The start of the 2023 budget... and experts expect the oil price to be estimated at $75

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[size=52]The start of the 2023 budget... and experts expect the oil price to be estimated at $75[/size]

[size=45]Baghdad/Bright news[/size]
[size=45]The government has officially started putting the first touches on next year’s budget, while expectations indicate that the price of a barrel of oil will be around $75, with finding items to expand spending, especially on the investment field and providing job opportunities, given the surplus that Iraq has achieved in recent months.[/size]
[size=45]According to the amended Federal Financial Management Law No. 6 of 2021, the Council of Ministers must complete the budget law before October 15, and send its draft to the House of Representatives for approval.[/size]
[size=45]The financial advisor in the government, Mazhar Muhammad Salih, said, "The Ministry of Finance, according to the constitutional path and the law, started preparing the budget strategy for the next three years, and in particular the draft federal budget law for 2023."[/size]
[size=45]Saleh added, in a statement to (Al-Mada), that "the budget estimates will be subject to three considerations, the first is the average expected oil prices in the global market during the next year, and the second consideration is the non-oil revenues expected to be collected."[/size]
[size=45]He pointed out, "The third consideration is the expected government spending ceiling to determine whether the budget is heading toward balance or toward a hypothetical deficit and the amount of that deficit as a percentage of GDP."[/size]
[size=45]Saleh pointed out that "all these variables will be the focus of determining the trends of fiscal policy through budget estimates for the next year." He expected, "there will be a large space towards investment projects that generate income and employ manpower."[/size]
[size=45]He went on to say, "The budget materials will include those projects and their priorities in detail and not just refer to them as it was in previous budgets, as the investment programs will be very clear and defined by importance and allocation."[/size]
[size=45]It is noteworthy that Iraq has not succeeded in enacting the budget law for the years 2014 and 2020, and this year is heading towards not approving it as well, while the final account was approved until 2013.[/size]
[size=45]For his part, the economic expert, Manar Al-Obaidi, said, in a statement to (Al-Mada), that "Iraq has turned the page of the current year's budget, and even the crisis of forming a government may make it difficult to approve the budget for next year." Al-Obeidi continued, "Many of the paragraphs that were waiting for the current year's budget have been included in the law of emergency support for food security and development, including appointments, development of regions, the ration card, farmers' files, and support for agriculture and electricity."[/size]
[size=45]He pointed out, "The next budget will not be austerity, and the government has a cash surplus resulting from the rise in oil prices, and there is a large reserve for the Central Bank that can invest all these funds in achieving important goals that prevent any case of public anger."[/size]
[size=45]Al-Obeidi explained, "The next government, and to ensure that it remains in its work throughout the electoral cycle allocated to it, will raise the amounts of the upcoming budget, especially since the party that will form the government has a comfortable majority in the House of Representatives, and this body will approve the budget law in light of government estimates." And he noted, “The price of a barrel of oil expected to be put in the budget is between 70 to 75 dollars, despite its high, and that while making it less than that and to be about 65 dollars,” stressing that “budgets usually set a precautionary price in anticipation of any decline because oil prices are not Expected, especially with urgent problems represented by the war between Russia and Ukraine.”[/size]
[size=45]Al-Obaidi went on to say, "The budget-makers should pay attention to this war and the effects of its end, as it will contribute to reducing prices to significant levels."[/size]
[size=45]It is expected that Iraq's financial revenues this year will reach more than 120 billion dollars, and this figure is double what was obtained during recent years, which witnessed a sharp decline in international oil prices.[/size]
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