Parliamentary Finance: We are going to reduce the budget deficit in real terms by reducing expenditures
Parliamentary Finance: We are going to reduce the budget deficit in real terms by reducing expenditures
04-22-2023 09:13 PM
Friday, the Parliamentary Finance Committee revealed that the committee has a plan to reduce its deficit, which amounts to 64 trillion dinars, while indicating that it is not possible to raise the price of a barrel of oil in the budget .
Committee member Mustafa Al-Garaawi said in a statement, “The committee will begin to set a schedule to host the sovereign ministries of finance, oil, defense, and electricity to discuss their expenditure chapters in the budget .”
He added, “These ministries include the highest spending compared to the rest of the ministries, and there will be a discussion of the details to find out their real needs and the possibility of reducing and transferring funds within these ministries .”
He pointed out that “the budget deficit amounts to 64 trillion out of its total amounting to 199 trillion, and after agreement with the Prime Minister, the Minister of Finance and Planning will be hosted within the Finance Committee to discuss the possibility of reducing the deficit and reducing expenditures in unnecessary chapters in agreement with the government so that the decision does not affect the government program and the provision of services to citizens.” “.
He pointed out that “the price of a barrel of oil in the draft Federal General Budget Law 2023 will be discussed with the Ministry of Oil and the concerned authorities to ascertain the extent to which the oil price can be stabilized during the current year and the coming years, given that the volume of revenues depends directly on the price of oil and the quantities exported. ”
He explained, “The Parliamentary Finance Committee is looking to reduce the deficit by reducing expenditures, and we are going towards reducing it in real terms by searching for unnecessary operating and investment expenses and deleting them. The committee will put in place a mechanism to reduce high operating expenses in a way that does not affect the volume of services provided to the citizen, nor the government program. ”
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