Al-Hamash: The budget should be calculated at $ 40 a barrel
09:59 - 02/28/2020
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Economic expert, Saleh Al-Hammash, saw on Friday that the budget should be counted at $ 40 a barrel for oil, pointing out that the sovereigns get 40% of the budget, and expenditures can be streamlined to ensure control of the deficit.
Al-Hamash said in a statement to "The Information", that "the 2020 budget must be reconsidered, in order to prepare it well according to a new plan, especially since many things differed from last year."
He added that "oil prices are constantly declining, and the budget must be based on the price of a barrel of $ 40 in order to prepare a correct budget and absorb the changes that may occur in prices."
And that "the budget, in the event that it is calculated at $ 40 a barrel, the deficit in it can be addressed through agile expenditures, especially that 40% of the budget goes to the sovereigns in the country, in addition to that the state has 600 thousand cars and therefore needs constant expenses that overburden a budget Country".
He explained that "the statistics and official data of the International Monetary Fund confirm that the world will not depend on oil as a primary source of the budget by the year 2030, especially as there are many alternatives that have been resorted to in order not to rely on oil." 25 n ended