Al-Sudani forms a mini-committee to budget 2023 and determine the total value, the deficit and the price of oil in it

Al-Sudani forms a mini-committee to budget 2023 and determine the total value, the deficit and the price of oil in it

2022-11-11 06:24

Al-Sudani forms a mini-committee to budget 2023 and determine the total value the deficit and the price of oil in itShafaq News/ An official source in the Iraqi government disclosed today, Friday, that Prime Minister Muhammad Shia Al-Sudani has formed a mini-committee that is responsible for reviewing the draft financial budget bill for the next year before sending it to Parliament, as amendments are likely to be made.

The source told Shafaq News Agency, that Al-Sudani directed, in the first session of the Council of Ministers, to form a small committee to study the draft general budget law for the year 2022 and to make a fundamental amendment to the draft law to become the budget for the year 2023 according to the government’s vision and the ministerial curriculum in line with the economic situation and oil prices in global markets.

He added that the committee will work to complete the draft general budget law for the year 2023 and submit the draft law to the Council of Ministers before the end of this month in preparation for approving the law and sending it to the House of Representatives.

The source also indicated that there is an agreement between Al-Sudani and Parliament Speaker Muhammad Al-Halbousi to extend the work of the Parliament and to wait for the budget law to be sent from the government to Parliament and its approval before the end of the legislative term year.

The Presidency of the House of Representatives decided, on Tuesday, the eighth of this November, to extend the second legislative term of the first legislative year for the fifth electoral cycle, by one month, and in the event that the financial budget does not reach Parliament before the ninth of next December, Parliament will extend its work again for approval. .

The government source also revealed that the total value of the budget for the year 2023 is estimated at 140 trillion dinars, with a financial deficit estimated at 40 trillion, or 30% of the size of the general budget.

He continued by saying that the price of a barrel of oil in the budget law will be calculated at 65 dollars per barrel, adding, “But the Iraqi dinar exchange rate against the US dollar is fixed and unchangeable within the draft budget law.”

Earlier this month, Prime Minister Muhammad Shia Al-Sudani set the priorities that should be focused on in the federal budget law for the next year, while issuing a directive regarding its law.

This came while he chaired a meeting that included Finance Minister Taif Sami, Oil Minister Hayan Abdel Ghani, Electricity Minister Ziad Ali Fadel and a number of advisors.

Al-Sudani directed that the budget be at the level of ambition, and that it prioritizes meeting the needs of citizens for services, as well as taking it upon itself to effectively address the problem of electricity shortage, which has greatly affected the life of the citizen and the economic sectors in the country.

And the Prime Minister, Muhammad Shia Al-Sudani, had previously directed the necessity of preparing the Federal Budget Law for the year 2023 as soon as possible.

And the previous government headed by Mustafa Al-Kazemi stumbled by sending the budget bill for 2022 before the Iraqi parliament in its previous session dissolved itself in preparation for the early elections that took place on October 10, 2021.

A number of specialists considered that the delay in approving the budget for the current year would negatively affect investment projects and delay ongoing projects, in addition to stopping the economic activities of the market in the country in general.