[You must be registered and logged in to see this image.]
Monday, October 25, 2021 3:12 PM
Baghdad/National News Center
Today, Monday, Adviser to the Prime Minister, Mazhar Muhammad Salih, set a condition for achieving financial balance and eliminating the planned deficit in the 2022 draft budget.
Saleh said, in a press statement, that "the average price of a barrel of oil if it reaches $75 over the course of the fiscal year, will achieve balance and the planned deficit in the 2021 budget will disappear by about 29 trillion dinars, in a total spending ceiling specified at about 129 trillion dinars."
And he continued: “We must add another constraint represented in non-oil revenues, which were estimated at about 20 trillion dinars, and they are not expected to achieve more than 40%. This means that there is an actual self-deficit that has been generated, and it needs financing, and it will also be financed from the surpluses in the price of a barrel. oil.”
He added, "If it is assumed that the efficiency of the exchange in the budget is not 100% as some expect, the average price of a barrel of oil is 75 dollars, it must achieve financial surpluses above the balance point of the budget."
He pointed out that “the possibilities of the 2022 budget, if the total spending ceiling is adopted by the same general budget law 2021 of 129 trillion dinars with a possible increase of 5% in total spending, with an adjustment to the price of a barrel of oil, to be $ 60 a barrel instead of $ 50 that was announced.” Previously, this meant that no less than 65% of that deficit would fall even within the low price range of a barrel of oil in the general budget.
And he added, by saying, “Assuming that the planned deficit will rise to be around 36 trillion dinars instead of 29 trillion dinars, and if we take into account the increase in the quantities exported of Iraqi crude oil in the year 2022 specifically after the end of the restrictions of the OPEC Plus agreement, which restricted the quantitative shares of member countries, the budget The equilibrium limit at the specified minimum price range will reach $60 per barrel of oil, even if non-oil revenues deviate from the starting line set for them, as price increases above $60 per barrel will compensate them in all cases.
He explained, "This means that the general budget in 2022 will achieve surpluses within the same fiscal buffer, especially if the average annual oil barrel increases to be at least $75."
He pointed out that “the surpluses will be divided in two directions, the first of which is to build a precautionary financial account called the Budget Stability Account, which is the government’s foreign reserve to meet the fluctuations of public budget revenues in the coming years, and it is called the Budget Stability Fund to achieve financial sustainability.”
He added, “The other side of the financial surpluses will be spent on investment projects, especially faltering income-generating projects that maximize added value, absorb the momentum of unemployment and help raise growth in GDP by no less than 5% or double the annual growth of the country’s population, in a manner that achieves the minimum levels of economic and social welfare. “.
[You must be registered and logged in to see this link.]
Economie
[size=38]AL-KAZEMI’S ADVISOR SETS A CONDITION FOR OVERCOMING THE PLANNED DEFICIT IN THE 2022 BUDGET[/size]
Monday, October 25, 2021 3:12 PM
Baghdad/National News Center
Today, Monday, Adviser to the Prime Minister, Mazhar Muhammad Salih, set a condition for achieving financial balance and eliminating the planned deficit in the 2022 draft budget.
Saleh said, in a press statement, that "the average price of a barrel of oil if it reaches $75 over the course of the fiscal year, will achieve balance and the planned deficit in the 2021 budget will disappear by about 29 trillion dinars, in a total spending ceiling specified at about 129 trillion dinars."
And he continued: “We must add another constraint represented in non-oil revenues, which were estimated at about 20 trillion dinars, and they are not expected to achieve more than 40%. This means that there is an actual self-deficit that has been generated, and it needs financing, and it will also be financed from the surpluses in the price of a barrel. oil.”
He added, "If it is assumed that the efficiency of the exchange in the budget is not 100% as some expect, the average price of a barrel of oil is 75 dollars, it must achieve financial surpluses above the balance point of the budget."
He pointed out that “the possibilities of the 2022 budget, if the total spending ceiling is adopted by the same general budget law 2021 of 129 trillion dinars with a possible increase of 5% in total spending, with an adjustment to the price of a barrel of oil, to be $ 60 a barrel instead of $ 50 that was announced.” Previously, this meant that no less than 65% of that deficit would fall even within the low price range of a barrel of oil in the general budget.
