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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    Parliamentary calls to reconsider the budget due to high oil prices

    Rocky
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    Parliamentary calls to reconsider the budget due to high oil prices Empty Parliamentary calls to reconsider the budget due to high oil prices

    Post by Rocky Sun 30 May 2021, 6:44 am

    [size=35][size=35]Parliamentary calls to reconsider the budget due to high oil prices[/size]
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    Economie

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    2021-05-30 | 04:44
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    Report: Alsumaria News: The

    rise in global oil prices to more than 67 dollars per barrel, and the news that the global economic recovery is returning, has led to a rise in the voices calling for a review of the current budget and its formulation in a manner that is compatible with the current situation and in the public interest of Iraq and the Iraqi people. At a time when a parliamentarian called on the government to send a supplementary budget to the House of Representatives in a quick time, another stressed the importance of taking advantage of the price difference for a barrel of oil to dispense with foreign loans that were allocated within the budget to finance projects in the country.


    Representative of the coalition of Iraqis, Ali Al-Badiri, called on the government to send the draft supplementary budget law to the House of Representatives in a quick time for several reasons.

    Al-Badiri said in an interview with Al-Sumaria News, "There are many reasons that require the government to speed up sending a supplementary budget to the House of Representatives in order to benefit from it in many matters in the current stage," indicating that "the first thing is related to the difference between the price of a barrel of oil estimated in the budget and the price." Actual now, where it is possible to benefit from these differences in paying off many foreign debts, including the Iranian gas debt, to supply power stations, which contributes to providing a quick solution to an important problem with the advent of the summer, which is the electricity crisis.






    Al-Badiri added, "The second benefit is to increase the central bank’s reserves, which have decreased greatly as a result of the irregular withdrawals that occurred in previous periods, in addition to the possibility of reducing the dollar exchange rate against the dinar to a reasonable amount, for example, to be 135 thousand dinars per 100 dollars. He pointed out that "the other benefit, given that the elections in the month of October, which means the impossibility of legislating a budget for the next year, therefore, the legislation of a supplementary budget will have a great benefit to ensure that there is no confusion in covering operational expenditures for the next year until the formation of the next government and parliament."


    Representative of the National Approach bloc, Hussein Al-Oqabi, stressed the importance of taking advantage of the price difference for a barrel of oil to cover the amounts allocated from foreign loans to cover projects in the country from those loans, in addition to completing many stalled and lagging projects in the health, educational and service sectors.

    Al-Aqabi said in an interview with Alsumaria News, "The difference between the price of a barrel of oil estimated in the budget and the actual price includes an appropriate margin in order to bridge the deficit between financing and actual expenditures. Therefore, we count on it a lot on the difference that we consider good to cover the budget deficit and the deficit of basic expenditures," indicating "The essential point that we are pressing for and watching well is that the price difference is in which the projects that were unfortunately covered by foreign loans are covered, which is not sound and we objected to them. Therefore, we seek to cancel these loans and finance these projects from this price difference."

    Al-Oqabi added, "The average difference, which amounts to approximately $ 15 per barrel, is suitable funds to cover the sums that have been put in place for foreign loans and cover the deficit," stressing that "those sums can also be used in completing stalled and lagging projects, some of which are outside." The budget framework, including those that reached a very high rate of achievement in important sectors such as health, education and municipal services.

    Member of Parliament for the Al-Fateh Alliance, Uday Shaalan Abu El-Jon, confirmed that the rise in global oil prices, economic improvement and market recovery in all countries of the world make us face a national responsibility to reconsider the figures that were included in the budget in some sectors by sending the government to a supplementary budget according to the new data of prices Oil.

    Abu El-Joun said in an interview with Alsumaria News, "The budget legislated by the House of Representatives and despite the many discussions and amendments it contained, it did not meet the people's aspirations due to many reasons, including the drop in global oil prices, the economic crisis and the Corona pandemic," indicating that "the current conditions In all fields, it has become more flexible, especially after the rise in global oil prices to more than $ 65 a barrel, in a clear difference from the estimated price of the budget at $ 45 a barrel.

    Abu El-Jon added, "The global economic and commercial market began to recover after the reopening of factories, companies and international movement, and the reduction of restrictions and global closures that it experienced as a result of the Corona pandemic. Therefore, all of these data make us obligated to review the budget and make adjustments to it through a supplementary budget that reduces The state of restriction on the status of ordinary citizens, whether through reducing the dollar exchange rate or reducing taxes and restrictions, increasing allocations for the ration card and social welfare, canceling foreign loans and allocating funds for some important vital projects that have stopped due to the lack of allocations.
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