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Financial Adviser to the Prime Minister, Dr. Mazhar Muhammad Salih, «Economy News»
Economy News - Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the remaining amount owed by Iraq as compensation for the benefit of the State of Kuwait, noting that paying it may take six months.
Saleh said in an interview with "Al-Iqtisad News", that Iraq is about to finish paying the compensation for the Kuwait war, pointing out that the remaining amount is estimated at one billion dollars out of 52.4 billion dollars.
He added that the payment of this amount may take six months, indicating that the mechanism adopted by Iraq to pay the amount was to deduct 3% from each barrel of oil produced.
He stressed the need for the government to adopt the same idea of establishing a "generational fund" and depositing part of the oil revenues in it.
Saleh pointed out that "Iraq over the past years consumed its surpluses in wars instead of building generational funds."
He pointed out that "the Generations Fund can support the budget in times of fluctuations in oil prices, and at the same time it is considered a savings for future generations."
In turn, the Finance Committee described Iraq's economic situation as "very fragile."
The committee's rapporteur, Ahmed Al-Saffar, said in a statement reported by the official television and seen by "Al-Iqtisad News", that "the situation of Iraq now is very fragile," noting that any drop in oil prices will lead Iraq to financial and economic crises.
He added that "the rise in oil prices in the last period enabled the government to pay the salaries of employees and contributed to filling the budget deficit."
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