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December 31, 2022[You must be registered and logged in to see this link.]
Baghdad / Obelisk: The financial advisor to the Prime Minister, Mazhar Salih, stated, on Saturday 12/31/2022, that the annual budget deficit is a hypothetical or planned deficit and is controlled by two factors. The first is estimates of the price of a barrel of oil in the general budget in light of a constant export capacity.
Saleh said in a televised interview that whenever the estimate is conservative, deficits appear on the aforementioned budget estimates. As for the second, manifestations of hypothetical or estimated deficit increase directly with the increase in spending ceilings.
He pointed out that the expansion of total spending in the budget on the one hand and the reservation in the price of a barrel of oil for the purposes of calculating the revenues from oil exported from (and the modest revenues it generates) and thus causes a widening of the hypothetical deficit proven in the estimates of the annual general budget law.
He added that the hypothetical deficit could turn into a real deficit when the average price of a barrel of oil actually exported is less than that conservative price that was estimated in the budget law.
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