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Reassuring messages about the budget {deficit}
The first 2023/06/25
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Baghdad: Raghad Daham
Despite the delay in approving the country’s federal budget law until the middle of the current year 2023, it has not lost its economic viability, and its implementation does not include increasing fears of an increase in the fiscal deficit in it, as governmental and other parliamentary sources stated that the deficit rate will be controlled through several chapters, including the surplus. Cash accumulated for previous months as well as government bond issuance and internal borrowing.
And the economic advisor to the Prime Minister, Mazhar Muhammad Salih, stated in an interview with “Al-Sabah” that “after the Presidency approves the budget and publishes it in the Official Gazette, it will enter into force, as the budget instructions will be issued jointly between the Ministries of Finance and Planning, and this whole process will not It takes more than one week."
He stressed, "There is no fear for the budget from the fluctuation of oil prices, because in the current reality it managed for half a year, but its approval will require additional expenditures during the second half of this year."
Saleh added, "Expenses will increase from now on, and those expenses will be covered from oil and non-oil revenues, and any financial deficit can be remedied through internal and external borrowing."
On June 12, the House of Representatives approved the general budget law for three years, after months of discussions and over 5 consecutive days of its sessions, to be the longest period and the largest number of parliamentary sessions due to a number of political differences over them.
For his part, the former director of the Office of Financial Supervision, Salah Nuri, said in an interview with "Al-Sabah": "The implementation of the provisions of the budget law will be in accordance with the actual financial liquidity, especially with regard to investment projects." He pointed out that "all previous budgets were unable to achieve the expected revenues, and because the financial liquidity is much less than expected, the priority is given to the operational budget of salaries and ruling expenses." Nuri concluded by saying: "If all items of the budget are required to be implemented, then the financial ceiling will be covered by borrowing, and investment projects will most likely not be completed because half of the year has passed until the budget is approved."
Meanwhile, a member of the Parliamentary Finance Committee, Nermin Maarouf, said: "Iraq's revenues depend 83 percent on crude oil exports in the 2023 budget, and if the price of a barrel falls in global markets, it will inevitably affect the implementation of the budget," adding: "The price of oil is expected to remain around $70 per barrel, so there are no risks to the budget for the current year." Maarouf added, in a symposium on the budget held in the city of Sulaymaniyah: “The total oil and non-oil financial revenues in the budget amount to 134 trillion dinars, but the actual budget is 199 trillion dinars, and there is a large deficit in it that reaches 64 trillion dinars.”
Edited by: Muhammad Al-Ansari
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