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Experts: The lack of revenues does not affect budget estimates
Economical 09/21/2023
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Baghdad: the mainstay of the emirate
Economic affairs specialists reduced the risks of a lack of public revenues, stressing that this matter does not expose the national economy to danger, especially since the budget is estimated and the items of public spending and revenues are actual, pointing at the same time to the possibility of Iraq achieving significant financial gains during the coming periods due to the increase in Global oil prices, which can enhance the country’s public revenues and contribute to closing the budget deficit gap.
Those concerned with economic affairs are counting on the rise in global oil prices to strengthen Iraq’s financial balances, as it is expected that the increase in “black gold” will contribute to adding approximately seven billion dollars per month to the previous official imports obtained from the sale of oil in global markets.
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that improved oil revenues will reduce estimates of the deficit gap and avoid resorting to borrowing, while clarifying the spending priorities in the budget.
Saleh told the Iraqi News Agency (INA): “The accuracy of the timing of disbursement in the general budget according to what was planned reflects the degree of efficiency of the performance of the budget itself in terms of the conformity of the executive path with annual financial planning.”
He added, "With the exception of the current expenditures that must be implemented, such as monthly salaries, support, and external obligations related to debts and other payments, the improvement in oil revenues will reduce estimates of the deficit gap and help overcome the resort to borrowing to fill the deficit, especially in implementing special programs in the operating budget, and investment spending on planned projects." According to its strategic priorities, which are directly linked to raising the degree of growth in the gross domestic product, and in accordance with the implementation schedules and specific timelines without delay.”
Financial expert Dr. Mahmoud Dagher believes that “exposing the budget to a lack of public revenues does not endanger the national economy, especially since the general budget is discretionary but spending and public revenues are actual,” pointing out that there is no problem that the exchange rate could cause and this matter has no impact on the general budget deficit. ".
Dagher explained, “The existence of a tripartite federal budget for three years, with the same ceilings, in an oil-producing country, and with this size of deficit, is something that requires pause, as it may face challenges,” the spokesman said.
For his part, economic expert Adnan Bahia believes that the issue of the tripartite general budget occurs for the first time in Iraq, and it was supposed to issue a three-year development plan to show the upward line of development in the country, pointing out that among the risks that the budget can be affected by are price fluctuations. Global oil prices and these fluctuations are beyond local control, in addition to the lack of accurate reviews of all previous budgets in order to give a clear picture of the Iraqi economy, which trends it is growing in, and what are the economic and investment achievements that can be built upon for the next three years.
Bahiya pointed out that Iraq is now in the early stages of the economic diversification process, the signs of which have not yet fully appeared, pointing out at the same time that the difference between the central bank’s exchange rate and the parallel rate has created clear difficulties in controlling this difference despite the central bank’s numerous measures. To limit the dollar's rise, this situation increased the negative impact on prices.
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