And he added, by saying, “Assuming that the planned deficit will rise to be around 36 trillion dinars instead of 29 trillion dinars, and if we take into account the increase in the quantities exported of Iraqi crude oil in the year 2022 specifically after the end of the restrictions of the OPEC Plus agreement, which restricted the quantitative shares of member countries, the budget The equilibrium limit at the specified minimum price range will reach $60 per barrel of oil, even if non-oil revenues deviate from the starting line set for them, as price increases above $60 per barrel will compensate them in all cases.
He explained, "This means that the general budget in 2022 will achieve surpluses within the same fiscal buffer, especially if the average annual oil barrel increases to be at least $75."
He pointed out that “the surpluses will be divided in two directions, the first of which is to build a precautionary financial account called the Budget Stability Account, which is the government’s foreign reserve to meet the fluctuations of public budget revenues in the coming years, and it is called the Budget Stability Fund to achieve financial sustainability.”
He added, “The other side of the financial surpluses will be spent on investment projects, especially faltering income-generating projects that maximize added value, absorb the momentum of unemployment and help raise growth in GDP by no less than 5% or double the annual growth of the country’s population, in a manner that achieves the minimum levels of economic and social welfare. “.
[You must be registered and logged in to see this link.]
Today at 6:53 am by Rocky
» MM&C The Iraqi Private Banks Association told NEWS: These are the results of the Prime Minister’s me
Today at 6:52 am by Rocky
» After a break of more than 9 years.. the resumption of a government trade meeting between Iraq and A
Today at 6:51 am by Rocky
» Deputy: The general amnesty law will be passed
Today at 6:46 am by Rocky
» A change in the fuel smuggling map... “control” over the central ports and “laxity” in the north
Today at 6:43 am by Rocky
» Al-Sudani takes three urgent decisions to block the wheat mafias in Iraq
Today at 6:41 am by Rocky
» Electricity embarks on an 11-axis plan to develop the energy sector
Today at 6:39 am by Rocky
» “Thug and smuggler.” A female representative talks about a crocodile in Parliament blackmailing exec
Today at 6:37 am by Rocky
» Al-Sudani told the US State Department: Iraq is keen to strengthen its democratic system
Today at 6:36 am by Rocky
» The Central Bank sells more than $275 million at auction today
Today at 6:34 am by Rocky
» The Minister of Commerce stresses the observance of the Iraqi standard in the supply of goods
Today at 6:33 am by Rocky
» The Iraqi Trade Bank announces its participation in the process of localizing the salaries of Kurdis
Today at 6:32 am by Rocky
» Iraq adopts an advanced system to combat money laundering and terrorist financing
Today at 5:25 am by Rocky
» Increase in Euphrates River levels due to Turkish water releases
Today at 5:22 am by Rocky
» Demands the need to legislate the capital law
Today at 5:21 am by Rocky
» Parliament decided to extend the legislative term by one month
Today at 5:20 am by Rocky
» A bank participating in the process of localizing the salaries of employees in the region
Today at 5:18 am by Rocky
» Parliamentary request to the Ministry of Finance regarding defense mobilization dues/document
Today at 5:17 am by Rocky
» Dollar prices in Baghdad and Kurdistan today
Today at 5:16 am by Rocky
» Al-Rasheed decides to increase the ceiling for granting “construction” loans to 75 million dinars
Today at 5:14 am by Rocky
» A government plan to expand the construction of water harvesting dams
Today at 5:12 am by Rocky
» Frozen or banned? An Iranian official reveals the fate of Tehran’s money in Baghdad
Today at 5:11 am by Rocky
» The Iraqi Trade Bank participates in the process of localizing the salaries of Kurdistan Region empl
Today at 5:10 am by Rocky
» Finance confirms the Iraqi government's desire to benefit from the expertise of French companies
Today at 5:09 am by Rocky
» After targeting its branch in Kurdistan... Dana Gas announces a decrease in its profits to $38 milli
Today at 5:08 am by Rocky
» A parliamentary understanding to extend the legislative term to approve the 2024 budget schedules
Today at 5:08 am by Rocky
» Stopping the Commission’s procedures regarding the region’s elections
Today at 5:06 am by Rocky
» Foreign oil companies violate Iraqi laws
Today at 5:05 am by Rocky
» The position of Speaker of Parliament depends on the political agreement
Today at 5:04 am by Rocky
» The Ministry of Finance decides to send the April salary to the Kurdistan region
Today at 5:02 am by Rocky
» It did not reach the Council.. Parliament determines the mechanisms for dealing with the 2024 budget
Today at 5:01 am by Rocky
» 88 projects awaiting resolution.. What will happen to the stalled laws in Parliament? - Urgent
Today at 5:00 am by Rocky
» Al-Sudani receives the US Undersecretary of State
Today at 4:59 am by Rocky
» It did not reach the Council.. Parliament determines the mechanisms for dealing with the 2024 budget
Today at 4:57 am by Rocky
» Advisor to Al-Sudani: Sanctions on 32 private banks caused financial problems inside Iraq (video)
Today at 4:56 am by Rocky
» An expert comments on the use of the Iraqi currency in commercial transactions with Iran
Today at 4:54 am by Rocky
» Why does Iraq depend on foreign banks for dollar transfers?
