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Government advisor explains details of 2025 budget deficit: “We are counting on oil prices”
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Economy News - Baghdad
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Tuesday, that the financial deficit in the 2025 budget amounted to 64 trillion dinars, amid expectations of an increase in oil prices in the global market.
Saleh said, in a statement followed by "Al-Eqtisad News", that "next year's budget 2025 will not deviate from the constants approved in the Federal General Budget Law, the three-year budget submitted by the government and approved by the House of Representatives for the years 2023-2024-2025."
Regarding the budget deficit, he explained that “the 2025 budget will have a hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been established by law to avoid fluctuations in the general budget revenues for the coming year, especially oil revenues, which are subject to fluctuations in the oil asset cycle and the conditions of energy markets in the world.”
Saleh added that "the price of a barrel of oil in the three-year budget, to which the 2025 budget is subject, was set at $70, and any annual increase in oil prices exceeding $70 per barrel of exported oil will reduce the hypothetical deficit in the budget."
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Added 10/29/2024 - 9:04 AM
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Economy News - Baghdad
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Tuesday, that the financial deficit in the 2025 budget amounted to 64 trillion dinars, amid expectations of an increase in oil prices in the global market.
Saleh said, in a statement followed by "Al-Eqtisad News", that "next year's budget 2025 will not deviate from the constants approved in the Federal General Budget Law, the three-year budget submitted by the government and approved by the House of Representatives for the years 2023-2024-2025."
Regarding the budget deficit, he explained that “the 2025 budget will have a hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been established by law to avoid fluctuations in the general budget revenues for the coming year, especially oil revenues, which are subject to fluctuations in the oil asset cycle and the conditions of energy markets in the world.”
Saleh added that "the price of a barrel of oil in the three-year budget, to which the 2025 budget is subject, was set at $70, and any annual increase in oil prices exceeding $70 per barrel of exported oil will reduce the hypothetical deficit in the budget."
74 views
Added 10/29/2024 - 9:04 AM
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