Expectations of a change in the price of a barrel of oil in the 2024 budget
Financial expert, Salah Nouri, expected a change in the price of Yarmil oil in the 2024 budget.
Nouri said {to Al-Furat News}: “There is little possibility of changing the price of a barrel of oil, because basically the Ministry of Finance approves the price of selling oil as a conservative one, that is, it is lower than the international price by about (10) dollars.”
He added, "With regard to the possible need to approve the 2024 budget law, despite the approval of the tripartite budget, there is an urgent need for it to be approved by the House of Representatives."
Nouri pointed out, “The approval will take place if the Ministry of Finance amends some articles of the 2024 budget that was previously approved. The House of Representatives will only discuss the amended paragraphs, and thus it will not delay in approving them.”
A financial advisor to Prime Minister Muhammad Shiaa Al-Sudani revealed to Al-Furat News the extent of the possibility of the need next year 2024 for legislation or amendment to the tripartite financial budget approved by Parliament last June.
Mazhar Muhammad Salih believes that the Federal General Budget Law of the Republic of Iraq No. 13 of 2023 represents an integrated financial plan for three years 2023, 2024 and 2025, and therefore there is no need for any new financial legislation, unless new financial and economic conditions arise that require the adoption of what requires an addition or Amending some constants and variables here and there. The government can go to the House of Representatives to approve the required partial amendments if the urgent need arises.
At dawn on June 12, the House of Representatives approved the draft financial budget law for the current year 2023 and the following years 2024 and 2025.
It is noteworthy that, on March 13, the Council of Ministers approved the largest financial budget in the country’s history, which exceeded 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit amounting to 63 trillion Iraqi dinars, taking advantage of the rise in oil prices, which constitutes more than 95 percent. % of the country's financial revenues. link
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