The Prime Minister’s advisor explains the spending priorities in the budget
The Prime Minister’s advisor explains the spending priorities in the budget
2023-09-20
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed Tuesday, that the improvement in oil revenues will reduce estimates of the deficit gap and avoid resorting to borrowing, while clarifying the priorities for spending in the budget.
Saleh said in a press interview, “The accuracy of the timing of spending in the general budget according to what was planned reflects the degree of efficiency of the budget’s performance itself in terms of the conformity of the executive path with annual financial planning.”
He added, “Except for the current expenditures that must be implemented, such as monthly salaries, support, and external obligations related to debts and other payments, the improvement in oil revenues will reduce estimates of the deficit gap and help overcome the resort to borrowing to fill the deficit, especially in implementing special programs in the operating budget, and investment spending on planned projects.” According to its strategic priorities, which are directly linked to raising the degree of growth in the gross domestic product and in accordance with the implementation schedules and specific timings without delay.”
He continued, “There is a correlation between the reduction in deficit estimates due to the improvement in public revenues from oil revenues and other revenues, and the efficiency of implementing investment programs and projects in the general budget, which confirms the success of the efficiency of implementation by matching spending with the country’s annual financial planning without delay. Therefore, the reduction in the planned deficit “Because of the development of oil resources, it will accelerate investment spending, which represents the basis of development and material economic progress, and at the same time reflects the efficiency of financial implementation.”
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