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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    After the rapid collapse of oil, experts review the fate of the 2023 budget

    Rocky
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    • Post n°1

    After the rapid collapse of oil, experts review the fate of the 2023 budget Empty After the rapid collapse of oil, experts review the fate of the 2023 budget

    Post by Rocky Wed 15 Mar 2023, 3:00 pm

    After the rapid collapse of oil, experts review the fate of the 2023 budget
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    [You must be registered and logged in to see this link.] |Today, 21:35
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    Baghdad today - Baghdad
    The economist, Nabil Al-Marsoumi, warned today, Wednesday, of the danger of a drop in global prices below the assumed price in the budget of $70, which will lead to a deepening of the fiscal deficit and internal debts, amid objections to setting a price of $70 per barrel in the budget, in addition to the inflation of the volume of spending in it.
    Al-Marsoumi said, in a clarification on his official page on the “Facebook” platform, which was followed by (Baghdad Today), that “the drop in the price of Brent crude to $ 73 a barrel due to the collapse of the American banks (Silicon Valley and Signature), reinforced concerns about the risks that other banks face from sharp increases.” In interest rates by the US Central Bank during the past year, "explaining that" the collapse of banks and signs of a slower-than-expected recovery in the Chinese economy despite the lifting of its strict restrictions related to the pandemic, as well as US statements about the possibility of setting a higher ceiling for the price of Saudi oil, all of this puts pressure on oil prices. oil.” 
    Noting that "these repercussions on global oil prices have a clear impact on the Iraqi budget, which has adopted an unreserved price of $70 per barrel, which is the highest among Gulf budgets and any decrease in the selling price of Iraqi oil by one dollar (which is usually less than the price of Brent crude by about four dollars)." Pointing out that this "would reduce oil revenues by about 1.660 trillion dinars," which "will exacerbate the budget deficit and increase internal and external debt," noting that "Iraq without all the oil countries lacks a sovereign fund that can be a buffer." In cases of low oil prices below normal levels.
    Earlier, a government spokesman on behalf of Al-Awadi revealed that "the deficit in the budget for the current year amounted to 63 trillion dinars (43 billion dollars), which will be covered from a group of sources, including: the amount transferred in the Ministry of Finance, from the share of treasury transfers in the Central Bank, and bonds and loans." internal and other sources.
    He emphasized that the deficit was fully controlled and covered, as the price of a barrel of crude oil was approved in the Iraq 2023 budget at about $70, which is lower than market levels.
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