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Iraqi government sets two mechanisms for the disbursement of surplus oil prices

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Iraqi government sets two mechanisms for the disbursement of surplus oil prices

Post by RamblerNash on Fri Jul 27, 2018 9:18 pm

Iraqi government sets two mechanisms for the disbursement of surplus oil prices

Twilight News

6 hours ago

The economic adviser to the Iraqi government, the appearance of Mohammed Saleh on Friday that there are two mechanisms through which to act the surplus price of selling crude oil.

Saleh told Ashqaf News, "The first mechanism is to cover the estimated deficit of about 13 trillion dinars, which is included in the budget of 2018, if increased assets available during the fiscal year, and exceeds the coverage of the deficit, the government can and based on the Financial Management and Public Debt No. 95 of the year 2004 to propose a supplementary budget with an inflation ceiling higher than the current ceiling of 104 trillion dinars. "

However, he said that "the draft law should be presented after the approval of the Council of Ministers to the House of Representatives for approval and promulgated by law."

He added that the second mechanism is "in the case of the inability to issue a supplementary budget, the balance of the remaining surpluses can be adopted as conversion income in the budget of 2019 and be an opening balance in the New Year budget based on the law of financial management and assets of government accounts and the principles of preparing the state budget."

Oil prices have jumped to $ 85 per barrel, while Iraq's fiscal budget for 2018 was built at a rate of about $ 45 a barrel.


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