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Al-Kazemi’s advisor determines the size of the accumulated reserves during the first half of 2022
political 2-09-2022, 17:39
Baghdad - INA - Nassar Al-Hajj
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, determined today, Friday, the size of the reserves accumulated during the first half of the current year 2022, while offering a conditional option to employ the surplus financial resources in the absence of the budget. Saleh said, to the Iraqi News Agency (INA), that “the
actual balance of the surpluses achieved from selling oil can only be determined by the end of the current fiscal year, as
estimates (the first half of the current year 2022) indicate the accumulation of public financial reserves of up to 20 billion dollars, and
it cannot be Disposing of it outside what is stipulated in Article 13 of the amended Federal Financial Management Law No. 6 of 2019, i.e. spending at the rate of 1/12 of the total actual current expenditures in the 2021 budget. He added,
"Although the allocations contained in the Emergency Food Security and Development Law No. 2 of 2022 have allocated amounts close to the financial savings achieved in the first half of 2022, what can be expected of financial savings until the end of the current year is perhaps an amount Its balance is between 15-20 billion dollars, in light of the average oil prices in the global market estimated at about $100 per barrel and an export capacity of about 3.3 million barrels of oil per day, in addition to the exchange restrictions and limitations in the aforementioned two laws.” He continued:
"Based on the foregoing, the possible and available option is to employ those surplus financial resources in a (sovereign fund) based on the provisions of Article 19 of the Federal Financial Management Law in force, provided that the legal adaptation that links the establishment of the sovereign fund to the adoption of a law for the general budget is available." He concluded:
"Thus, financial legislation remains the objective basis for all future financial actions."
Al-Kazemi’s advisor determines the size of the accumulated reserves during the first half of 2022
political 2-09-2022, 17:39
Baghdad - INA - Nassar Al-Hajj
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, determined today, Friday, the size of the reserves accumulated during the first half of the current year 2022, while offering a conditional option to employ the surplus financial resources in the absence of the budget. Saleh said, to the Iraqi News Agency (INA), that “the
actual balance of the surpluses achieved from selling oil can only be determined by the end of the current fiscal year, as
estimates (the first half of the current year 2022) indicate the accumulation of public financial reserves of up to 20 billion dollars, and
it cannot be Disposing of it outside what is stipulated in Article 13 of the amended Federal Financial Management Law No. 6 of 2019, i.e. spending at the rate of 1/12 of the total actual current expenditures in the 2021 budget. He added,
"Although the allocations contained in the Emergency Food Security and Development Law No. 2 of 2022 have allocated amounts close to the financial savings achieved in the first half of 2022, what can be expected of financial savings until the end of the current year is perhaps an amount Its balance is between 15-20 billion dollars, in light of the average oil prices in the global market estimated at about $100 per barrel and an export capacity of about 3.3 million barrels of oil per day, in addition to the exchange restrictions and limitations in the aforementioned two laws.” He continued:
"Based on the foregoing, the possible and available option is to employ those surplus financial resources in a (sovereign fund) based on the provisions of Article 19 of the Federal Financial Management Law in force, provided that the legal adaptation that links the establishment of the sovereign fund to the adoption of a law for the general budget is available." He concluded:
"Thus, financial legislation remains the objective basis for all future financial actions."
