[size=38]An Economist Denies The “Fiscal Deficit” Novel: A Fake Created By The Government[You must be registered and logged in to see this link.]LAST UPDATE 01/19/2022 | 4:12 PM
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The economist, Basil Al-Obaidi, confirmed, on Wednesday, that there is no actual financial deficit in the Iraqi budget, but rather a fictitious deficit created by the government, while noting that the surplus funds from the rise in oil prices, if invested correctly, will improve the economic situation in Iraq.
Al-Obaidi said, in a statement to the "Information" agency, that "there is no real financial deficit, rather it is a fictitious deficit that the government has set in the planning budget. As for the actual budget, there is no deficit; For two reasons, the first is that spending was not done correctly due to the delay in approving the 2021 budget.
He continued, "As for the second reason, it lies in the increase in oil prices significantly more than expectations. The expected price of a barrel in the previous budget was 49 dollars and reached more than 89 dollars in the recent period, so we have a large surplus through which we can increase the reserves of the Central Bank of Iraq by 16 billion dollars." “.
He added, "If these surplus funds are properly invested in the 2022 budget, the country's economic situation will become very good," noting that "now we have the ability to return debts, pay interests and extinguish loans."
Al-Obeidi explained, “The financial abundance is divided into two parts, the first of which goes to the reserves of the Central Bank of Iraq for hard currencies and the purchase of gold, and the other section is money saved to cover the new budget, so all the financial surplus is added to the 2022 budget in addition to all the money that exceeded the general budget.” 2021.” Ended / 25 ر