Economist: low oil prices threaten the financial stability of the country budget 2020
15:40 - 11/09/2019
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Economic expert Latif Okaili, Wednesday, that the decline in global oil prices to $ 50 will expose the country to significant financial risks within the re-draft federal budget law for 2020.
Al-Okaili said in a statement to the information, that the adoption of the sale price of oil barrel 56 dollars within the 2020 budget will expose the country to significant financial and economic risks, pointing out that the United States pumped large quantities of oil in global markets to reduce oil prices below $ 50 ”.
He added that "low oil prices will push the Iraqi government to borrow abroad to fill the expected deficit," noting that "the government did not invest aspects of tourism, investment, border ports, industry and agriculture to obtain funds."
The parliamentary finance committee revealed last week a government insistence on the adoption of the sale price of oil at $ 56 as part of the draft federal budget law for 2020.