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The dollar crisis and oil prices are delaying the 2023 budget
Iraq 2023/02/04
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: Shaima Rashid
The Finance Committee in the House of Representatives attributed the delay in transmitting the federal budget from the government to Parliament to two reasons, the first of which is the fluctuation of the exchange rate and international oil prices, ruling out the possibility of a crisis in the salaries of state employees, given the good situation of financial liquidity experienced by the public treasury.
Committee member Jamal Cougar denied the existence of a crisis in securing salaries because “the government follows procedures and will release salaries on time, while the Central Bank printed more than two trillion dinars during the last period, which led to an increase in the printed matter by 83 trillion, and we do not know whether it was put into the market or not.” ".
Cougar added, "The prime minister put forward an exchange rate of around 135,000 per hundred dollars, which is one of the points that attract merchants and citizens to buy dollars from the Central Bank," noting that "the steps required of the Sudanese in this regard are to go to the application of the electronic platform and open direct, easy, simple, and close communication channels." With traders and investors and encourage imports. He continued, "The government should focus on collection, customs, and taxes, fight smuggling and try to stop it completely, and also expedite sending the budget."
He pointed out that "no government in the world can grant salaries in dollars, or in a currency other than its national currency, but the government can ask citizens to transfer their money in dollars at the official rate through it."
Regarding the delay in sending the budget, Cougar explained that "the budget was delayed due to the fluctuation of the exchange rate and the price of a barrel of oil. It was estimated in the budget at about $75, and when prices fell, it was estimated at about $60 and so on, and today it is around $82 a barrel."
He added, "The other reasons are the inclusion of new numbers of employees, which led to an increase in the operational budget, political differences between the parties, and the conflict over the share of the ministries are all reasons for the delay in the budget," noting that "the possibility that there will not be a budget this year is very likely."
Edited by: Ali Abdel-Khalek
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