- Today 12:35
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With the approaching hours of settling the tripartite budget bill for the years 2023, 2024, and 2025, concerns and appeals are escalating about how to cover the supposed deficit of 64 trillion dinars in conjunction with the decline in global oil prices, which may reach below the official price in the budget.
In light of the constant fluctuations and turbulences that occur in the global oil market between decline and rise, there are conflicting statements regarding the government's ability to cover the deficit during the next three years.
At a time when the value of the assumed deficit in the tripartite budget law for the years 2023, 2024 and 2025 is considered the largest in years, according to economist Jalil al-Lami.
Al-Lami told Al-Maalouma, "The assumed deficit of the three-year budget is controlled in light of the surplus in oil prices after calculating $70 per barrel of oil in the budget."
He added, "The tripartite budget deficit is considered the largest compared to previous years, but the government has more than one source to fill it by exploiting the resources generated from the continuous rise in oil prices."
Al-Lami indicated, "The government also has the option of internal borrowing in Iraq and offering a number of bonds to reduce the tripartite budget deficit."
In turn, the Parliamentary Finance Committee revealed the date for the completion of the settlement of the tripartite budget bill and the commencement of its actual implementation.
A member of the Finance Committee, Ikhlas Al-Dulaimi, said in a statement to Al-Maalouma agency, “The 2023 budget will have an official exchange rate of 130,000 dinars for the dollar, and the price of a barrel will be 65 dollars, while the deficit will reach 60 percent.”
Al-Dulaimi indicated, "The approval of the general budget will be completed at the end of next April, to be implemented at the beginning of May," noting that "the deficit rate will decrease significantly during the period of its approval and actual implementation."
According to government data, the total budget for the current year amounts to 197.828 trillion dinars (about 140 billion dollars), while the operational budget is 150.273 trillion dinars, while the investment amounts to 47.555 trillion dinars.
The deficit rate amounted to 63.275 trillion dinars, with the adoption of a price of $ 70 per barrel of oil, given that more than 95 percent of budget revenues depend on oil sales. End / 25 s
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