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Parliamentary Finance announces the end of the deficit in the 2023 budget
- Time: 10/21/2023 18:03:29
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{Local: Al-Furat News} The proportional Finance Committee announced, today, Saturday, the end of the budget deficit for this year.
A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
Committee member, Moeen Al-Kazemi, told Al-Furat News: “This year, thanks to the rise in oil prices, there will be no budget deficit.”
He explained, "Because the financial exchange will be from the revenues generated from the rise in global prices."
Al-Kadhimi stressed, “The budget deficit has ended, as revenues will be higher than the total expenditure ratio for this year.”
For the first time in its history, Iraq approved a three-year financial budget in a single draft law, which Parliament voted on last June. The government defended the step by saying that it aims to develop plans for important projects in the country, in addition to avoiding the problem of delaying the approval of financial budgets every year for several months.
The budget for the current year and the next two years, according to the budget law, amounted to 153 billion dollars, with an expected deficit of up to 48 billion dollars, and the oil price was approved at 70 dollars per barrel, as Iraqi oil exports constitute more than 96% of Iraq’s financial imports.
From: Raghad Dahham
[You must be registered and logged in to see this link.]
{Local: Al-Furat News} The proportional Finance Committee announced, today, Saturday, the end of the budget deficit for this year.
A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
Committee member, Moeen Al-Kazemi, told Al-Furat News: “This year, thanks to the rise in oil prices, there will be no budget deficit.”
He explained, "Because the financial exchange will be from the revenues generated from the rise in global prices."
Al-Kadhimi stressed, “The budget deficit has ended, as revenues will be higher than the total expenditure ratio for this year.”
For the first time in its history, Iraq approved a three-year financial budget in a single draft law, which Parliament voted on last June. The government defended the step by saying that it aims to develop plans for important projects in the country, in addition to avoiding the problem of delaying the approval of financial budgets every year for several months.
The budget for the current year and the next two years, according to the budget law, amounted to 153 billion dollars, with an expected deficit of up to 48 billion dollars, and the oil price was approved at 70 dollars per barrel, as Iraqi oil exports constitute more than 96% of Iraq’s financial imports.
From: Raghad Dahham
[You must be registered and logged in to see this link.]
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