Parliamentary Finance: The budget deficit will end completely if oil remains at this price

Time: 06/02/2021 20:59:59
 
{Economic: Al Furat News} The Parliamentary Finance Committee announced that the 2021 budget deficit will end with the continued rise in crude oil prices, which constitutes 90% of the state’s imports.

Committee member, Muhammad Al-Shabki, said in a press statement: "The rise in oil will cover the entire deficit if prices continue at $63 per barrel."

Regarding the parliament sessions, he stressed that "the quorum for the upcoming sessions will be achieved as long as there is no questioning."

Al-Shabki expected "the quorum for tomorrow's session, and we have not been informed of the agenda yet."

He explained, "The amendment of the provincial council law and the holding of elections is the way out after the decision of the Federal Supreme Court in this regard."

The Iraq Future Foundation for Economic Studies (a non-governmental organization) announced today that Iraq achieved a monthly surplus in March of 2.1 trillion dinars, the first time since February 2020 that this surplus was achieved.

She indicated that "the Iraqi state's revenues for the month of March, according to the data of the Ministry of Finance, amounted to 7.2 trillion dinars, of which oil revenues amounted to 6.

She explained that "the amount that the Iraqi state achieved in the first quarter of the year was 17.3 trillion dinars, of which oil revenues amounted to 15.2 trillion dinars, while total expenditures amounted to 17.4 trillion dinars, and thus the total deficit for the first quarter of the year amounted to 131 billion dinars."

Ammar Al Masoudi

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