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Saleh: High oil prices will push the government to prepare a supplementary budget
Economy News - Baghdad
The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Monday, that when oil prices greatly exceed and fill the deficit, there will be a supplementary budget in the middle of the year, and the budget will be reviewed.
Saleh said in a statement reported by Al-Sabah newspaper and seen by Al-Eqtisad News, “The general budget from 2004 to 2019 is based on speculative prices, except for the years (2014 and 2020), as there was no budget, and the price of a barrel of oil comes conservatively in the budget. It generates a hypothetical deficit and needs regulation. "
He added that bridging the deficit comes through external or internal borrowing, but the final revenues of the budget, as a result of the differences in oil prices or oil rents, usually extinguish part of the borrowings and replace them, and the possibility that the deficit will be filled, and thus there is a surplus.
He explained that "when oil prices greatly surpass and fill the deficit, there will be a supplementary budget in the middle of the year, and the budget is being reviewed, and this is what is found in the Financial Management Law."
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