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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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    Expert: The revenues planned in the budget are not realized, and the deficit may reach 90 trillion d

    Rocky
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    • Post n°1

    Expert: The revenues planned in the budget are not realized, and the deficit may reach 90 trillion d Empty Expert: The revenues planned in the budget are not realized, and the deficit may reach 90 trillion d

    Post by Rocky Thu Mar 16, 2023 6:44 am

    [size=30]Expert: The revenues planned in the budget are not realized, and the deficit may reach 90 trillion dinars
    [ltr]2023.03.16 - 08:53[/ltr]
    [/size]
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    Baghdad - Nas   
    On Thursday, economic expert Manar Al-Obaidi predicted that the 2023 budget deficit would reach 90 trillion dinars, while he ruled out achieving the planned revenues.  
      
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    Al-Obaidi said in a clarification followed by “NAS” (March 16, 2023), that “the planned revenues in the 2023 budget amount to 136 trillion dinars resulting from 101 trillion at a rate similar to the rates of previous years from oil sales, 13 trillion dinars for Kurdistan’s oil may not be achieved.” It is received, and 7 trillion dinars for added oil sales above the normal rate may not be achieved, and 17 trillion non-oil revenues may not achieve only 7 trillion dinars, which is the annual rate for previous years.  
      
    And he added, "The planned revenues of 136 trillion may not actually achieve more than 108 trillion, and the planned deficit is 60 trillion dinars, and the deficit may reach 90 trillion dinars if the revenues are not achieved."  
      
    And he stated, "The deficit-to-GDP ratio in the Financial Management Law should not exceed 3%, i.e. it should not exceed 11 trillion Iraqi dinars, and the current planned deficit-to-GDP ratio is 16%, and the deficit-to-GDP ratio is 24%." ".  
      
    And that "every drop in the price of oil by one dollar costs revenues 1.5 trillion Iraqi dinars."  
      
    He pointed out that "the drop in the oil price to the rate of 60 dollars means a loss of revenues by 15 trillion dinars, which will increase the deficit gap."  
      
    Earlier, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, spoke about the impact of low oil prices on the Iraqi budget.  
      
    Al-Marsoumi said in a post, followed by "NAS", (March 15, 2023), that the price of Brent crude fell to $73 a barrel due to the collapse of the American banks Silicon Valley and Signature, which reinforced concerns about the risks faced by other banks from sharp increases in interest rates by the central bank. The American over the past year, which led to a sharp decline in fuel demand caused by the downsizing of technology companies on a large scale, in addition to reducing travel expenses for their employees, as many startups in the technology sector were seen as potential consumers of oil and gas in the Middle East. In the future, its collapse led to a decrease in expectations related to the growth of oil demand in the future, and it reinforced the fears of the failure of Credit Suisse, which is the second largest bank in Switzerland, fears about the outbreak of a new global financial crisis, such as the one that occurred in 2007-2008, which was reflected negatively on stocks. European and American.    
      
    He added, "In addition to the repercussions of the Silicon Valley Bank crisis, oil prices are also under pressure due to 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 and the rise in US oil stocks. These repercussions on global oil prices have a clear impact on the Iraqi budget, which has adopted an unconserved price, which is 70 dollars per barrel, which is the highest among Gulf budgets. It will exacerbate the budget deficit and increase internal and external debts, especially since Iraq, without all the oil countries, lacks a sovereign fund that can be a buffer in cases of oil prices falling below their normal levels
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