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{Al-Furat News} publishes a comparison between the 2023 and 2024 budgets... and warnings of potential risks
- Time: 05/28/2024 22:57:53
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{Economic: Al-Furat News} Our agency publishes a comparison between the financial budget for last year 2023 and the 2024 budget schedules.
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.]
Former Federal Financial Supervision Bureau, Salah Nouri Khalaf, explained to {Al-Furat News} agency that, “The comparative numbers for the year 2023 are based on the budget that was approved and not on the actual achieved revenues and expenditures, because they are not available.”
He stated that "the budget deficit for 2024 is equal to the year 2023 due to the increase in revenues equal to the increase in expenditures."
Khalaf pointed out that “financing the deficit in the same areas (internal borrowing and external borrowing).”
He pointed out, "There is a difference in financing the budget deficit in 2024 compared to 2023 through the revolving cash balance, as in 2024 it reached (1,672) billion dinars (one trillion six hundred and seventy-two billion dinars), while in 2023 it was (23,000) billion dinars (twenty-three Trillion dinars), and this means implementing the budget for 2023 at a high rate that has exhausted the available cash.”
He noted that "it is included in the 2024 budget to finance the budget deficit through the increase in exported oil prices in the amount of (16,607) billion dinars (sixteen trillion, six hundred and seven billion dinars)."
He confirmed that “an increase in the current budget (operational, special programs, debt) for the year 2024 amounted to (7,300) billion dinars (seven trillion and three hundred billion dinars), whereas in 2023 it was (149,500) billion dinars (one hundred and forty-nine trillion and five hundred billion dinars).” While in 2024 it reached (156,800) billion dinars (one hundred and fifty-six trillion and eight hundred billion dinars), with an increase rate of (14%), and detailed information about the operational budget was not available to diagnose the increase in operational budget materials.”
Khalaf continued, “There is also an increase in investment spending from the treasury, including the government program, in 2024 (2,300) billion dinars (two trillion and three hundred billion dinars), whereas in 2023 it was (38,300) billion dinars (thirty-eight trillion and three hundred billion dinars), while it reached In 2024 (40,600) billion dinars (forty trillion and six hundred billion dinars), at a rate of (6%).
He warned of "the potential risks, which are summarized in the instability of oil prices exported globally and the failure to export oil with regard to the Kurdistan region of Iraq according to what is planned in terms of quantity and prices."
It is noteworthy that the Council of Ministers voted in an extraordinary session on May 19 on the financial budget tables and referred them to the Presidency of the House of Representatives, which in turn referred them to the Parliamentary Finance Committee, which is discussing them amid expectations of voting on the budget tables before the end of the current legislative term, which ends on the 9th. Next June.
Raghad Dahham
[You must be registered and logged in to see this link.]
{Economic: Al-Furat News} Our agency publishes a comparison between the financial budget for last year 2023 and the 2024 budget schedules.
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.]
Former Federal Financial Supervision Bureau, Salah Nouri Khalaf, explained to {Al-Furat News} agency that, “The comparative numbers for the year 2023 are based on the budget that was approved and not on the actual achieved revenues and expenditures, because they are not available.”
He stated that "the budget deficit for 2024 is equal to the year 2023 due to the increase in revenues equal to the increase in expenditures."
Khalaf pointed out that “financing the deficit in the same areas (internal borrowing and external borrowing).”
He pointed out, "There is a difference in financing the budget deficit in 2024 compared to 2023 through the revolving cash balance, as in 2024 it reached (1,672) billion dinars (one trillion six hundred and seventy-two billion dinars), while in 2023 it was (23,000) billion dinars (twenty-three Trillion dinars), and this means implementing the budget for 2023 at a high rate that has exhausted the available cash.”
He noted that "it is included in the 2024 budget to finance the budget deficit through the increase in exported oil prices in the amount of (16,607) billion dinars (sixteen trillion, six hundred and seven billion dinars)."
He confirmed that “an increase in the current budget (operational, special programs, debt) for the year 2024 amounted to (7,300) billion dinars (seven trillion and three hundred billion dinars), whereas in 2023 it was (149,500) billion dinars (one hundred and forty-nine trillion and five hundred billion dinars).” While in 2024 it reached (156,800) billion dinars (one hundred and fifty-six trillion and eight hundred billion dinars), with an increase rate of (14%), and detailed information about the operational budget was not available to diagnose the increase in operational budget materials.”
Khalaf continued, “There is also an increase in investment spending from the treasury, including the government program, in 2024 (2,300) billion dinars (two trillion and three hundred billion dinars), whereas in 2023 it was (38,300) billion dinars (thirty-eight trillion and three hundred billion dinars), while it reached In 2024 (40,600) billion dinars (forty trillion and six hundred billion dinars), at a rate of (6%).
He warned of "the potential risks, which are summarized in the instability of oil prices exported globally and the failure to export oil with regard to the Kurdistan region of Iraq according to what is planned in terms of quantity and prices."
It is noteworthy that the Council of Ministers voted in an extraordinary session on May 19 on the financial budget tables and referred them to the Presidency of the House of Representatives, which in turn referred them to the Parliamentary Finance Committee, which is discussing them amid expectations of voting on the budget tables before the end of the current legislative term, which ends on the 9th. Next June.
Raghad Dahham
[You must be registered and logged in to see this link.]
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