Is there a deficit in the 2024 budget? Parliamentary Finance answers

Is there a deficit in the 2024 budget? Parliamentary Finance answers


Is there a deficit in the 2024 budget - Parliamentary Finance answersInformation/Baghdad…
The Parliamentary Finance Committee confirmed, on Sunday, that next year’s budget will be implemented at the beginning of the first month of the new year, while indicating that the 2024 budget will be free of deficit for two reasons.

Committee member MP Moeen Al-Kadhimi said in a statement to Al-Maalouma, “The 2024 budget will be initiated by the Ministry of Finance to disburse funds to the ministries and governorates during the month of January of next year 2024.”

Al-Kadhimi added, “If there is an amendment, it will be presented by the government to Parliament on numbers and not on the 78 articles of the tripartite budget approved by the House of Representatives.”

He pointed out that “the Finance Committee will study and submit its recommendation to the House of Representatives for consideration and approval within a short period and does not require long discussions.”

Al-Kadhimi stated, “Next year’s budget will be free of deficit due to the addition of retained and surplus amounts due to the rise in the price of oil relative to what was specified in the budget, which is $70 per barrel.”

The House of Representatives approved, on Monday, June 12, 2023, after long deliberations between the government and parliamentarians that extended for months, the financial budget law for the three years 2023, 2024, and 2025, as the budget approved more expenditures and investments as a direct result of the increase in oil revenues, which constitute 90% of the country’s revenues.