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[size=36]A new statement by Al-Kazemi's advisor regarding the deficit and the price of oil in the budget[/size]
political| 01:03 - 17/02/2022
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Baghdad - Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, on Thursday, three factors for drawing the road map for the general budget 2022, while noting that setting a budget free of deficit depends on one condition.
Saleh said, "There are three factors that should be remedied before rushing to think about adjusting the average return of a barrel of oil for the purposes of the 2022 budget, the first of which is that the annual expenditure ceiling planned in the mentioned budget is designed according to the proportion and proportionality with the actual sufficient oil revenues and with the right to balance the budget or even accept a hypothetical deficit. proportionate to what was stated in the Financial Management Law, i.e. 3% of the country’s gross domestic product.
He explained, "For example, a balanced public budget can be designed with an annual spending ceiling of 140 trillion dinars (without a deficit), provided that the average annual exported oil barrel revenue is not less than 72-74 dollars and an export capacity of no less than 2-3 million barrels per day. Assuming that the efficiency of non-oil revenues may be achieved at a modest rate of 50% of what was planned or according to the criteria of what was achieved in 2021.
In an interview with the official news agency, Mawazine News, Saleh added, "The second factor is to ensure the sustainability of oil prices on a price basis of at least $72 per barrel and for reassuring annual periods without sharp fluctuations in the oil asset price cycle, and in my estimation, no less than three years." ".
He pointed out that "the third factor is hedging with a government stability account that has the ability to cover the costs of government investment projects for the lack of financial supplies due to the drop in oil prices for at least 6 months, that is, in the event that oil prices drop below an average of $72 per barrel in a way that exposes public revenues to risks." The decline in the global oil market prices, or hedging an account to provide government salaries and pensions for a comfortable coverage period of at least six months.
And he concluded, by saying: "In light of these considerations or the three restrictions above, the price of a barrel of oil is supposed to be decided and its movements for the purposes of the 2022 general budget are accurately and calculated." Ended 29/N33
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, on Thursday, three factors for drawing the road map for the general budget 2022, while noting that setting a budget free of deficit depends on one condition.
Saleh said, "There are three factors that should be remedied before rushing to think about adjusting the average return of a barrel of oil for the purposes of the 2022 budget, the first of which is that the annual expenditure ceiling planned in the mentioned budget is designed according to the proportion and proportionality with the actual sufficient oil revenues and with the right to balance the budget or even accept a hypothetical deficit. proportionate to what was stated in the Financial Management Law, i.e. 3% of the country’s gross domestic product.
He explained, "For example, a balanced public budget can be designed with an annual spending ceiling of 140 trillion dinars (without a deficit), provided that the average annual exported oil barrel revenue is not less than 72-74 dollars and an export capacity of no less than 2-3 million barrels per day. Assuming that the efficiency of non-oil revenues may be achieved at a modest rate of 50% of what was planned or according to the criteria of what was achieved in 2021.
In an interview with the official news agency, Mawazine News, Saleh added, "The second factor is to ensure the sustainability of oil prices on a price basis of at least $72 per barrel and for reassuring annual periods without sharp fluctuations in the oil asset price cycle, and in my estimation, no less than three years." ".
He pointed out that "the third factor is hedging with a government stability account that has the ability to cover the costs of government investment projects for the lack of financial supplies due to the drop in oil prices for at least 6 months, that is, in the event that oil prices drop below an average of $72 per barrel in a way that exposes public revenues to risks." The decline in the global oil market prices, or hedging an account to provide government salaries and pensions for a comfortable coverage period of at least six months.
And he concluded, by saying: "In light of these considerations or the three restrictions above, the price of a barrel of oil is supposed to be decided and its movements for the purposes of the 2022 general budget are accurately and calculated." Ended 29/N33
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