Today at 4:53 am by Rocky
» Deputy: The fuel smuggling map in Iraq has “radically changed” from what it was years ago
Today at 4:52 am by Rocky
» Petroleum Products announces a decrease in gasoline imports by about 8 million liters
Today at 4:51 am by Rocky
» Government advisor: Collections will shift almost completely to electronic payment in the middle of
Today at 4:49 am by Rocky
» Complete decisions of the Council of Ministers session
Today at 4:48 am by Rocky
» Al-Sudani chairs the first meeting to restructure the government apparatus
Today at 4:47 am by Rocky
» The National University holds its second international scientific conference with the participation
Today at 4:46 am by Rocky
» Parliamentary proposals to extend the legislative term of the House of Representatives to resolve th
Today at 4:45 am by Rocky
» Hanoun: We are working on preparing a six-year strategy to combat corruption based on technology
Today at 4:44 am by Rocky
» The Ministerial Council for the Economy decides to stop the import of 6 crops due to their abundance
Today at 4:42 am by Rocky
» Minister of Industry: He turned to Chinese companies to supply Iraq with spongy iron ores
Today at 4:42 am by Rocky
» A foreign report reveals the existence of an undeclared Iraqi-British agreement regarding asylum see
Today at 4:41 am by Rocky
» “Fares Issa” visits the Ministry of Finance and Economy in the Kurdistan Region
Today at 4:39 am by Rocky
» Nechirvan Barzani: We want to address all problems with Iran and begin a new phase of relations
Today at 4:38 am by Rocky
» The position of Speaker of Parliament.. Representatives confirm: “There is no amendment to the bylaw
Today at 4:36 am by Rocky
» Demands to put an end to foreign workers
Today at 4:34 am by Rocky
» Iranian official: We do not have frozen funds in Iraq
Today at 4:33 am by Rocky
» Entering 31 countries in the world without a visa.. A look at the Iraqi passport during 2024
Today at 4:32 am by Rocky
» An Iranian plan to export goods to Iraq worth $3 billion
Today at 4:31 am by Rocky
» The Board of Commissioners decides to suspend the technical and financial procedures for the Kurdist
Today at 4:29 am by Rocky
» Baghdad Governorate approves the two paths of the development road
Today at 4:28 am by Rocky
» Mawazine publishes the full decisions of the Council of Ministers at its session today
Today at 4:26 am by Rocky
» Asaib: The Sunnis are accustomed to having an external actor leading them
Today at 4:25 am by Rocky
» The Iranian ambassador in Baghdad: The Sudanese government enjoys the support of the Shiite and Sunn
Today at 4:24 am by Rocky
» Politician: Representatives of Taqadum “hurt” Al-Halbousi and their party
Today at 4:23 am by Rocky
» “Deficit” is the password.. Parliamentary Finance decodes the budget delay
Today at 4:22 am by Rocky
» Al-Sudani: The tourism sector will be a substitute resource for oil in the coming years
Today at 4:20 am by Rocky
» Finance confirms the Iraqi government's desire to benefit from the expertise of French companies
Today at 4:19 am by Rocky
» utube 5/4/24 MM&C Iraq Dinar- IQD Update - No Float of Exchange Rate - Budget -2024 - Schedules -
Yesterday at 5:10 pm by Rocky
» After a break of more than 9 years.. the resumption of a government trade meeting between Iraq and A
Yesterday at 8:06 am by Rocky
» A deputy in finance expects the Council of Ministers to approve the budget schedules in today’s sess
Yesterday at 8:02 am by Rocky
» A deputy resolves the controversy over the “transfer supplement” in two ministries
