[size=36]Finance: Budget Law 2020 has not yet adopted a fixed price for Iraqi oil exporter[/size]
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The Ministry of Finance announced on Wednesday that the law on fiscal budget for next year, has not yet adopted a fixed price for Iraqi oil exporter, pointing to the proposals submitted adopt a price ranging from 50 to 56 dollars per barrel.
Undersecretary of the ministry Maher Hammad Johan said that "the budget for the next year 2020 will be unconventional, as it relied mainly on the provision of services and the needs of citizens in the whole country," confirming that there are four phases.
He added, "Its basic idea depends on how to provide the necessary funding to meet the needs of citizens and compensation and salaries, in addition to the success of the government program of the State."
He continued, "The law of fiscal budget for the next year, has not yet adopted, a fixed price for Iraqi oil exporter, but there are proposals submitted adopt a price ranging from 50 to 56 dollars per barrel, including the allocation of oil from the Kurdistan Region and Kurdistan" .
He pointed out that "the financial budgets, each have a certain specificity, and therefore, the House of Representatives may put any other formula that adjusts the direction of the course of the Kurdistan region's share of oil produced there, or any other amendment in its law."
On the mechanism of filling the deficit in the current budget 2019, Johan disclosed that "part of it was addressed through loans in the balance sheet, the other part was through cash already available in the Ministry of Finance, while part of the deficit will remain until the end of this year. At the expense of reducing expenditures for all, "noting that" the fiscal deficit for the budget for next year is not clear yet. "
He promised that "government banks in the country, one of the tools of the state to solve any financial forms, whether to pay the deficit or even stimulate the economic movement in the country, but it remains its potential is limited by the amount of funds available to them," pointing out that "the state has used a large part of it The past. "
Johan explained that "in light of the current situation in the country, any amount offered by the banks to the state in a transparent manner will be part of the economic reform and the current growth in the country."