Parliamentary Finance proposes adopting a price of 55 dollars per barrel of oil in the budget

Parliamentary Finance proposes adopting a price of 55 dollars per barrel of oil in the budget

Thursday August 12, 2021 | 08:43 AM

Parliamentary Finance proposes adopting a price of 55 dollars per barrel of oil in the budgetThe Parliamentary Finance Committee proposed a price of 55 dollars per barrel of oil as an appropriate price for building the 2022 budget, noting that sending a realistic budget to Parliament would greatly facilitate the committee’s work, as the 2021 budget was very exaggerated .

Committee member Jamal Cougar said, in an interview with Al-Sabah newspaper, which was followed by “Eye of Iraq News,” that “calculating next year’s budget on $50 a barrel is a good thing, and if I were Minister of Finance, I would have built the budget on $55 a barrel, as it is a very appropriate price, especially since it is not possible to predict prices.” Oil, as there was a decline after a rise,” he added, adding, “But we expect an increase in prices with the intensive vaccination campaign (against Corona) in all countries of the world, and this means that we are moving towards the decline of the epidemic .”

He added that “oil prices today are more than what the 2021 budget was built on due to the fear that prices are subject to decline according to the markets,” noting that “building the 2022 budget realistically – according to the statements of the Minister of Finance – is a good thing because the 2021 budget was exaggerated and even the expenditures were large, as It was reduced from 168 trillion to 130 trillion, and the government has not yet spent this amount either .”

Finance Minister Ali Allawi had announced that the ministry had begun preparing the 2022 budget a few days ago, and it will have a reform dimension, as it “different from previous budgets” and reflect “the reality of Iraq’s obligations”, while he indicated that the price of a barrel in the new budget will be 50 dollars, which is an adjustable figure, However, the value of a barrel of oil in the market is currently much higher and exceeds sixty dollars .

For her part, a member of the Finance Committee, Magda Al-Tamimi, said: “The committee expects to calculate the price of a barrel of oil in the 2022 budget at a maximum of $55 .”

She added that “the government should support the private sector if it wants to reduce the burden on the upcoming budgets,” noting that “supporting the private sector would create job opportunities for young job seekers and graduates whose numbers are increasing dramatically, which has led to a high unemployment curve .”

Regarding the salary scale, Al-Tamimi stressed that “the salary scale needs to be reconsidered, to be a logical and fair scale, as well as solving the problem of calculating certificates, whether unauthorized, or obtained during service .”

aynaliraqnews.com