Yesterday at 8:01 am by Rocky
» Al-Halbousi’s “vacant” seat.. Will the coordination framework end the “Taqaddum” dream of an allianc
Yesterday at 7:59 am by Rocky
» The Federal Government issues a state order to stop the Commission’s work procedures regarding the K
Yesterday at 7:57 am by Rocky
» Including the freedom to choose the bank and withdraw the salary for “free”... “My Account” features
Yesterday at 7:55 am by Rocky
» The Central Bank sells more than $250 million during its daily auction
Yesterday at 7:51 am by Rocky
» Al-Sudani receives a delegation from the Union of Arab Banks
Yesterday at 7:44 am by Rocky
» Iraq and the United States of America hold trade meetings in Washington
Yesterday at 7:43 am by Rocky
» In pictures... The activities of the Union of Arab Banks conference in Baghdad, “Day Two”
Yesterday at 7:42 am by Rocky
» The Director General of Ports announces the completion of berths (3) and (4) in Al-Faw Grand Port
Yesterday at 7:40 am by Rocky
» The Council of Ministers holds its regular session headed by Al-Sudani
Yesterday at 7:38 am by Rocky
» Parliament publishes the agenda of its session for next Thursday
Yesterday at 7:37 am by Rocky
» A government measure to reduce "money laundering" using the buying and selling of real estate in Ira
Yesterday at 7:35 am by Rocky
» Iraq proposes establishing a specialized council to combat corruption in Arab countries
Yesterday at 7:32 am by Rocky
» Al-Mawarid intends to establish infrastructure and investment projects for the water sector in Iraq
Yesterday at 7:30 am by Rocky
» The Federal Court issues a decision regarding postponing the election of the Speaker of the House of
Yesterday at 7:28 am by Rocky
» A government meeting to discuss financing and implementation mechanisms for the Development Road Pro
Yesterday at 5:12 am by Rocky
» Al-Sudani: Iraqi banks are on the right track with financial transfers
Yesterday at 5:11 am by Rocky
» Al-Khazali: The Turkish side is still imposing its conditions on Iraq
Yesterday at 5:08 am by Rocky
» Rights: We refuse to amend the bylaws of Parliament under political influence and desires
Yesterday at 5:07 am by Rocky
» Nechirvan Barzani: We want to address all problems with Iran and begin a new phase of relations
Yesterday at 5:05 am by Rocky
» Today, Iraq and Iran signed the minutes of a joint meeting related to trade
Yesterday at 5:03 am by Rocky
» KPMG International begins auditing the revenues of telephone companies operating in Iraq
Yesterday at 5:02 am by Rocky
» Oil: The seventh batch of equipment for the gas manufacturing project in the Nasiriyah and Gharraf f
Yesterday at 5:01 am by Rocky
» Al-Sudani assures the French ambassador of Iraq’s openness to “fruitful” partnerships
Yesterday at 5:00 am by Rocky
» Government move to install gold screening devices at 4 airports
Yesterday at 4:59 am by Rocky
» Sudanese Advisor: The oil sector is witnessing a rapid renaissance
Yesterday at 4:58 am by Rocky
» Opening offices specialized in employing people with disabilities
Yesterday at 4:57 am by Rocky
» Infrastructure and investment projects for the water sector in Iraq
Yesterday at 4:56 am by Rocky
» Adopting the electronic system in the next census
Yesterday at 4:55 am by Rocky
» Al-Sudani chairs the first meeting to restructure the government apparatus
Yesterday at 4:54 am by Rocky
» Business Council: Efforts to open a branch of the Chinese Bank in Iraq
Yesterday at 4:53 am by Rocky
» Iraqi diplomacy is balanced openness
Yesterday at 4:52 am by Rocky