finance confirmed that there is no technical obstacle to changing the price of a barrel of oil from the dollar to the Iraqi dinar."
And the House of Representatives failed in a session held on Sunday, which lasted for hours late at night, to vote on the draft federal budget bill for 2021, and another session is scheduled to be held this afternoon.
The budget allocations are estimated at 130 trillion Iraqi dinars (about $ 89.6 billion).
Iraq relies on oil sales revenues to finance about 95 percent of state expenditures, and is suffering from a stifling financial crisis, as a result of the decline in crude prices under pressure from the Corona pandemic.
Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to the low oil prices and the outbreak of the Corona virus.
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