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Experts: 2023 will end without a budget deficit
Economical 10/04/2023
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Baghdad: the mainstay of the emirate
Economic affairs specialists said it was likely that the current year would end without any budget deficit, attributing this to the continued rise in oil prices and the stability of the country’s oil exports. They stressed that public revenues are reassuring, and that approving a three-year budget will spare the country the annual delay in implementing projects, and will lead to moving the wheel of industrial, agricultural, tourism and investment production.
The rise in global oil prices constituted a positive turning point in the general budget, as these rises are expected, “according to a number of economic affairs specialists,” to contribute to closing the hypothetical deficit gap, and lead to an increase in financial returns, especially after “black gold” prices exceeded the $90 barrier. per barrel, which represents an increase of $21 over the default price in the budget, which is $70 per barrel.
The Parliamentary Oil and Gas Committee also predicted that global oil prices would continue to rise, attributing the reason to a decline in supplies of “black gold” as a result of the positions of Saudi Arabia and Russia, which decided to reduce their oil production, likely to reduce the country’s fiscal deficit by 50%.
The specialist in economic affairs, Dr. Ahmed Al-Rawi, pointed out that “legislating a three-year budget will prevent Iraq from entering a financial vacuum, and will lead to the Ministries of Finance and Planning making some amendments to the budget paragraphs for the next two fiscal years, including deficit management, and then submitting the amendments to the House of Representatives for approval.” Without the need for new legislation within the budget, which means approving the budget on time without delay for the years 2024 and 2025.”
Al-Rawi also explained, “One of the positives of the tripartite budget is the release of government spending, which is the main financier of the economy, especially after the recession recorded in the public and private sectors as a result of Parliament’s delay in approving the budget for the current year,” praising at the same time the allocation of $30 billion annually within the general budget. To support infrastructure projects, such as building roads, schools, and hospitals, which constitutes an opportunity for the government to embark on a real reconstruction campaign in various sectors, provided that funds are spent with strict control.”
The spokesman believes that "allocating sums of money within the tripartite budget to support development funds for poor governorates liberated from terrorism is a positive and important step, and will contribute to improving the economic situation in those governorates."
For his part, the specialist in economic affairs, Dr. Amr Hisham, said that talk about the budget deficit is inaccurate, stressing that the budget for the current year 2023 will emerge without a deficit. On the contrary, a financial surplus may be achieved in light of the rise in oil prices during the last quarter of this year. year, and its continued rise with expectations that “black gold” will exceed the $100 per barrel barrier.”
Hisham also stated that global economic indicators confirm a clear recovery, especially in Asia, which means an increase in demand for oil during the coming periods and an expansion of that demand as we get closer to Winter season, pointing out that talk about the budget deficit has nothing to do with reality, suggesting that if oil prices continue between 90 and 100 during the next year 2024, then the budget will overcome any problems with the deficit.
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