Where does the excess oil price differentials go?

 
05/03/2022

Economy News - Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, on Tuesday, two directions for disbursing the expenses obtained from the increase in oil revenues due to the increase in oil prices globally in the 2022 budget.

Saleh said in a statement to the official news agency, "The expenditures obtained from the increasing revenues from oil revenues will be spent on a budget with an expansionary pattern in two directions, and the priority will be on three areas: the poor classes, food security and income-generating investment projects."

He added, "The first trend goes towards strengthening operational spending towards addressing the problems of poverty and poor classes, especially by supporting social welfare programs to include in their ranks the poorest segments to be integrated into the welfare programme, in addition to expanding the ration card work program and supporting grain producers for food security purposes."

He pointed out that "the other direction will be a shift towards income-generating investment projects that operate with productivity packages within strong investment payments."

He continued, "This will be evident in the budget law for the year 2022, and the preparation of the 2023 budget, in order to maintain economic growth that exceeds population growth and enhances job opportunities and prosperity in the national economy."

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