Governmental Adviser: The surplus of oil revenues will cover the deficit and cancel borrowing

[size=52]Governmental Adviser: The surplus of oil revenues will cover the deficit and cancel borrowing[/size]

[size=45]Baghdad / Hussein Hatem[/size]
[size=45]A government advisor says that the high revenues generated from oil exports will go to fill the deficit and cancel borrowing, while a specialist in economic affairs recommends that these revenues be managed realistically and provide job opportunities to reduce unemployment rates.[/size]
[size=45]Yesterday, Tuesday, the Ministry of Oil announced the final statistics of the exported quantities of crude oil and the revenues earned for the month of April.[/size]
[size=45]According to statistics published by the Ministry of Oil, on the Iraqi Oil Marketing Company “SOMO”, the amount of exports of crude oil amounted to 88 million, 398 thousand, and 319 barrels, with revenues of 5 billion, 549 million, and 517 thousand dollars. The statistic indicated that the total exported quantities of crude oil for the month of April from the oil fields in central and southern Iraq amounted to 85 million 534 thousand and 916 barrels. As for the Kirkuk fields through the port of Ceyhan, the exported quantities reached 2 million and 863 thousand and 403 barrels.[/size]
[size=45]According to the statistics, the quantities and revenues of exported crude oil shipments that were marketed at a price premium to achieve additional revenues during the month of April totaled more than 74 million 992 thousand and 080 dollars, while the average price per barrel reached 62.779 dollars.[/size]
[size=45]The appearance of Muhammad Salih, the financial advisor to the prime minister, explains in an interview with Al-Mada that “the revenues resulting from the quantities of exported oil compensate for any deficit or borrowing situation in the budget,” indicating that “if the average price of a barrel of oil is $ 62 and recorded in the budget 45 A dollar, the difference goes as cash income. ”[/size]
[size=45]Saleh adds that "the budget includes revenues and expenditures," indicating that "this month's revenues were set at $ 45 in addition to borrowing, and if additional income is achieved, borrowing will stop."[/size]
[size=45]The government advisor indicates that “the budget is an annual financial plan and the funds are spent and allocated according to the decree in the budget,” noting that “in the event that there are job grades, projects, or exchange doors, they will be implemented according to the terms of the budget through oil or non-oil revenues represented in customs, taxes and sale. State property, corporate profits and others.[/size]
[size=45]Salih adds: "If the revenues are sufficient to meet the expenses without borrowing, the situation will be balanced, but if the revenues are higher than the expenditures, then the surplus of the previous month will turn into revenue for the following month."[/size]
[size=45]The financial advisor believes that "in the event that the surpluses increase by a large percentage, it is possible to go to a supplementary budget, and this depends on the government's decision."[/size]
[size=45]In turn, the specialist in economic affairs, Bassem Jamil Antoun, said in an interview with (Al-Mada) that "the revenue outcome is good compared to previous periods that witnessed a setback in oil prices and the quantities issued," adding that "the amount is large for the past two years."[/size]
[size=45]And Anton adds that "the revenues will contribute to filling a large proportion of the deficit," expressing his hope that "these revenues will stimulate the economic movement."[/size]
[size=45]The specialist in economic affairs called on the government to "manage these revenues realistically in distribution and privatization, such as creating job opportunities to reduce unemployment rates (..)", referring to "investing these revenues in vital projects away from corruption."[/size]
[size=45]And Anton notes that "the care of these funds and their good management will provide good positive results."[/size]
[size=45]And last Sunday, the President of the Republic, Barham Salih, said that at least $ 150 billion in corruption deals had been smuggled abroad over the past years.[/size]
[size=45]For his part, the specialist in economic affairs, Abdul Rahman Al-Mashhadani, believes in an interview with (Al-Mada) that "revenues may cover the needs of the general budget within the normal rates, as the budget remained within the current estimates without being subject to new challenges," noting that "the revenues are within the normal rates." Sufficient for the minimum in financing expenditures.[/size]
[size=45]Al-Mashhadani believes that "the Ministry of Oil has ambitious plans that are not consistent with the economic interest nor the aspirations of the global oil market," noting that "granting new contracts for new licensing rounds is not correct. When increasing production capacities, one must think about how to dispose of them."[/size]
[size=45][You must be registered and logged in to see this link.]