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Shafaq News / A source in the Iraqi Ministry of Finance revealed on Wednesday the price of a barrel of oil approved in the country’s draft budget for the next year 2021 and the date for the ministry to complete the preparation of the draft draft.
The source told Shafaq News, “The Ministry of Finance will complete the preparation of the draft general budget bill for 2021 and present it to the Council of Ministers next week.”
He added that “the Council of Ministers will discuss and approve the draft budget during its regular session (Tuesday) or in a special session, after which it sends it to the House of Representatives for a vote on it.”
The source revealed that “the price of a barrel of oil specified in the draft budget ranges between 35-40 dollars.”
Iraq relies on oil sales revenues to finance 95 percent of state expenditures. The country is experiencing a stifling financial crisis this year due to the decline in crude prices on global markets due to the Corona pandemic.
Iraq did not approve a financial budget for the current year due to the circumstances that accompanied the unprecedented popular protests that toppled the government of Adel Abdul Mahdi late last year.
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