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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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    Parliamentary Finance fears that the expected budget revenues will not be achieved

    Rocky
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    Parliamentary Finance fears that the expected budget revenues will not be achieved Empty Parliamentary Finance fears that the expected budget revenues will not be achieved

    Post by Rocky Mon Jul 03, 2023 5:21 am

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    [size=52]Parliamentary Finance fears that the expected budget revenues will not be achieved[/size]

    [size=45]Baghdad / Firas Adnan[/size]
    [size=45]The Parliamentary Finance Committee expressed its fear of not achieving the planned revenues in the budget, stressing the possibility of high deficit rates, stressing that Iraq achieved non-oil revenues at best of 12.5 trillion dinars.[/size]
    [size=45]Committee member, Representative Mustafa Al-Karawi, stated that “the revenues carried by the budget are 134 trillion, 117 trillion of which come through oil.”[/size]
    [size=45]Al-Karawi added, "There is a fear we have of not achieving the non-oil revenues that were planned by the budget at 17 trillion, given that Iraq, at its best, did not achieve more than 12.5 trillion dinars."[/size]
    [size=45]He pointed out, “This is what makes us fear that the deficit rate will rise to more than the limit set by the budget, which amounts to 64 trillion dinars.”[/size]
    [size=45]Al-Karawi stressed that “the budget was built on an export basis of 3.5 million barrels per day,” noting that “Iraq lost for two months 400 thousand barrels per day that were supposed to be exported from the Kurdistan region after the court’s decision to stop exporting oil from the region.”[/size]
    [size=45]He explained, "The price of a barrel of oil is $70, according to the budget, and this makes us face a loss of up to 9 trillion dinars."[/size]
    [size=45]And Al-Karawi indicated that “OPEC has reduced Iraq’s share of oil by 211 thousand barrels, and the price of a barrel is very worrying and may be less than what is fixed in the budget.”[/size]
    [size=45]And he added, “The annual export does not reach 365 days a year, given that there are days when it is not possible to export due to weather problems or defects in tankers, and therefore oil revenues are likely not to be achieved according to what is in the budget.”[/size]
    [size=45]Al-Karawi went on to say that “the political blocs passed the budget in most of its paragraphs by the majority, despite the presence of objections, especially in terms of high deficit and spending rates.”[/size]
    [size=45]For his part, Majed Al-Suri, a specialist in economic affairs, stated that “the apparent deficit borne by the budget is 64 trillion dinars, but there are many, many factors that overlap in stimulating this deficit.”[/size]
    [size=45]Al-Suri continued, “The first of these factors is the quantities of oil exported,” stressing that “the quantities exported during the past month amounted to 3.3 million barrels per day.”[/size]
    [size=45]He explained that these quantities are less than what is estimated at 200 thousand barrels, and this will in turn lead to a decrease in imports by about 7 trillion dinars.[/size]
    [size=45]Al-Suri pointed out that “the price set by the law is 70 dollars, but what is actually sold from Basra ranges between 72 to 75 dollars, and if we say that the average is 73 dollars, this will lead to an increase in revenues and a reduction in the deficit resulting from the decrease in quantities by about 3 trillion.” Dinar".[/size]
    [size=45]And he believes that “the problem does not lie in the planned deficit, but it is in the management of budget funds. The law was delayed for more than six months, and today we are waiting for the instructions to be issued, and with this we entered the seventh month, and this leads to a significant reduction in investment expenditures, and then the deficit decreases and with it borrowing decreases.” .[/size]
    [size=45]Al-Suri stressed that “operating expenses amounting to about 133 trillion dinars can be covered from revenues amounting to 134 trillion dinars.”[/size]
    [size=45]And he continues, “Part of the operating expenses will be paid through the surplus from last year, estimated at 23 trillion dinars.”[/size]
    [size=45]Al-Suri added, "A one-dollar decrease in oil sales within the export capabilities and the price specified in the budget will reduce revenues by about one trillion and 66 billion dinars."[/size]
    [size=45]And he finds, “The current conditions are capable of reducing the planned deficit set by the budget to a large extent.”[/size]
    [size=45]Al-Suri concluded, “There is an exaggeration of the operating expenses of the budget by a large amount compared to the actual expenditures of last year, which amount to 112 trillion dinars and include salaries, subsidies and aid. Since 2005, Iraq has used to implement 80 to 90% of these expenditures, and the remaining percentages, in turn, will also contribute. in reducing the deficit.[/size]
    [size=45]The Ministry of Justice had announced the publication of the budget law in the Iraqi Al-Waqa'i newspaper before the Eid holiday, while the Ministry of Finance is preparing to issue instructions for its implementation.[/size]
    [size=45]It is noteworthy that the House of Representatives had voted on the budget with amounts that are the highest in the history of Iraq, amounting to 200 trillion dinars, with a deficit of 64 trillion dinars, for three years.[/size]
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