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Counselor Saleh Expects An Increase In Government Spending In The 2022 Budget
04/28/2022
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Earth News/ The Economic Adviser to the Prime Minister, Mazhar Muhammad Salih, expected today, Thursday, an increase in government spending in the 2022 budget by 40-50% above the ceilings of last year's budget.
Saleh told Earth News, "There is no budget that has been officially submitted to the legislative authority so far. The country deals with the public financial life through the effective financial management law, disbursing 12/1 of the total actual current expenditures in the year 2021," stressing that "everything is What is said about the budget document are just speculations, the facts of which are close to reality.”
He added, "It is our estimation that the price of a barrel of oil is set at about $70 as an average calculation for the purposes of determining oil revenues, which constitute 92 of the actual budget revenues, and the amount of oil exports may reach 3.3 million barrels of crude oil per day," noting that "the general budget for the year 2022 consists of a balanced At a spending ceiling of about 130 trillion dinars.
And Counselor Saleh continued, "Expenditure ceilings may rise while maintaining the condition of budget balance, and the higher the estimates of average oil prices and the quantities exported in the accounts of the federal general budget for the year 2022," expecting that "the ceiling of total spending in the 2022 budget will increase by about 40-50% above Ceilings for the year 2021 with a precautionary deficit similar to what was indicated in the emergency draft law on food security and development, which is currently in the process of legislation.”
Salih added that "the budget has an expansionary character, especially in two aspects, the first, which is social spending that affects the poor classes in terms of expanding the social welfare program and supporting and expanding the ration card, as well as supporting crop prices to strengthen Iraq's national food security."
He continued, "As for the second aspect of spending, it will go to expanding the financing of vital investment projects, especially income-generating, labor-inducing and high-value-added projects, in order to achieve sustainable growth levels that exceed population growth rates in all cases."
Saleh stressed that “any financial surpluses or savings that will be achieved at the end of the year will be deposited in a sovereign fund, based on the text of Article 19 of the effective Financial Management Law. The future actions of the sovereign fund will undoubtedly benefit the budget and the priority of financing the country's strategic investment projects.
[You must be registered and logged in to see this link.]
04/28/2022
31
[You must be registered and logged in to see this link.]
Earth News/ The Economic Adviser to the Prime Minister, Mazhar Muhammad Salih, expected today, Thursday, an increase in government spending in the 2022 budget by 40-50% above the ceilings of last year's budget.
Saleh told Earth News, "There is no budget that has been officially submitted to the legislative authority so far. The country deals with the public financial life through the effective financial management law, disbursing 12/1 of the total actual current expenditures in the year 2021," stressing that "everything is What is said about the budget document are just speculations, the facts of which are close to reality.”
He added, "It is our estimation that the price of a barrel of oil is set at about $70 as an average calculation for the purposes of determining oil revenues, which constitute 92 of the actual budget revenues, and the amount of oil exports may reach 3.3 million barrels of crude oil per day," noting that "the general budget for the year 2022 consists of a balanced At a spending ceiling of about 130 trillion dinars.
And Counselor Saleh continued, "Expenditure ceilings may rise while maintaining the condition of budget balance, and the higher the estimates of average oil prices and the quantities exported in the accounts of the federal general budget for the year 2022," expecting that "the ceiling of total spending in the 2022 budget will increase by about 40-50% above Ceilings for the year 2021 with a precautionary deficit similar to what was indicated in the emergency draft law on food security and development, which is currently in the process of legislation.”
Salih added that "the budget has an expansionary character, especially in two aspects, the first, which is social spending that affects the poor classes in terms of expanding the social welfare program and supporting and expanding the ration card, as well as supporting crop prices to strengthen Iraq's national food security."
He continued, "As for the second aspect of spending, it will go to expanding the financing of vital investment projects, especially income-generating, labor-inducing and high-value-added projects, in order to achieve sustainable growth levels that exceed population growth rates in all cases."
Saleh stressed that “any financial surpluses or savings that will be achieved at the end of the year will be deposited in a sovereign fund, based on the text of Article 19 of the effective Financial Management Law. The future actions of the sovereign fund will undoubtedly benefit the budget and the priority of financing the country's strategic investment projects.
[You must be registered and logged in to see this link.]
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