Experts: Oil revenues will reach 140 billion dollars at the end of the current world

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[size=52]Experts: Oil revenues will reach 140 billion dollars at the end of the current world[/size]

[size=45]Baghdad/ Firas Adnan[/size]
[size=45]Economists expected that Iraq will achieve 140 billion dollars in oil revenues by the end of this year, stressing that the abundance that is higher than the establishment of the state should be employed in the correct manner, warning against pursuing spending policies on doors that do not bring profits to the treasury.[/size]
[size=45]Economist Nabil Al-Ali said, "Iraq is experiencing the best economic situation since the founding of the state, and during the past month it achieved the highest percentage of revenues in decades."[/size]
[size=45]Al-Ali added, "The treasury is on the verge of huge financial revenues that can be estimated at about 140 billion dollars annually, in light of the current oil prices, at a rate of between 110 to 120 dollars per barrel, according to what the National Oil Marketing Company (SOMO) achieved during the past two months."[/size]
[size=45]He pointed out, "The price of a barrel of oil will remain at the same levels, and it may exceed more than that during the coming period, and there are no indications of a decline."[/size]
[size=45]Al-Ali called for “reviewing the financial policy and preserving the size of these funds and not squandering them,” and advised to “invest them properly through real programs.”[/size]
[size=45]He believes, "The current situation represented by an unprecedented recovery needs visions of how to build an economy," warning against "wasting money in expenditures that do not bring us profits."[/size]
[size=45]Al-Ali called for “attention to the agricultural and industrial sectors by directing these funds towards development projects that will return more funds to us in order to be in front of a correct investment situation.”[/size]
[size=45]He explained, "The previous governments did not benefit from the previous increases in oil prices, but were employed in offering job grades that burdened the state, in addition to the spending that was behind political or electoral motives."[/size]
[size=45]Al-Ali went on to “the importance of developing economic indicators, by working to reduce poverty and unemployment rates that have risen in recent years, especially in light of the economic crisis after 2014, and then the Corona pandemic, while emphasizing the importance of raising the level of income.”[/size]
[size=45]For his part, the oil expert, Furat Al-Moussawi, said, "Iraq is going through a very good economic investment opportunity with the apparent rise in oil prices, especially for us as a monolithic and rentier economy that depends on one resource to feed the general budget with funds."[/size]
[size=45]Al-Moussawi added, "The readings of the observers confirm that oil prices will remain above $100 per barrel for several international factors that cannot end at the present time, which will bring us great financial abundance."[/size]
[size=45]He spoke about "a great financial abundance that Iraq will enjoy, and the evidence is that we obtained 28 billion dollars during the first quarter of this year in oil revenues."[/size]
[size=45]Al-Moussawi agrees with Al-Ali on “the necessity of activating industrial and economic development projects,” adding that “the employment of these funds requires a national will and a government with full powers.”[/size]
[size=45]He finds, "The current political crisis and the lack of agreement to form the next government has led us to disrupt all life facilities, including the economic sector, and the state is going about its daily affairs by paying salaries without proceeding with new projects."[/size]
[size=45]Al-Moussawi concluded, “Iraq does not get all the price of a barrel of oil, so a third of it goes to the contracting companies and the costs related to extraction, while the rest is deposited with the state treasury.”[/size]
[size=45]The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had stated in press statements that "Iraq is living today in its best financial conditions with its modern history in terms of cash flows."[/size]
[size=45]Saleh called for "the necessity of employing these cash flows in productive investments for the national economy resource, as well as operating national human resources in activities that should be income-generating and wealth-maximizing at the same time."[/size]
[size=45]He added that "investment policies for large resources require operating them with economic joints in order to achieve financial and economic sustainability," noting that "exceptional circumstances are what impose a borrowing policy, including the deficit of government revenues due to the cycle of declining oil assets."[/size]
[size=45]Saleh continued by saying, "The rise in oil prices and the resulting large rentier returns will obviate the idea of ​​external government borrowing."[/size]
[size=45]The government recently approved a new plan to get rid of foreign and domestic debts totaling about $68 billion.[/size]
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