Government advisor predicts total spending in 2025 budget
Government advisor predicts total spending in 2025 budget
10-26-2024
Information/Baghdad…
The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, determined Friday, the expected total spending size, the hypothetical deficit, and the price of a barrel in the 2025 budget.
Salih said, “Next year’s budget 2025 will not deviate from the constants approved in the Federal General Budget Law No. 13 of 2023 (the three-year budget) submitted by the government and approved by the House of Representatives for the years 2023-2024-2025, especially in the principles and objectives consistent with the government program.”
He added, “Despite this, the 2025 budget must be hedged with a hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been approved by law; to avoid fluctuations in the general budget revenues for the coming year, especially oil revenues that are subject to fluctuations in the oil asset cycle and the conditions of energy markets in the world, as long as the total spending ceiling will perhaps touch 200 trillion dinars, depending on the financial and economic circumstances of the country.”
He continued, “Spending priorities and sustainability will remain in all cases in the interest of securing salaries, pensions and social care without a doubt, followed by governing expenses and international obligations that must be paid, such as the public debt, in addition to other important investment and development variables.”
He pointed out that “the price of a barrel of oil in the three-year budget, to which the 2025 budget is subject, was set at $70 and an export capacity of 3.4 million barrels per day for the purposes of determining oil revenues in the general budget.”
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