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Economist: The loans will exhaust the country, and the only solution is a miracle in oil prices
17:19 - 08/03/2021
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The economic expert, Aoun Al-Defense, revealed, on Monday, that the only solution to the financial deficit is a miracle in oil prices, and it does not lie in external and domestic borrowing, as it will greatly exhaust the state budget.
Al-Defense said, in a statement to the information agency, that “high oil prices are positive, but not sufficient to address the problem of deficit and [You must be registered and logged in to see this link.] avoid the borrowing crisis,” stressing that “ [You must be registered and logged in to see this link.] needs a full year of continuing oil prices in a way that is not amenable to sudden crises in order to restore the economic balance. And it begins with addressing the fiscal deficit in the economy. ”
He added, "In the event that oil prices rise to above $ 80, the fiscal deficit will begin to shrink in the budget and the country will not need a new crisis, which is potential borrowing that will be a mortgage of the house to the debtor.
Al-Defense noted that "medicine on oil in the global market began to increase dramatically during this period, and that the rise in Basra Light oil prices, which was overtaken by US Brent by $ 71 compared to $ 70, is a positive matter, and an invitation to economists in the government to invest this increase."
He pointed out that "economists believe that the next stage is the stage of vaccines and the war of great treatments, and therefore the trends of the oil market in the world following the increase in vaccines of the Corona virus, which increased the demand for oil in global markets, and this increase may cause an economic boom at the global level."
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