16:46 - 2023-03-07
Today, Tuesday, the Finance Committee in the House of Representatives expected the volume of oil revenues in the 2023 budget, the final spending figure therein, and the amounts of its operational and investment budget according to the new exchange rate, while pointing out the need to pressure expenditures.
Committee member Mueen Al-Kazemi said, “A committee from the Ministry of Oil set the price of a barrel in the budget at a ceiling of 65 dollars, and the exchange rate of the dollar at 1,300 dinars, and on this basis we expect that oil revenues will be 135 trillion dinars, in addition to other revenues from collection and other files, to reach the budget.” To 170 trillion dinars, and this is a reasonable number, but the government aspires to reach 200 trillion dinars.
He explained, "The size of the expected operating budget will be 90 trillion dinars, and the investment budget 80 trillion to feed important projects in the fields of health, education, electricity, and financing the Faw Grand Port and the Dry Canal projects."
He pointed out, "The region's percentage of the budget, if it accepts the delivery of clear statements of its revenues from oil, taxes, and border crossings, could exceed 12%."
He pointed out that "the House of Representatives hopes that the budget will arrive this month, and the parliament and the Parliamentary Finance Committee will devote themselves to discussing and approving the budget after its arrival."
While the member of the committee, Jamal Cougar, confirmed that “there are no major risks to the economy if the price of a barrel of oil is approved at $65,” stressing that “the precautionary and safest price is $70 per barrel in the budget, but all indications indicate that the price of a barrel Oil will drop, especially during the summer period."
He continued, "The government needs to compress expenditures," suggesting that "some paragraphs of the budget be deleted, compressed, or postponed."
He pointed out that "the government can present a supplementary budget in the last quarter, the last half, or the last third of the year in the event of an improvement in oil prices, as it can present a supplementary budget for the additional sums that came from the price hike."
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