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Bad news for employees in Iraq.. A salary crisis is looming
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2024-09-07 03:03
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2024-09-07 03:03
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Shafaq News/ Iraqi economic expert, Nabil Al-Marsoumi, confirmed on Saturday that the drop in the price of a barrel of Iraqi oil to $70 will lead to major negative effects on the national economy.
Al-Marsoumi said, in an interview with Shafaq News Agency, that the decline in prices, with the decline in oil exports to 3.3 million barrels per day, will lead to a decrease in monthly oil revenues to 9 trillion dinars.
He pointed out that one trillion dinars of these revenues will be allocated to cover the expenses of oil licensing companies, leaving only 8 trillion dinars to finance salaries in all their forms, which cost 7.5 trillion dinars per month.
He added that half a trillion dinars will be allocated to finance the ration card items, while the rest of the operational and investment expenses will be financed from scarce non-oil revenues, in addition to internal and external borrowing.
Al-Marsoumi expected that taxes and fees would increase, debts would increase, and the foreign reserves of the Central Bank of Iraq would be exposed to great pressure, in light of the absence of a sovereign fund in Iraq.
He explained that the Ministry of Finance may face difficulties in financing salaries during the next two months, which may lead to delaying or reducing salaries if the price of a barrel remains in the $70 range for six months.
Last week, Basra Heavy and Medium crude recorded significant weekly losses, with their prices falling by 7.90% and 7.60% respectively.
Basra Heavy crude closed at $68.76, up 40 cents, while Basra Medium crude closed at $71.76, up similarly.
Global oil prices saw sharp weekly losses, with West Texas Intermediate crude falling by 7.9% and Brent crude falling by more than 7.6%, amid anticipation of OPEC+'s position.
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Al-Marsoumi said, in an interview with Shafaq News Agency, that the decline in prices, with the decline in oil exports to 3.3 million barrels per day, will lead to a decrease in monthly oil revenues to 9 trillion dinars.
He pointed out that one trillion dinars of these revenues will be allocated to cover the expenses of oil licensing companies, leaving only 8 trillion dinars to finance salaries in all their forms, which cost 7.5 trillion dinars per month.
He added that half a trillion dinars will be allocated to finance the ration card items, while the rest of the operational and investment expenses will be financed from scarce non-oil revenues, in addition to internal and external borrowing.
Al-Marsoumi expected that taxes and fees would increase, debts would increase, and the foreign reserves of the Central Bank of Iraq would be exposed to great pressure, in light of the absence of a sovereign fund in Iraq.
He explained that the Ministry of Finance may face difficulties in financing salaries during the next two months, which may lead to delaying or reducing salaries if the price of a barrel remains in the $70 range for six months.
Last week, Basra Heavy and Medium crude recorded significant weekly losses, with their prices falling by 7.90% and 7.60% respectively.
Basra Heavy crude closed at $68.76, up 40 cents, while Basra Medium crude closed at $71.76, up similarly.
Global oil prices saw sharp weekly losses, with West Texas Intermediate crude falling by 7.9% and Brent crude falling by more than 7.6%, amid anticipation of OPEC+'s position.
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