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Iraq's budget.. An expert expects the deficit to reach 90 trillion dinars
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2023-03-16 00:45
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Shafaq News/ Economic expert Manar Al-Obeidi expected today, Thursday, that the deficit in the state's general budget will reach 90 trillion Iraqi dinars in the event that the revenues are not fully achieved as planned, indicating that the drop in oil prices by one dollar costs the state 1.5 trillion dinars annually .
Al-Obaidi said, in a statement received by Shafaq News agency, "The value of the total revenues planned for the 2023 budget amounts to 136 trillion dinars, coming from 101 trillion oil sales, 13 trillion Kurdistan oil, 7 trillion dinars from added oil sales, and 17 trillion dinars from oil sales." Non-oil revenues, indicating that the latter may achieve only 7 trillion dinars, as is the case in previous years.
He added, "The planned deficit in the budget is 60 trillion dinars, which represents 16% of the gross domestic product, and the deficit may reach 90 trillion dinars in the event that the required revenues are not achieved," pointing out that the deficit-to-GDP ratio in the Financial Management Law must be It does not exceed 3%, that is, it does not exceed 11 trillion dinars.
He pointed out that "every drop in the price of oil by one dollar costs revenues by 1.5 trillion dinars, and the drop in the oil price to an average of 60 dollars means a loss of revenues by 15 trillion dinars, which will increase the deficit gap."
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2023-03-16 00:45
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Shafaq News/ Economic expert Manar Al-Obeidi expected today, Thursday, that the deficit in the state's general budget will reach 90 trillion Iraqi dinars in the event that the revenues are not fully achieved as planned, indicating that the drop in oil prices by one dollar costs the state 1.5 trillion dinars annually .
Al-Obaidi said, in a statement received by Shafaq News agency, "The value of the total revenues planned for the 2023 budget amounts to 136 trillion dinars, coming from 101 trillion oil sales, 13 trillion Kurdistan oil, 7 trillion dinars from added oil sales, and 17 trillion dinars from oil sales." Non-oil revenues, indicating that the latter may achieve only 7 trillion dinars, as is the case in previous years.
He added, "The planned deficit in the budget is 60 trillion dinars, which represents 16% of the gross domestic product, and the deficit may reach 90 trillion dinars in the event that the required revenues are not achieved," pointing out that the deficit-to-GDP ratio in the Financial Management Law must be It does not exceed 3%, that is, it does not exceed 11 trillion dinars.
He pointed out that "every drop in the price of oil by one dollar costs revenues by 1.5 trillion dinars, and the drop in the oil price to an average of 60 dollars means a loss of revenues by 15 trillion dinars, which will increase the deficit gap."
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