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Economical 01/22/2024
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Walid Khaled Al-Zaidi
Since the draft of the country’s tripartite budget was drawn up, prevailing expectations indicated the difficulty or success of the step taken by the government of Prime Minister Muhammad Shiaa Al-Sudani about a year ago, and the reason for this is fears of possible fluctuations in global oil market prices, after... The average price of one barrel of exported Iraqi oil was set at $70 in that budget, and a hypothetical financial deficit of $62 billion was also set, but by the end of the year (2023) the Iraqi economy breathed a sigh of relief and local and international economic circles expected that the value of The hypothetical deficit will disappear or decrease to a large extent due to the rise in oil prices in global markets during most months of that year, until its average during the second half of the aforementioned year reached approximately (85) dollars, with an approximate increase of (15) dollars above the price specified for that budget, in addition to Its price rates also increased during the previous months, which created a large financial surplus from oil revenues in the indicators of that budget.
There are several factors that accompanied these positive indicators, the first of which is the emergence of financial balance and discipline during the current year, through the return of large amounts of stolen funds, and this matter reduced the theft and theft of public funds, and the government’s measures to pursue legal and judicial prosecutions of some heads of financial corruption in The country had a major role in that issue, and the second was financial planning for the three-year budgets, and high flexibility and efficiency in adopting spending on strategic priority projects that could constitute a qualitative shift in the future of development in Iraq during the coming years, specifically manufacturing industries and investment in natural resources. Such as gas, and not neglecting the urgent needs to implement service projects related to the lives of citizens, such as social welfare expenditures and increasing their allocations represented by monthly subsidies, and increasing food basket funds and drug basket allocations, which have the highest priority in terms of sustainability and efficiency, in order to support low-income families, which encourages living stability for millions. Iraqis and relieves them of the burden of economic conditions and their fluctuations. The third matter is paying debt dues on their specified dates and according to their payment schedules accurately from the funds and allocations of the general budget that cover this important spending aspect.
The financial accumulations resulting from the rise in the hypothetical price of a barrel of Iraqi oil sold contributed greatly to the accelerated reconstruction campaign that was supervised by the Prime Minister himself and a group of advisors. It is also an important aspect of the decrease or complete disappearance of the hypothetical deficit and the expansion of expectations for an increase in the funds allocated to the two-year budget (2024). ) and (2025), and this matter opens the way for the government to direct this surplus towards the investment budget, which it did not expect to obtain comfortable financing to advance the economy, diversify the sources of production and make it a real tributary to it, and to implement the upcoming strategic projects in the country.
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