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Economic Warning: Betting on Rising Oil Prices Is an Ill-Considered Decision
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Economy News - Baghdad
[rtl]With global oil prices falling and government spending increasing, Iraq faces serious financial challenges that could significantly impact its economic stability. Since the Iraqi economy is highly dependent on oil revenues, any decline in oil prices could lead to a larger fiscal deficit, forcing the government to take emergency measures, such as cutting spending or resorting to external borrowing, which would increase the country’s debt.[/rtl]
[rtl]In this regard, oil expert Hamza Al-Jawahri confirmed that betting on rising oil prices in the last quarter of this year and next year to cover the budget deficit is unrealistic.[/rtl]
[rtl]Al-Jawahari said, “The budget cannot be spent in full this year, which means that the remaining amounts may help cover the current deficit, but the real problem will appear next year.”[/rtl]
[rtl]Al-Jawahari pointed out that “the government tends to resort to borrowing to cover the financial deficit, and may reduce operating expenses to avoid greater crises.”[/rtl]
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Added 09/22/2024 - 2:17 PM
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Economy News - Baghdad
[rtl]With global oil prices falling and government spending increasing, Iraq faces serious financial challenges that could significantly impact its economic stability. Since the Iraqi economy is highly dependent on oil revenues, any decline in oil prices could lead to a larger fiscal deficit, forcing the government to take emergency measures, such as cutting spending or resorting to external borrowing, which would increase the country’s debt.[/rtl]
[rtl]In this regard, oil expert Hamza Al-Jawahri confirmed that betting on rising oil prices in the last quarter of this year and next year to cover the budget deficit is unrealistic.[/rtl]
[rtl]Al-Jawahari said, “The budget cannot be spent in full this year, which means that the remaining amounts may help cover the current deficit, but the real problem will appear next year.”[/rtl]
[rtl]Al-Jawahari pointed out that “the government tends to resort to borrowing to cover the financial deficit, and may reduce operating expenses to avoid greater crises.”[/rtl]
Views 28
Added 09/22/2024 - 2:17 PM
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