Economist: Oil Prices Necessitate The Government To Make Changes To The Budget
Economist: Oil Prices Necessitate The Government To Make Changes To The Budget
04/21/2022 | 1:00 PM
The Information/Baghdad…
The economic expert, Ihsan Al-Kinani, said, on Thursday, that the significant rise in oil prices necessitates the government to change the price of a barrel of oil in the budget and raise it to a higher value than it was to ensure that any deficit that may occur is overcome.
Al-Kinani told “The Information”, that “international oil prices have crossed the threshold of $100 per barrel, at a time when the government is dealing with the budget at a price of less than $50 per barrel.”
He added, “The surplus of the oil price over what is specified in the budget should be approved to supplement the current year’s budget with large sums to complete lagging projects, complete infrastructure and employment, and create productive job opportunities for the unemployed.”
Al-Kinani indicated that the current year’s budget should specify the price of a barrel of oil at more than $75 a barrel in order to overcome the deficit, and it is possible to exploit the surplus of the mentioned price to pay off external and internal debts, and distribute the rest of it to the people instead of going towards food support. finished 25
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