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[size=36]Government Financial Adviser: The 2022 budget will be free of financial hardships[/size]
Economie| 10:43 - 13/11/2021
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Baghdad - Mawazine News
The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, announced on Saturday that the country’s external public debt has decreased to $20 billion, while stressing that the year 2022 will be free of financial hardships and financing restrictions.
Saleh said, in an interview followed by / Mawazine News /, that "Iraq's external public debt is in decline, and it is within the limits of 20 billion dollars, and the public budget bears the debt-amortization services according to set timings," noting that "the internal debt is still the largest at the present time." The external debt exceeds three times, but it remains confined to the government financial system exclusively, and is not related to the public.
He added, "Iraq is in recovery and will inevitably live in the next 2022 without financial hardships or financing restrictions, caused by a lack of revenues, due to the recovery of the energy market and the boom in demand for oil, as well as the increase in the proceeds of Iraq's oil production by 400 thousand barrels per day," noting that "This addition to the current total oil production and alone will generate an additional annual revenue estimated at about 17 trillion Iraqi dinars if the average price of a barrel of oil reaches $75."
He pointed out that "the issue depends on the total spending ceilings in the budget, and if it is assumed that the spending ceiling in the 2022 budget is the same in 2021, and that the average price of a barrel of oil achieved throughout the year is not less than $75, then the oil revenues will alone cover the total expenses." in the budget and achieve some surplus from the availability of other non-oil revenues.”
He continued, "This means that for the first time there will be a budget that achieves a financial surplus without the need to borrow, and if borrowing is achieved, it does not exceed 3% of the gross domestic product, which is stipulated in the financial management law in force due to ongoing construction projects whose financing is linked to international loans." He added: "In my estimation, it does not exceed 3 billion dollars per year, in addition to the construction loan whose bonds are offered for circulation to the public at a trillion dinars." Ended 29/b88
Saleh said, in an interview followed by / Mawazine News /, that "Iraq's external public debt is in decline, and it is within the limits of 20 billion dollars, and the public budget bears the debt-amortization services according to set timings," noting that "the internal debt is still the largest at the present time." The external debt exceeds three times, but it remains confined to the government financial system exclusively, and is not related to the public.
He added, "Iraq is in recovery and will inevitably live in the next 2022 without financial hardships or financing restrictions, caused by a lack of revenues, due to the recovery of the energy market and the boom in demand for oil, as well as the increase in the proceeds of Iraq's oil production by 400 thousand barrels per day," noting that "This addition to the current total oil production and alone will generate an additional annual revenue estimated at about 17 trillion Iraqi dinars if the average price of a barrel of oil reaches $75."
He pointed out that "the issue depends on the total spending ceilings in the budget, and if it is assumed that the spending ceiling in the 2022 budget is the same in 2021, and that the average price of a barrel of oil achieved throughout the year is not less than $75, then the oil revenues will alone cover the total expenses." in the budget and achieve some surplus from the availability of other non-oil revenues.”
He continued, "This means that for the first time there will be a budget that achieves a financial surplus without the need to borrow, and if borrowing is achieved, it does not exceed 3% of the gross domestic product, which is stipulated in the financial management law in force due to ongoing construction projects whose financing is linked to international loans." He added: "In my estimation, it does not exceed 3 billion dollars per year, in addition to the construction loan whose bonds are offered for circulation to the public at a trillion dinars." Ended 29/b88
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