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[size=36]The Sudanese advisor reveals a government approach to implementing major development projects[/size]
Economy | 08:30 - 12/20/2023
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Mawazine News - Baghdad,
Advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the hypothetical budget deficit is close to disappearing, and while he pointed out that there is a government tendency to implement major development projects by creating a financial partnership between the state and the private sector in projects for the next two years, he pointed out that The current year was characterized by balance and financial discipline.
Saleh said, “The federal general budget for the years 2023, 2024, and 2025 was initiated as a medium-term operational and investment financial plan and was approved in accordance with Law No. 13 of 2023, with an annual total expenditure ceiling estimated at approximately 199 trillion dinars annually and an annual hypothetical deficit of approximately 64 trillion dinars,” indicating, “The budget adopted the price of a barrel of oil at an annual average of $70 for the purposes of calculating oil revenues in the general budget.”
He added, "Oil export revenues constitute approximately 87 percent of the aforementioned budget estimates," noting that "the financial administration has begun implementing the spending updates stipulated in the law, as we mentioned, in its two parts: operational spending and investment spending, since the issuance of the budget implementation instructions that were approved weeks later." From the budget law legislation last June.”
He continued, "At the level of annual investment spending, financial planning for the three-year budget has allowed for high flexibility and efficiency in adopting strategic priority projects that will constitute a qualitative shift in the future development of our country in the coming years, specifically the manufacturing industry and investment in natural resources," stressing that "there is no need to... Neglecting the urgent needs for the immediate implementation of service projects, which today take precedence in implementation because of their connection to the life of the citizen, such as social care expenses, the food basket, and the medicine basket, which receive the highest priority in terms of sustainability and efficiency in order to support the real income of low-income families.
He stated, “With regard to external debt, the payment of debt service dues is carried out on time and according to its payment schedules with great care by the General Accounting Departments and the Central Bank of Iraq,” pointing out that “these funds are fed from the general budget allocations that cover this spending aspect.” .
He pointed out that "Iraq's oil sales have achieved returns that exceeded the default price of a barrel of oil in the budget, amounting to $70 per barrel, as we mentioned during the fiscal year 2023," explaining that "public finances have accumulated balances of unspent and accumulated cash surplus from the year 2022, which touched The 23 trillion dinars, which provided high financial revenues that contributed to the accelerated reconstruction campaign supervised by Prime Minister Muhammad Shiaa Al-Sudani, which made the virtual deficit close to disappearing.”
He stated that “the fiscal year 2023 will end with some balance, supported by strength in financial consolidation or discipline,” pointing out that “the country’s strategic investment projects, specifically for the years 2024 and 2025, were based, in an important part, on a financial vision based on partnership between the state and the private sector to achieve the principles of Sustainable financing for major development projects, and economic prosperity by sustaining the wheel of development itself, the basis of which is the development path and the Iraq Fund for Development.”
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