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The House of Representatives reveals a program to develop non-oil revenues
Iraq 2023/03/20
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Omar Abdul Latif
A member of the Finance Committee in the House of Representatives, Mustafa Al-Karaawi, revealed a government program to develop non-oil revenues during the next stage.
Al-Karawi told Al-Sabah that “preparing a budget for three years is a legal and proper matter, since the Financial Management Law has allowed the Ministries of Finance and Planning such a matter, provided that the first year’s budget is applicable, while the next two years are subject to discussion by the House of Representatives,” noting that "The challenges that these budgets may face will be included in the budget report."
He explained that “discussing the numbers of these budgets will inform us of the government’s vision regarding its estimates of the oil price and the quantities exported daily,” expressing his fear of the inability and ability to determine these quantities, despite Iraq’s dependence on exporting and selling oil by more than 90%.
He pointed out that "the issue of determining the price of a barrel of oil in the global market depends on the markets themselves, so it is difficult to develop a plan for an issue in which I am not the decision-maker."
Al-Karawi confirmed the existence of a government program to develop non-oil revenues, asking, “Can the government achieve it? More than 20% because it is a purely political issue and contains many problems.
Edited by: Ali Abdel-Khalek
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