Economists expect oil prices to reach $100 and call for approving budget programs

[size=52]Economists expect oil prices to reach $100 and call for approving budget programs[/size]

[size=45]The Ministry of Finance confirmed that economic growth has begun to recover, while noting that the adoption of the current exchange rate came to supplement national production, protect the central bank's reserves, and support the budget.[/size]
[size=45]On the other hand, economic experts expected oil prices to reach $100 in the coming days, while they saw that the exchange rates of the dollar against the dinar would remain the same, calling for the implementation of the terms of the white paper to the letter in the 2022 budget.[/size]
[size=45]During the past two years, Iraq suffered from a stifling financial crisis that threatened the salaries of its employees, and to contain the crisis, the Central Bank of Iraq decided to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling the dollar to banks was set at about 1460 dinars per dollar. The selling price to the citizen is about 1470 dinars per dollar. But the decision caused a stagnation of economic activity and a rise in commodity prices in local markets. The economic affairs specialist, Dia Al-Mohsen, said in an interview with (Al-Mada), that “the 2021 budget approved the exchange rate of the dollar against the dinar for one time only,” calling for “a reconsideration of the exchange rate in the next year’s budget.”[/size]
[size=45]Al-Mohsen added, "The statements of the Ministry of Finance are always confused, as it stated earlier that even with the rise in the price of oil in global markets, the price will remain fixed." The specialist in economic affairs called on the Ministry of Finance to “control unjustified and exaggerated expenditures,” expecting “oil prices to reach $100.”[/size]
[size=45]Al-Mohsen asked, “What kind of budget will 2022 be prepared by the ministries of finance and planning, is it similar to the budgets of previous years?”, adding, “if it is similar to the budget of previous years, there is no point in delaying it and going into it as long as it is a budget of items,” stressing that “Iraq needs to Budgeting programs that put economic priorities on top.[/size]
[size=45]In turn, the economic specialist, Hazem Hadi, said in an interview with (Al-Mada), that "the dollar's exchange rate will continue at the same pace without any change," noting that "a change in the exchange rate will lead the Iraqi economy to inflections."[/size]
[size=45]Hadi added, "The goals achieved by changing the exchange rate of the dollar against the dinar still exist, including the markets open to importers and exporting countries." The economic affairs specialist pointed out, "The white paper seeks to increase non-oil resources significantly, and this is what we have noticed from the rise in tax and customs imports and some other economic activities with financial returns to the public treasury." Hadi stressed “the implementation of the 2022 budget in accordance with a healthy fiscal and monetary policy that depends on the terms of the white paper,” noting that “the stability of oil prices as they are or more will return a large financial surplus in the 2022 budget.”[/size]
[size=45]And the Ministry of Finance indicated, yesterday, Sunday, that the “white paper” is the comprehensive framework for addressing dependence on oil to supplement the Iraqi economy.[/size]
[size=45]The ministry stated in a statement received by (Al-Mada), that "we adopted the exchange rate to supplement national production, protect the reserves of the Central Bank and support the budget," noting that "during the past three years, we bore the burdens of a stifling financial crisis that threatened the state's ability to fulfill its obligations." She pointed out that "economic growth has begun to recover gradually in the wake of the contraction of the Corona pandemic last year," noting that "it is expected that the improvement in the conditions of the global oil market will enhance economic growth."[/size]
[size=45]She added that "Iraq is one of the most oil-dependent countries in the world," noting that "the Corona pandemic had a significant impact on Iraq's gross domestic product in 2020".[/size]
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