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2021-11-05 06:40
Iraq is awaiting the return of "Al-Hayat" to Parliament, and sets a ceiling of $60 per barrel of oil in the budget
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2021-11-05 06:40
Shafaq News/ Mazhar Muhammad Salih, the financial and economic advisor to the caretaker prime minister, Mustafa Al-Kazemi, said on Thursday that there was no official submission of the draft federal budget law for the year 2022.
Iraq calculated the price of a barrel of oil at the threshold of $ 45 during the 2021 budget, which witnessed its economic crisis, coinciding with the outbreak of Corona and the decline of the local currency against the dollar.
The deficit amounted to $19.79 billion in the 2021 budget, which was estimated at $90 billion.
Iraq was forced to take a series of austerity measures to fill the deficit in its budget, including the devaluation of its local currency by 1,450 dinars to the dollar after its stability for years at the threshold of 1200 dinars to the dollar.
Saleh told Shafaq News Agency, that due to the electoral circumstances of dissolving the House of Representatives and waiting to enter into the new legislative life, he has not yet run for the ceiling of the exchange rate of a barrel of oil in the budget.
But he suggested calculating oil revenues fall between a minimum of $50 per barrel and a maximum of $60, taking into account that oil constitutes 90% of the total budget revenues, and the rest of the revenues are left to the so-called non-oil revenues.
Iraq is the second largest oil producer in OPEC after Saudi Arabia, with a production of about 4.5 million barrels per day, of which the country exports about 3.5 million barrels per day.
The country relies on oil sales revenues to cover up to 95 percent of state expenditures, which makes the country's rentier economy highly affected by the rise or fall of crude prices in global markets.
[You must be registered and logged in to see this link.]
Iraq calculated the price of a barrel of oil at the threshold of $ 45 during the 2021 budget, which witnessed its economic crisis, coinciding with the outbreak of Corona and the decline of the local currency against the dollar.
The deficit amounted to $19.79 billion in the 2021 budget, which was estimated at $90 billion.
Iraq was forced to take a series of austerity measures to fill the deficit in its budget, including the devaluation of its local currency by 1,450 dinars to the dollar after its stability for years at the threshold of 1200 dinars to the dollar.
Saleh told Shafaq News Agency, that due to the electoral circumstances of dissolving the House of Representatives and waiting to enter into the new legislative life, he has not yet run for the ceiling of the exchange rate of a barrel of oil in the budget.
But he suggested calculating oil revenues fall between a minimum of $50 per barrel and a maximum of $60, taking into account that oil constitutes 90% of the total budget revenues, and the rest of the revenues are left to the so-called non-oil revenues.
Iraq is the second largest oil producer in OPEC after Saudi Arabia, with a production of about 4.5 million barrels per day, of which the country exports about 3.5 million barrels per day.
The country relies on oil sales revenues to cover up to 95 percent of state expenditures, which makes the country's rentier economy highly affected by the rise or fall of crude prices in global markets.
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