Is The High Price Of Oil Will Reduce The Budget Deficit? Financial Oversight Explains, 7 SEPT

 Is The High Price Of Oil Will Reduce The Budget Deficit? Financial Oversight Explains

Time: 09/07/2023 Read: 949 times  {Economic: Al Furat News} The former director of the Office of Financial Supervision, Salah Nuri, said today, Thursday, that the benefit from the high oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law.

Nuri said to {Euphrates News} that “when the Ministry of Finance prepares the general budget in a conservative manner, that is, estimating the revenues on the basis of the price of selling oil at the lowest expected price, and with a deficit in the budget and remembering in the budget, if the selling price of oil increases, then the surplus is paid to reduce the deficit.”

And he continued, “The benefit from the rise in the oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law,” noting that “the percentage of budgets for the two years (2024-2025) there is no direct effect unless the rise continues when the aforementioned two years come.”

He pointed out that “the government must direct the increase in oil prices towards infrastructure projects, according to its priorities included in the budget.”   From.. Raghad Dahham  LINK