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[size=36]The government advisor talks about the high oil price and its impact on the budget[/size]
political| 04:17 - 06/24/2021
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Baghdad - Mawazine News
, Adviser to the Prime Minister for Financial and Economic Affairs Mazhar Muhammad Salih said, on Thursday, that the rise in the oil price does not make the budget balanced, except on conditions, indicating that the budget surplus prompted the government not to finance the deficit by borrowing.
Saleh said in a press interview; “The high oil price does not make the budget balanced except on conditions, as the average oil price should be $75 over the course of the fiscal year and not fluctuate, such as dropping to $50 and rising again,” noting that “the budget set the price of a barrel at $45.” And it has a hypothetical deficit, it has spending commitments, and it has oil and non-oil revenues.”
He added, "If the price of a barrel of oil continues at $75 throughout the fiscal year, there will be a balanced budget provided that there is efficiency in spending and efficiency in non-oil revenues as planned."
Saleh pointed out, “During the first 6 months of this year, the barrel price achieved more than 45 dollars, and at least 62 to 65 dollars, the average selling price, and thus achieved a surplus that made the government not finance the deficit by borrowing,” noting that “the budget turns From a budget deficit to a balanced budget when the desired expenditures are equal to the desired revenues with the surplus resulting from the rise in oil prices.” Ended 29/ 77]
, Adviser to the Prime Minister for Financial and Economic Affairs Mazhar Muhammad Salih said, on Thursday, that the rise in the oil price does not make the budget balanced, except on conditions, indicating that the budget surplus prompted the government not to finance the deficit by borrowing.
Saleh said in a press interview; “The high oil price does not make the budget balanced except on conditions, as the average oil price should be $75 over the course of the fiscal year and not fluctuate, such as dropping to $50 and rising again,” noting that “the budget set the price of a barrel at $45.” And it has a hypothetical deficit, it has spending commitments, and it has oil and non-oil revenues.”
He added, "If the price of a barrel of oil continues at $75 throughout the fiscal year, there will be a balanced budget provided that there is efficiency in spending and efficiency in non-oil revenues as planned."
Saleh pointed out, “During the first 6 months of this year, the barrel price achieved more than 45 dollars, and at least 62 to 65 dollars, the average selling price, and thus achieved a surplus that made the government not finance the deficit by borrowing,” noting that “the budget turns From a budget deficit to a balanced budget when the desired expenditures are equal to the desired revenues with the surplus resulting from the rise in oil prices.” Ended 29/ 77]
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