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A Sudanese advisor explains the planned budget deficit...hypothetical or real?
- Time: 2023/10/16 17:13:53
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{Economic: Al-Furat News} The economic and financial advisor to the Prime Minister, Muhammad Mazhar Saleh, explained today, Monday, the planned deficit in the federal budget.
A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
Saleh said {to Al-Furat News} that: “The planned deficit in the federal general budget is a hypothetical deficit designed at the price of a barrel of oil of $70, with an export capacity of about 3.4 million barrels of crude oil per day.”
He added, "Because crude oil export revenues constitute approximately 88% of the total budget revenues for the year 2023, any increases in crude oil revenues at prices averaging more than $70 per barrel will contribute to reducing the estimated deficit gap in the budget."
Saleh continued, "It will also contribute to reducing it, and this is what is currently happening in the general budget."
For the first time in its history, Iraq approved a three-year financial budget in a single draft law, which Parliament voted on last June. The government defended the step by saying that it aims to develop plans for important projects in the country, in addition to avoiding the problem of delaying the approval of financial budgets every year for several months.
The budget for the current year and the next two years, according to the budget law, amounted to 153 billion dollars, with an expected deficit of up to 48 billion dollars, and the oil price was approved at 70 dollars per barrel, as Iraqi oil exports constitute more than 96% of Iraq’s financial imports.
From: Raghad Dahham
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{Economic: Al-Furat News} The economic and financial advisor to the Prime Minister, Muhammad Mazhar Saleh, explained today, Monday, the planned deficit in the federal budget.
A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
Saleh said {to Al-Furat News} that: “The planned deficit in the federal general budget is a hypothetical deficit designed at the price of a barrel of oil of $70, with an export capacity of about 3.4 million barrels of crude oil per day.”
He added, "Because crude oil export revenues constitute approximately 88% of the total budget revenues for the year 2023, any increases in crude oil revenues at prices averaging more than $70 per barrel will contribute to reducing the estimated deficit gap in the budget."
Saleh continued, "It will also contribute to reducing it, and this is what is currently happening in the general budget."
For the first time in its history, Iraq approved a three-year financial budget in a single draft law, which Parliament voted on last June. The government defended the step by saying that it aims to develop plans for important projects in the country, in addition to avoiding the problem of delaying the approval of financial budgets every year for several months.
The budget for the current year and the next two years, according to the budget law, amounted to 153 billion dollars, with an expected deficit of up to 48 billion dollars, and the oil price was approved at 70 dollars per barrel, as Iraqi oil exports constitute more than 96% of Iraq’s financial imports.
From: Raghad Dahham
[You must be registered and logged in to see this link.]
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