Can oil prices be adjusted in the three-year budget?
Can oil prices be adjusted in the three-year budget?
12-1-2024
Information/Special..
Former MP Ahmed Hama Rashid confirmed today, Sunday, the possibility of changing the oil prices approved in the three-year budget law and reducing the deficit gap in it.
Rashid told Al-Maalouma Agency, “The government included a paragraph in the Financial Management Law that allows it to submit a three-year budget, the first year of which is mandatory and the two following years are subject to amendment, which means that the government can change oil prices and reduce the deficit gap wherever it occurs.” He explained that “in one year, we sent a proposal to amend the budget and this actually happened if oil prices changed.”
He added, “The three-year budget is a good idea and addresses what Iraq needs in terms of speed in completing projects. There are many countries that adopt three-year budgets, which is a development that must be kept up with, but on the condition that sending the budget tables to parliament is not delayed, as happened this year.”
It is noteworthy that the 2024 budget revenues amounted to “144 trillion and 336 billion dinars, while expenditures amounted to 210 trillion and 936 billion dinars, with the deficit amounting to 63 trillion and 599 billion dinars.
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