Expectations of achieving a net surplus of oil revenues of about 25 trillion dinars

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[size=52]Expectations of achieving a net surplus of oil revenues of about 25 trillion dinars[/size]

[size=45]Baghdad/Bright news[/size]
[size=45]Yesterday, Wednesday, experts expected that oil revenues would achieve a net surplus at the end of this year by about 25 trillion dinars, ruling out the possibility of approving the federal general budget law for the current year, stressing that the current government cannot dispose of this amount as it is a daily tasking government. Economic expert Mustafa Hantoush said, in an interview with Al-Mada, that "the revenues of the Iraqi state for this year may reach 120 billion dollars, or approximately 180 trillion dinars."[/size]
[size=45]Hantoush added, "These rates show that the increase will be more than 50 trillion dinars than what was decided in last year's budget."[/size]
[size=45]He pointed out that "last year's budget, which is currently being worked on according to Federal Financial Management Law No. 6 of 2019, estimated revenues at about 128 trillion."[/size]
[size=45]And Hantoush stated, "The law of emergency support for food security and development, which was recently approved by the House of Representatives and entered into force, provided for financing the Ministry of Finance with 25 trillion dinars, from the surplus achieved from oil sales revenues." He stressed, "The amount of the Food Security Law will be taken from the surplus estimated at 50 trillion dinars, and this means the possibility of ending this year and we have a net financial surplus estimated at 25 trillion dinars."[/size]
[size=45]And Hantoush added, "Iraq is approaching the end of the year in light of the absence of a government," and finds that "talking about the budget law has become a thing of the past, and we will not have a budget in 2022."[/size]
[size=45]And he continues, "The new government, after its formation, will start submitting the budget bill for the next year to the House of Representatives for approval."[/size]
[size=45]Hantoush stressed, "The financial surplus achieved from the rise in oil revenues does not mean that we have achieved an economic surplus." He spoke of "a major economic depression, with an increase in the poverty rate, according to official figures, to 31%, while the number of the unemployed, according to official figures as well, has reached 3.5 million citizens, while according to the organizations' figures, the number of unemployed people reaches 4.5 million people."[/size]
[size=45]Hantoush went on to say that "Iraq's exposure to an economic depression despite the presence of abundance indicates that the official system possesses specialized people who are able to deal with reality, and we need an economic government, otherwise the rules of the economy in the country will collapse and the poverty rate will increase."[/size]
[size=45]For his part, economic expert Safwan Qusay said, "Iraqi oil revenues have doubled in the current period, especially with calculating the price of a barrel on the basis of $100 for the current year." Qusay agrees with Hantoush, that "the estimates confirm that Iraq's revenues for this year will reach 120 billion dollars at the end of next December." He pointed out, "Iraq has other revenues, the total of which may reach with oil revenues by about 200 trillion dinars," stressing that "these amounts are not allowed for the government to spend due to the absence of the budget law."[/size]
[size=45]Qusay stressed, "The parliament earlier resorted to boosting public spending by enacting the Emergency Support Law for Food Security and Development, and despite the money that this law will take, we will have a good surplus at the end of the year." He looks forward, to "the House of Representatives approving an economic budget during the next year that is commensurate with the stage and the volume of revenues and addresses the financial and economic challenges."[/size]
[size=45]Government sources had confirmed earlier about the start of preparing a draft federal budget law for the next year, provided that the next government would submit it to Parliament and legislate it.[/size]
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