Politician: Next year’s budget will face several challenges
Politician: Next year’s budget will face several challenges
11-9-2024
Information / Baghdad..
Politician Saad Al-Muttalibi confirmed, on Saturday, that the government faces major challenges in preparing the current year’s budget schedules due to indicators indicating a decline in oil prices in the global market.
Al-Mutalibi said in a statement to Al-Maalouma Agency, “Russian President Putin expressed his readiness to sit with US President-elect Trump, as requested by the latter, and this means that US sanctions against Russia will be discussed,” noting that “all indications confirm that the new US administration has the desire to do so, and therefore if an agreement is reached, Russian oil will increase the global oil supply.”
He added, “Al-Sudani’s government faces several challenges while preparing next year’s budget if oil prices fall significantly. If it approves reducing the price of a barrel of oil, next year’s budget schedules will change significantly, especially since state employees’ salaries are a red line.”
He pointed out that “the only affected ones are the projects, and this will lead to the suspension of many projects and will significantly reduce job opportunities, in addition to the high rate of inflation in the market.”
It is noteworthy that the expectations of oil market specialists confirm that oil prices will fall by about $50 per barrel, so the government must reconsider calculating the price of a barrel of oil in next year’s budget.
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