Financial Parliament reveals the surplus funds budget Iraq is the first of its kind since 2013

Financial Parliament reveals the surplus funds budget Iraq is the first of its kind since 2013

2019/07/16 10:52

Financial Parliament reveals the surplus funds budget Iraq is the first of its kind since 2013Baghdad today – special

The Finance Committee of the House of Representatives, Tuesday, July 16, 2019, a surplus of funds due to high oil prices, and record low price in the budget of 2019.

“The price of oil in all budgets is set by experts in a speculative way, even if there is a rise or fall in world oil prices,” said committee chairman Ahmed al-Saffar.

Al-Saffar said that “there is a financial surplus, because the price of a barrel in the budget (56), in fact, is much higher, this money will be within the supplementary budget, which is distributed after half a year, if there is a financial surplus, Surplus “.

“The distribution of the supplementary budget funds is the responsibility of the ministries of finance and planning, and the House of Representatives has a role to do so, and be distributed according to regions and provinces that have received a few allocations, or is allocated part of this money for important projects, Likely that “the next few days, will witness the preparation and distribution of the supplementary budget.”

The parliament approved the budget in 2013, according to which the price of a barrel of oil at $ 90 while the world oil prices indicate more than $ 120 a barrel, what caused the surplus was dealt with a supplementary budget in the implementation of the budget in 2014 problems after the drop in oil prices to nearly $ 30 because of The global financial crisis, which brought the government with financial problems prompted to impose taxes on several sectors by 2015 budget.

According to the draft budget, the volume of financial expenditures in the draft budget amounted to 128.4 trillion Iraqi dinars (about 108 billion dollars), a financial deficit of 22.8 trillion dinars (about 19 billion dollars).

The rate of export of oil per day by 3 million and 880 thousand barrels, including 250 thousand barrels per day of the quantities of crude oil produced in the provinces of Kurdistan, at $ 56 per barrel.

The draft also states that the fiscal deficit will be covered by the financial abundance of higher crude oil prices or increased oil exports by 2019.

baghdadtoday.news