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Going beyond resorting to borrowing” in numbers .. the financial advisor reveals the size of the financial savings for 2022
Wednesday, 27 April 2022 10:15 PM
National News Center / Special
The financial advisor to the caretaker government, Mazhar Muhammad Salih, revealed, on Wednesday, the size of the financial savings as a result of the rise in oil prices, stressing that
they will exceed the resort to borrowing.
Saleh said in a statement to the "National News Center", that "there are possible financial savings that will exceed resorting to financial deficit events and financing it through borrowing," noting that
"the competent financial circles estimate that there are no savings at $26 billion until the end of the 2022 fiscal year."
He added that "the financial savings will amount to 26 billion dollars in the event that the average world oil prices are reached and they maintain the current high averages, and in the event that the Federal General Budget Law for the year 2022 is approved."
He pointed out that "those financial savings will be subject to the provisions of Article 19 of the provisions of the effective Federal Financial Management Law No. 6 of 2019 as amended,
which stipulates that this legal article establish a "sovereign fund" that includes these savings after covering all operational and investment expenses and without resorting to borrowing," noting that
“Even if there is a planned deficit, it will be covered from the existing financial returns without resorting to borrowing.”
Going beyond resorting to borrowing” in numbers .. the financial advisor reveals the size of the financial savings for 2022
Wednesday, 27 April 2022 10:15 PM
National News Center / Special
The financial advisor to the caretaker government, Mazhar Muhammad Salih, revealed, on Wednesday, the size of the financial savings as a result of the rise in oil prices, stressing that
they will exceed the resort to borrowing.
Saleh said in a statement to the "National News Center", that "there are possible financial savings that will exceed resorting to financial deficit events and financing it through borrowing," noting that
"the competent financial circles estimate that there are no savings at $26 billion until the end of the 2022 fiscal year."
He added that "the financial savings will amount to 26 billion dollars in the event that the average world oil prices are reached and they maintain the current high averages, and in the event that the Federal General Budget Law for the year 2022 is approved."
He pointed out that "those financial savings will be subject to the provisions of Article 19 of the provisions of the effective Federal Financial Management Law No. 6 of 2019 as amended,
which stipulates that this legal article establish a "sovereign fund" that includes these savings after covering all operational and investment expenses and without resorting to borrowing," noting that
“Even if there is a planned deficit, it will be covered from the existing financial returns without resorting to borrowing.”
