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Saleh: The continued rise in oil will lead the budget to balance and reduce its deficit
- Time: 10/24/2023 14:06:29
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{Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the importance of rising oil prices in reducing the fiscal budget deficit.
Saleh told {Al-Furat News} agency, "Any increase in the average price of a barrel of exported crude oil above the price approved in the federal general budget of $70 during the fiscal year on average, will help reduce the deficit gap and lead the budget to balance."
He added, "The financial policy provides sufficient flows to implement investment programs and projects without expanding financing the deficit from external or internal sources, which is the annual deficit estimated at about 63 trillion dinars, and it is expected that the aforementioned deficit will not be reached in the current fiscal year, with the exception of some very limited bridge borrowings."
In light of the increase in global oil prices, expectations are that this will reflect positively on Iraq, which has been suffering from a stifling economic crisis for years due to the war that destroyed many regions and exhausted the state budget.
With the increase in demand for oil, prices rose to record levels after the recent crisis that the world is witnessing as a result of the events of the Russian-Ukrainian war and the continuation of the Israeli aggression on the Gaza Strip and its impact on the tense conditions of the oil-rich countries of the region.
Raghad Dahham
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{Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the importance of rising oil prices in reducing the fiscal budget deficit.
Saleh told {Al-Furat News} agency, "Any increase in the average price of a barrel of exported crude oil above the price approved in the federal general budget of $70 during the fiscal year on average, will help reduce the deficit gap and lead the budget to balance."
He added, "The financial policy provides sufficient flows to implement investment programs and projects without expanding financing the deficit from external or internal sources, which is the annual deficit estimated at about 63 trillion dinars, and it is expected that the aforementioned deficit will not be reached in the current fiscal year, with the exception of some very limited bridge borrowings."
In light of the increase in global oil prices, expectations are that this will reflect positively on Iraq, which has been suffering from a stifling economic crisis for years due to the war that destroyed many regions and exhausted the state budget.
With the increase in demand for oil, prices rose to record levels after the recent crisis that the world is witnessing as a result of the events of the Russian-Ukrainian war and the continuation of the Israeli aggression on the Gaza Strip and its impact on the tense conditions of the oil-rich countries of the region.
Raghad Dahham
[You must be registered and logged in to see this link.]
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