10:43 - 02/11/2022
The Parliamentary Finance Committee announced, on Wednesday, that the 2023 budget will differ from its predecessors by the presence of an investment component commensurate with the new government program to provide services, excluding a change in the exchange rate, provided that the ceiling of the price of a barrel of oil in the budget is estimated between 70 to 75 dollars.
Committee member Jamal Cougar said that "the 2023 budget will approach from 130 to 150 billion dollars, at a fixed exchange rate based on the price of crude between 70 to 75," adding: "What distinguishes it is that it will be a different investment budget to provide services, meaning that it will be a real budget. .
He added, "The presence of loans in the budget is not excluded, and it is not a defect, as is the case with the budgets of the largest countries in the world, and that some loans may be grants or loans proposed by some countries for specific strategic projects," considering the inclusion of loans that "it does not mean bankruptcy, but rather It depends on the form of the budget, if it sponsors many strategic and vital projects that are comprehensive for all governorates, then the budget may not be sufficient to cover expenses, and that is why loans are resorted to.”
On adding new resources to the budget, Cougar said: “This is supposed to happen in the next budget if the prime minister’s words about reforms are true, because corruption steals some of the existing resources,” noting that “there are resources that the government can invest, in religious tourism that the state spends on.” At a time when it is said that there are 40 million visitors annually to religious shrines.
Cougar also talked about the inclusion of the petrodollar clause in the 2023 budget, explaining that "next year will witness the exchange of petrodollars to the concerned governorates, despite its presence in all budgets, but governments did not spend it."
Regarding employment, Cougar said: “Until now, it is not known whether the budget includes appointments, perhaps those covered by the Food Security Law will be included in it, to prepare new appointments,” noting that “the Finance Committee can amend the budget without adding financial paragraphs, because It has the power to reduce spending, not increase it."
He continued, "The deadline for preparing the budget is normal, and the government is able to send it in the second half of November or the end of it, and there will be 40 days to legislate it, thus giving the government enough time to launch it in the second half of January 2023, in line with the government's investment service program, Because the operational side is almost fixed.
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