In numbers … {The expenditures versus oil imports} Parliamentary finance reveals the budget deficit
In numbers … {The expenditures versus oil imports} Parliamentary finance reveals the budget deficit
7/7/2020 13:07:31
{Baghdad: Al Furat News} Member of the Parliamentary Finance Committee Muhammad al-Darraji revealed a budget deficit by calculating monthly expenditures against imports of oil sales within three months.
Daraji stressed “the importance of being in contact with the people so that they are familiar with the financial and economic situation, as shown below:
First: We need an average of seven trillion and three hundred billion dollars a month (very ruling banks), and we divide them as follows:
1 – Five trillion and twenty six billion 5.26 dinars ((salaries + social protection).
2- Seven hundred 700 billion dinars each month, as an average of expenses for oil companies ((licensing round))
3- Seventy 70 billion dinars each month, the cost of oil extraction for national companies
4- Four hundred 400 billion dinars ((ration and wheat))
5 – Five hundred and thirty-six 536 billion dinars The cost of paying debts payable
Second / monthly oil income We will take a rate for the past three months (and we do not have any other resource mentioned to increase financial revenue.) As follows:
1- April 2020 revenue ((1.4 billion dollars))
2- May 2020 revenue (($ 2.1 billion))
3_ June 2020 revenue (($ 2.8 billion))
So the sum of the three months is ((6.3 billion dollars)), that is, roughly seven and a half, 7.5 trillion dinars.
He added: “So the ruler’s expenses for a period of three months equals twenty one trillion nine hundred (21.9) billion dinars, compared to imports for the same period equal to seven and a half 7.5 trillion dinars, meaning that the deficit for three months is 14.4 trillion, or the monthly average of the deficit is four trillion And eight hundred billion (4.8 trillion) dinars. ”
He continued: “Therefore, internal borrowing of 15 trillion dinars will guarantee salaries and expenses only 3 months if the rate of revenues remains the same and without rationalizing spending. Therefore, the government must submit an urgent plan to reform the economic situation as quickly as possible because it cannot resort again to borrowing because the public debt exceeded Economically allowed ceiling. ” is over
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