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[size=47]Iraq: A proposal to create a hedge fund to stabilize the budget[/size]
March 28, 2021
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Proceeds from the sale of oil constitute 92 percent of the public budget of Iraq (AFP)
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The Iraqi Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, called on Sunday to provide [You must be registered and logged in to see this link.] , [You must be registered and logged in to see this link.] aimed at stabilizing the [You must be registered and logged in to see this link.] and sustaining the country's [You must be registered and logged in to see this link.] .
Saleh told the official Iraqi News Agency: "The budget stabilization fund must be available as a sovereign fund to hedge against the risk of financial sustainability fluctuation or a decline in the sustainability of revenues." The daily average of Iraqi oil exports during last February reached 2.960 million barrels per day, achieving monthly revenues of $ 5.026 billion. Last month, the Finance Committee in Parliament voted to reduce the value of the federal budget for 2021 from 164 trillion dinars (113.1 billion dollars) to 130 trillion dinars (89.6 billion dollars).
The Iraqi official did not mention any details or proposals regarding a mechanism for financing the hedge fund (to avoid any contingencies for expenditures) and developing its assets.
The advisor to the prime minister for financial affairs added that "the proceeds from the sale of oil constitute 92 percent of the state's general budget, down from an average of 95 percent over the past years."
The reduction comes to reduce the deficit ratio in the draft budget this year to 18 billion dollars, after it was 50 billion, as the project is still under discussion by Parliament until today.
Saleh told the official Iraqi News Agency: "The budget stabilization fund must be available as a sovereign fund to hedge against the risk of financial sustainability fluctuation or a decline in the sustainability of revenues." The daily average of Iraqi oil exports during last February reached 2.960 million barrels per day, achieving monthly revenues of $ 5.026 billion. Last month, the Finance Committee in Parliament voted to reduce the value of the federal budget for 2021 from 164 trillion dinars (113.1 billion dollars) to 130 trillion dinars (89.6 billion dollars).
The Iraqi official did not mention any details or proposals regarding a mechanism for financing the hedge fund (to avoid any contingencies for expenditures) and developing its assets.
The advisor to the prime minister for financial affairs added that "the proceeds from the sale of oil constitute 92 percent of the state's general budget, down from an average of 95 percent over the past years."
The reduction comes to reduce the deficit ratio in the draft budget this year to 18 billion dollars, after it was 50 billion, as the project is still under discussion by Parliament until today.
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On Sunday, the Iraqi government approved recommendations for drilling 96 oil wells in Basra, for the Basra Oil Company / Exxon Mobil, at a cost of $ 480.5 million.
Iraq is the second largest producer of crude oil in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, with an average production of 4.6 million barrels per day in normal conditions.
The Iraqis are suffering from great living difficulties in light of the financial crisis caused by the drop in oil prices in recent years, which came the Corona virus pandemic, early last year, to increase its severity, as the government took measures that increase the suffering of many, including delaying the salaries of employees, and reducing the value of the dinar in a way. It was sharp against the US dollar, which caused jumps in the prices of various commodities and a decline in the purchasing power of citizens.
Iraq is the second largest producer of crude oil in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, with an average production of 4.6 million barrels per day in normal conditions.
The Iraqis are suffering from great living difficulties in light of the financial crisis caused by the drop in oil prices in recent years, which came the Corona virus pandemic, early last year, to increase its severity, as the government took measures that increase the suffering of many, including delaying the salaries of employees, and reducing the value of the dinar in a way. It was sharp against the US dollar, which caused jumps in the prices of various commodities and a decline in the purchasing power of citizens.
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