August 2, 2021 | oil and gas

Parliamentary Finance Committee: The Increase In Oil Prices Will Cover The Budget Deficit And The Value Of Some Loans


Baghdad / NINA / - The Parliamentary Finance Committee confirmed, today, Sunday, that the increase in oil prices will cover the budget deficit and the value of some loans.

A member of the Parliamentary Finance Committee, Muhammad Al-Shabki, said, according to the official agency (INA), that 'the financial abundance from the increase in oil prices covers the deficit in the budget, and its value is estimated at 28 trillion dinars.'

He added, 'The Finance Committee, in its amendments to the 2021 budget text, suspended the appointment process and the rest of the financial expenditures to bridge the deficit,' noting that 'the difference between the price of a barrel of oil, which was approved in the budget at 45 $, and the current price through which the deficit can be filled as well as some loans'.

With regard to the 2022 budget, Al-Shabki explained that 'the Financial Management Law stipulated that the Ministries of Finance and Planning and the Office of Financial Supervision should submit their development plans as of July, that is, 5 months before the New Year.'

He said that 'the Ministry of Finance has meetings and continuous sessions, to reach a clear formula and indicators on the basis of which it formulates and presents the budget.'

Regarding the possibility of approving the 2022 budget before the parliamentary elections next October, Al-Shabki said that 'it cannot be approved before the elections, given that the date of sending it to Parliament takes place in the same month.'

He continued, 'The holding of the elections will stop the work of the current parliament, and therefore it will not be present to discuss the budget items.'

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