Saleh: The government may not need borrowing for this reason

Saleh: The government may not need borrowing for this reason

2021-03-01

Saleh - The government may not need borrowing for this reasonThe economic advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, that the difference in the price of a barrel of oil in the budget goes to fill the deficit, and the government may not need to borrow, indicating that developing a supplementary budget remains according to the government’s need.

Saleh said in a dialogue that “the budget was built on a deficit, meaning that the expenditures are more, and there can be borrowing, but the difference in the price of a barrel of oil today is filling the deficit, so there is no need for borrowing, that is, the surplus replaces borrowings.”

He added, “This difference in the price of a barrel of oil closes the deficit in the budget, and the government may not need to borrow.” Oil ยป.

And on the existence of a complementary budget, Saleh indicated that “creating a supplementary budget is not necessary, but remains according to the government’s need and the extent of the revenue strength, and does it have important projects that are deferred that need a supplementary budget.”

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