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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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Established in 2006 as a Community of Reality

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    Adviser to the Prime Minister warns against optimism about an alarming rise in oil and food prices

    Rocky
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    Adviser to the Prime Minister warns against optimism about an alarming rise in oil and food prices Empty Adviser to the Prime Minister warns against optimism about an alarming rise in oil and food prices

    Post by Rocky Mon 04 Oct 2021, 6:47 am

    Adviser to the Prime Minister warns against optimism about an alarming rise in oil and food prices

    •  Time: 10/04/2021 08:28:29
       
    •  Reading: 1,391 times

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    {Economic: Al Furat News} The economic and financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that the reform of the economy begins with the non-oil financial sectors, warning against optimism about the rise in oil prices.
    Saleh said in a press statement, "The public finances depend on oil revenues by about 93%."
    He added, "There is an energy crisis in the world, with positive and negative dimensions. The positive is the possibility that the price of a barrel of oil will reach $100, and this is not surprising because Iraq has previously sold a barrel of oil for $143."
    And he indicated that "the negative thing lies in the escalation of energy prices, which generates inflation in the world, as the prices of food and other commodities are likely to rise dramatically, which may lead to a global recession, so the stability of the economic situation is very important."
    Saleh stressed that "the oil returns are good, and in the event that the expenditures of the general budget are adhered to and controlled with the improvement of crude prices, the financial situation of Iraq will be sustainable."
    He pointed out, "there is a problem in how to control public expenditures, so adopting the spending ceiling in the 2022 budget to be similar to the current year, will move the country to a financially comfortable position and will almost eliminate the deficit, and some savings will be achieved to transfer it to investment projects."
    Saleh warned against "excessive optimism about the rise in oil prices, so this matter must be invested in an optimal manner, especially since Iraq has fixed consumption expenditures, which are the salaries of employees and retirees." 
    He pointed out that "reducing spending has become at the expense of the investment budget, and thus the number of the unemployed has increased and employment opportunities have decreased, and this is a big problem we are facing," explaining that "
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