Iraq completes the draft budget for 2022

Financial Adviser to the Prime Minister, Dr. Mazhar Muhammad Salih, «Economy News»
 
10/13/2021

Economy News - Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the completion of the preparation of the draft budget for next year 2022, and the calculation of the price of a barrel of oil at a rate of 50 dollars per barrel, stressing that its discussion will take place after the selection of the next government.

Saleh said in a statement reported by the official "Al-Sabah" newspaper and seen by "Economy News", that "the budget for the year 2022 has been completed, but it was not discussed in the Council of Ministers, because the government is in the process of conducting business, and it is one of the draft laws," noting that "the budget will be presented The next government must confirm its observations on it, then turn to the House of Representatives, and it is expected that it will take some time to pass it until the formation of the new parliament.”

He pointed out that "the Ministry of Finance has set, according to the next budget, $50 per barrel of oil, and the rest was considered as a hypothetical deficit that will be repaid from the differences in the rise in oil prices," noting that "the new government will have a government curriculum that may agree with the budget or not, and in the event of delay in approving it, we will adopt On the Financial Management Law 1/12 of the actual current expenditures implemented for each month for the year 2021.

In a related matter, Saleh pointed out that "raising the level of the economy depends on the volume of investment projects, as the more it increases, the more the employment rate rises and the income improves, but the most important obstacles lie that the volume of investment in Iraq is weak and the budget is absorbed by the operational part."

He added, "The activation of the Public-Private Partnership Law is presented to the House of Representatives, and in the event it is activated, many state projects will turn to partnership with the private sector or foreign companies, and thus will improve the economy in various fields, and there will be a large business movement."

And he indicated that "this model of laws exists in the world, and there is a global statistic indicating that 28% of the world's investments are from this type of partnership," noting that "Iraq needs a partnership in implementing projects to move its economy and vaccinate it with major companies and global expertise."

Saleh expected, "The economy will recover during the next five years, and crude oil production will exceed 6 million barrels," explaining that "the Iraqi economy will coexist strongly with the cycle of oil assets, as global demand for hydrocarbons will increase with the high growth rates in the global economy and the entry of the epidemic represented by the Corona pandemic. the sluggish cycle, and inversely to the growth of energy markets.

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