Parliamentary energy: Iraq will suffer a large fiscal deficit in 2020

Parliamentary energy: Iraq will suffer a large fiscal deficit in 2020



2019/8/29 8:52

BAGHDAD (Reuters) - The parliamentary energy committee said that the financial abundance achieved from the rise in oil prices will be sufficient (only) to fill the budget deficit of $ 24 trillion dinars, likely no supplementary budget is needed this year.

The committee member said Sadiq al - Sulaiti in a press statement that " the financial abundance realized from the high price of oil will be sufficient only to cover the deficit in the budget, I do not think there is any supplementary budget."

Among Sulaiti, said that "out of the budget was prepared on the amount of deficit nearly 24 trillion dinars He added that the investment budget will reach 27 or 28 trillion, so most of it will depend on the financial abundance of oil. ''

A member of the Parliamentary Energy Committee, that 'in the case of financial savings from the rise in the price of oil will achieve the budget of 2019 only', expecting that Of a large deficit due to the process of fixing Durr Functional data and high operating budget meets all of the proportion of the reasons for the increase in the deficit. "

"The solutions depend on the performance of the government and its government program, such as relying on internal borrowing or opening the door for investment for the purpose of mitigating the investment budget."

Al-Sulaiti pointed out that "Iraq depends in its budgets on oil exports {only}, so it is in the public interest to be in the process of maintaining oil production in quantities appropriate to maintain oil prices steadily and benefit Iraq.

" Violations or an increase in oil production and the quantities exported to the OPEC countries will cause lower prices, forcing to export more at lower prices.

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