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Baghdad: Shaima Rashid
Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, called on the government to take advantage of the rise in oil prices, which may reach $100 per barrel, until there is a reserve for the budget and to bridge the deficit and eliminate it.
Saleh said in an interview: “Building the next budget on the price of 60 dollars is very reasonable, and it has a stable vision, and it reduces the deficit by 75%,” explaining that “Iraq at these prices will fill all the budget deficit, even if it is planning.”
He added that "there are two problems, the first is Iraq's non-oil revenues, which do not reach their goals and do not cover their costs, and therefore this causes an actual deficit as well. “.
He continued, "The second problem is that the higher the oil prices, the lagging projects must be run, as we have 6,000 projects, some of which have been started and some of which have reached half, and these need to be re-implemented by contractors and contractors, meaning they need a cost to restore Construction is one of the remnants of disrupting the economy, but in general it is a positive thing because investments will expand and are supposed to reduce unemployment.”
Regarding the rise in oil prices to $ 100 a barrel or more, Saleh explained that “the rise in oil prices more than the current one enables the government to benefit from it in various quarters, including that the government must have a reserve called budget stability, meaning that in the event the budget is exposed to a decline and a deficit that is not It goes towards borrowing, but rather towards the reserves it has, so these funds must be in the budget reserve and have different aspects of allocation and start withdrawing from them for investment because it is he who provides job opportunities, raises growth and reduces unemployment and poverty.”
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