Finance: No supplementary budget this year .. and reveal the remaining deficit of 2019

Finance: No supplementary budget this year .. and reveal the remaining deficit of 2019

2019/5/7 14:09

Finance - No supplementary budget this year .. and reveal the remaining deficit of 2019[Baghdad – where] the
Ministry of Finance ruled out a supplementary budget for the current year 2019.
Undersecretary of the Ministry Maher Hammad Johan said in a press statement: “There is no intention of the government and the Ministry to prepare a supplementary budget for the current year, because the federal budget mainly suffer from a deficit of up to 30 trillion dinars, and therefore the preparation of the supplementary budget can not be achieved only with the availability of financial and the absence of deficit in the federal budget “He said.
He added that “despite the rise in world oil prices, but that did not contribute only to fill the third of the budget deficit, or nearly ten trillion dinars, as Iraq sold its oil to global markets at the price of {65 – 66} dollars per barrel against the budget price of $ 56, Therefore, the size of the remaining deficit of the budget, amounting to 20 trillion dinars and the ministry is working on several taboos. ”
“The revenues of the federal budget amounted to 105 trillion and 569 billion and 686 million and 870 thousand dinars, through the calculation of revenues from the export of crude oil on the basis of the rate of $ 56 per barrel, and the rate of export of three million and 880 thousand barrels per day, including 250 thousand Barrels per day on the quantities of crude oil produced in the Kurdistan region on the basis of the exchange rate of 1182 dinars per dollar, and the restriction of all revenue, a final revenue for the Treasury actually achieved the general state
The Abizaid, “The total deficit planned for the federal budget for the fiscal year amounted to 27 trl Yuna and 537 billion and 929 million and 542 thousand dinars, and this deficit is covered by the abundance of the increase in selling prices of crude oil source, or increase crude oil exports, or internal and external borrowing, except for loans financed by foreign projects. “The
Undersecretary of the Ministry of Finance that” The Federal Finance Minister or his authorized to fill the actual deficit by issuing treasury transfers or national bonds to the public, or bonds and remittances to government banks with the Central Bank of Iraq, or recourse to loans from commercial banks.
“The deficit is also made by borrowing from the pension fund, or by using the extra revolving balance instead of new external borrowing to finance the deficit. All loans, foreign bonds and funded projects are exempt from taxes and customs duties in accordance with the provisions of the loan agreements. Who is entitled to continue to borrow from abroad to finance development projects after the approval of the Council of Ministers approved loans in previous years.

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