Specialists: High oil prices are a conditional opportunity for economic revival

[size=52]Specialists: High oil prices are a conditional opportunity for economic revival[/size]

[size=45]Baghdad / Hussein Hatem[/size]
[size=45]Global oil prices rose, on Tuesday, amid expectations of a strong recovery in global oil demand. US West Texas Intermediate crude futures rose 18 cents, or 0.3 percent, to $ 66.45 a barrel, while Brent crude futures rose to more than $ 70.[/size]
[size=45]Specialists in economic affairs see the rise in oil prices as a "golden opportunity" to serve the Iraqi economy.[/size]
[size=45]The specialist in economic affairs, Abdul Rahman Al-Mashhadani, said in an interview with (Al-Mada) that "high oil prices will serve the Iraqi economy if it is properly directed."[/size]
[size=45]Al-Mashhadani continues by saying that "the Parliamentary Finance Committee included a paragraph in the federal budget for 2021 stating that the surpluses achieved as a result of the high price of oil or the increase in exported quantities turned to pay the deficit."[/size]
[size=45]The House of Representatives set the price of a barrel of oil at $ 45 in the 2021 budget.[/size]
[size=45]Al-Mashhadani added that "the average price for the past four months was approximately $ 60, meaning there is a surplus of $ 15 per barrel over four months," expressing his hope for "the price rise to more than it is in the coming months."[/size]
[size=45]The specialist in economic affairs indicates that "the increase in oil prices will cover the deficit if the government works according to the directives and recommendations of the Finance Committee or as approved in the general budget."[/size]
[size=45]Al-Mashhadani believes that “the government has submitted an appeal to the budget,” believing that it “is not committed to directing the surplus achieved as a result of high oil prices to pay the deficit. .[/size]
[size=45]The specialist in economic affairs believes that "the time is not sufficient for the government to organize a supplementary budget, since the latter is preparing to work on the draft budget in 2022 for approval before the elections."[/size]
[size=45]Yesterday, Tuesday, the Parliamentary Finance Committee announced the Ministry of Finance's move to prepare the general budget bill for 2022, while noting that the government is working to complete the budget before the elections.[/size]
[size=45]Al-Mashhadani went on to say: "The government is supposed to work on rationalizing expenditures in such matters, not increasing them," noting that "the increase will tie us to future debts payable."[/size]
[size=45]In turn, the specialist in economic affairs, Basem Jamil Antoine, said in an interview with (Al-Mada) that "the rise in oil prices is a positive step if it is taken advantage of by converting it from cash revenues to building and disposing of investment projects in the sectors of agriculture, industry and tourism."[/size]
[size=45]Antoine adds that "the budget deficit ended with this rise, as the price of a barrel of oil is fixed in the budget at $ 45, and after the price reached $ 70, $ 25 covers the deficit and stops borrowing."[/size]
[size=45]The specialist in economic affairs notes that "the rise in oil prices is a golden opportunity to take advantage of the re-arrangement of Iraqi construction and solve the crisis and intractable problems and to reduce the rate of poverty and unemployment."[/size]
[size=45]Antoine believes that "the Iraqi economy will witness an improvement if it is managed by honest and efficient hands."[/size]
[size=45]For his part, the oil expert, Hamza Al-Jawahiri, said in an interview with Al-Mada that "the rise in the price of a barrel of oil gives a positive reflection of the economic reality," indicating that "the increase in every dollar gives the result one billion dollars a year."[/size]
[size=45]Al-Jawahiri believes that "the advancement of the Iraqi economy requires the management of public money wisely and planning away from financial and administrative corruption."[/size]
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