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The appearance of Muhammad Saleh: The deficit of the upcoming budgets is controlled by 3 tracks
Thursday 01 September 2022 14:54 | Economic Number of readings: 452
Baghdad / NINA / - The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed: "The deficit of the upcoming budgets is controlled by 3 tracks."
He said in a statement to the National Iraqi News Agency / NINA /:
"These tracks are: the
ceiling of total expenditures and annual oil revenues, which are available from the accumulated financial reserve,
which forms the material basis of the Sovereign Fund and the method of its management and investment of its resources in whole or in part." He added,
"The abundance or the deficit depends on the financial planning, the expenditure aspects, and the expenditure ceilings approved in the annual general budget draft law in light of the estimation of the actual public revenues.
If the expenditures for the year 2022 are approved with a growth rate of 10% per cent in total expenditures for the purposes of new projects, the budget will be The general public in 2023 is in a state of equilibrium,
provided that the average price of a barrel of oil is not less than 75 dollars and an export capacity of 3.3 million barrels of oil per day,
while maintaining a hedge account from the financial surpluses achieved in 2022 and looking forward to the formation of a sovereign fund. He explained that:
"With the total annual spending ceiling fixed, any rises in the average barrel of oil will lead to savings that will be subject to the foundations and principles of Article 19 of the Financial Management Law No. 6 of 2019 amended regarding the establishment of a sovereign wealth fund automatically. Saleh continued:
Contrary to what was mentioned above and the precautions to face the drop in oil prices to an average of $50 a barrel in the coming year with the spending ceiling fixed, it will lead to an actual deficit, but it will be financed from the surplus and revolving reserve balance from the year 2022,
when we talk about the 2023 budget with the ceiling of expenditures for the year 2022 / In addition to a growth in expenditures of 10%, as we mentioned when forming the public spending ceiling. / End 3
The appearance of Muhammad Saleh: The deficit of the upcoming budgets is controlled by 3 tracks
Thursday 01 September 2022 14:54 | Economic Number of readings: 452
Baghdad / NINA / - The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed: "The deficit of the upcoming budgets is controlled by 3 tracks."
He said in a statement to the National Iraqi News Agency / NINA /:
"These tracks are: the
ceiling of total expenditures and annual oil revenues, which are available from the accumulated financial reserve,
which forms the material basis of the Sovereign Fund and the method of its management and investment of its resources in whole or in part." He added,
"The abundance or the deficit depends on the financial planning, the expenditure aspects, and the expenditure ceilings approved in the annual general budget draft law in light of the estimation of the actual public revenues.
If the expenditures for the year 2022 are approved with a growth rate of 10% per cent in total expenditures for the purposes of new projects, the budget will be The general public in 2023 is in a state of equilibrium,
provided that the average price of a barrel of oil is not less than 75 dollars and an export capacity of 3.3 million barrels of oil per day,
while maintaining a hedge account from the financial surpluses achieved in 2022 and looking forward to the formation of a sovereign fund. He explained that:
"With the total annual spending ceiling fixed, any rises in the average barrel of oil will lead to savings that will be subject to the foundations and principles of Article 19 of the Financial Management Law No. 6 of 2019 amended regarding the establishment of a sovereign wealth fund automatically. Saleh continued:
Contrary to what was mentioned above and the precautions to face the drop in oil prices to an average of $50 a barrel in the coming year with the spending ceiling fixed, it will lead to an actual deficit, but it will be financed from the surplus and revolving reserve balance from the year 2022,
when we talk about the 2023 budget with the ceiling of expenditures for the year 2022 / In addition to a growth in expenditures of 10%, as we mentioned when forming the public spending ceiling. / End 3
