Introducing domestic oil and electricity sales into the budget.. An expert explains the pros and cons
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Baghdad today - Baghdad
Today, Thursday (May 16, 2024), economic expert Nabil Al-Marsoumi commented on the issue of introducing domestic oil and electricity sales into the general budget. I point out the pros and cons of the decision.
Al-Marsoumi said in a blog post on social media, followed by “Baghdad Today,” that “the executive authorities are currently studying the possibility of including local oil and electricity sales in the general budget.”
He added, "This means canceling or amending the Public Companies Law of 1997, which includes the distribution of profits according to the following ratios: the public treasury 45%, employee incentives 33%, social services 5%, research and development 5%, and capital reserve 12%."
He explained, "This issue will cancel the incentives and profits of workers in oil and electricity companies, as well as increase non-oil revenues by the amount of oil and electricity sales."
He continued, "Including local oil and electricity sales in the budget will lead to an increase in public expenditures as a result of the general budget bearing the salaries of oil and electricity workers, which were self-funded through their companies. The general budget currently does not allocate salaries to them. In the 2023 budget, for example, no salaries were allocated to employees of the Ministries of Oil and Electricity." Excluding the salaries of 2,025 employees in the Ministry of Oil and 5,390 employees in the Ministry of Electricity.”
He stated, "The positive impact will be limited on the budget deficit because the increase in revenues will be offset by a similar increase in public expenditures, and the difference between them is very small."
On April 30, Prime Minister Muhammad Shiaa Al-Sudani discussed with the Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, the completion of the 2024 budget schedules and sending them to the House of Representatives for a vote.
It is noteworthy that the House of Representatives voted on June 12, 2023, on the federal budget law for the years 2023, 2024 and 2025, in an initiative that is the first of its kind in the country’s history in terms of the size of the budget as well as the number of fiscal years, with a value of 197 trillion and 828 billion dinars, with a financial deficit of 63 trillion dinars. That is, approximately one third of the budget.
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