The adviser to the Prime Minister for Financial Affairs, Mazhar Mohammed Saleh, confirmed on Thursday that the financial situation in Iraq is stable and good, in light of expectations of rising demand for oil globally.
Saleh said in a press statement that “the federal general budget for the year 2024, remains stable with an expenditure ceiling of about 199 trillion Iraqi dinars and allocations in investment expenses of more than 25 percent of the total spending cap, and oil exports are stable at their rates of about 3.4 million barrels of oil per day and at the price of a barrel for the purposes of calculating budget revenues from exported oil of 70 dollars per barrel,” pointing out that “the oil market indicators are still exceeding the price specified in the budget by more than 10% until the moment.
”He added that “the expectations of energy markets are on the escalation of the needs of continued demand for crude oil in general,” noting that “the future outlook for Iraq’s financial situation is stable.”He pointed out that “there is high stability with our entry into the second month of this year, which indicates that the budget is in a state of balance and carries some surpluses, so the situation is stable, good and healthy.”
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