Financial Advisor to Prime Minister Mohammed Shiaa Al-Sudani revealed features of the financial budget schedules for 2024.
Mazhar Mohammed Saleh told Euphrates News, “The announcement of the variables of the financial schedules for the last year 2024 came undoubtedly identical to the constants adopted by Law No. 13 of 2023, the Federal Public Budget Law (Tripartite), specifically in the axis of the hypothetical deficit of about 64 trillion dinars, and the estimates of the budget tables in the paragraph of the planned deficit have not dis not detray from what was mentioned in the law above.”
He added, “Despite the above, there are important trends in the management of the general budget, whether in the aspect of public expenditures, in which the spending ceiling reached 211 trillion dinars, revenues and the deficit itself, and it is summarized as the foloing:
1- Oil prices still exceed their estimates in the tripartite budget of $70 per barrel and a positive change rate of more than 16% above the approved price above. We are approaching the middle of the fiscal year while maintaining the export rates approved in the budget and managing oil production efficiently and in accordance with international agreements with OPEC on the issue of controlling production shares.
2. There is a high discipline in maximizing non-oil revenues, especially tax and customs, specifically after the adoption of autization, modern methods and information technology in estimation, guessing and tax and customs collection.
3. Seeking to impose discipline on operational expenses and to spend on them to the minimum acceptable limits.
4. Ensuring the efficiency of investment spending and the operation of all approved projects, in order to ensure a high growth rate in the GDP and more than the rate of population growth, by launching the movement of new projects without decline or interruption.
Saleh pointed out that “the pattern of public spending, according to the schedules announced, is characterized by accuracy, objectivity and self-savings, which contributes to reducing the resort to financing the actual deficit even when needed through internal borrowing and with limits that ultimately do not exceed the accepted international standard percentage of financing the deficit, which is 3% of the country’s gross GDP or slightly exceeds.”
He pointed out that “not forgetting that the efficiency of annual exchange in the operational and investment parts is an important issue in determining the total annual year expenditure as planned.”
Raghad Dahham
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